ICICI Lombard has introduced the option to buy as well as to renew its product ‘Health Advantage Plus’ through its website. This product covers hospitalization expenses as well as outpatient treatment or OPD expenses caused by accidents arising out of terrorist activities. This is an added feature included in its product which is unique and very applicable during current times among other features.
ICICI Lombard General Insurance has introduced a special insurance called ‘Overseas Student Travel Insurance – Gold Plan’. As the name suggests this product plan will provide cover against medical expenses for students who plan to study abroad. It offers to reimburse expenses related to
: Accident
: Dental treatment
More over it will provide covers such as
: Personal liability
: Bail bond
: Sponsors protection
: Repatriation of remains
: Checked-in baggage loss
The plan offers up to $7,500 if studies are interrupted due to
: Medical reasons or,
: Compassionate reasons on the family front.
But before purchase of the policy, the student should compare his/her university’s requirements with that of ICICI Lombard’s offer to be completely sure of compliance.
For More Information About Insurance Policy.
Mediclaim, Health Insurance
Thursday, December 24, 2009
Monday, December 14, 2009
Aegon Religare to enter health insurance, launch upto 3 products
Private life insurer, Aegon Religare, plans to enter the health insurance segment while continuing to focus on term insurance products, a senior company official said.
Aegon Religare Life Insurance's Chief Financial Officer, K S Gopalakrishnan, said in Mumbai. "We are looking to enter the health insurance segment and will be filing upto three health insurance products with the IRDA in the last quarter of this fiscal,"
He said. The Company expects to launch at least one product this fiscal.
He said. "There is a huge market for pure protection insurance products and we want to be in this segment,"
Aegon Religare Life Insurance is a three-way joint venture between the Hague-based international life insurance pension and investment company, Aegon, financial services group Religare and media-house Bennett, Coleman and Company.
The twentieth entrant in life insurance industry, Aegon Religare, is also targeting to increase contribution of term insurance products to the number of policies sold by it.
Gopalakrishnan said. "We want term products to play an important part in our business. Presently, term products contribute 20 per cent to the number of policies sold and we are aiming to increase it to 30 per cent in the near future,"
Aegon Religare Life Insurance's Chief Financial Officer, K S Gopalakrishnan, said in Mumbai. "We are looking to enter the health insurance segment and will be filing upto three health insurance products with the IRDA in the last quarter of this fiscal,"
He said. The Company expects to launch at least one product this fiscal.
He said. "There is a huge market for pure protection insurance products and we want to be in this segment,"
Aegon Religare Life Insurance is a three-way joint venture between the Hague-based international life insurance pension and investment company, Aegon, financial services group Religare and media-house Bennett, Coleman and Company.
The twentieth entrant in life insurance industry, Aegon Religare, is also targeting to increase contribution of term insurance products to the number of policies sold by it.
Gopalakrishnan said. "We want term products to play an important part in our business. Presently, term products contribute 20 per cent to the number of policies sold and we are aiming to increase it to 30 per cent in the near future,"
Wednesday, November 11, 2009
Himachal weavers to purpose better health insurance coverage
In order to provide better health facilities to the community of traditional weavers the Himachal cabinet, presided by the Chief Minister Mr. Prem Kumar Dhumal, decided to improve the health insurance cover for the weavers under Handloom Weaver Comprehensive Welfare Scheme.
A cabinet spokesman said. Under this health insurance cover, as an outside patient, the handloom weavers would be able to spend up to Rs. 7,500 per year for their health issues in any of the hospitals or clinics or in any of the enlisted hospitals of the State Government and as an inside patient the highest spending limit would be Rs 15,000 per annum.
He added. To avail the benefit of this health insurance cover, the beneficiaries are required to contribute Rs 95.20 as annual premium while the rest of it would be borne by the state government.
Around 16,000 weaver families in the state of Himachal would be benefited, by the improved health insurance cover, in the current year.
A cabinet spokesman said. Under this health insurance cover, as an outside patient, the handloom weavers would be able to spend up to Rs. 7,500 per year for their health issues in any of the hospitals or clinics or in any of the enlisted hospitals of the State Government and as an inside patient the highest spending limit would be Rs 15,000 per annum.
He added. To avail the benefit of this health insurance cover, the beneficiaries are required to contribute Rs 95.20 as annual premium while the rest of it would be borne by the state government.
Around 16,000 weaver families in the state of Himachal would be benefited, by the improved health insurance cover, in the current year.
Wednesday, October 28, 2009
Star Health Insurance to impart Rs 180 cr
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.
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 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.
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