Both life and non-life insurance companies do market health
insurance products. Stand alone health insurance companies too have come up. Traditionally health insurance was the area of non-life
insurance. But life insurance companies too market this product now. The
development of health insurance has three negative factors, sufficient
morbidity data is not available for the whole population, treatment by Indian
systems of medicines is not recognized for reimbursement of expenses and there cannot be a maturity value for the
health insurance policy.
Generally benefits of health insurance policies are
available in the form of fixed payment for hospitalization costs, treatment in
ICU or cost of specified surgery. Payments are generally linked to the sum
assured of the policy or to the value of benefits opted. That is, unlike in
general insurance benefits are not in the form of reimbursement of costs
incurred.
Processing of health insurance policy claims are done
through approved and licensed Third Party Administrators (TPAs).
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