Star Health and allied insurance company, the first stand alone health insurer of India promoted three years ago, will see an additional capital combination of Rs 180 crore this year in tune with its healthy growth in business.
Company Chairman and MD, V Jagannathan told media persons in Chennai on Wednesday, the company has increased its share capital to Rs 138 crore from the mandatory Rs 100 crore within two years of operation. Before December end, the promoters will infuse Rs 100 crore and Rs 80 crore before March end 2009.
This year, it notched up Rs 440 crore at the end of September 30 and is targeting to touch Rs 1000 crore by March end. He said the insurer clocked over 200% growth in gross premium written at Rs 510 crore in 2008-09 against Rs 168 crore in the previous year. It reported Rs 5.27 crore a net profit.
We are not thriving only on Government business but equally growing the market business, which is expected to more than double to Rs 225- 250 crore this year from Rs 90 to Rs 100 crore last year Mr Jagannathan said. He said. In the near future, it will enter group insurance segment as part of the extensive growth in premium and profit envisaged.
Within three years of its operation, it has garnered 8.5% of the market share of the Indian health insurance pie. Former Union Finance Secretary, D C Gupta will join the board shortly. The company, which has tied up with over 4000 hospitals, will also increase the network of offices to 200 next year from 150 now covering the entire country.
Mr Jagannathan said insurer has shown the way forward in health insurance by offering meaningful health insurance covers to infinite population. This included the Aarogyasri health insurance scheme in Andhra Pradesh covering 6.5 crore BPL families in 23 districts, Kalaignar’s ( TN CM) life saving treatment insurance scheme in Tamil Nadu to cover five crore poor and marginally poor and four lakh BPL families in Haryana under RSBY.
It has just got the IRDA’s approval to sell a new policy, Star criticare plus insurance, which aims to provide reimbursement of hospitalisation expenses for treating ailments and medical conditions as well as accidental injury and trauma. It will offer a pre- agreed compensation amount if the insured is diagnosed with a major illness noted in the policy, provided the disabling illness is manifesting for the first time in life.
Wednesday, October 28, 2009
Wednesday, October 21, 2009
Oriental insurance to launch new schemes
Public sector general insurer Oriental Insurance Company on Thursday said it is planning to launch four new schemes including two health insurance schemes.
Oriental Insurance Company Chairman M Rama doss said. "We have filed offer documents for four new schemes with the regulator, He said " These include two health insurance plans, including overseas mediclaim and two motor vehicle insurance schemes,. The company is awaiting IRDA approval, he said, adding, Oriental currently offers 160 schemes under different segments.
Meanwhile, the company launched a portal offering customers to buy policies online. He said, "From today onwards customers can get vehicle insurance, personal accident cover, householder's insurance online and even claims can be developed through the portal,"
He claimed, With the launch of the portal, Oriental Insurance became the first public sector general insurance company to offer this facility to the customers.
The portal is included with the company's core insurance system and it would enable the various stakeholders of the company to get real time information about their policies, claims and grievance, he said.
Oriental Insurance Company Chairman M Rama doss said. "We have filed offer documents for four new schemes with the regulator, He said " These include two health insurance plans, including overseas mediclaim and two motor vehicle insurance schemes,. The company is awaiting IRDA approval, he said, adding, Oriental currently offers 160 schemes under different segments.
Meanwhile, the company launched a portal offering customers to buy policies online. He said, "From today onwards customers can get vehicle insurance, personal accident cover, householder's insurance online and even claims can be developed through the portal,"
He claimed, With the launch of the portal, Oriental Insurance became the first public sector general insurance company to offer this facility to the customers.
The portal is included with the company's core insurance system and it would enable the various stakeholders of the company to get real time information about their policies, claims and grievance, he said.
Wednesday, October 14, 2009
Reliance Life to strengthen its health insurance portfolio
Anil Ambani group firm Reliance Life Insurance said on 30th September, it is growth its portfolio of health insurance products in the coming months. Eyeing a place among the top-three health insurers in the country within three years,
Reliance Life Insurance currently has one mixture health product providing wealth accumulation along with health insurance.
Reliance Capital CEO Sam Ghosh said. "The company will be increase the portfolio in the coming months with a basket full of health insurance products total reimbursable health expenses, individual and family floater on group and individual product platforms, long term care among others,"
Elaborating further, he said the company would offer 3-5 year policies in the coming months and in the next three years it plans to have a market share of about 10 per cent.
Health insurance market was at around Rs 7,000 crore in 2008-09 and is expected to grow to Rs 41,586 crore by 2016-17.
Reliance Life Insurance has added a new straight up that would focus developing the health segment. While, health insurance policies are mostly provided by general insurance companies, life insurers contribute about five per cent to the overall health insurance business.
Ghosh added. "This vertical will look at the entire value chain of providing and service the health insurance market and offer an all-inclusive product/service package to the customer,"
He said, RLIC will be taking advantage of the 'long term' proposition of health insurance products offered by life insurers, it allows customers to lock in at a lower rate while they are younger and get assured renewability of the product; premium rates are usually fixed for a block of 5 years.
Health insurance penetration in India is very low, as over 90 per cent of the total Indian people has no health insurance cover.
Reliance Life Insurance currently has one mixture health product providing wealth accumulation along with health insurance.
Reliance Capital CEO Sam Ghosh said. "The company will be increase the portfolio in the coming months with a basket full of health insurance products total reimbursable health expenses, individual and family floater on group and individual product platforms, long term care among others,"
Elaborating further, he said the company would offer 3-5 year policies in the coming months and in the next three years it plans to have a market share of about 10 per cent.
Health insurance market was at around Rs 7,000 crore in 2008-09 and is expected to grow to Rs 41,586 crore by 2016-17.
Reliance Life Insurance has added a new straight up that would focus developing the health segment. While, health insurance policies are mostly provided by general insurance companies, life insurers contribute about five per cent to the overall health insurance business.
Ghosh added. "This vertical will look at the entire value chain of providing and service the health insurance market and offer an all-inclusive product/service package to the customer,"
He said, RLIC will be taking advantage of the 'long term' proposition of health insurance products offered by life insurers, it allows customers to lock in at a lower rate while they are younger and get assured renewability of the product; premium rates are usually fixed for a block of 5 years.
Health insurance penetration in India is very low, as over 90 per cent of the total Indian people has no health insurance cover.
Saturday, October 10, 2009
Insurance cos push for uniform hospital rates
In a move to control health cover costs, insurance companies are bargaining hard with hospitals for a standard rate card. Market leader New India Assurance has told corporate customers that cashless repayment will be only to the point of the negotiated price and if any policyholder goes to a hospital, which charges more, the difference will have to be borne by the policyholder.
The TPA has asked corporates to ensure that their employees avail of cashless facility in these very hospitals. New India, which also has the largest health insurance portfolio, has set the ball rolling through its third-party administrator (TPA) Medi Assist. Medi Assist has spread to all group mediclaim policyholders a list of hospitals and the ‘reasonable charges’ levied by them for various procedures.
We shall restrict the settlement of the claim only to the limits indicated in the attachment and the employees shall be liable to meet the difference in the amount,” the TPA has said. “Should they avail the treatment for these procedures in any other hospital.
The rate card circulated provides a matrix of standard charges for secondary and tertiary providers in the premium and non-premium categories across various procedures. The tariff rates vary for metros where provision is made for higher costs.
The TPA has asked corporates to ensure that their employees avail of cashless facility in these very hospitals. New India, which also has the largest health insurance portfolio, has set the ball rolling through its third-party administrator (TPA) Medi Assist. Medi Assist has spread to all group mediclaim policyholders a list of hospitals and the ‘reasonable charges’ levied by them for various procedures.
We shall restrict the settlement of the claim only to the limits indicated in the attachment and the employees shall be liable to meet the difference in the amount,” the TPA has said. “Should they avail the treatment for these procedures in any other hospital.
The rate card circulated provides a matrix of standard charges for secondary and tertiary providers in the premium and non-premium categories across various procedures. The tariff rates vary for metros where provision is made for higher costs.
Thursday, October 8, 2009
Tax benefits and Mediclaim
Mediclaim insurance offers both tax savings and medical cover. Mediclaim cover provides security to meet unanticipated medical expenses. You can insure against medical expenses of yourself or dependents. These policies are offered by almost all insurance companies.
In some cases, preexisting also covered on payment of an additional premium. They provide insurance cover for the treatment of most ailments with hospitalisation. In addition to the basic cover, there are trappings available on payment of an extra premium. Some insurance companies provide cover for day-care and annual medical check-ups as well. You should go through the cover and keeping out clauses carefully. The cover may be enhanced to ailments not normally covered also.
The deduction is available only to individuals and Hindu Undivided Family members. The premium paid for mediclaim policies is tax deductible. Under the Income Tax Act, exemption is available for the amount contributed towards medical insurance premium. This is provided under Section 80D of the Income Tax Act. According to these provisions, premium paid towards a mediclaim insurance is deducted from the total income of an assessee.
The dependence of parents will have to be proved in order to claim the release. Dependence will be evident in case the own resources of the parents are not sufficient to support them. In case of an individual, the amount deductible includes any sum paid for insurance on his health, on the health of his spouse, dependent parents or dependent children.
In some cases, preexisting also covered on payment of an additional premium. They provide insurance cover for the treatment of most ailments with hospitalisation. In addition to the basic cover, there are trappings available on payment of an extra premium. Some insurance companies provide cover for day-care and annual medical check-ups as well. You should go through the cover and keeping out clauses carefully. The cover may be enhanced to ailments not normally covered also.
The deduction is available only to individuals and Hindu Undivided Family members. The premium paid for mediclaim policies is tax deductible. Under the Income Tax Act, exemption is available for the amount contributed towards medical insurance premium. This is provided under Section 80D of the Income Tax Act. According to these provisions, premium paid towards a mediclaim insurance is deducted from the total income of an assessee.
The dependence of parents will have to be proved in order to claim the release. Dependence will be evident in case the own resources of the parents are not sufficient to support them. In case of an individual, the amount deductible includes any sum paid for insurance on his health, on the health of his spouse, dependent parents or dependent children.
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