COMPARATIVE ANALYSIS FOR HEALTH INSURANCE PRODUCT

OF

Acknowledgement

The internship opportunity I had with Himatlal & co. was a great chance for learning and
professional development. Therefore, I consider myself as a very lucky individual as I was
provided with an opportunity to be a part of it. I am also grateful for having a chance to meet
so many wonderful people and professionals who led me though this internship period.

I am using this opportunity to express my deepest gratitude and special thanks to the senior
executive of Himatlal & Co., Mr. Bhavik Mehta and Mr. Chintan Mehta who in spite of
being extraordinarily busy with his duties, took time out to hear , guide and keep me on the

correct path and allowing me to carry out my internship at their esteemed organization.

I express my deepest thanks to prof. Shama shah, project guide allotted by the institute for
helping me in decision & giving necessary advice, guidance and arranging all facilities to
make life easier. I choose this moment to acknowledge his contribution gratefully.

I am also thankful to each and every person involved with me in the project. Their
encouragement and support enabled the project to materialize and contributed it to its
completion.
 TABLE OF CONTENTS

Sr.no Topic Page no.

1 Executive summary
2 Introduction to the topic
3 Industry overview
4 Company overview
5 Project details
6 Data analysis and interpretation
7 Recommendations / findings
8 Key learning
9 Conclusion
10 Bibliography
11 List of abbreviation
12 Annexure
13 Project progress report duly filled and signed
14 Approved project synopsis
15
 EXECUTIVE SUMMARY

This is the internship report based on the two-month long internship program that I had
successfully completed in himatlal & Co. from 02.05.2022 to 02.07.2022 as a requirement of
my PGDM banking and finance program of guru nanak institute of management studies. As
being completely new to practical, corporate world setting, every hour spent in the company
gave me a taste of the corporate world all of which cannot be explained in words. But
nevertheless, they are all very useful for my career. the small company has no divisions and
all the work is to be mutually divided among the employees with the consent of the owner.

The things that were though by them are as follows:

1. Client acquiring process,

2. Choosing the best insurance company suitable for the clients.
3. How to keep clients motivated as well as how to help clients in getting the legitimate
claims fulfilled
4. Learning the different type of insurance products that a general insurance company
offers, etc.

I have worked in himatlal & Co. and they had given me many
 INTRUDUCTION TO THE TOPIC

Insurance is a contract. Here one party the insurance company called insurer undertakes to
indemnify specified losses suffered by the other party called insured for a special
consideration called premium the term of the insurance contract insurance policy. an
insurance policy is a legal contract that binds both policyholder and the insurance company
towards each other. It has all the details of the conditions or circumstances under which either
the insured individual or policy nominee receives insurance benefits from the insurer.

Insurance is a method by which you can protect yourself and your loved ones from facing a
financial crisis. You buy an insurance policy for the same, while the insurance company takes
the risk involved and offer insurance cover at a specific premium.

In case of any eventuality, the insured or nominee can file a claim with the insurer. Based on
the evaluation criteria for claims, the insurer reviews the claim application and settles the
claim. The four most common  types of Insurances that people buy are

 Life Insurance
 Health Insurance
 Motor Insurance
 Home Insurance

My project topic is all related to health insurance so we will know more about that.
What Is Health Insurance
Health insurance is a contract that requires an insurer to pay some or all of a person's
healthcare costs in exchange for a premium. More specifically, health insurance typically
pays for medical, surgical, prescription drug, and sometimes dental expenses incurred by the
insured. Health insurance can reimburse the insured for expenses incurred from illness or
injury, or pay the care provider directly.

It is often included in employer benefit packages as a means of enticing quality employees,

with premiums partially covered by the employer but often also deducted from employee
pay checks. The cost of health insurance premiums is deductible to the payer, and the
benefits received are tax-free.

Health insurance is a type of insurance coverage that pays for medical and surgical expenses
incurred by the insured. Choosing a health insurance plan can be tricky because of plan rules
regarding in- and out-of-network services, deductibles, co-pays, and more. Since 2010, the
Affordable Care Act has prohibited insurance companies from denying coverage to patients
with pre-existing conditions and has allowed children to remain on their parents' insurance
plan until they reach the age of 26.Medicare and the Children's Health Insurance Program
(CHIP) are two public health insurance plans that target older individuals and children,
respectively. Medicare also serves people with certain disabilities.

Health insurance terminologies

Cashless Claims: 

It refers to health insurance claims filed for a medical treatment availed in the network
hospitals .

Hospitalisation Expenses:

Any medical condition requiring urgent hospitalisation is covered under standard health
insurance plans. However, claims are only entertained, provided the disease has not been
previously diagnosed when the insurance plan was not availed.

Pre and post hospitalisation charges:

Pre hospitalisation expenses such as diagnosis expenses, and doctors’ fees etc. can be covered
by a health insurance plan. Expenditures post-release such as medication, routine check-ups,
injections, etc. are also reimbursed by most insurance companies. Compensation funds
against the same can be extracted as a lump sum amount, or by producing respective bills. 

Critical illness:
the critical illness scheme is competitive because of its well-defined claims criteria, pre-
determined list of critical illnesses, fixed benefits etc. the lump sum benefit offered is more
attractive than other income benefits. The policy covers critical illnesses like cancer, renal
failure, multiple sclerosis, major organ transplantation.

Cumulative Bonus: 

Cumulative bonus is similar to NCB (No Claim Bonus). For every claim free year, the sum
insured increases by a fixed percentage as per policy, but cannot exceed 50 per cent of the
Main Sum Insured and is admissible only if the policy was renewed continuously.

Waiting period: 

The period during which certain benefits of the policy will not be available to the insured,
when a new health insurance policy is taken. This is usually a fixed period of time from the
date of commencement of policy, after the completion of which, certain specific benefits of
the policy take effect. For example, the usual waiting period for pre-existing conditions is 4
years.

Disclaimer: 

Liberty General Insurance provides you health insurance policies depending on your

requirements. However, before you apply, please read the policy wordings carefully.

Grace Period: 

The specified period of 15 days immediately after expiry of the due date of premium
payment. During this period the payment can be made to renew or continue a policy without
loss of continuity benefits such as waiting periods and coverage of Pre-existing diseases.
Type of health insurance

1. Individual Health Insurance

An individual health insurance policy, like its name suggests covers the treatment cost of a
single individual. This cover can be availed for yourself, parents including your spouse and
children. Under this plan, every family member gets an individual sum insured.

2. Family Floater Health Insurance

Under such plans, a single sum insured is available for all individuals under one policy. This
entire sum can be disbursed for treatment of one person respectively, in which case no
subsequent claims are covered in the event of another medical emergency. Senior citizens are
not eligible under family floater plans, as their medical needs tend to be more complicated. 

 3. Senior Citizen Health Insurance

Tailor-made to suit all medical expenses of aged individuals, such plans can only be obtained
by people above the age of 60 years. Comprehensive coverage for different types of illnesses
which might develop due to old age is extended.

4. Group Health Insurance

Companies extend such plans to their employees. Premium is paid by the employer itself and
has provisions which ensure refill of the sum insured. Such group health insurance policies
are cost-effective and are undertaken disbursed as an employee retention tactic.

5. Health Insurance with Maternity Insurance

All pre and postnatal care expenses incurred during pregnancy are covered under maternity
insurance cover. Medical bills of a new-born are included for the first three months as well.
However, such policies come with a waiting period of two years.

6.Critical Illness

As life-threatening diseases are accompanied by extensive medical bills generated for

adequate treatment. A critical illness insurance policy provides coverage against such specific
conditions, providing financial protection for optima treatment and recovery of a
patient.  However, you should remember that the fixed sum insured offered under this cover
can only be availed under the condition of the insured person remaining alive for 30 days
post-diagnosis. 
7. Top-Up Health Insurance

Oftentimes, the treatment costs you estimate while availing a health insurance cover can
increase over time even though your sum insured remains unchanged. Under such
circumstances, you can choose to avail a top-up for your existing cover, instead of purchasing
a separate policy. This top-up policy helps to increase the overall sum insured which you can
use in case of any emergency.