Health Insurance

Health Insurance is that type in which the insurer (Insurance Company providing the benefits) provides to the insured (who avails the benefit) with risk coverage benefits when the latter is sick or needs medical treatment. The Company pays the medical costs accrued due to an accident, prolonged sickness or even minor medical diagnoses.Medical Insurance or Health Insurance may be provided by a private organization or a government agency.

As per the definition, a health insurance policy is a legal agreement drawn between the insurance company and her customers. It differs from Life insurance from the fact that in the latter a person may purchase guaranteed renewable policy for a whole life at a constant premium rate. Health Insurance is not renewable and can only be purchased in a yearly basis.

The Insured or the customer usually enjoy the benefits of avoidi9ng the high medical costs like the doctor visits, lab tests, hospital stays, diagnostic tests, etc. The medical expenses are taken care of provided the customer pays his premium regularly. The rate of premium is influenced by the age and coverage required:

Year	Recommended cover
25 - 35	Rs 1- 2 lakh
35 - 45	Rs 2-3 lakh
Above 45	Above Rs 3 lakh

Some of largest Indian Health Insurance provider Companies:

• ICICI Lombard - Private
• Bajaj Alliance – Private
• New India Assurance Co. Ltd.- Public
• Life Insurance Company of India – Public
• National Insurance Company Ltd.- Public