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History
In 1818 ,Anita Bhavsar (Kolkata)
In 1870 BMLAS
In 1906 the NIC Ltd In 1912 the Life Insurance Companies Act and the Provident Fund Act Nationalized ordinance on 19th jan 1956 Formation of LIC In 1972 GIB bill was passed
On 1st Jan 1973 , 107 insurers amalgamated and grouped into four companies NIC Ltd NIAC Ltd OIC Ltd UIIC Ltd LIC had monopoly till late 90s
Out of this 1.5% is in the Govt. Sector and 4.7% in private sector
Government spending is less than 25% against the
average spending of 30-40 % in other developing countries. Indian health insurance industry stands at INR 5,125 crores Health Insurance industry in India is one of the fastest growing segments.
Source: Asia Insurance review
23 firms
Aegon Religare Life Insurance Aviva Life Insurance Bajaj Allianz Life Insurance Bharti Axa Life Insurance Birla Sun Life Insurance Canara HSBC OBC Life Insurance DLF Pramerica Life Insurance Future Generali Life Insurance HDFC Standard Life Insurance ICICI Prudential Life Insurance IDBI Federal Life Insurance IndiaFirst Life Insurance ING Vysya Life Insurance Kotak Mahindra Old Mutual Life Insurance
Life Insurance Corporation of India Max New York Life Insurance Met Life India Life Insurance Reliance Life Insurance Sahara India Life Insurance SBI Life Insurance Shriram Life Insurance Star Union Daiichi Life Insurance TATA AIG Life Insurance
F o r
M a r k e t
Role of IRDA
Interest and secure of policyholder Orderly growth of industry Standards Monitoring Settlements Transparency
Taking action
Self regulation
Role of TPA
Cashless medical service facilitation Claim processing and reimbursement, Cost containment services for Insurance Companies
issuance
Recommendations
Transparency in product features Flexibility in product choices Effective CRM Awareness on need for HI Free campaigns on health care
Conclusion
The potentiality in HI industry is hopeful ,
corporate should make their efforts as useful to policyholder as well as for the company.
In India at present no Pan-India Model of HI. All different forms need to be explored.
Reference
http://en.wikipedia.org/wiki/Insurance#Health_insura nce http://www.who.int/whr/en/ http://www.asiainsurancereview.com/ http://en.wikipedia.org/wiki/India_Vision_2020