Anil Ambani Group Company Reliance Life Insurance today announced foray into health insurance market with the launch of a product for individuals and family members.
"Reliance Life Insurance Company (RLIC)...forays into the health insurance market with the launch of its first pure reimbursement health insurance plan - ‘Reliance Life Care for You Plan’- for individuals and family members," Reliance Life said in a release.
The policy term under this plan is three years with the premium fixed for the entire period, irrespective of the claims. The plan offers sum insured of up to Rs 10 lakh. The company along with its third party administrators has created a preferred network of over 6,000 hospitals, among the largest hospital network offered by any insurer, across the country to provide cashless hospitalization benefit to the customers.
“Our venture into the health insurance sector is a natural extension of our life insurance business. ‘Reliance Life Care For You’ is our first step in the pure health Insurance space, aimed to help people meet their health care exigencies and expenses at every stage of life effectively,’’ Reliance Life President and Executive Director Malay Ghosh said.
Thursday, October 7, 2010
Wednesday, October 6, 2010
Health Insurance Policy
It is true that majority people do not have health insurance coverage. There are few reasons behind this fact namely
• Some believe that it is expensive
• Some people think that they don’t require it because they are not suffering from any major illness
But one fails to remember that a health care plan is something that you can’t afford not to have. Health insurance prepares one for the future in case of emergency or in any other major illness. With the aid of health insurance you will get all your expenses that you have spent in medicines and treatment.
Points to consider while purchasing a Health Insurance Policy:
• Whether you are going to take group plans or individual plans.
Although some people think that it is cheaper to buy a health insurance plan through an employer or via a group health care plan, there are some plan where buying individual health insurance is quite cheaper. Price of health insurance always depends on various factors. If your company is paying high premium then you must get the health insurance at low price and it is possibly best to select this option. If you are healthy and your company is offering a health insurance policy where you are alone responsible to pay the premium then it is advisable to select individual health insurance plan.
You should not forget that group health insurance plans must cover everyone in it that includes preexisting conditions. It is given in state laws and it meant that healthy people included in health insurance plan will balance out the costs that the insurance company needs to pay for individuals with preexisting health conditions that are covered by the similar policy.
• Find cost effective health insurance plans.
You just need let us help you to find a perfect health insurance plan for you. There are thousands of health insurance plans available in the market. Please visit
www.bimadeals.com for best health insurance plans for you because we believe that insurance is by choice.
• Some believe that it is expensive
• Some people think that they don’t require it because they are not suffering from any major illness
But one fails to remember that a health care plan is something that you can’t afford not to have. Health insurance prepares one for the future in case of emergency or in any other major illness. With the aid of health insurance you will get all your expenses that you have spent in medicines and treatment.
Points to consider while purchasing a Health Insurance Policy:
• Whether you are going to take group plans or individual plans.
Although some people think that it is cheaper to buy a health insurance plan through an employer or via a group health care plan, there are some plan where buying individual health insurance is quite cheaper. Price of health insurance always depends on various factors. If your company is paying high premium then you must get the health insurance at low price and it is possibly best to select this option. If you are healthy and your company is offering a health insurance policy where you are alone responsible to pay the premium then it is advisable to select individual health insurance plan.
You should not forget that group health insurance plans must cover everyone in it that includes preexisting conditions. It is given in state laws and it meant that healthy people included in health insurance plan will balance out the costs that the insurance company needs to pay for individuals with preexisting health conditions that are covered by the similar policy.
• Find cost effective health insurance plans.
You just need let us help you to find a perfect health insurance plan for you. There are thousands of health insurance plans available in the market. Please visit
www.bimadeals.com for best health insurance plans for you because we believe that insurance is by choice.
Wednesday, September 29, 2010
Mediclaim, motor insurance portability shortly
Insurance regulator IRDA on Tuesday said that mediclaim policy holders, who are not satisfied with the services, will soon be able to switch service providers at the same premium. The same would also be true for motor insurance policy holders. "It is high time that the insurance industry also moves to offer portability so that the mediclaim and motor insurance policy holders can switch their service provider...We have initiated a debate on the idea of portability and we would be arriving at a conclusion very soon," IRDA Chairman J Hari Narayan said at CII insurance summit.
To a question on whether this portability concept would apply to ULIPs also, he said: "Yes and no. Yes in the sense that there has to be a balance in the churn of ULIP's policy and their portfolio has to be evenly managed."
Narayan, however, added that portability cannot be randomly applied and the portfolio of an insurance company has to be balanced.
To a question on the status of Reliance General Insurance acquiring a south-based insurance company, he said: "We have certain issues which we are trying to resolve through discussions."
The IRDA chief added that work is progressing on formulating merger and acquisition norms for the sector.
"M&A norms would be announced soon. A committee is studying the issue," Narayan said.
To a question on whether this portability concept would apply to ULIPs also, he said: "Yes and no. Yes in the sense that there has to be a balance in the churn of ULIP's policy and their portfolio has to be evenly managed."
Narayan, however, added that portability cannot be randomly applied and the portfolio of an insurance company has to be balanced.
To a question on the status of Reliance General Insurance acquiring a south-based insurance company, he said: "We have certain issues which we are trying to resolve through discussions."
The IRDA chief added that work is progressing on formulating merger and acquisition norms for the sector.
"M&A norms would be announced soon. A committee is studying the issue," Narayan said.
Monday, September 27, 2010
Bajaj Allianz Health Card launched
Bajaj Allianz launched a health card - JiyoFit, in association with Yes Bank, this product aims to encourage customers to lead a healthy lifestyle. This health card is first of its kind to be launched in India.
Bajaj Allianz General Insurance Chief Executive Hemant Kaul says, "Health insurance as a concept is associated with illness and hospitalization. But JiyoFit is an endeavor to shift from managing customers' illness to promoting a healthy and fit lifestyle".
The health card is not attached with a new Mediclaim policy but is an additional facility offered to a Bajaj Allianz health policyholder.
Currently, this initiative will be available in 15 cities which will be expanded further as the demand for the card grows.
Bajaj Allianz General Insurance Chief Executive Hemant Kaul says, "Health insurance as a concept is associated with illness and hospitalization. But JiyoFit is an endeavor to shift from managing customers' illness to promoting a healthy and fit lifestyle".
The health card is not attached with a new Mediclaim policy but is an additional facility offered to a Bajaj Allianz health policyholder.
Currently, this initiative will be available in 15 cities which will be expanded further as the demand for the card grows.
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.
Monday, August 23, 2010
IRDA on Health insurance cashless dispute
The Insurance Regulatory and Development Authority (IRDA) Friday said the issue of offering cashless treatment under health insurance policies issued by the four government-owned general insurers 'is getting resolved'. IRDA Chairman J. Hari Narayan said that prior to dispute there were only 300 government owned insurers as compared to 400 now.
The four government-owned non life insurers had earlier delisted major hospital chains from offering cashless hospitalization facility for their health insurance policy holders on the ground that the hospitals are over charging the patients.
He was in Chennai to launch the country's first health cum life insurance product introduced by the city-based Star Health and Allied Insurance Company Ltd partnering with private life insurer Shriram Life Insurance Company Ltd. when he clarified.
There are talks of creation of separate regulator for the healthcare sector. Also, Confederation of Indian Industry (CII) has said none of the major super speciality hospitals have signed with the Raksha TPA (third party administrator).
CII’s members are waiting for a response from the insurers and the TPA since the meeting Raksha in Delhi. As on August 12, the hospitals in Delhi have worked out the packaged rates for 42 procedures and submitted to the TPA.
Once cashless is restored in the empanelled hospitals, in the second phase, hospitals and insurers along with other stakeholders of the health insurance ecosystem and the competent authority would work on a classification of hospitals, which would be agreeable to all.
The other side:
Shivinder M. Singh, managing director, Fortis Healthcare said 'There will always be a differential in the levels of care and services provided by hospitals for a single type of illness. This differential is a function of structures, processes and outcomes. A scientific analysis of all these parameters is essential to grade hospitals.'
Sanjeev Bagai, CEO, Batra Hospital and Medical Research Centre said, 'This grading or categorization of hospitals should then translate into pricing of procedures in each grade. Premature conceptualization or inference of this complex process must be avoided'. It is essential that a comprehensive exercise be undertaken of grading hospitals based on their infrastructure, clinical expertise, technology base, clinical outcomes, competency of para-clinical man power, accreditation and standards of care is done.
The four government-owned non life insurers had earlier delisted major hospital chains from offering cashless hospitalization facility for their health insurance policy holders on the ground that the hospitals are over charging the patients.
He was in Chennai to launch the country's first health cum life insurance product introduced by the city-based Star Health and Allied Insurance Company Ltd partnering with private life insurer Shriram Life Insurance Company Ltd. when he clarified.
There are talks of creation of separate regulator for the healthcare sector. Also, Confederation of Indian Industry (CII) has said none of the major super speciality hospitals have signed with the Raksha TPA (third party administrator).
CII’s members are waiting for a response from the insurers and the TPA since the meeting Raksha in Delhi. As on August 12, the hospitals in Delhi have worked out the packaged rates for 42 procedures and submitted to the TPA.
Once cashless is restored in the empanelled hospitals, in the second phase, hospitals and insurers along with other stakeholders of the health insurance ecosystem and the competent authority would work on a classification of hospitals, which would be agreeable to all.
The other side:
Shivinder M. Singh, managing director, Fortis Healthcare said 'There will always be a differential in the levels of care and services provided by hospitals for a single type of illness. This differential is a function of structures, processes and outcomes. A scientific analysis of all these parameters is essential to grade hospitals.'
Sanjeev Bagai, CEO, Batra Hospital and Medical Research Centre said, 'This grading or categorization of hospitals should then translate into pricing of procedures in each grade. Premature conceptualization or inference of this complex process must be avoided'. It is essential that a comprehensive exercise be undertaken of grading hospitals based on their infrastructure, clinical expertise, technology base, clinical outcomes, competency of para-clinical man power, accreditation and standards of care is done.
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.
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