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ICICIdirect Posted on 04:10pm 17-Jan-2020

Extract the rewards of health insurance

Insurance is often an overlooked area when it comes to building an investment portfolio. Be it life or general insurance, particularly health insurance. Though the insurance penetration may have seen some improvement over the years, India largely remains an under-penetrated market. According to the Indian Brand Equity Foundation, the Insurance industry in India is expected to reach US dollars 280 billion by 2020. Overall insurance penetration (premiums as % of GDP) in India reached 3.69 % in 2017 against 2.71 % in 2001. The gross premium reached Rs 5.53 trillion in FY 18, with Rs. 4.58 trillion from life insurance and Rs. 1.51 trillion from non-life insurance. No doubt, the rising costs of healthcare and early onset of lifestyle-related diseases have made people aware of the importance of health insurance, but it still has a larger room for improvement.

Given the changes in lifestyle, double-digit medical inflation, fading employee benefits, getting a separate and adequate health insurance policy today is more important than ever. One cannot rely upon the employer to provide protection. Just like retirement, we have to fend for ourselves for our insurance needs as well. Even for retirees, rising healthcare costs remain a major worry, shows a recent study by DBS. Having to dip into savings to cover these costs remained a cause of worry.

The importance of health insurance is an integral part of your financial plan, our lead story of this issue will hand-hold you through the details of health insurance and help mitigate your family from the risk.

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