Zerodha's Nithin Kamath says Indians one hospitalization away from bankruptcy
India is grappling with one of the highest rates of medical inflation in Asia, standing at 14%, coupled with a burden on individuals who pay for their own healthcare. A staggering 71% of Indian workers cover their healthcare costs out of pocket, a figure that is alarmingly high compared to global standards. According to 2021 data, India ranks 28th globally for out-of-pocket health expenditure, surpassing even many low-GDP African nations.
Nithin Kamath, co-founder of Zerodha, has underscored the critical need for Indians to secure comprehensive health insurance. In a post on X, Kamath warned that the majority of Indians are "one hospitalization away from bankruptcy," highlighting the financial vulnerability of those without adequate health coverage.
Kamath advised that to avoid financial distress during medical emergencies, Indians should opt for insurers with a proven track record of at least five to ten years, and a favorable claim settlement ratio of around 80-90%. "A good health insurance plan is mandatory," Kamath emphasized.
Reflecting on his personal experience, Kamath, who suffered a stroke in February of this year due to factors such as lack of sleep, overwork, fatigue, and the loss of his father, stressed the importance of selecting an insurer with an incurred claim ratio between 55-75% and a network of 5,000–8,000 hospitals.
Kamath also recommended avoiding health insurance policies with room-rent restrictions and disease-specific sub-limits, as these can lead to substantial out-of-pocket expenses. He advised choosing plans with minimal waiting periods for pre-existing conditions, restoration benefits, and coverage for daycare treatments, along with pre- and post-hospitalization care. Additional features to consider include domiciliary care (at-home care), free annual health checkups, loyalty bonuses, wellness discounts, and coverage for alternative medicine.
The challenges of healthcare costs in India were further highlighted in a report by Insurtech company Plum titled "Health Report of Corporate India 2023." The report revealed that only 15% of workers received health insurance support from their employers, leaving the majority to shoulder the burden of their healthcare expenses.
Compounding the issue are difficulties in getting insurance claims approved. A survey by Local Circles, which included 39,000 participants across 302 districts, found that 43% of respondents faced challenges in having their claims authorized. The reasons cited included inadequate disclosure of policy limitations, confusion caused by technical jargon, and denials due to pre-existing conditions.
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Samrat Samprati Museum's message important for world facing instability & unrest: PM Modi
Gandhinagar (PTI): Prime Minister Narendra Modi on Tuesday said the newly built Samrat Samprati Museum in Gujarat sends a strong message of peace and non-violence at a time when the world is "engulfed in the flames of instability and unrest".
Referring to the current global situation, Modi said the legacy and message of the museum are significant not just for India but for humanity.
"We are correcting the mistakes of previous governments, which failed to preserve valuable manuscripts," he said after inaugurating the museum located on Shri Mahavir Jain Aradhana Kendra campus at Koba village near Gandhinagar on the occasion of Mahavir Jayanti.
"Given the current global scenario - the way the world is being scorched in the fires of instability and unrest - the legacy and message of this museum hold immense significance," he said.
The museum reflects India's core strength of diversity and unity, bringing together traditions such as the Vedas, Puranas, Ayurveda, Yoga and other philosophical streams, he noted.
"This is something that could happen only in India," he added.
The museum is named after Samrat Samprati Maharaj (224-215 BC), the grandson of Samrat Ashoka and a Mauryan ruler known for propagating Jainism and the principle of non-violence.
Highlighting the concept behind the museum, the prime minister said Samrat Samprati represents the link between philosophy and governance.
"Samrat Samprati is not merely the name of a historical king. He serves as a bridge that connects India's philosophy with its practice," he said.
The museum preserves this legacy and has been designed to showcase India's identity at every step, Modi noted. He pointed to its seven galleries, saying they "proclaim India's diversity and cultural richness".
Referring to preservation of heritage, Modi said India had lost a vast treasure of knowledge in the past when ancient centres of learning like Takshashila and Nalanda were destroyed by foreign invaders.
Valuable manuscripts were burnt by invaders, leading to an immense heritage of humanity being lost, he pointed out.
In later years, people protected whatever remained by passing manuscripts from one generation to another, the PM said.
However, after Independence, the responsibility of preserving such knowledge was not taken up seriously by earlier governments, he said.
"After Independence, this should have been a national priority. Regrettably, due to a colonial mindset, no attention was paid to this vital cause," he said, in an apparent reference to Congress-led governments before 2014.
Modi credited saints and scholars for preserving India's heritage, mentioning the efforts of Jain seers who travelled across the country to collect manuscripts over decades. He said lakhs of manuscripts written on palm leaves and bark have now been preserved.
"We are today rectifying the mistakes committed by previous governments, which had neglected these manuscripts," he said.
The PM also said his government has launched the 'Gyan Bharatam Mission' to preserve and digitise ancient manuscripts using modern technology.
"Under this mission, manuscripts are being digitised, scientifically preserved and archived. People are also uploading manuscripts kept in their personal custody," he informed.
The initiative would help collect scattered manuscripts from across the country and make them accessible for future generations, he said.
Modi said the government is making large-scale efforts to promote India's cultural heritage globally, including restoration of temples, development of pilgrimage sites and promotion of traditional knowledge systems like Ayurveda and Yoga.
He also cited projects such as the upcoming maritime museum at Lothal and plans for a national museum in Delhi to present India's history comprehensively.
Taking a swipe at previous regimes, Modi said earlier efforts to present history were influenced by political considerations.
"You may recall that in the past, such endeavours were often viewed through a political lens. Everything revolved around setting a specific narrative for a particular political family," he said, in an apparent reference to the Gandhi-Nehru family.
"We have put an end to this mindset," the PM said, adding the government is working with the vision of 'Sabka Saath, Sabka Vikas'.
Modi also called for encouraging students and researchers from across the world to visit the museum and carry India's message of non-violence and knowledge globally.
"When we rise above personal aspirations and work for the nation, the pace of progress increases," he stressed.
The museum houses rare artefacts, ancient manuscripts and sculptures spread across seven galleries, offering a glimpse into India's spiritual and cultural legacy, a release by the Jain Aradhana Kendra said.
It showcases centuries-old Jain art, including stone and metal idols, illustrated manuscripts, coins and traditional artefacts, while also using modern audio-visual technology to create an immersive experience for visitors.
