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Health insurance, which covers medical expenses of the insured in case of hospitalization, can be either a personal one or provided by the company. The market for health insurance has seen explosive growth with a copious number of providers entering the fray with myriad plans. For example, there are individual policies and family floaters.  While an individual health policy brings under its fold all members in a family separately, a floater policy, also known as family health insurance policy, covers the entire family under one policy and allows the coverage of the policy to be shared among the family members.

An alarming increase in lifestyle diseases and concerns about expenses around healthcare are also at the forefront of driving growth in the market. A noticeable trend in the market is the swift uptake of health insurance policies by affluent segments, particularly in urban pockets. With the growing penetration of the internet, online purchase of policies is also gaining traction.