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Health insurance is a contract between the insurer and the insured wherein the insurer agreesto pay hospitalisation expenses to the extent of an agreed sum insured in the event of anymedical treatment arising out of an illness or an injury.Healthcare in India has assumed great importance in recent times. Increased income, healthconsciousness, price liberalisation and the introduction of private healthcare financing isbringing the change.Understanding health insurance policiesInsurance companies offer a wide variety of policies under health insurance. These rangefrom policies that cover the cost of doctors and hospitals to those that meet a specific need, such as paying for long term care or specific illness like cancer or critical illness.Several life insurance companies have of late entered into the health segment, which tillrecently was dominated by general insurance companies. Some stand-alone health insurancecompanies have also been set up to tap the vast potential of the health insurance in India.A health insurance policy generally covers the basic costs in case of hospitalisation due to any