Critical illness insurance cover is offered both by the life and non-life insurance players. The claim rejection rate for this cover is very high. There is an immediate need for simplification and more customer education in this area.

Blessed are those who can blowout hundred birthday candles. But who can stop the divine fate, the inexorable laws of nature, the process of ageing and the ultimate descent into unstoppable mortality? However, just because the body existed for more than 50 years, we should not think that the warranty has expired. Although life is less ephemeral today than what it was a few decades ago with life span and life expectancy increasing across the globe, the future of the triumvirate of health, healthcare and healthcare costs continues to be an area of concern for governments all over the world.

Declining revenues are putting a squeeze on corporate expenses. To add to their woes, the cost of providing health insurance coverage to employees is increasing at double-digit rates. Corporates are decreasing their premium contributions and shifting costs to employees. Healthcare as a global industry fetches revenues worth trillions of rupees. Although highly successful in other markets, health insurance is a non-starter in the Indian context. India spends about 5% of its Gross Domestic Product (GDP) for healthcare, which is below the average of low to middle income countries. In 1998, it dropped to as low as 1% of GDP.

HRM Review Magazine, Critical Illness Insurance, Life Insurance, Global Industries, World Health Organization, WHO, Gross Domestic Product, GDP, National Healthcare System, Insurance policies, Financial Services Authority, FSA, Insurance Premiums, Insurance Regulation and Development Authority, IRDA, Insurence Industry.