Source : Insurance Information Bureau
19th Feb 2011
As per a recent report, the health insurance market in India is booming big time as more customers take up policies, thereby resulting in a hike of around 82 percent in the claims health insurance firms paid in all in the fiscal year 2009-2010, thereby amounting to Rs 7,456 crore.
This was in huge contrast from what these health insurance firms paid in the previous year, 2008-2009, a mere Rs 4,087 crore. Another statistics by the Insurance Information Bureau (IIB) shows the hike in number of policies registered across India from 45, 75,725 to a whopping 68, 84,687 this fiscal. A new service, health insurance portability is soon going to be launched in the market from July onwards, adding to the present competition in market.
The service would give access to its customers to anytime switch their insurance service providers without having compromising on any of the existing policy terms. The Insurance Regulatory and Development Authority (IRDA) have even rolled out the required guidelines for the same.
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