A STUDY ON THE CLASSIFICATION OF HEALTH INSURANCE SCHEMES IN INDIA

Abstract

Health Insurance has become inevitable these days. Basic amenities of human life, to have food, shelter and clothing need to be extended by adding health care and insurance. To maintain himself for living human being need to make himself fit but some inevitable health crisis disturbs his life for a while or forever. It’s better to cope up with the odd instead of waiting for the mis-happening to go on. But for tackling with illness, medical cost becomes inevitable. These medical costs either to be borne by way of availing some social/governmental aid or most of the time from personal pocket. But the facts are very bitter. Facts have been covered in following two points highlighting failure of a person to take initiative and even of the country sometimes.If to write something about number data in respect of Indian health insurance market, then there are about more than two and a half dozens of companies catering health insurance schemes in India. Near about 140 varieties of health insurance schemes are presently catered by two dozens of private health insurance players, whereas LIC of India and four subsidiaries of GIC (as public health insurance providers) are having this number approximately upto 35. This paper aims to examine the classification of health insurance schemes in India.