Page 159 - DMGT515_PERSONAL_FINANCIAL_PLANNING

Personal Financial Planning

Notes industry by 2015. Estimates of leading Chambers of Commerce also confirm these estimates. On
August 15, 2007 Prime Minister had announced ` 2000 Crores for Health Insurance for poor
citizens and the impact of the same is being seen by us in the form of success of RSBY (Rashtriya
Swasth Bima Yojna). In 2001 with entry of various private Insurance companies now the customers
have choice of buying this insurance from 21 Insurance companies. The Companies, which offer
Health or Mediclaim Insurance, are:
1. Apollo Munich Insurance Company Limited

2. Bajaj Allianz General Insurance Co. Ltd.
3. Bharti AXA General Insurance Co. Ltd.
4. Cholamandalam MS General Insurance Co. Ltd.
5. Future Generali India Insurance Co. Ltd.
6. HDFC ERGO General Insurance Co. Ltd.
7. ICICI Lombard General Insurance Co. Ltd.

8. IFFCO Tokio General Insurance Co. Ltd.
9. Larson & Toubro General Insurance Co. Ltd.
10. Max Bupa Health Insurance Co. Ltd.
11. National Insurance Co.Ltd.
12. New India Assurance Co. Ltd.

13. Oriental Insurance Co. Ltd.
14. Raheja QBE General Insurance Co. Limited
15. Reliance General Insurance Co. Ltd.
16. Royal Sundaram Alliance Insurance Co. Ltd
17. SBI General Insurance Co. Ltd.
18. Shriram General Insurance Co. Ltd.

19. Star Health and Allied Insurance Company Limited
20. Tata AIG General Insurance Co. Ltd.
21. United India Insurance Co. Ltd.
22. Universal Sompo General Insurance Co. Ltd.

India is the only country where hospitalization insurance policy was being sold as Mediclaim
Insurance Policies. The very name gives a feeling to the insured that claim has to be lodged. If
motor insurance policy is not sold as motor insurance claim policy and household insurance
policy is not sold as household claim policy then why this be named as Mediclaim? In the recent
years the trend has emerged that some Insurance companies have started calling this product as
Health Insurance. Health Insurance and Mediclaim are two different names for the same product.
The change has started coming and now we have started calling it Health Insurance. ICICI
Lombard has even named it as Health Insurance Policy. Calling is as Health Insurance is a
positive way of looking at this Insurance. It also giving us a feeling that we as a society have
started moving from curative medical care to preventive medical care. According to sources in
Oriental insurance it is being felt that mindset has started changing over the last couple of years
“ The new middle-class of India aspires for quality healthcare service and doesn’t mind going to
expensive hospitals like Apollo or Escorts. There is no reason why healthcare insurance should
not be successful with this class.

154 LOVELY PROFESSIONAL UNIVERSITY