Health insurance is a mechanism by which a person protects himself from financial loss caused due to accident and/or disability.Â The chairman of Insurance Regulatory and Development Authority (IRDA) has mentioned that low consumer awareness and insufficient healthcare infrastructure are the major hindrances toÂ widen the reach of healthcare insurance in India. Healthcare costsÂ have witnessed a phenomenal rise in the current times. This hasÂ led the customers to insure not only themselves but their familyÂ members for any future medical expenses and other related requirements. The need to insure assumes is more importance forÂ older generations who are either retired or will be retired in nearÂ future. Given high health cost, it is important for us to get covered for health risks. With this, a good insurance policy is neededÂ to cover doctor's visit, laboratory tests, hospital stays and diagnostic tests. There are quite a few companies covering healthÂ risks with good insurance policies. Health insurance (popularlyÂ known as Mediclaim) offers protection in case of unexpected medical emergencies. In case of a sudden illness or accident, theÂ health insurance policy takes care of the hospitalization, medicalÂ and other costs incurred. Thus, health insurance to be introducedÂ to all consumers in India to protect them from financial lossÂ caused by unfortunate incidents.