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THE OVERVIEW OF INDIA’S HEALTH 2018 IN INSURANCE SECTOR

Posted on Monday May 28th, 2018

The most discussed presentation of the year includes the annual Union Budget 2018 by Finance Minister Arun Jaitley has largely developed the penetration of general insurance(GI) in India. Here are some of the key inputs from the Union Budget 2018 with respect to the GI sector.

 

Three public sector Top general insurers such as The Oriental, United India and National Insurance Co. Ltd are all set to merge into a unified insurance entity. The integration of these three general insurance companies will create an enormous organization which is likely to take over one-third of the GI market.

 

Launch of World’s largest healthcare scheme

 

As a solid step towards universal health coverage, Finance Minister Arun Jaitley put forward a brand new initiative under government’s Ayushman Bharat Programme. This National fitness Protection Scheme is going to be the world’s largest healthy care programme funded by Government. The ground-breaking proposal made in the Union Budget 2018 is also called ‘Modicare’.  Here are some key highlights of this flagship health protection plan;

 

  1. A comprehensive  protection coverage to more than 10 crore poor families is announced which will benefit over 50 crore vulnerable people in India.
  2. This ambitious scheme is designed to cover both primary and tertiary treatment.
  3. 50 crore people can cover their treatment expenses up to a maximum limit of Rs. 5 Lakhs.
  4. Each and every family need to pay around Rs. 1100 to avail this security coverage.
  5. The coverage of R. 5 Lakhs will be available on the reimbursement basis.

 

Multiple Quotes available online to compare the best suited for your needs as per your age and responsibility . Compare online portals like shubhbank.com explaining the details of health protection plans.

 

Impact of this “Affordable and Accessible Insurance Policy

 

Health care business opportunities are likely to increase with rising in fitness protection coverage. However, some of the previous government-funded schemes failed miserably because of wrong pricing, so, this aspect of the proposed healthy care scheme needs to be taken care of. If the pricing part remains affordable for the targeted section of the society, this revolutionary scheme can boost the penetration of health security in India much like the success of crop protection in the last year in India.

 

With the advent of this avant-garde health care programme, the value of stocks of GI companies in India have also risen as the improvement of their businesses is now highly anticipated.