Buy Health Insurance Online: Embrace the New Trend

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Despite India being one of the major contributors in the realm of general insurance, it still hasn't seen epochal involvement. India is still an untapped market in the domain of general insurance. General insurance products are yet to embrace the same level of acceptance in India as their life insurance counterparts. Facts and figures suggest that the penetration is less than 1 percent of the population, as against the acceptable global average of 1.5-4 percent. High out-of-pocket expense is one of the reflectors of low health insurance coverage in India. Once there is sufficient penetration of insurance, the out of pocket payments would come down.

The trend however is changing. More and more people are now diverting their attention towards healthcare and insurance. There is an upsurge in the health insurance industry, which is now a booming sector of the economy. Despite the low percentage of penetration, the health sector continues to be one of the most rapidly growing sectors in the insurance industry. This can be evidenced by the fact that the gross written premiums have increased by 16 percent in the last two years. This also underlines that the compounded annual growth rate has been the highest for the past 8 financial years. In the present scenario, the health insurance industry is dominated by public sector entities that account for 60 percent of the market share. The rest lies with the private sector players out of which four are standalone health insurers.

The growth of the sector can largely be attributed to the players who now offer online health insurance provisions. Buying a health insurance policy online is a major-trend that has rendered insurance accessible throughout the country. It allows you to browse through policies offered by different companies and zero-in on the one that you prefer. You can compare quotes by competitors and ensure that you're treading on the right path. It also conveniently allows you to customise products as per your needs and requirements.

One of the primary advantages of buying health insurance online is that it makes the process much simpler. No longer do you have to run from pillar to post with papers and documents in the hope of buying insurance. All you have to do is log on to the website, peruse through the spectrum of products available and choose the one that suits your profile. You no longer have to invest time in dealing with middle-men. The amount of paper-work is reduced when you buy a policy online. Max Bupa is one of the fore-runners responsible for delivering quality health insurance products to the citizens. You can visit their website and pick a plan that is as per your needs. Choose out of plans aimed at individuals, nuclear families, couples etc.

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