The last decade has been favorable for the medical industry. A stupendous rise in the gamut of medical services in the wake of medical advancement has made this industry one of the significant contributors to the gross domestic product of the Indian economy.
On the darker side, there is a steep rise in the cost of medical services thereby making it difficult for people to afford medical treatment. There have been cases of people committing suicide after giving in to the excessive financial burden. In extreme cases, people prolonged taking medical treatment to an extent that it became very late. Moreover, some of the bed-ridden patients even attempted suicide to relieve their family from medical expenses. Such problems are normally faced by poor and middle economic strata of the society.
To overcome such a situation, medical insurance, commonly known as mediclaim and health insurance, was introduced on a large scale. Insurance companies aggressively promoted this new facility to people and easily found many takers. Mediclaim is a complete health package that provides many medical benefits to people in order to ensure their well-being at any stage of life. Different insurance companies offer various mediclaim policies with varying premiums and benefits. You can easily compare the plans and choose the one that covers your health risks at the cheapest premium amount. Family health insurance is normally highest in demand as it extends the benefit to the entire family.
Mediclaim is a boom in the health sector that has made it possible for everyone to take the best medical treatment without fearing the expenses. This has gone a long way in saving the lives of many due to timely and proper medical care at the right medical center.
Recently, government has also included ayurveda, unani, homeopathy, and other alternative systems of medicine under insurance cover. This favorable move has brought those people within the insurance bracket who have faith in such medical systems.
Women health during pregnancy and infant care are one the neglected areas in our society. Therefore, insurance companies offer special mediclaim packages that cover the hospital expenses of delivery and post-natal services as well as the well-being of a new-born baby.
Saving, protection & liquidity (Money back plans)The above purposes apply for life insurance. In case of General insurance the basic purpose is to protect the insured against financial loss suffered by him or creation of liability, due to the causes covered by the policy.