The healthcare sector in India has witnessed significant changes in the last decade. For instance, the country has seen considerable success in reducing the infant mortality rate and eradicating polio. Yet, India is the world’s second most populous country and the sixth largest economy, has ranked poorly in the 2018 edition of the Global Health Care Quality and Access Index. India was ranked 145th in the list of 195 countries. Around 51% of the population is dependent on private sector medical facilities. These medical facilities are expensive and inaccessible for the masses.
Reasoned to the same, it is highly pertinent for Indians to invest in health insurance policy to be able to access quality healthcare. Fortunately, the insurance industry has witnessed significant transformation in the last couple of years and insurance providers today are offering innovative products to cater to the unique needs of the customers. One such product is family health insurance which ensures protection against illness, ailments, and diseases for your entire family.
The trend of diseases in India:
While diseases like maternal and neonatal tetanus, smallpox, yaws, polio, and avian influenza have been eliminated, there is a rise in the number of lifestyle diseases such as diabetes, cancer, and respiratory diseases. Treatment for these medical conditions is either expensive or time intensive or both.
Facts about emerging diseases:
Currently, cardiovascular diseases are the leading cause of death in India. 24.8% of disease-related deaths in India are caused due to cardiovascular conditions like coronary artery disease, high blood pressure, cardiac arrest, arrhythmia, and others. 52% of deaths before the age of 70 occur due to cardiovascular diseases.
Globally, 1 out of 6 deaths are caused by cancer and around 70% of the deaths occur in lower and middle-income group countries. In India, around 3 people die of cancer every two minutes. In terms of the sheer number of cancer patients, India ranks 3rd in the world.
Tuberculosis (TB) is a full-blown epidemic in our country. As per the latest official data (which is of 2018), India is the home to the largest number of TB patients in the world with over 2.74 million reported cases.
As per a report published by WHO, 80% of asthma deaths occur in lower and middle-income countries and 1 in every 10 global asthma patients is from India. Around 10.2% of deaths in India are caused due to chronic respiratory diseases and asthma is a major component of the same.
Rainfall during summer time is usually seen as a pleasant occurrence. But in India, any intermittent rain brings in the distress of dengue. As per the National Health Profile 2018 published by the government since 2009, there has been a 300% rise in the number of dengue cases. Along with dengue, the country is also witnessing a marked increase in cases of malaria, chikungunya, and influenza HIN1 virus.
Need for health insurance plans:
It has been observed that the incidents of many emerging diseases are higher in lower and middle-income countries, the public health care of which, have not been able to become self-sufficient and accessible to one and all.
Thus more often than not, people seek medical services from the private sector. As mentioned above, the treatment of these critical diseases is not only strenuous and time-consuming but also expensive. However, there are several critical illness insurance plans to keep people covered from such medical emergencies.
A study carried out by the International Institute of Population Sciences (IIPS) in 2018 has revealed that two of five cancer patients in India either borrow money or sell off assets to avail treatment for cancer. However, all the major health insurers provide cancer insurance policy covering all the stages of cancer.
Most of the health insurance plans cover cardiovascular diseases. Medical insurance providers have also come up with dengue insurance cover for OPD expenses. Given the massive number of TB cases, it is indispensable for the health insurance sector to come up with tuberculosis insurance products.
In case you exhaust the coverage limit of your existing insurance policy, you can avail top-up health insurance. Top-up health insurance is an over and above coverage that you may use when you have exhausted the existing maximum sum assured by the insurer.
In spite of the availability of such a wide range of medical insurance products, one cannot foresee which plan to buy as disease and illness are uncertain in nature.
One can go for comprehensive health insurance that covers all possible illnesses and conditions or can choose from the available health insurance covers under pocket Insurance category from Bajaj Finserv. These products are customized to cater to your specific needs are affordable for anyone to buy. Some Pocket Insurance products offered by Bajaj Finserv include Kidney Stones Insurance, Monsoon Cover, Dengue Cover, Infection Cover, Tuberculosis Insurance Cover, and more.