But with the fall and split of the communist bloc nations led by the erstwhile USSR, we had seen a worldwide reversal of political thinking that resulted in making the hardcore communists to become apostles of capitalism and free market economy.
India had been a safe player always and therefore it remained that way even after the major changes in international politics and economic shakeups. No doubt it too moved to the capitalistic way but in a manner that confused everyone. It was the great Indian trade and business game for the political and bureaucratic opportunists to make quick personal gains. India adopted the licensed free market economic system while retaining many of the government owned businesses in an objective less manner. The government owned companies have been removed from governmental financial supports and allowed to function independently competing with their private competitors. However, the government did not ensure to give them enough freedom as that was available to their privately owned competitors.
Naturally in India, a peculiar situation arose. It was now an economy with free market objectives where both private players with greater freedom of operations functioned side by side with government owned businesses with several functional restrictions.
The efforts by various governments to come out from the controlling ownership of public sector businesses in reality did not meet any serious objections from any front except some lukewarm protests here and there. Yet, the governments have been doing the privatization process in a very arbitrary manner failing to meet their declared objectives always.
This kind of a situation allowed crony capitalism to take deep roots in the Indian soil. Several private business groups grew many folds and became bigger than several large public sectors of the past.
It has led to the development of governmental favoritism and the era of 'scams' started with corruption and inefficiency synonymous with India and all that is Indian. India ceased to become the ideal democratic nation of truth , non-violence and justice that was originally conceptualized by erstwhile world renowned Indian leaders like Mahatma Gandhi.
Thus India has now become a unique nation in the whole world with a unique style of functioning: the Indian system of arbitrary governance. In this system any or all rules keep changing from time to time and could be interpreted according to the whims and fancies of the so called authorities!
Indian courts too became entangled in this great system of Indian governance that every now and then they kept reversing their own judgments!
I have no answer. How can you expect goodness when evil has taken predominance for whatever reasons?
So in short, health insurance in India now is in the hands of evil doers under evil protection. But evil never has a prolonged victory. Its success is short lived.
No business that violate the fundamentals of human service and justice will sustain for long. That is a universal truth.
Evil infested men and women are clever and intelligent. They only lack wisdom! They know that evil systems can not go endlessly. But evil people, inherently are suicidal. Individually they make their lives miserable at some point of time for themselves only to be replaced by others with potential evilness!
Health insurance business, as with all other businesses, can be managed well making a win-win situation for all players, the government, the company investors, the company directors, their employees and their individual clients. There is no question of this business making any unjustifiable loss to any one, provided the business is carried forward in a justifiable and efficient manner without evil objectives.
Once they do that, it would be of great help to everyone.
But who will take the lead? Will evil control itself?
Then India would probably does not even need the so-called 'Insurance Regulatory Development Authority' the autocratic system that keeps playing a role with no character or compassion to the people.
One thing must be essentially understood in the business of insurance. Insurance is not taking individuals' money and returning a part of the lump sum at some other time of distress or need.
Insurance works on the principle of collective strength of pooling resources and the universal truth of dilution of individual distress when there are many to share the load.
Insurance companies are for doing the service of resource collection, management and re-distribution. But when they do this management with no competency and honesty then they degrade as looters and not any social security service providers. When that happens their business too would become non sustainable!
Will they ever realize this?
Health insurance is no exception. In reality all insurance business in India as of now are means of making profits for the licensed insurance companies. Vehicle insurance is a typical case. Its premiums are sky-rocketing in India every year to such an extent that people are no more interested in taking comprehensive vehicle insurance except those forced upon them by the government.
When insurance business was a state controlled one, there were only the Life Insurance Corporation and the General Insurance Corporation in India in this field. In those days, these companies owned by the government did very good service through their agents for collecting the premiums and providing the insurance documents to the people. Their premiums used to be affordable. But their 'after-sales-services' used to be extremely poor. They seldom paid the insured sums during the times of need, without harassing the insured or their heirs. This has caused these state corporations accumulating huge funds. They too tried greedily to make money but never realized the purpose of insurance-helping people while in distress!
The entry of private players were allowed to bring competition in insurance services and to curtail the public sector monopoly.
But these private companies too, unfortunately forgot their essential objective of doing affordable insurance service. No doubt, competition in insurance business enhanced. However, that competition has been during the time of collection of premium and not for the time of providing the monetary support at the time of needs.
Now all insurance companies in India, both in the public and private domains, keep doing all they can to fool the public and make as much money they can from the gullible public. The unfair practices they adopt has caused huge rise in unfair claims and consequently the insurance sector has degraded to an arena of unfair business.
When it has degraded to an unfair business area, the government brought in the Insurance Regulatory and Development Authority which in turn has done more damage than any correction.
Unfair business practices are on the rise in this country. Corruption is now accepted as a way of life.
When will we realize our follies? When will be able to eradicate our greed arising out of fear of the unknown?
Only then we can expect a society where businesses like insurance doing a helping hand to the people at large while they carry out their services without making losses.