60972 as per 2011-12 estimation. According to the latest figures released by government Goa leads the country with per capita income of Rs. 1,92,652/-, while Bihar has the lowest with a per capita income of only Rs. 24,681/-. An average Goan earns 6 times more than an average Bihari. As per latest 2012 figures, Delhi comes in second after Goa with Per capita income of Rs. 1,75,812 followed by Chandigarh 1,28,634 &
Haryana 1,09,227. If we compare this figure with per capita income of other countries India stands in140 place. Insurance is not free. People have to contribute certain sum of money in the form of premium to get the benefits of insurance. It needs per capita income. As we narrated PCI of an Indian is very less. They have to sacrifice some amount to get the benefit. Indians are ready to save in the form of deposits but not in the form of insurance. Convincing them is also a daunting task.
UNCERTAINTIES IN AGRICULTURE
Agriculture is the main occupation of millions of people in India. Agriculture always depends upon the mansoon and climatic conditions. Natural Fire,
Lightning Storm, Hailstorm, Cyclone, Typhoon, Tempest, Hurricane, Flood, Inundation and Landslide, Drought, Dry spells etc are the major risks for …show more content…
Human being has nothing to do with these matters. The social disasters are also the acts of God, hence insurance is not necessary. At the same time they are not fully understood the concept of insurance.
In the minds of rural people government is the party to pay the insurance premium.
One major problem in case of insurance particularly in non life insurance is the dishonesty among the people. Many persons will purchase the insurance products by giving false information about their health. Many cases are pending in the insurance companies which need the attention of regulators and the same time many claims being rejected for pre existing diseases which needs standardisation. It also happens that all most all the proposers will not fill up the form. It is filled by agents who use their own route to fill up the form. Proposer simply signs the form.
NO REGULATORY BODY FOR HOSPITALS
Growing demand for health insurance requires a regulatory body to monitor the practices of hospitals. Many companies have offered a cashless facility for