Nearly 30% of Indian population don't have any health insurance: Survey

Nearly 30% or 42 crore of Indian population don’t have any health insurance. The actual may be higher due to gaps in the existing scheme and overlap between the schemes, according to NITI Aayog has said in a report. The government think tank has suggested the need for a low-cost health insurance product for this section of the population if India aims to achieve universal health coverage. 
 
“Low government expenditure on health has constrained the capacity and quality of healthcare services in the public sector. It diverts the majority of individuals – about two-thirds – to seek treatment in the costlier private sector,” the NITI Aayog has said in its report on Health Insurance for India’s Missing Middle (https://www.niti.gov.in/health-insurance-indias-missing-middle-web) released on Friday. 
 
Ayushman Bharat or the Pradhan Mantri Jan Arogya Yojana (AB-PMJAY), launched in September 2018, and state government extension schemes, provide hospitalization cover to the bottom 50% of the population or 70 crore individuals while around 20% of the population or 25 crore individuals are covered through social health insurance, and private voluntary health insurance. 
 
“The remaining 30% of the population is devoid of health insurance. The actual uncovered population is higher due to existing coverage gaps in PMJAY and overlap between schemes,” as per the report. 
 
The report has suggested designing a product or improvement over the Arogya Sanjeevani scheme such that the new products offers earliest coverage of all diseases, provides out-patient benefits and is available at a third to half the cost of Arogya Sanjeevani which currently costs Rs 12,000 for a family of four. 
 
According to the report, the government should improve consumer trust and confidence in health insurance through stronger regulatory mechanisms. Second, it can provide government data and infrastructure as a public good to reduce operational and distribution costs of insurers, it said. 
 
 

User

  Loading...
  Loading...

To continue


Please
Sign Up or Sign In
with

Email

We are listening!

Solve the equation and enter in the Captcha field.

Changes in Our Business Model
 
 
25th Sept 2020
 
Greetings from Moneylife Advisory Services
 
Between financial years 2019-21, SEBI has come up with extensive changes to investor advisor regulations. On Sep 23, 2020, SEBI had issued new additional guidelines. This comes just two months after extensive changes announced in July 2020. Earlier, in December 2019 there was an ad hoc circular
 
As a result of these changes, IAs, cannot accept fees through credit cards, will have to sign a 26-clause investor agreement, have to maintain physical record written & signed by client, telephone recording, emails, SMS messages and any other legally verifiable record for five years. IAs were already asked to record the suitability and rationale for every piece of advice given, sign them and store them for five years.
 
While these extensive and frequent changes, designed to strengthen the conduct of IAs are well-meaning, these have sharply increased compliance efforts and cost. We, being online advisors, find many of changes harder to implement, compared to advisors working in the physical space. We will have to have an army of advisors, administrative and tech staff to be compliant. If we do this, we will have to divert money to these areas and the cost of our service will double. We want to remain the least-cost service in the market to benefit more and more people. In the circumstances, we are forced to change our business model from “advisory” to “research”. This will mean the following:
 
What remains the same:
  • Recommendations on insurance, investment and Lion stocks, will continue as a part of the MAS premium subscription. Our strength has always been research and this will remain available to you through our recommendations.
  • The magazine and all textual content will remain as part of the service
  • We will have to suspend the restructuring tool.
 
What changes:
  • The interactions in Ask / Handholding will offer investment advice but not specific to your situation. It will offer information on investment products and also clarify your doubts about various financial products. It will be a forum for information, not for advice. This will be implemented with immediate effect and our guidelines in Ask, reflect this now.
 
Over the next few weeks our site and our communication to you will reflect these and other additional changes.
 
We feel this will not affect you much in terms of what really matters in investing: knowing what to buy and when to buy. This is our edge and it will still be available to you.
 
img
Debashis Basu
Founder