On the eve of International Women’s day, non-life insurer - Bharti AXA General Insurance offered 10 per cent discount on all its health Insurance products for women. The discount will be available till March 31, 2010.
The insurer said that the main objective of the promotion is to increase knowledge amongst women of the need for financial protection against health risks and other stress-related diseases that women today are prone to.
“With today’s fast paced lifestyles and nuclear families, women today are more horizontal to health related problems than they ever were before. High stress levels at the workplace and other lifestyle related health risks; all point towards the need for better health care & health insurance to provide much needed help is case of an unwelcome possibility,” said Amarnath Ananthanarayan CEO, Bharti AXA General Insurance.
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Wednesday, March 10, 2010
Friday, March 5, 2010
New India cheapest health insurance policy
Public sector general insurance company, New India Assurance (NIA), is looking to launch one of the cheapest health insurance policies, with the yearly insurance premium for a minimum Rs 1 lakh sum assured for less than Rs 1,000.
The insurer is hoping to maintain the price of the policy low by restricting the choice of hospitals, and covering only major illnesses.
M Ramadoss, chairman-cum-managing director, New India Assurance said. “By restricting the choice of the insured, we will see how the premium could be brought down. We can also look at sum insured at more than Rs 1 lakh. We hope to file the application with the regulator in the next one month,”
The proposal comes at a time when almost all general insurance companies have raised their health insurance premiums by 20-30 per cent over the last year.
At present, for a person of up to 35 years, the minimum premium rates for up to Rs 1 lakh sum assured is Rs 1,000 or more.
Also, with SBI general insurance slated to enter the market this year, the competition in the industry is likely to step up.
“The entry of SBI in the general insurance industry can make a impression in the market,” said Ramadoss.
New India Assurance is the largest general insurance company with gross premium last year at about Rs 6,200 crore.
General insurance companies have been trying to reduce the loss ratio in the health insurance companies by reducing exposure to corporate health policies or repricing them upwards.
The overall growth of the health insurance portfolio has come down to about 5-6 per cent in the financial year 2008-09, against about 30 per cent in the previous year, said Ramadoss.
This financial year, New India Assurance is looking at a growth rate of about 16 per cent in terms of gross premium, at Rs 7,250 crore (with Rs 6,000 crore from India, and the rest from foreign branches).
Ramadoss said, the general insurance industry was likely to grow at about 10-11 per cent, with the gross premium collection at Rs 34,000 crore. In the last financial year, the gross premium collection was Rs 31,000 crore.
Last year, New India Assurance had a net profit of Rs 270 crore. This year, there might be a reduction in the net profit to about Rs 250 crore, due to lesser investment profit, said Ramadoss.
The insurer is hoping to maintain the price of the policy low by restricting the choice of hospitals, and covering only major illnesses.
M Ramadoss, chairman-cum-managing director, New India Assurance said. “By restricting the choice of the insured, we will see how the premium could be brought down. We can also look at sum insured at more than Rs 1 lakh. We hope to file the application with the regulator in the next one month,”
The proposal comes at a time when almost all general insurance companies have raised their health insurance premiums by 20-30 per cent over the last year.
At present, for a person of up to 35 years, the minimum premium rates for up to Rs 1 lakh sum assured is Rs 1,000 or more.
Also, with SBI general insurance slated to enter the market this year, the competition in the industry is likely to step up.
“The entry of SBI in the general insurance industry can make a impression in the market,” said Ramadoss.
New India Assurance is the largest general insurance company with gross premium last year at about Rs 6,200 crore.
General insurance companies have been trying to reduce the loss ratio in the health insurance companies by reducing exposure to corporate health policies or repricing them upwards.
The overall growth of the health insurance portfolio has come down to about 5-6 per cent in the financial year 2008-09, against about 30 per cent in the previous year, said Ramadoss.
This financial year, New India Assurance is looking at a growth rate of about 16 per cent in terms of gross premium, at Rs 7,250 crore (with Rs 6,000 crore from India, and the rest from foreign branches).
Ramadoss said, the general insurance industry was likely to grow at about 10-11 per cent, with the gross premium collection at Rs 34,000 crore. In the last financial year, the gross premium collection was Rs 31,000 crore.
Last year, New India Assurance had a net profit of Rs 270 crore. This year, there might be a reduction in the net profit to about Rs 250 crore, due to lesser investment profit, said Ramadoss.
Thursday, March 4, 2010
New India Assurance plans small-premium mediclaim cover
New India Assurance Company, the market chief in the general insurance sector, plans to launch by the end of 2010-11 a low-premium health insurance policy for the masses, according to its Chairman and Managing Director, Mr M. Ramadoss.
The planned mediclaim policy, expected to be one of the lowest priced in the market, would cover a selected number of diseases and also contain the number of hospitals from which the policyholders can avail themselves of the medical services, Mr Ramadoss said.
The insurer plans to file the policy with the Insurance Regulatory and Development Authority in a month.
“The whole idea is to carry down the premium rates by restricting the choices to the insured,” Mr Ramadoss said on the sidelines of a seminar organized by the Confederation of Indian Industry here. The policyholders in this case would be given a list of hospitals for availing themselves of the medical services and the policy might cover a selected 51 common diseases, he pointed out.
“At present, the standard annual premium rate for a mediclaim policy is Rs 1,000 for a sum insured of Rs 1 lakh. We wish to bring down the rates in the new policy to the sub-thousand levels,” he said. The sum insured for the policy may be Rs 1 lakh or more, he added.
He, however, maintained that the policy was still in the scheming stage and the financials for the same were not yet frozen.
He said .It also planned to launch a new motor insurance policy in 2010-11 and would look at revising upwards the prices of some of its existing health insurance products.
The Gross Direct Premium Income (GDPI) of the company from Indian operations may increase to Rs 6,000 crore in 2009-10, up from Rs 5,200 crore in 2008-09. Its GDPI from 23 branches located abroad will increase from Rs 1,000 crore last financial to Rs 1,250 crore in 2009-10, he pointed out.
He added. The general insurance sector was estimated to grow at 10-11 per cent this fiscal with the GDPI collected by all the companies expected to exceed Rs 34,000 crore.
The planned mediclaim policy, expected to be one of the lowest priced in the market, would cover a selected number of diseases and also contain the number of hospitals from which the policyholders can avail themselves of the medical services, Mr Ramadoss said.
The insurer plans to file the policy with the Insurance Regulatory and Development Authority in a month.
“The whole idea is to carry down the premium rates by restricting the choices to the insured,” Mr Ramadoss said on the sidelines of a seminar organized by the Confederation of Indian Industry here. The policyholders in this case would be given a list of hospitals for availing themselves of the medical services and the policy might cover a selected 51 common diseases, he pointed out.
“At present, the standard annual premium rate for a mediclaim policy is Rs 1,000 for a sum insured of Rs 1 lakh. We wish to bring down the rates in the new policy to the sub-thousand levels,” he said. The sum insured for the policy may be Rs 1 lakh or more, he added.
He, however, maintained that the policy was still in the scheming stage and the financials for the same were not yet frozen.
He said .It also planned to launch a new motor insurance policy in 2010-11 and would look at revising upwards the prices of some of its existing health insurance products.
The Gross Direct Premium Income (GDPI) of the company from Indian operations may increase to Rs 6,000 crore in 2009-10, up from Rs 5,200 crore in 2008-09. Its GDPI from 23 branches located abroad will increase from Rs 1,000 crore last financial to Rs 1,250 crore in 2009-10, he pointed out.
He added. The general insurance sector was estimated to grow at 10-11 per cent this fiscal with the GDPI collected by all the companies expected to exceed Rs 34,000 crore.
Thursday, February 18, 2010
Future Generali unveils complete health insurance cover
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.
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.
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.
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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
Saturday, January 2, 2010
Global mediclaim await jet-setting executives
Globe trotting executives will no longer have to buy an overseas mediclaim policy every time they fly abroad. Apollo DKV Health Insurance will soon launch a mediclaim policy that will be valid anywhere in the world — the first of its kind in India.
Currently, heath insurance policies reimburse claims that are incurred in India. Those travelling abroad need to buy overseas mediclaim policies which are valid for a maximum of six months. Although, a worldwide policy would be very expensive, it is likely to find takers among CEOs where the premium is borne by the company.
Antony Jacob, CEO, Apollo DKV, said that the new offering targeted at senior executives is part of the company’s plan to be present in every segment of the health insurance business. “We are offering health insurance under the Rashtriya Swaran Bima Yojana which caters to those below the deficiency line.
Mr Jacob said. We also have an Rs 20 lakh health insurance policy — which is the only one of its kind in the country. In between, we have a host of plans,”
According to Shobana Kamineni, whole time director, Apollo Munich, and part of the Apollo Group which has promoted the company, Munich Re and Apollo will invest Rs 500 crore in the health insurance business over five years. The partners have already invested around Rs 200 crore in the business.
The health insurance company has recently renamed itself as Apollo Munich Health Insurance, following the decision of Munich Re, which owns the DKV brand, to centralise its health business within a new division under Munich Re.
“What we are looking at is the possible of this market. We expect that the market would be around Rs 35,000 crore by 2015. Even if there are 15 players, anyone with a significant share would need to invest a lot of money.”
She added that while this investment may not be visible in terms of physical assets, the company would be creating assets in the form of employees and a base of policyholders.
“Munich Re as partners will be a game changer as they have the best underwriting practices and the best knowledge in health insurance,” she said. Since Apollo DKV was launched last year, the company has appointed Mckinsey on board to rewrite its mission in terms of what essentially includes a study by AC Nielsen.
Currently, heath insurance policies reimburse claims that are incurred in India. Those travelling abroad need to buy overseas mediclaim policies which are valid for a maximum of six months. Although, a worldwide policy would be very expensive, it is likely to find takers among CEOs where the premium is borne by the company.
Antony Jacob, CEO, Apollo DKV, said that the new offering targeted at senior executives is part of the company’s plan to be present in every segment of the health insurance business. “We are offering health insurance under the Rashtriya Swaran Bima Yojana which caters to those below the deficiency line.
Mr Jacob said. We also have an Rs 20 lakh health insurance policy — which is the only one of its kind in the country. In between, we have a host of plans,”
According to Shobana Kamineni, whole time director, Apollo Munich, and part of the Apollo Group which has promoted the company, Munich Re and Apollo will invest Rs 500 crore in the health insurance business over five years. The partners have already invested around Rs 200 crore in the business.
The health insurance company has recently renamed itself as Apollo Munich Health Insurance, following the decision of Munich Re, which owns the DKV brand, to centralise its health business within a new division under Munich Re.
“What we are looking at is the possible of this market. We expect that the market would be around Rs 35,000 crore by 2015. Even if there are 15 players, anyone with a significant share would need to invest a lot of money.”
She added that while this investment may not be visible in terms of physical assets, the company would be creating assets in the form of employees and a base of policyholders.
“Munich Re as partners will be a game changer as they have the best underwriting practices and the best knowledge in health insurance,” she said. Since Apollo DKV was launched last year, the company has appointed Mckinsey on board to rewrite its mission in terms of what essentially includes a study by AC Nielsen.
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