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.
Showing posts with label Health Insurance Policy. Show all posts
Showing posts with label Health Insurance Policy. Show all posts
Thursday, March 4, 2010
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.
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.
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