Future Generali India Insurance Company has launched a comprehensive Health Insurance cover - `Future `Criti-Care. It is an `accelerated` critical illness policy wherein the entire sum assured will be paid out in the event of pain a critical illness, diagnosis of terminal illness, before the end of the term.
These conditions cover almost every possible major medical risks that can be encountered in life. The sum assured will be paid on the opinion of any of the covered critical illness which occurs first during the term of the policy. By combining the risks in this way, the cost of the policy is reduced to a reasonable level.
Future Criti-Care`s claim payment process is really simple, customer friendly, hassle free and does not involve any third party administrators (TPA).
The customer submits the required documents to support the claim directly to the insurer who intern processes the claim and makes the payment directly to the customer. For e.g. Unlike other health insurance repayment products wherein only the amount spent for treatment is reimbursed, Future Criti-Care policy provides the insured a total lump sum payment (as per the policy conditions) which can be used by the insured at one`s judgment for savings, treatment & other miscellaneous expenditure for the well being of the family.
The plan covers twelve Critical illnesses that have high incidence rates among the Indian population viz; first heart attack, coronary artery bypass surgery (CABG), cancer, kidney failure, stroke, coma, liver failure, primary pulmonary arterial hypertension, multiple sclerosis, major organ transplant, aorta graft surgery and total blindness. The Insurance cover under this policy starts from 2 Lacs and be as high as 50 Lacs.
On this occasion, K. G. Krishnamoorthy Rao, CEO, Future Generali India Insurance Company said, ``this plan provides maximum personal protection in just one single policy at an affordable price. By taking a Future Criti- Care Plan, one can feel at peace of being protected against most serious illnesses. It is a comprehensive cover at a realistic price with minimum paperwork.
Thursday, February 18, 2010
Monday, February 8, 2010
Religare opts for singly entry into health insurance business
Religare Enterprises is likely to foray alone in the Health Insurance space, though sources close to the development said that it had not lined out the prospect of roping in a partner later.
In June, Religare had signed a non-binding term sheet with Swiss Re to set up a health insurance joint venture. But three months later, the two parted ways.
“We are evaluating the option of going alone and may soon apply for R1, R2 and R3 license,” said Anuj Gulati, Chief Executive Officer Religare Health Insurance. R1, R2 and R3 are different stages of approval arranged by the Insurance Regulatory and Development Authority, with R3 being the final go-ahead.
So far, Reliance General is the only non-life insurer to not have any foreign joint venture partner.
On the life side, Reliance Life and Sahara Life do not have partners, though the previous is now in the hunt for an investor to raise funds to finance its expansion.
Insurers said foreign partners bring in knowledge to run the business, which is required more than the capital. The minimum capital required for setting up both life and non-life insurance is Rs 100 crore. More capital is required as the business grows but the need for funds on the general insurance side was minor.
Last year, when L&T parted ways with Travelers, it went ahead to seek regulatory approval for venturing into the non-life insurance gap.
The company expects to start process in another two months. Another tie-up that insolvent last year was Hero-Ergo and Indiabulls-Societe Generale while Edelweiss is setting up a Life Insurance joint venture with Tokyo Marine.
Insurance industry executives said that with the private sector present in the Indian market for nearly 10 years, local capacity had been created and that will help Indian companies go solo.
Apart from the fact that general insurance required lower capital, a group like Religare could easily put in the required funds till the company achieved break-even, the sources said.
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In June, Religare had signed a non-binding term sheet with Swiss Re to set up a health insurance joint venture. But three months later, the two parted ways.
“We are evaluating the option of going alone and may soon apply for R1, R2 and R3 license,” said Anuj Gulati, Chief Executive Officer Religare Health Insurance. R1, R2 and R3 are different stages of approval arranged by the Insurance Regulatory and Development Authority, with R3 being the final go-ahead.
So far, Reliance General is the only non-life insurer to not have any foreign joint venture partner.
On the life side, Reliance Life and Sahara Life do not have partners, though the previous is now in the hunt for an investor to raise funds to finance its expansion.
Insurers said foreign partners bring in knowledge to run the business, which is required more than the capital. The minimum capital required for setting up both life and non-life insurance is Rs 100 crore. More capital is required as the business grows but the need for funds on the general insurance side was minor.
Last year, when L&T parted ways with Travelers, it went ahead to seek regulatory approval for venturing into the non-life insurance gap.
The company expects to start process in another two months. Another tie-up that insolvent last year was Hero-Ergo and Indiabulls-Societe Generale while Edelweiss is setting up a Life Insurance joint venture with Tokyo Marine.
Insurance industry executives said that with the private sector present in the Indian market for nearly 10 years, local capacity had been created and that will help Indian companies go solo.
Apart from the fact that general insurance required lower capital, a group like Religare could easily put in the required funds till the company achieved break-even, the sources said.
For More Information about Insurance Policy.
Insurance Calculator
Friday, February 5, 2010
Keep on healthy, Keep on wealthy
The age of touting mutual funds is over and the age of selling fear has started. Fright for your life, fear for your health, fear for your loved ones. The excitement to say no to the pesky neighbourhood insurance sales guy is strong within all of us. But before actually banishing him from your life, just stop for a moment and do a quick 'health check'.
Health costs have been rising insidiously in double digits, year on year, for the last few years. Many of us are still impractical when it comes to the costs of a longish stay in a hospital.
More importantly, costs can be far higher once the hospital part is done with. It's the post surgery care that often eats large holes into our finances. This is rarely covered by the traditional Mediclaim Policy, which mostly covers hospitalization.
Previously, our choices were limited--there was mediclaim or mediclaim. In more recent years, a few more options have come up. Life Insurance Companies have been offering riders that cover some critical illnesses. In the last year or so, insurance companies, both government and private, are offering individual health policies worth considering. These don’t eliminate the need for the traditional mediclaim, but help you top up and catch up with the rising costs.
For example, non-hospital expenses can be covered by the 'critical illness cover' which must be bought alone. Similarly, say you are having a waterfall or some other surgery that doesn't require you to be in hospital; 'surgical cover' is an add-on where you get a fixed benefit regardless of the bill amount.
As always, when there are more choices, it's a bit of a land mine to navigate when you want to estimate whether to top up your health cover and if so with what, and how much. The sweat is in the nitty gritty, which diseases are covered, whether to take a Mediclaim family policy or a floater.
But once its done, at least you can heave a sigh of assistance that you won’t get wiped out financially if you fall ill. The table below can help start the wheels turning.
More Information about Health Insurance
Health costs have been rising insidiously in double digits, year on year, for the last few years. Many of us are still impractical when it comes to the costs of a longish stay in a hospital.
More importantly, costs can be far higher once the hospital part is done with. It's the post surgery care that often eats large holes into our finances. This is rarely covered by the traditional Mediclaim Policy, which mostly covers hospitalization.
Previously, our choices were limited--there was mediclaim or mediclaim. In more recent years, a few more options have come up. Life Insurance Companies have been offering riders that cover some critical illnesses. In the last year or so, insurance companies, both government and private, are offering individual health policies worth considering. These don’t eliminate the need for the traditional mediclaim, but help you top up and catch up with the rising costs.
For example, non-hospital expenses can be covered by the 'critical illness cover' which must be bought alone. Similarly, say you are having a waterfall or some other surgery that doesn't require you to be in hospital; 'surgical cover' is an add-on where you get a fixed benefit regardless of the bill amount.
As always, when there are more choices, it's a bit of a land mine to navigate when you want to estimate whether to top up your health cover and if so with what, and how much. The sweat is in the nitty gritty, which diseases are covered, whether to take a Mediclaim family policy or a floater.
But once its done, at least you can heave a sigh of assistance that you won’t get wiped out financially if you fall ill. The table below can help start the wheels turning.
More Information about Health Insurance
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