The first standardized health insurance product for individuals and their families was first launched in the Indian Market by the then all the four nationalized non – life insurance companies in 1986. This products, known as Mediclaim was introduced to provide coverage for the hospitalization expenses up to a pre-defined annual limit of indemnity with certain exclusions such as maternity, pre-existing etc. It underwent several rounds of revisions the main being 2007. However, with the evolving of the market today more than 300 health insurance products are available from all the insurers in India.