Private general insurance company HDFC Ergo, in collaboration with the Delhi-based Ace Insurance Brokers, will provide an insurance cover of USD 15 million (Rs 67.5 crore) to the Formula 1 Race, which is being organized in the Capital from the month end, the company said today.
"The insurance cover would protect the Formula 1 Grand Prix event against adverse weather, non-appearance of several teams, riots, strikes and civil commotion leading to cancellation of the event, its postponement or relocation," it said in a statement.
HDFC Ergo, which is a 74:26 joint venture between the mortgage leader HDFC and Ergo International AG, is the lead insurer for the event, it added.
Commenting on the deal, Anuj Tyagi, Head, Corporate and Rural & Agri Business of HDFC Ergo said, "insuring such a high- profile event in a country like ours is a great learning experience."
As per the company, the organisers would write off the costs including deposits, advertising, printing costs, and booking fees among others in case of cancellation of the event.
"A policy like event cancellation insurance policy is a savior for the organisers because it pays any irrecoverable cost or expense, which have been or will be incurred in connection with the event, following a cancellation, interruption, postponement or relocation due to any of the insured perils," Director of Ace Insurance Brokers, Anil Arora said.
Showing posts with label Insurance Policy. Show all posts
Showing posts with label Insurance Policy. Show all posts
Tuesday, October 18, 2011
HDFC Ergo to provide $15m cover to Formula 1
Thursday, August 18, 2011
Insurer cannot arbitrarily refuse policy renewal
Healthcare is costlier than a stay in a five-star hotel. Clearly, it is beyond the means of the common man. One-time hospitalization can wipe out a lifetime's savings. So, mediclaim policy, as a welfare measure to bring the cost of decent healthcare within the reach of the average citizen, was introduced. Yet, insurance companies, which willingly accept premium year after year, are reluctant to settle legitimate claims. They look for excuses to reject these.
Often, insurers arbitrarily refuse to renew a policy, when it becomes evident that the claims ratio would go up. This, clearly, is not permissible, as held by the Supreme Court in the case of Biman Krishna Bose versus United India Insurance & Anr.
Biman Bose and his wife, Alka, had a mediclaim policy with United India Insurance. Alka fell ill, and was hospitalised. After discharge, a claim was made for reimbursement of expenses, amounting to Rs 8,243. Although all the necessary documents were submitted, yet even this meagre claim was not settled. This, despite repeated reminders.
So, the insured filed a complaint before the Kolkata district consumer forum. The ding-dong legal battle spanned four years and four tiers of courts till the Supreme Court finally intervened, directing the insurer to pay the claim, as also awarding Rs 20,000.
One would have expected the matter to have concluded here. But, unfortunately, when the policy became due for renewal, the insurer refused to renew in vengeance.
Once again, the insured felt compelled to take legal action. A writ petition was filed in the Calcutta high court, and the second round of battle ensued.
The High Court allowed the writ, set aside the insurer’s refusal, and directed the policy be renewed.
The insurer, however, contended the policy had lapsed, as, during litigation, the renewal premium had not been paid. So, the division bench, while agreeing with the view taken by the single judge, directed the insured to subscribe to a new policy, holding that renewal was not possible.
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This order defeated the very purpose of litigation, because, in case a fresh policy is taken, all pre-existing diseases are excluded. Also, claims in respect of certain diseases contracted within the first 30 days of the new policy are excluded. So, Bose appealed to the Supreme Court (SC).
The SC observed the insurer is bound to act fairly and reasonably. Renewal cannot be refused on irrelevant and extraneous considerations, or in an arbitrary manner. Refusal to renew merely because the insured had approached the courts against the rejection of the claim is not justified.
The SC further observed the initial renewal premium had been paid by the insured, but wasn’t acknowledged by the insurer. Even during the intervening years of litigation, there arose no occasion to deposit the premium.
Accordingly, it held the refusal to renew as unfair and arbitrary, and directed the policy be renewed from the date it fell due for renewal.
It also ordered to further renew the policies for the subsequent expired years, if the premium had been paid. The insured was also awarded costs of Rs 5,000.
Since then, the SC has now held that refusal to renew a policy amounts to victimisation, unfair practice, and high-handededness.
Friday, March 18, 2011
Health Insurance | How to keep your insurance beneficial
Benefits of an insurance policy are obtained if your policy is going for the long term. The earlier you buy, the cheaper will be your life insurance premium. If you buy insurance at the right time, you surely don’t want to pass the benefits by missing your premium paying deadline because of a cash crunch or failing to notice.
The Insurance Regulatory and Development Authority (Irda) has provided a standardized window of opportunity for people to make up for late payment. In general insurance policies, especially health insurance, benefits get added for every year in which you don’t make a claim.
For unit-linked insurance plans (Ulips) and health insurance, the rules of reviving a lapsed policy have been standardized. A policy lapses when the premiums are not paid within the deadline or within the grace period of about a month after the main deadline. Here under are the current rules regarding the health insurance.
A health insurance policy needs to be renewed every year. It is obligatory on the insurer’s part to renew your policy, irrespective of the number of claims you may have made.
Till about a couple of years back, the concept of grace period did not really exist in the health insurance sector. Insurers considered any late payment as a break in the policy and refused to renew which was a cause for concern especially for senior citizens (as it meant no health insurance at all).
In March 2009, the sectoral regulator standardized this process. It made it mandatory for the insurers to clearly state the terms and conditions of renewal, including the age up to which a policy could be renewed. Insurers were also required to give indicative premiums of future renewals. Apart from these renewal norms, Irda introduced a window of a grace period of at least 15 days. So you got another 15 days after the due date to renew your policy.
But now: Though Irda has put in place the rules, they are still not followed to the last word.
In reality some state-run insurers give only a 7-day window. However, this is more a problem of internal communication and as a customer it means approaching the higher ups like the regional office or main office for a 15-day extension. The rules of the game are in favor of the policyholder so one should take all necessary measures to keep important insurance policies from lapsing.
The Insurance Regulatory and Development Authority (Irda) has provided a standardized window of opportunity for people to make up for late payment. In general insurance policies, especially health insurance, benefits get added for every year in which you don’t make a claim.
For unit-linked insurance plans (Ulips) and health insurance, the rules of reviving a lapsed policy have been standardized. A policy lapses when the premiums are not paid within the deadline or within the grace period of about a month after the main deadline. Here under are the current rules regarding the health insurance.
A health insurance policy needs to be renewed every year. It is obligatory on the insurer’s part to renew your policy, irrespective of the number of claims you may have made.
Till about a couple of years back, the concept of grace period did not really exist in the health insurance sector. Insurers considered any late payment as a break in the policy and refused to renew which was a cause for concern especially for senior citizens (as it meant no health insurance at all).
In March 2009, the sectoral regulator standardized this process. It made it mandatory for the insurers to clearly state the terms and conditions of renewal, including the age up to which a policy could be renewed. Insurers were also required to give indicative premiums of future renewals. Apart from these renewal norms, Irda introduced a window of a grace period of at least 15 days. So you got another 15 days after the due date to renew your policy.
But now: Though Irda has put in place the rules, they are still not followed to the last word.
In reality some state-run insurers give only a 7-day window. However, this is more a problem of internal communication and as a customer it means approaching the higher ups like the regional office or main office for a 15-day extension. The rules of the game are in favor of the policyholder so one should take all necessary measures to keep important insurance policies from lapsing.
Thursday, February 3, 2011
Rules to handle more than one health policy
Recent statistic shows that due to shooting healthcare costs and increasing awareness people are buying health insurance policies. Many buy a separate plan despite being covered by their employers under group medical health policies as this ensures coverage in case of job loss or while switching jobs.
Tips to manage multiple policies
It is indeed a wise decision to invest in an individual cover. You need to keep in mind a few details while making a claim when you have more than one health cover. This is due to the contribution clause in your policy which states that if you have purchased insurance policies from more than one insurance company, all the insurers will share the payout in the ratio of the sum assured.
Firstly it is important to be open while buying a health cover which is usually not the case. As Anthony Jacob, CEO, Apollo Munich Health Insurance says, “While signing up for an insurance policy, the individual is under an obligation to declare if s/he is already covered under any other health policy. If s/he acquires another policy during the course of the first one, s/he is required to intimate the latter”. Even Sanjiv Bajaj, managing director, Bajaj Capital agrees that “No attempt should be made to withhold the information as it could go against you during processing of the claim. It is best to be transparent”.
Applicability of this clause depends on a variety of factors; this is why this clause is not always clear.
Following is a list of scenarios a policyholder with multiple policies may encounter at the time of making a claim:
Group & individual cover combo
You have to inform both the companies when you make the claim unless the terms and conditions of the two policies vary hugely. For instance, pre-existing illnesses is covered under one policy while for some plans this cover is extended only after 3-4 policy years. So, if a claim is regarding pre-existing illnesses which is made before completion of the waiting period, issuer of the individual claim will not share the payout.
For other claims, like in case of cashless claim though one company has to be contacted and provided details of the second policy. From thereon, the two companies will coordinate and settle the claim so both the companies need to be informed.
Two reimbursement policies
Excluding critical illness covers, most general insurers offer only reimbursement policies – the ones which undertake to pick up the expenses you may have incurred during hospitalization.
Life insurers also offer reimbursement covers as well as fixed benefit policies. If you have bought two reimbursement covers, the contribution clause will come into effect as the operating principles of the two policies are the same.
Reimbursement & fixed benefit policy combo
Fixed benefit covers offered by life insurers hands out a predefined sum upon hospitalization. In this combination, both the companies will settle the claim you are eligible for so you can make the claim under both policies separately.
This is a good combination, as the claim amount from the reimbursement cover will pay for hospitalization expenses while the fixed benefit dole can be used to fund post-hospitalization recovery costs.
Two policies from one insurer
This will be similar to buying an individual policy from the same insurer that provides your group cover.
You need to find out first about the accounting procedures, as the insurer could insist on dividing the disbursal between two policies, even if both are issued by it.
Two polices serviced by common TPA
If the claim servicing of your health insurance policies is handled by the same TPA (third party administrator), the time taken reduces significantly as time needed to transfer the documents from one TPA to another is saved.
Different TPAs, means more paperwork as well as you may need to ask for a certificate from the TPA in possession of your original bills, stating that the documents have been retained for verification of the claim made. This, along with photocopies of the relevant documents, has to be submitted to the other TPA for processing at its end.
Double protection
o In case of similar principle health policies, the claim payout will be shared between the two. The disbursal will take place in proportion of the sum assured under the two policies.
o However, in case one policy covers pre-existing illnesses while the other doesn’t, and the claim relates to such an ailment, the former will pick up the entire amount.
o If one policy is reimbursement-based and the other is a fixed benefit one, you can claim the entire eligible amount under both policies. You will be better off informing both the insurers while making a claim.
o It also makes sense to retain copies of all the bills. The insurers or the TPAs will then co-ordinate with one another and pay out their respective share.
Conclusion: Even if it is little extra work or few complexities involved, you should opt for an additional individual cover; mainly because, group cover stop with your employment. Besides, if you were to buy an individual mediclaim when you are working, you would have also crossed the milestone of four policy years, which is the waiting period for covering pre-existing illnesses.
Tips to manage multiple policies
It is indeed a wise decision to invest in an individual cover. You need to keep in mind a few details while making a claim when you have more than one health cover. This is due to the contribution clause in your policy which states that if you have purchased insurance policies from more than one insurance company, all the insurers will share the payout in the ratio of the sum assured.
Firstly it is important to be open while buying a health cover which is usually not the case. As Anthony Jacob, CEO, Apollo Munich Health Insurance says, “While signing up for an insurance policy, the individual is under an obligation to declare if s/he is already covered under any other health policy. If s/he acquires another policy during the course of the first one, s/he is required to intimate the latter”. Even Sanjiv Bajaj, managing director, Bajaj Capital agrees that “No attempt should be made to withhold the information as it could go against you during processing of the claim. It is best to be transparent”.
Applicability of this clause depends on a variety of factors; this is why this clause is not always clear.
Following is a list of scenarios a policyholder with multiple policies may encounter at the time of making a claim:
Group & individual cover combo
You have to inform both the companies when you make the claim unless the terms and conditions of the two policies vary hugely. For instance, pre-existing illnesses is covered under one policy while for some plans this cover is extended only after 3-4 policy years. So, if a claim is regarding pre-existing illnesses which is made before completion of the waiting period, issuer of the individual claim will not share the payout.
For other claims, like in case of cashless claim though one company has to be contacted and provided details of the second policy. From thereon, the two companies will coordinate and settle the claim so both the companies need to be informed.
Two reimbursement policies
Excluding critical illness covers, most general insurers offer only reimbursement policies – the ones which undertake to pick up the expenses you may have incurred during hospitalization.
Life insurers also offer reimbursement covers as well as fixed benefit policies. If you have bought two reimbursement covers, the contribution clause will come into effect as the operating principles of the two policies are the same.
Reimbursement & fixed benefit policy combo
Fixed benefit covers offered by life insurers hands out a predefined sum upon hospitalization. In this combination, both the companies will settle the claim you are eligible for so you can make the claim under both policies separately.
This is a good combination, as the claim amount from the reimbursement cover will pay for hospitalization expenses while the fixed benefit dole can be used to fund post-hospitalization recovery costs.
Two policies from one insurer
This will be similar to buying an individual policy from the same insurer that provides your group cover.
You need to find out first about the accounting procedures, as the insurer could insist on dividing the disbursal between two policies, even if both are issued by it.
Two polices serviced by common TPA
If the claim servicing of your health insurance policies is handled by the same TPA (third party administrator), the time taken reduces significantly as time needed to transfer the documents from one TPA to another is saved.
Different TPAs, means more paperwork as well as you may need to ask for a certificate from the TPA in possession of your original bills, stating that the documents have been retained for verification of the claim made. This, along with photocopies of the relevant documents, has to be submitted to the other TPA for processing at its end.
Double protection
o In case of similar principle health policies, the claim payout will be shared between the two. The disbursal will take place in proportion of the sum assured under the two policies.
o However, in case one policy covers pre-existing illnesses while the other doesn’t, and the claim relates to such an ailment, the former will pick up the entire amount.
o If one policy is reimbursement-based and the other is a fixed benefit one, you can claim the entire eligible amount under both policies. You will be better off informing both the insurers while making a claim.
o It also makes sense to retain copies of all the bills. The insurers or the TPAs will then co-ordinate with one another and pay out their respective share.
Conclusion: Even if it is little extra work or few complexities involved, you should opt for an additional individual cover; mainly because, group cover stop with your employment. Besides, if you were to buy an individual mediclaim when you are working, you would have also crossed the milestone of four policy years, which is the waiting period for covering pre-existing illnesses.
Friday, October 8, 2010
Why is purchasing a Private Health Insurance Policy important?
It is agreeable when one is covered with employer’s group health plan which is more affordable than individual healthcare policy, one feels a bit disinterested. But that does not mean the one should not think about investing in one!
In today’s day and age, the economy is very unstable. God forbid if you were to loose your job for some reason or even if you are between jobs for a better position; you will not be covered medically. What if something unfortunate were to happen then? What would be the state of your family? You have worked hard to provide for each and every need of theirs. Don’t you think all your efforts will diminish without proper planning for contingencies? So you have the need to invest in a health insurance plan that would not only cover you but cover your entire family as well.
Following are few basic points to bear in mind when you go for a Health Insurance plan;
• You would need to figure out which Insurer fulfills most of your needs in terms of affordability, peculiarity of coverage etc.
• Do research
Consumers can't find a policy that suites them unless they understand what they need. If you see the doctor frequently, a plan that limits those visits to four times a year would not be wise. But that could be an option someone in his 20s who rarely gets sick.
Likewise, a plan that doesn't cover pregnancy wouldn't be smart for people who want to start families. Some options only cover generic drugs, and that means big medical bills for someone who depends on a brand-name prescription medication.
Before searching for insurance, think about whether you can be added as a dependent to the existing coverage of a spouse or parent.
Premiums - the price of an insurance policy varies depending on variables such as age, health, where you live and how you want your coverage set up. One place to start sorting options is the website www.bimadeals.com.The customer care service helps consumers to understand plan design, helping them find coverage options based on their states and other factors that could affect their rates. They can help customers quickly sort through their options, and they can be especially useful for people who have pre-existing conditions. For people with diabetes or recovering from cancer, finding individual coverage can be difficult or impossible depending on the state in which they live.
Some people also can be turned down because they take high-blood pressure or cholesterol medicine or they recently had hip surgery. But we know which insurers will reject certain conditions, which can save some grief.
Understand: the premium, deductible, co-payment, coinsurance and the maximum amount the policyholder can expect to pay out of pocket each year.
• The deductible is the annual amount a patient pays for care before coverage starts. High-deductible plans come with lower premiums.
• Coinsurance is the percentage a patient pays for medical care generally after a deductible is met. These percentages mean you still could wind up with a big bill for a surgery even if you have good coverage and you've met your deductible.
• The annual maximum is how much you have to spend on coinsurance and other costs before the insurer takes over and covers the majority of your remaining expenses for the year.
• Make sure you understand all the coverage specifications before you pay for a policy. You also should know if your doctors are in the insurer's network because it will cost a lot more for care and visits if they are not.
• It is better to understand hospital coverage and the limits a plan places on it.
Many should be able to find what they need by doing some research, asking the right questions about coverage and using help that's already available. The bottom line is:
• Think about your needs before choosing a plan.
In today’s day and age, the economy is very unstable. God forbid if you were to loose your job for some reason or even if you are between jobs for a better position; you will not be covered medically. What if something unfortunate were to happen then? What would be the state of your family? You have worked hard to provide for each and every need of theirs. Don’t you think all your efforts will diminish without proper planning for contingencies? So you have the need to invest in a health insurance plan that would not only cover you but cover your entire family as well.
Following are few basic points to bear in mind when you go for a Health Insurance plan;
• You would need to figure out which Insurer fulfills most of your needs in terms of affordability, peculiarity of coverage etc.
• Do research
Consumers can't find a policy that suites them unless they understand what they need. If you see the doctor frequently, a plan that limits those visits to four times a year would not be wise. But that could be an option someone in his 20s who rarely gets sick.
Likewise, a plan that doesn't cover pregnancy wouldn't be smart for people who want to start families. Some options only cover generic drugs, and that means big medical bills for someone who depends on a brand-name prescription medication.
Before searching for insurance, think about whether you can be added as a dependent to the existing coverage of a spouse or parent.
Premiums - the price of an insurance policy varies depending on variables such as age, health, where you live and how you want your coverage set up. One place to start sorting options is the website www.bimadeals.com.The customer care service helps consumers to understand plan design, helping them find coverage options based on their states and other factors that could affect their rates. They can help customers quickly sort through their options, and they can be especially useful for people who have pre-existing conditions. For people with diabetes or recovering from cancer, finding individual coverage can be difficult or impossible depending on the state in which they live.
Some people also can be turned down because they take high-blood pressure or cholesterol medicine or they recently had hip surgery. But we know which insurers will reject certain conditions, which can save some grief.
Understand: the premium, deductible, co-payment, coinsurance and the maximum amount the policyholder can expect to pay out of pocket each year.
• The deductible is the annual amount a patient pays for care before coverage starts. High-deductible plans come with lower premiums.
• Coinsurance is the percentage a patient pays for medical care generally after a deductible is met. These percentages mean you still could wind up with a big bill for a surgery even if you have good coverage and you've met your deductible.
• The annual maximum is how much you have to spend on coinsurance and other costs before the insurer takes over and covers the majority of your remaining expenses for the year.
• Make sure you understand all the coverage specifications before you pay for a policy. You also should know if your doctors are in the insurer's network because it will cost a lot more for care and visits if they are not.
• It is better to understand hospital coverage and the limits a plan places on it.
Many should be able to find what they need by doing some research, asking the right questions about coverage and using help that's already available. The bottom line is:
• Think about your needs before choosing a plan.
Saturday, September 25, 2010
Oriental Insurance to turn out two new health insurance products
Oriental Insurance Company Limited, one of India's premier insurance companies, is aiming to roll out two new health insurance products by the end of the current financial year.
The PSU insurer is also looking to expand its international operations through opening of a branch in one of the countries of the Gulf region.
"We would be coming out with two new health insurance products before the end of the current financial year. Our objective is to extend the company's health insurance products to the economically disadvantaged people who cannot afford hospitalization costs. As far as motor and fire insurance is concerned, we would not launch new products and we will only be coming out with add-ons of existing products”, R K Kaul, chairman and managing director of Oriental Insurance Company Limited told reporters.
Talking on plans for international expansion, Kaul said, “We are looking to set up a branch in one of the countries of the Gulf region and are awaiting regulatory approval for the same.”
He declined to name the country and the timeline of commencement of operations of the branch. Besides India, Oriental Insurance currently has operations in three countries- Nepal, Kuwait and Singapore.
Oriental Insurance has targeted a premium income of Rs 5470 crore for 2010-11. If achieved, this would be growth of 16.38 per cent over Rs 4700 crore which the company had achieved in 2009-10.
The insurance firm had clocked a growth of 19(%) per cent in the previous fiscal.The company plans to recruit 14,000 direct agents across the country in this financial year.
The PSU insurer is also looking to expand its international operations through opening of a branch in one of the countries of the Gulf region.
"We would be coming out with two new health insurance products before the end of the current financial year. Our objective is to extend the company's health insurance products to the economically disadvantaged people who cannot afford hospitalization costs. As far as motor and fire insurance is concerned, we would not launch new products and we will only be coming out with add-ons of existing products”, R K Kaul, chairman and managing director of Oriental Insurance Company Limited told reporters.
Talking on plans for international expansion, Kaul said, “We are looking to set up a branch in one of the countries of the Gulf region and are awaiting regulatory approval for the same.”
He declined to name the country and the timeline of commencement of operations of the branch. Besides India, Oriental Insurance currently has operations in three countries- Nepal, Kuwait and Singapore.
Oriental Insurance has targeted a premium income of Rs 5470 crore for 2010-11. If achieved, this would be growth of 16.38 per cent over Rs 4700 crore which the company had achieved in 2009-10.
The insurance firm had clocked a growth of 19(%) per cent in the previous fiscal.The company plans to recruit 14,000 direct agents across the country in this financial year.
Friday, August 13, 2010
Cashless hospital cover possibly will come back in a week
Corporate hospitals may restore cashless treatment to policyholders of the four public sector health insurance firms in a week.
Such hospitals as Apollo, Fortis, Max and Medanta will negotiate new package rates with individual third party administrators (TPAs) and arrive at an agreement in the next five to six days, a meeting of the representatives of leading private healthcare chains and the nodal TPA of the public sector undertaking insurance firms decided here today. Delhi-based Raksha TPA represented the insurance industry in today’s talks.
The TPAs are the facilitators between the hospitals and health insurance firms like New India Assurance, United India Insurance, National Insurance and Oriental Insurance.
Pervez Ahmed, managing director of Max Healthcare, who heads the hospital delegation on behalf of industry chamber Confederation of Indian Industry’s National Healthcare Committee, said the decision would be an interim one and a comprehensive agreement will be ready within a month.
He hinted that policyholders might have to pay different levels of premium, depending on the hospitals one opts for treatment.
Such hospitals as Apollo, Fortis, Max and Medanta will negotiate new package rates with individual third party administrators (TPAs) and arrive at an agreement in the next five to six days, a meeting of the representatives of leading private healthcare chains and the nodal TPA of the public sector undertaking insurance firms decided here today. Delhi-based Raksha TPA represented the insurance industry in today’s talks.
The TPAs are the facilitators between the hospitals and health insurance firms like New India Assurance, United India Insurance, National Insurance and Oriental Insurance.
Pervez Ahmed, managing director of Max Healthcare, who heads the hospital delegation on behalf of industry chamber Confederation of Indian Industry’s National Healthcare Committee, said the decision would be an interim one and a comprehensive agreement will be ready within a month.
He hinted that policyholders might have to pay different levels of premium, depending on the hospitals one opts for treatment.
Wednesday, July 14, 2010
Reliance Life Insurance bets large on health cover up
Anil Ambani-promoted Reliance Life Insurance is cheerful on the growing health insurance market and expects to sell over a million policies this financial.
“There is a huge growth prospective in the health insurance section in India. We plan to valve the highly under-penetrated market to be among the top 3 insurers by 2012 and sell over one million policies this year,” president and executive director Malay Ghosh told The Telegraph.
At present, Reliance Life has a smallest presence in the section, which is subject by general insurance firms such as Bajaj Allianz, ICICI Lombard and Tata AIG, among private players.
According to a report by global research firm RNCOS, the health insurance market premium is projected to produce at a compounded annual rate of over 25(%) per cent between 2009-10 and 2013-14. Premium collections touched $1.31 billion in 2008-09, the Insurance Regulatory and Development Authority (IRDA) said in its yearly report of 2008-09.
Reliance Life, which crossed the 60-lakh blot in total policy sales last month, plans to support its portfolio with innovative products that comprise total reimbursable health expenses, individual and family floater on equally group and individual product platforms, and long-term care.
On the recent withdrawal of cashless flair by many insurers, the company said it would seek positive clarifications from the IRDA before taking any action.
Industry experts said although the health insurance market extended quickly in the past couple of years, it remained largely under-penetrated. “Some of the critical shortcomings include low awareness, non-coverage of out-patient care and obtainable diseases, inefficient cost management, product reach in rural areas and weak retail sharing model,” stated the RNCOS report.
“Apart from a strong product line, quality customer service, contact and training are what create a highly differentiated product,” Ghosh said.
The company aims to break even by the end of this financial.
“There is a huge growth prospective in the health insurance section in India. We plan to valve the highly under-penetrated market to be among the top 3 insurers by 2012 and sell over one million policies this year,” president and executive director Malay Ghosh told The Telegraph.
At present, Reliance Life has a smallest presence in the section, which is subject by general insurance firms such as Bajaj Allianz, ICICI Lombard and Tata AIG, among private players.
According to a report by global research firm RNCOS, the health insurance market premium is projected to produce at a compounded annual rate of over 25(%) per cent between 2009-10 and 2013-14. Premium collections touched $1.31 billion in 2008-09, the Insurance Regulatory and Development Authority (IRDA) said in its yearly report of 2008-09.
Reliance Life, which crossed the 60-lakh blot in total policy sales last month, plans to support its portfolio with innovative products that comprise total reimbursable health expenses, individual and family floater on equally group and individual product platforms, and long-term care.
On the recent withdrawal of cashless flair by many insurers, the company said it would seek positive clarifications from the IRDA before taking any action.
Industry experts said although the health insurance market extended quickly in the past couple of years, it remained largely under-penetrated. “Some of the critical shortcomings include low awareness, non-coverage of out-patient care and obtainable diseases, inefficient cost management, product reach in rural areas and weak retail sharing model,” stated the RNCOS report.
“Apart from a strong product line, quality customer service, contact and training are what create a highly differentiated product,” Ghosh said.
The company aims to break even by the end of this financial.
Tuesday, June 29, 2010
Future Generali India to start on health plus term life insurance plan
Following Insurance Regulatory Development Authority's move to allow insurance companies to offer “Health plus Life” products, Future Generali India Life Insurance, the insurance joint business enterprise between Future Group and Generali of Italy, is planning to launch a combo plan in the next 2 months.
“We are looking to launch a health plus term life insurance product, perhaps in the next 2 months. I see this type of product to progressively build over the next 3 to 5 years. It can lead to some other combinations, and set the ball systematic for more complex products,” said Deepak Sood, chief executive officer, Future Generali Life Insurance, on the sidelines of a press meet here today.
In December, the regulator permitted companies to offer “Health plus Life Combo Product” — a policy that will offer life cover along with health insurance. For this, life and non-life insurance companies need to enter into agreements to offer the health-cum-life cover.
At present, about 70(%) per cent of the company's businesses approach from unit linked products. This year, the company is hoping to achieve a new business premium of Rs 1,200 crore, from Rs 486 crore previous years.
The company on Monday launched Future Generali NAV Assure, a unit linked insurance plan, a NAV guarantee unit-linked Insurance plan.
“We are looking to launch a health plus term life insurance product, perhaps in the next 2 months. I see this type of product to progressively build over the next 3 to 5 years. It can lead to some other combinations, and set the ball systematic for more complex products,” said Deepak Sood, chief executive officer, Future Generali Life Insurance, on the sidelines of a press meet here today.
In December, the regulator permitted companies to offer “Health plus Life Combo Product” — a policy that will offer life cover along with health insurance. For this, life and non-life insurance companies need to enter into agreements to offer the health-cum-life cover.
At present, about 70(%) per cent of the company's businesses approach from unit linked products. This year, the company is hoping to achieve a new business premium of Rs 1,200 crore, from Rs 486 crore previous years.
The company on Monday launched Future Generali NAV Assure, a unit linked insurance plan, a NAV guarantee unit-linked Insurance plan.
Friday, June 18, 2010
Health insurance, Life mooted for school teachers
The government is planning life and health insurance cover and a group housing scheme at a subsidized price for 60 lakh primary and secondary school teachers.
While the two insurance schemes will need financial contribution by the Centre, the States and the teachers, the group housing scheme will be sprint at the Central level but will not require financial contribution from the Centre or the States, Union Human Resource Development Minister Kapil Sibal said on Friday. He was addressing a gathering of the National Foundation for Teachers Welfare here.
Thanks to their huge range, the health and life insurance schemes would premium-wise cost much less than individual schemes or even schemes run at the State level. The economics of scale would drive individual premiums down. The life insurance cover would guarantee a minimum of about Rs. 5 lakh on retirement and Rs. 2 lakh on death during service. The health cover, limited to hospitalization of the teacher, the spouse, two children and parents, was being worked on two options — either on a maximum cover of Rs. 1.25 lakh which would signify a lesser premium or a cover of Rs. 3 lakh this would mean a higher premium.
The group housing scheme is being envisaged to be Centrally-administered through a portal, with construction done by the National Building Construction Corporation (NBCC), ground bought at institutional rates and group housing societies formed by teachers. Thus, while there will be no cost to the government, the teachers will get excellence housing at lesser rates without much struggle or fear of being cheated.
To begin with, the Delhi Education Minister announced land for the housing scheme in the capital. Mr. Sibal said the proposals were to show that the country looked after, cared for and appreciated its teachers. He clarified that he too was yet to seek Finance Ministry support.
While the two insurance schemes will need financial contribution by the Centre, the States and the teachers, the group housing scheme will be sprint at the Central level but will not require financial contribution from the Centre or the States, Union Human Resource Development Minister Kapil Sibal said on Friday. He was addressing a gathering of the National Foundation for Teachers Welfare here.
Thanks to their huge range, the health and life insurance schemes would premium-wise cost much less than individual schemes or even schemes run at the State level. The economics of scale would drive individual premiums down. The life insurance cover would guarantee a minimum of about Rs. 5 lakh on retirement and Rs. 2 lakh on death during service. The health cover, limited to hospitalization of the teacher, the spouse, two children and parents, was being worked on two options — either on a maximum cover of Rs. 1.25 lakh which would signify a lesser premium or a cover of Rs. 3 lakh this would mean a higher premium.
The group housing scheme is being envisaged to be Centrally-administered through a portal, with construction done by the National Building Construction Corporation (NBCC), ground bought at institutional rates and group housing societies formed by teachers. Thus, while there will be no cost to the government, the teachers will get excellence housing at lesser rates without much struggle or fear of being cheated.
To begin with, the Delhi Education Minister announced land for the housing scheme in the capital. Mr. Sibal said the proposals were to show that the country looked after, cared for and appreciated its teachers. He clarified that he too was yet to seek Finance Ministry support.
Wednesday, March 10, 2010
Bharti AXA offers 10% discount on top of health plans for women
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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Bharti AXA Insurance
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.
For More Information About Insurance Policy.
Bharti AXA Insurance
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.
For More Information about Insurance Policy.
Insurance Calculator
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
Thursday, December 24, 2009
ICICI LOMBARD: FACILITY TO RENEW PRODUCT
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
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
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