According to the Insurance Regulatory development Authority of India (IRDA) only 2% of Indians have health insurance.
The concept of pooling resources is as old as the hills for Indians.
Health insurance is a contract between the insured and the insurance company to cover for medical emergencies that we consider 'accidental and sudden'.
The Insurance Regulatory and Development Authority (IRDA) is a national agency run by the Government of India. IRDA is based in Hyderabad and was formed by an act of Indian Parliament called as IRDA Act of 1999.