Medical insurance is a relatively new insurance industry and is expected to grow rapidly in coming years.
The insurance industry is also witnessing a surge in the number of patients with chronic conditions like diabetes, cancer, heart disease and Parkinson’s.
In the Indian Medical Insurance industry, there are a variety of types of medical insurance.
There are two main types of insurance that can be offered by medical insurance companies: Standard medical insurance and National Medical Insurance.
Standard medical insurance is offered by most of the medical insurance providers, including Medco, IMS Health, Anthem, Indian Healthcare, Aurobindo, JSW Healthcare, Tata, Medco India, CIPI, All India Health and others.
Standard medical health insurance is available in different plans and will be paid by the insurer to cover a specified amount of medical services or treatments.
The National Medical insurance covers the patient in the form of an insurance plan, covering the entire medical expenses of the patient and his/her family, the insurer will pay for the cost of medical treatment.
The National Health Insurance covers the entire health care expenses of a patient.
It also includes treatment costs and hospitalisation.
There is also a separate category called Medical Insurance Scheme.
The term Medical Insurance is commonly used in the Indian market to describe a type of insurance insurance offered by insurance companies.
This insurance company will cover the full medical expenses and will also pay the hospitalisation costs.
According to an industry report published by the Medical Insurance Regulatory Authority of India (MIRI), there are around 11.7 lakh registered medical insurance plans with a total assets of Rs 2,26,742 crore, of which nearly 2.8 lakh are national health insurance plans.
According to MIRI, the total value of the insurance companies’ assets as of September 2018 was Rs 7,09,000 crore.