Surat - The South Gujarat Chamber of Commerce and Industry (SGCCI) organized a seminar on the current scenario in health insurance, featuring Masood Wahab, Senior Advisor at the Asian Institute of Insurance and Risk Management. Wahab provided comprehensive insights into health insurance coverage and policies. SGCCI President Vijay Mevawala highlighted the sector's significance and budget allocation.
Mevawala emphasized the healthcare sector's role in the Indian economy, with the Finance Minister allocating Rs 90,958 crore for healthcare in the 2024-25 budget. Despite 514 million people being covered under health insurance in 2021, this represents only 37% of the population, leaving around 400 million uninsured. A survey projected that healthcare expenditure would rise from 21% in 2019 to 26% in 2023.
Wahab detailed various health insurance policies, including fixed benefit and endowment-based policies. He explained the benefits of hospitalization, pre and post-hospitalization, home hospitalization, daily cash allowance, critical illness coverage, and community health insurance. Wahab also covered individual, family floater, senior citizen, specific, group policies, and top-off cover policies.
For international travel, Wahab advised obtaining a foreign medical claim or travel insurance policy. He outlined the coverage provided by health insurance policies, such as ambulance and air ambulance charges, maternity/surrogacy, single AC room, ICU charges, daycare procedures, domestic travel, and personal accident cover. Exclusions include pre-existing diseases, cosmetic surgery, adventure sports, drug addiction, and dental treatment.
Wahab introduced the Sanjeevani scheme, a standardized policy offered by all health insurance companies. He highlighted a 30-day grace period for policy renewal and premium adjustments for short-term foreign travel. Wahab also discussed the moratorium period in health insurance and grievance redressal mechanisms, including the Directorate of Public Grievances, Insurance Ombudsman, Mediation, Arbitration, Government Judicial Court, and Central Consumer Protection Authority.
Honorary Minister of the Chamber Nirav Mandlewala emphasized the importance of choosing the right health insurance policy to avoid financial burdens during medical emergencies. The seminar aimed to educate participants on selecting appropriate policies and understanding key considerations.
The event saw the presence of SGCCI Honorary Treasurer Mrinal Shukla, health insurance entrepreneurs and professionals, and was conducted by Health Insurance Committee Chairman Mehrnosh Todiwala. Co-Chairman Jyotsna Gujarati concluded the seminar with a detailed explanation of the terms and conditions of purchasing health insurance policies.
