India’s largest general insurance company, New India Assurance(NIA), has taken a new approach to increase the sales of its health insurance. The company will create policies based on the income levels of Indian people. The groups would be divided in urban, semi-urban, and rural.
NIA is also trying to attract young people to buy health insurance. According to B.Chakrabarti, Chairman and Managing Director, New India Assurance, their company is trying to give incentives to younger people to buy medical insurance.
Among various insurance policies offered by NIA, motor insurance occupies the top position in terms of sales. Health insurance is at a lower position. However, the claim ratio of health insurance is more than hundred percent and most of the buyers are old people. For the last three years, there has been a significant growth in the sales of health insurance.
While browsing the net, I found this survey conducted by NDTV of India on health insurance. The survey was conducted on four hundred people and 93% of the respondents considered health insurance as a compulsory. In addition, 86% respondents wanted to bring pregnancy under insurance coverage and 67% supported the idea of free insurance for poor people. In the face of the rising medical expense in India, people are considering to have health insurance.
Personally, I believe that health insurance is very much necessary. It does not matter if the person is young and fit. I live in Bangladesh and it may be known as a poor and underdeveloped country but the cost of medical treatment is very high over here and it is the poor people who suffer most for higher cost. Health insurance is a must for people whether rich or poor, urban or rural. In this regard, the new initiative of NIA deserves praise as it is trying to include the lower income group.
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