BATCH 2019-24

SUBJECT: Banking and Insurance Law

TOPIC- “HEALTH INSURANCE SECTOR IN
INDIA: AN ANALYSIS OF ITS PERFORMANCE”

SUBMITTED TO: SUBMITTED BY:

MS. Aishwarya Ma’am MUDIT BALIA
Assistant professor Roll NO. 92121040003
Faculty of law, Marwadi University B.A. LL.B (Hons) (VIII Sem)

1
 DECLARATION

I Mudit Balia guarantee that the work exemplified in this project, titled “HEALTH INSURANCE SECTOR
IN INDIA: AN ANALYSIS OF ITS PERFORMANCE” is my own genuine work completed by me under the
direction MS. Aishwarya Ma’am, Faculty of Law, Marwadi University. The matter exemplified in this
project has not been submitted for the reward of some other degree/recognition. I assent that I have
reliably recognized, offered credit andalluded to the creators/researchers any place their works have been
referred to in the content and the bodyof the undertaking. I further guarantee that I have not maleficently
plagiarized some other's work, section, text. information, results, figures and so forth detailed in the
diaries, books, magazines, reports,papers, theories, and so on, or accessible at sites and encompassed
them in this project and neither quoted them as my work.

Signature of the Student

Date:

2
 SUPERVISOR’S CERTIFICATE

This is to affirm that the work encapsulated in the going project named” HEALTH INSURANCE SECTOR
IN INDIA: AN ANALYSIS OF ITS PERFORMANCE” has been completed wholly by Mudit Balia under my
direction and assistance and thatthe applicant has satisfied the necessities of the guidelines set down for
the satisfaction of BA.LLB. (Hons.) Degree assessment throughout Banking and Insurance law (Semester
VIII), Faculty of Law, Marwadi University.

3
 ACKNOWLEDGEMENT

I want to convey my gratitude to individuals, who have helped me most all through my task, be it
straightforwardly or by implication. I'm generally thankful to my professor MS. Aishwarya Ma’am who
really propelled to do this assignment by giving this chance. Also a thank of mine goes to my companion
who assisted me finishing the assignment, where they all traded their own fascinating thoughts, and caused
me to acknowledge both the points of view to the issue and along these lines madeit conceivable to finish
my task with all exact data. I wish to thank my folks for their own help or consideration who roused me
to head out in a different direction. Last but not the least, I would likewisestretch out my appreciation to
the individuals who couldn't be referenced here yet all around assumed their part to motivate the drape.

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 INDEX

CHAPTER 1- INTRODUCTION ....................................................................................................... 6

CHAPTER 2- BACKGROUND OF HEALTH INSURANCE SECTOR IN INDIA .................................. 10

CHAPTER 3- NEED FOR HEALTH INSURANCE IN INDIA ............................................................. 11

CHAPTER 4- STRENGTH, WEAKNESS, OPPORTUNITY AND THREAT ANALYSIS OF HEALTH

INSURANCE SECTOR .................................................................................................................. 13

CHAPTER 5- HEALTH INSURANCE SECTOR IN INDIA DURING PANDEMIC- CHALLENGES

AND OPPORTUNITIES ................................................................................................................ 16

CHAPTER 6- RECOMMENDATIONS AND CONCLUSION ........................................................... 19

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 CHAPTER-1

INTRODUCTION

Health insurance is one of the major contributors of growth of general insurance industry in India. It alone
accounts for around 29% of total general insurance premium income earned in India. The growth of this
sector is important from the perspective of overall growth of general insurance Industry. At the same time,
problems in this sector are also many which are affecting its performance.
Health insurance is a mechanism that provides financial coverage for sickness or injury. Over the past few
decades, India’s achievement in terms of health improvement has been remarkable but health insurance
industry is still way behind many other developing countries. This study examines the changes that have
taken place in the Indian health insurance industry over a period of time and the issues and challenges the
industry faces.. Not even a quarter of population in India is covered under any health insurance scheme.
The penetration rate and expenditure on health insurance has been quite low. Penetration rate can be
increased by means of micro-insurance, group insurance, government regulations over private sector and
more schemes to reach out the rural masses with high competitive and service oriented delivery
mechanism. However, the recent schemes and initiatives by government targeting the rural areas are
becoming popular and may prove to be the appropriate way of supporting the society as a whole thereby
saving it from the ruinous expenditure.
Health insurance in India has been an emerging insurance sector in the past few decades. The rise of the
middle class, the mounting cost of hospitalisation, digitization, and more people's awareness towards
insurance were some of the major drivers of the health insurance market's growth in India. Health
insurance in India is an emerging insurance sector after life and automobile insurance sector. Rise in
middle class, higher hospitalization cost, expensive health care, digitization and increase in awareness
level are some important drivers for the growth of health insurance market in India.

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 REVIEW OF LITERATURE

 Anand and Ravallion under their Research Paper “human development in poor countries”1 found that,
for basic health, affluence is considered to the extent that it delivers lower income poverty and better public
services. The study found that usually observed positive correlation across countries between life expectancy
and affluence diminishes when one control for incidence of poverty and public spending on health. Though
both these variables matter, there was more significance of public health spending that was prominent.
Ramamani (1995) in “household survey of healthcare utilization and expenditure” found that, the cases of
reported hospitalization were considerably higher in urban areas, reflecting the differences of the regions to
hospital access. Correspondingly, the percentage of untreated illnesses was found higher in rural areas. The
study also revealed that for out-patient care, there was a high dependence on private sector facilities and this
dependence was found to be higher for higher income groups.

 S. A. Siddiqui, under his article “How efficient is Indian health insurance sector: An SBM-DEA
study,”2 states that a critical turning point in the insurance industry happened in 2020. Health
insurance companies have evaluated their customers' needs and operating procedures in the wake of
the COVID-19 outbreak. Many insurers experiment with new models or modify existing models, or
develop new products in order to succeed in this uncertain environment. Technology can be used to
bridge the gaps in service offering, improve service performance, ensure efficiency, and lower costs.
COVID-19 also provides insurers with the opportunity to bring insurance plans which are up to the
requirements of people at large. In March and July 2020, many insurers issued COVID-19 insurance
products. India's healthcare system is undergoing a significant transition as a result of higher income
levels, improved health awareness, pricing liberalisation, and the entry of private healthcare finance.

1
Anand S., Ravallion M. Human Development in Poor Countries: On the Role of Private Incomes and Public Services.
Journal of Economic Perspectives: 1993;7(1):133-50.
2
S. A. Siddiqui, “How efficient is Indian health insurance sector: An SBM-DEA study,” Manag. Decis. Econ., vol. 43, no. 4,
pp. 950–962, 2022

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 STATEMENT OF PROBLEM

The health insurance sector in India has been growing rapidly in recent years, but there are concerns about
its overall performance. There is a need for a comprehensive analysis of the sector's strengths and
weaknesses, opportunities and threats, and its ability to meet the healthcare needs of the population.
Additionally, there is a need to examine the challenges faced by the sector during the pandemic and the
opportunities for improvement.

AIMS AND OBJECTIVES

 To review health insurance scenario in India.

 To understand the changes those have taken place in health insurance sector with time.

 To critically evaluate the performance of Indian health insurance companies along with examining
various opportunities and challenges during the time of COVID-19 pandemic.

RESEARCH METHODOLOGY

The proposed methodology for the proposed comparative study is doctrinal methodology, which will
be carried out in a descriptive manner and will comprise consulting numerous books,journals, websites,
and publications to obtain information on the issue. The majority of the study will be done through
various internet sources. Throughout my assignment, I will do a thorough examination of the readings
of numerous articles and case laws, and only the most appropriate and relevant material will be
described. The researcher will also look through Literature and current news, and all pertinent
material will be written down.

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 CHAPTER-2

BACKGROUND OF HEALTH INSURANCE SECTOR IN INDIA

The health insurance sector in India can be traced back to the 1920s when the first health insurance policy
was offered by the state-owned insurer, the Oriental Insurance Company. However, the health insurance
sector remained largely undeveloped until the liberalization of the Indian economy in the 1990s.
In 1986, the government of India launched the Rashtriya Swasthya Bima Yojana (RSBY), a government-
funded health insurance scheme for the poor. This was followed by the launch of the Central Government
Health Scheme (CGHS) in 1954, which provides health care services to government employees and their
dependents.3
The health insurance sector in India has undergone significant growth and evolution in recent years. Prior
to the liberalization of the Indian economy in the early 1990s, health insurance was virtually non-existent
in the country. The government-run health insurance programs provided limited coverage and benefits,
leaving a vast majority of the population without any financial protection against health risks.
With the economic reforms, private insurance companies were allowed to enter the market and offer health
insurance products. The Insurance Regulatory and Development Authority of India (IRDAI) was
established in 1999 to regulate and oversee the insurance industry in the country.
In the early years, health insurance was primarily offered as a part of life insurance policies, and only a
few standalone health insurance products were available. However, with the increasing demand for health
insurance, the market has grown significantly, and there are now many standalone health insurance plans
offered by both public and private insurance companies.

In recent years, the government has also taken steps to increase the penetration of health insurance in the
country. The Pradhan Mantri Jan Arogya Yojana (PMJAY), also known as Ayushman Bharat, was
launched in 2018 to provide health insurance coverage to over 500 million people from economically
weaker sections. The scheme aims to provide financial protection to families for secondary and tertiary
care hospitalization expenses.

3
S. M Khan, “Effeciency of health sector in india: a study,” Manag. Decis. Econ., vol. 43, no. 4, pp. 110–115.

9
In the case of National Insurance Co. Ltd. vs. Balakrishna4, the Supreme Court held that insurers cannot
refuse to reimburse expenses incurred by policyholders for medical treatment on the grounds that the
treatment was not taken in a hospital. The court held that as long as the treatment was medically necessary,
it must be covered by the insurance policy.

In United India Insurance Co. Ltd. vs. Pushpalaya Printers,5 the Supreme Court held that a pre-
existing disease or illness must be disclosed by the insured at the time of taking the policy. The court also
held that if the insurer has not asked for details of pre-existing illnesses or diseases, they cannot refuse to
honor a claim on the grounds of non-disclosure.

4
AIR 2013 SC 473
5
(2004) 3 SCC 694.

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 CHAPTER-3
NEED FOR HEALTH INSURANCE IN INDIA

According to an NSSO (National Sample Survey Organization) survey, 40% of people who have been
hospitalised have had to borrow money or sell assets to cover their medical expenses. A sizable proportion
of the population may have been forced to forego treatment entirely. Thus, more than the disease itself,
the cost of treatment exacts its toll. Health insurance is the solution to your health-related concerns. In a
globalising environment, the cushion that could have been provided by joint families, social groups, or
government support is no longer available. In this context, it is the insurer's responsibility to organise,
transfer, and spread risks so that the society of individuals, families, and communities is truly protected.
The rising prevalence of lifestyle diseases such as obesity, diabetes, hypertension, and cardiovascular
disease, to name a few, as well as rising medical costs, highlight the importance of health insurance. Health
insurance policies cover expenses incurred not only during hospitalisation but also prior to and after
hospitalisation, such as money spent on medical tests and medication purchases. Lifestyles have evolved.
Indians today are under a great deal of stress. Working long hours, getting little exercise, ignoring a healthy
balanced diet, and relying on junk food as a result have weakened our immune systems and put us at risk
of contracting illnesses.6 Rare noncommunicable diseases are becoming more common. Obesity, high
blood pressure, strokes, and heart attacks, which were once thought to be uncommon, now affect an
increasing number of urban Indians. Medical care is exorbitantly priced. Medical advances have resulted
in cures for dreadful diseases. These cures, however, are only available to a select few. This is due to high
operating and treatment costs. The financial burden is exacerbated by indirect costs. Indirect costs such as
travel, lodging, and even temporary income loss account for up to 35% of total treatment costs.

Health insurance is a crucial aspect of financial planning in India due to several reasons:

1. Rising healthcare costs: With the advancements in medical technology, the cost of healthcare has
increased significantly. In case of a medical emergency or hospitalization, the expenses can quickly
escalate, and having health insurance can provide financial support.

6
IBEF, “Insurance Sector in India: Industry Overview, Market Size & Trends IBEF,” 2022

11
 2. Limited government healthcare facilities: Despite various initiatives taken by the government to
improve healthcare facilities, there are still limitations in the public healthcare system, and the
private healthcare sector remains expensive. Health insurance can provide access to quality
healthcare services without worrying about the cost.
3. Lifestyle diseases: With the changing lifestyle, there is an increase in lifestyle-related diseases such
as diabetes, hypertension, heart diseases, and cancer. These illnesses require long-term treatment
and can be financially burdensome for the family. Health insurance can provide cover for such
illnesses.

4. Tax benefits: Health insurance premiums are eligible for tax deductions under Section 80D of the
Income Tax Act. The premiums paid for health insurance policies for self, spouse, and dependent
children can be claimed as a deduction up to a certain limit.

In Consumer Education and Research Centre vs. Union of India,7 the Supreme Court of India held
that health care is a fundamental right of every citizen of India, and that the government must take steps
to provide basic health care facilities to all. The court also emphasized the importance of health insurance
in providing financial protection to individuals against high medical expenses

7
(1984) 3 SCC 161

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 CHAPTER-4
STRENGTH, WEAKNESS, OPPORTUNITY AND THREAT ANALYSIS OF
HEALTH INSURANCE SECTOR

The strengths, weaknesses, opportunities and threats (SWOT) is a study undertaken to identify internal
strengths and weaknesses as well as external opportunities and threats of the health insurance sector.

Strengths:

1. Growing Demand: Health insurance sector is witnessing a rapid growth as more people are becoming
aware of the importance of health insurance and are opting for it. With a rising middle class and
increasing health concerns, the demand for health insurance is expected to continue to grow.

2. Innovation: Health insurance companies are constantly innovating and introducing new products to
cater to the changing needs of customers. They are leveraging technology to improve customer
experience and offer personalized solutions.

3. Regulatory Support: The government of India has introduced several initiatives to promote health
insurance and improve the healthcare sector. The introduction of Ayushman Bharat, the world’s largest
healthcare scheme, is a major boost to the health insurance sector.

In IRDAI vs. New India Assurance Co. Ltd,8 the Insurance Regulatory and Development Authority of
India (IRDAI) highlighted the strengths of the health insurance sector, including the availability of a wide
range of health insurance products, the growing awareness among people about the importance of health
insurance, and the increasing penetration of health insurance in rural areas.

8
(2018) 11 SCC 631

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Weaknesses:

1. Lack of Awareness: Despite the growing demand for health insurance, a large segment of the
population is still unaware of the benefits of health insurance. There is a need for more education and
awareness campaigns to promote the benefits of health insurance.

2. Low Penetration: Health insurance penetration in India is still low compared to other countries. Only
a small percentage of the population has health insurance coverage, and there is a need for more
affordable and accessible health insurance products to increase penetration.

3. Fraud: Health insurance fraud is a major concern in India. It is estimated that health insurance fraud
accounts for a significant percentage of the claims made, leading to higher premiums for genuine
customers.

In Star Health and Allied Insurance Co. Ltd. vs. Naveen Bansal,9 the National Consumer Disputes
Redressal Commission highlighted the weaknesses of the health insurance sector in India, including the
lack of standardization of health insurance products, the high cost of premiums, and the limited coverage
of pre-existing diseases.

Opportunities:

1. Digitalization: The health insurance sector is poised for digital transformation with the increasing
adoption of technology. Digital platforms can help improve customer experience, offer personalized
solutions, and reduce costs.

2. Increasing Health Awareness: With the rising health concerns, more people are becoming aware of
the need for health insurance. This presents an opportunity for health insurance companies to offer
innovative and affordable products to cater to this growing demand.

9
II (2017) CPJ 42 (NC)

14
3. Government Support: The government of India has introduced several initiatives to promote health
insurance and improve the healthcare sector. This presents an opportunity for health insurance
companies to collaborate with the government and offer more comprehensive and affordable health
insurance products.

In Apollo Munich Health Insurance Co. Ltd. vs. IRDAI,10 the Delhi High Court emphasized the
opportunities in the health insurance sector, including the potential for growth due to the rising demand
for health insurance, the increasing use of technology for insurance distribution, and the expansion of
insurance coverage in rural areas

Threats:

1. Competition: The health insurance sector is highly competitive with several players offering similar
products. The competition can lead to price wars and reduce profit margins for companies.

2. Economic Slowdown: The health insurance sector is dependent on the economy and any slowdown
can impact the growth of the sector. The current COVID-19 pandemic has also led to a decrease in
demand for health insurance due to the economic uncertainty.

3. Changing Regulations: The health insurance sector is heavily regulated, and any changes in
regulations can impact the operations of companies. Companies need to keep abreast of any regulatory
changes and adapt their strategies accordingly.

In New India Assurance Co. Ltd. vs. Alok Shanker Pandey,11 the National Consumer Disputes
Redressal Commission highlighted the threats to the health insurance sector, including the increasing
incidence of fraudulent claims, the lack of awareness among policyholders about their rights, and the
potential for misuse of policy terms and conditions by insurers.

10
W.P.(C) 11059/2018
11
II (2016) CPJ 152 (NC)

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 CHAPTER-5
HEALTH INSURANCE SECTOR IN INDIA DURING PANDAMEIC-
CHALLENGES AND OPPORTUNITIES

Health insurance is a financial arrangement that provides an individual or group with financial protection
in the event of a medical emergency. The year 2020 marks a watershed moment in the insurance industry.
For health insurers, the COVID-19 pandemic presents both opportunities and challenges on multiple
fronts. It allows health insurance companies to create new policies and services in response to the needs
of a more informed population. Many insurance companies were forced to reconsider their clientele and
business practises as a result of the COVID-19 outbreak. In response to the COVID outbreak, India's
insurance regulatory agency, the Insurance Regulatory and Development Authority of India (IRDAI), has
issued rules for claims submitted to general insurers and health insurers under the COVID-19 pandemic.12
The Corona Rakshak and Corona Kavach policies were two major policies introduced in India in
accordance with the guidelines and directions of the Insurance Regulatory Development Authority of India
(IRDA). In response to the pandemic, insurance companies began offering COVID-19-specific health
insurance plans to their customers, such as "Arogya Sanjeevani," a comprehensive standard health
insurance plan. Because of the prolonged lockdown that followed COVID-19, insurance companies have
prioritised the use of digital technology for everything from selling new policies to settling policy claims.13

The COVID-19 pandemic has had a significant impact on the health insurance sector in India, presenting
both challenges and opportunities.

Challenges:

1. Increased Claims: The pandemic has led to an increase in health insurance claims, particularly for
COVID-19 related treatments. This has put pressure on health insurance companies, leading to a rise
in premiums and deductibles.

12
S. A. Siddiqui, “How efficient is Indian health insurance sector: An SBM-DEA study,” Manag. Decis. Econ., vol. 43, no.
4, pp. 950–962
13
R. Kumar and A. Duggirala, “Health Insurance as a Healthcare Financing Mechanism in India: Key Strategic Insights and
a Business Model Perspective,” Vikalpa, vol. 46, no. 2, pp. 112–128

16
2. Uncertainty: The pandemic has created uncertainty in the healthcare sector, with the emergence of
new variants and changing treatment protocols. This has led to confusion among policyholders about
their coverage and the types of treatments covered.

3. Regulatory Changes: The Insurance Regulatory and Development Authority of India (IRDAI) has
introduced several regulatory changes in response to the pandemic. These changes, such as the
introduction of telemedicine and relaxation of certain claim procedures, have resulted in operational
challenges for health insurance companies.

4. Economic Impact: The pandemic has also had an economic impact, leading to job losses and a
decrease in disposable income. This has resulted in a decrease in demand for health insurance
products, particularly among the lower-income segments.

5. Limited Coverage: The COVID-19 pandemic has highlighted the limitations of health insurance
coverage in India. Many policies do not cover certain types of illnesses or have exclusions related to
pandemics, leaving policyholders vulnerable.

Opportunities:

1. Increased Awareness: The pandemic has increased awareness among the general public about the
importance of health insurance. More people are realizing the need for financial protection against
medical emergencies, leading to an increase in demand for health insurance products.

2. Innovation: The pandemic has led to the development of new health insurance products and services,
such as telemedicine and home healthcare. These innovations have made healthcare more accessible
and affordable, and have the potential to increase coverage among the lower-income segments.

3. Digitalization: The COVID-19 pandemic has accelerated the digital transformation of the health
insurance sector. Health insurance companies are leveraging technology to improve customer
experience, offer personalized solutions, and reduce costs.
4. Government Support: The government of India has introduced several initiatives to support the

17
 health insurance sector during the COVID-19 pandemic. For example, the government launched the
Pradhan Mantri Garib Kalyan Package to provide health insurance coverage to the poor and
vulnerable.

5. Collaboration: The pandemic has also highlighted the need for collaboration between health
insurance companies, healthcare providers, and government agencies. This collaboration can lead to
more effective and efficient healthcare delivery, resulting in improved outcomes for patients.

In Arun Kumar Agarwal vs. Apollo Munich Health Insurance Co. Ltd,14 the National Consumer
Disputes Redressal Commission (NCDRC) dealt with the issue of claim rejection by health insurance
companies on the grounds of COVID-19 treatment not being covered under the policy. The NCDRC
directed the insurer to pay the claim as the policy covered hospitalization expenses for any illness,
including COVID-19.

In Reepak Kansal vs. Oriental Insurance Co. Ltd,15 the NCDRC dealt with the issue of delay in claim
settlement by health insurance companies during the pandemic. The NCDRC directed the insurer to pay
the claim with interest and also awarded compensation for mental agony and harassment caused to the
policyholder.

14
Consumer Case No. 530 of 2017
15
Consumer Case No. 1328 of 2020

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 CHAPTER-6
RECOMMENDATIONS AND SUGGESTIONS

COVID19outbreak in India has led to a spike in health-care costs in the country. As a result, upward
premium charge revisions must be considered in order to see bottom-line improvement in this sector. The
claim must be investigated right away. This will allow insurers to combat unfair practices and dishonest
methods of making claims, which are prevalent in the sector. Health insurance market is not able to attract
younger generation of the society. This group of customers may be attracted by age-based pricing. An
individual insured at the age of 30 will pay less in premiums after ten years of continuous coverage than
another individual purchasing a policy for the first time at the age of 40.
Health insurance and health care are both components of the medical care industry and are interdependent.
As a result, the performance of the health insurance sector can be better understood by taking the health-
care industry into account, which is beyond the scope of the study. This industry is consistently losing
money. As a result, new ideas must be implemented in order to reduce losses while still making profits.
The opportunity for insurance companies in this sector lies in developing new products, services, and
distribution channels. As a result, continuous modification through the application of research is required.

CONCLUSION

During the pandemic, health insurance companies in India saw a rise and fall in business, and many new
customers purchased health plans. In many ways, the Covid-19 epidemic presents opportunities for the
health insurance industry, but it also poses challenges. The insurance sector is highly crucial for economic
growth since it protects lives, encourages investment and household savings, and gives mass employment
to the people of India. The insurance industry includes both life insurance and non-life or general
insurance. The impact of COVID-19 on the insurance sector was not uniform, meaning some products
saw a significant increase and some showed a decline. The pandemic has increased the need for health
insurance, prompted the development of new health insurance solutions, and highlighted the value of
health insurance benefits in times of uncertainty.16 Companies that want to grow their insurance business

16
P. V Nawkhare and V. A. Kale, “Impact of COVID-19 on Health Insurance Sector Impact of COVID-19 on Health
Insurance Sector,” vol. 9, no. December, pp. 1–4

19
and customer base must adopt new business models that are innovative. With better technological know-
how from foreign partners and involvement from the Insurance Regulatory Development Authority of
India, India's health insurance industry must turn around and begin to earn a profit (IRDAI). The COVID-
19 pandemic presents a number of challenges for the health insurance sector while also giving
opportunities to insurers to attract new customer.
The health insurance sector in India has come a long way since its inception. The liberalization of the
Indian economy in the 1990s and the introduction of regulatory frameworks have led to the entry of private
players in the sector, leading to increased competition and innovation.
The COVID-19 pandemic has presented several challenges for the health insurance sector in India,
including a surge in claims and a decrease in demand. However, it has also provided opportunities for
health insurance companies to innovate and leverage technology to improve customer experience and
offer relevant products and services.
The government of India has introduced several initiatives to promote health insurance and improve the
healthcare sector, including the National Health Policy and various health insurance schemes for the poor
and rural populations. The development of a robust health insurance sector is critical to achieving universal
health coverage in India and improving the overall health and wellbeing of the population.

20
 REFERENCES
Articles Referred

1. Anand S., Ravallion M. Human Development in Poor Countries: On the Role of Private
Incomes and Public Services. Journal of Economic Perspectives: 1993;7(1):133-50.

2. R. Bhat and D. Mavalankar, “Health Insurance in India: Opportunities, Challenges and

Concerns,”

3. M. Bhatia, S. Mittal, and A. Bansal, “Evolution of the Indian Health Insurance Sector: A
review,” J. Manag. Res. Anal., vol. 5.

Websites Referred

4. IRDAI.gov.in

5. https://www.bankbazaarinsurance.com/healthinsurance/incurred-claim-ratio-by-irdai.html

Books Referred

6. IBEF, “Insurance Sector in India: Industry Overview, Market Size & Trends IBEF,” 2022.

7. S M. Gupta, “‘ Health Insurance in India – Opportunities and Challenges ,’” vol. V.

Cases Referred

8. National Insurance Co. Ltd. vs. Balakrishna, AIR 2013 SC 473.

9. United India Insurance Co. Ltd. vs. Pushpalaya Printers, (2004) 3 SCC 694.

10. Consumer Education and Research Centre vs. Union of India, (1984) 3 SCC 161.

11. IRDAI vs. New India Assurance Co. Ltd, (2018) 11 SCC 631.

21
12. Star Health and Allied Insurance Co. Ltd. vs. Naveen Bansal, II (2017) CPJ 42 (NC)

13. Apollo Munich Health Insurance Co. Ltd. vs. IRDAI, W.P.(C) 11059/2018

14. New India Assurance Co. Ltd. vs. Alok Shanker Pandey, II (2016) CPJ 152 (NC).

15. Arun Kumar Agarwal vs. Apollo Munich Health Insurance Co. Ltd, Consumer Case No. 530
of 2017

16. Reepak Kansal vs. Oriental Insurance Co. Ltd, Consumer Case No. 1328 of 2020.

22