National was the first one to come out with policy for senior citizens.It was folloed by New India and United...
Sunday, 21 October 2007
National was the first one to come out with policy for senior citizens.It was followed by New India and United .Star is the co from Private sector ,which has been offering this policy.Now it is the turn of Oriental to introduce the policy.Salient points of the policy will be ;Entry age 60 yrsMax age upto which the policy will be available will be 85 yrsMax sum assured possible is Rs 2 lakhs only.( Rs 1.5 lakh for New India,RS 3 lakh for United,Rs 1 lakh for National)Premium for age group of 60 to 65 for Rs 1 lakh will be Rs 3850 +Service Tax.This...
Few weeks back we had a conference in Mumbai,which was organized by CII.Now it is the turn of FICCI . This proves my prediction of 2005 (as mentioned in the first edition of the book Best Guide to Buy Health Insurance ) that Health Insurance will be one of the highest growth segment of Indian Insurance Industry.FICCI is organizing a one-day conference on "Sustainable Health Insurance - Need of the Hour" on 29th November, 2007 at Federation House, New Delhi.You will have the opportunity to hear the viewpoint of Mr C S Rao Chairman,IRDA as well...
Tuesday, 16 October 2007
Different insurance co's use different formats for the proposal.Many a times the branches are out of stock of printed forms.While we welcome the independence of all the co's but a standardised form will be a cost effective way to handle the whole thing.It will be easy to follow in this large country.If most of the co's can handle health proposal in 2 pages format then why someone should be using 4 page format.If the survey /study reveals that 4 page format is the right thing then let all of them follow 4 page format.Hats off to Reliance General...
Yes,it is becoming difficult to insure a group of say 25 persons.Most of the co's want that client should take individual policy for every one.Is it that Insurance co's want to increase the number of policies issued by them.In the case of 25 persons they will be able to issue 25 policies.India like any other country survives on small enterprises.A medium size store employing 25 persons wishes to have the policy so that it can retain its employees being attracted towards joining large stores.We sincerely hope that atleast specialised Health Insurance...
Monday, 15 October 2007
Some court judgements on pre existing disease,view point of IRDA & General Insurance Council is that definition of Pre existing disease should be made very clear so that Insurance co's do not use it as an excuse to repudiate the claim. This is a welcome step in the interest of the consumers located all over the country.If it results in broader interpretation then claims ratio will definitely go up.We forsee the impact will result in increase in premium rates in the years to follow.Let us see what happe...
Sunday, 14 October 2007
Simran Kaur was born with a boil at the time of birth and after several years was advised to undergo surgery at the base of the spine. The Insurance Company rejected the claim by declaring it as a preexisting disease.Justice Kapoor said “day to day problems of pain, swelling or fever can not be termed as preexisting disease., thus any attempt on the part of the insurer to repudiate the claim for such non disclosure is not permissible.’We appreciate the judiciary system of India, which is protecting the interests of the consume...
Rejecting the claim in the first instance by declaring it as a preexisting disease is a very common excuse. This is turning out to be a common complaint of more and more insured persons, whom I meet. It is only on persuasion of the insured with Insurance co or its TPA that most of the cases are reconsidered and processed. The common grievance of the insured clients is that they are told this in oral only and not in writing.It is natural that those whose cases are not considered a good number of them either end up in Consumer Forum courts or become...
Friday, 12 October 2007
In UK health policy is sold with long term perspective but in India we sell it with 1 year perspective.Our present system is more on US pattern.For having peace of mind the customers will be happier with 10 years plan but with fixed rates known to them.This is similar to fixed interest rate vs floating interest rate.Recent increase in rates by New India/United -for higher age group going up by 80% or so has really shaken the confidence of the insured...
Apollo DKV is planning different insurance products for the urban, rural and corporate populations. For the urban population, they are developing products to include all — doctor’s consultation, co-pay, outpatient visits and post-illness coverage. In the corporate segment, the products will include preventive health coverage, customised for corporate groups.Products are under development.We feel for OPD the methodoly will be that if 25% is co pay amount ( to be paid by insured ) then he should pay that much amount at the time of consultation .This...
Sunday, 7 October 2007
Budget is under preparation in the Finance Ministry in New Delhi.General Insurance Council has sent a proposal to Government that service tax should be abolished on health insurance policy.Let us put pressure on the Government by sending request in this regard.You can write/print the letter addressed to ;The Finance MinisterGovernment of IndiaNorth BlockNew Delhi 110001Send it to me at following address;Mr S K Sethi449 Kailash Tower 2East of KailahNew Delhi 110065We will collect all the letters and will submit it to The Finance Ministry.Our target...
It was predicted by me in 2005 at the time of release of book Best Guide to Buy Health Insurance that Health insurance business will grow at a faster pace in the years to come.During year ending March 2007 health insurance premium has moved from 5 th position to 3 rd position.Ofcourse first postion is with Motor Insurance.In the year ending march 2009 Health will definitely move to 2 nd position.Let us hope for more and more products and better service from Insurance compan...
LIC is expected to introduce its haelth insurance product during Nov. 2007 . It will be a product where part of the premium will go towards savings and part will go towards risk coverage for health coverage.Claims settlement will be through 8 TPA's on all India basis.However payment will be made through 3 banks;Axis BankBank of AmericaSyndicate BankWhile we are awaiting for the details of the product,yet to be announced-we are of the opinion that+points of the same are;1.Product will be available through large network of agents of LIC2.Product...
Thursday, 4 October 2007
Ambitious Medicity Project of Dr Naresh Trehan (Escorts Heart Centre fame)is taking shape in Gurgaon.Dr Trehan plans to use the combination of Allopathy, Ayurveda, Homeopathy and Chinese Medicine to treat the patients.As health insurance policies of most of the Insurance companies in India cover Allopathy treatment only and do not cover the other 3 systems of treatment,therefore we feel patients wishing to undergo treatment through alternative systems...
Wednesday, 3 October 2007
Every one is curious to know which Insurance co is biggest or which one is growing at a faster pace in Health Insurance segment.IRDA has released the figures and these are as above.Public Sector growth is slowing down while Reliance has shown growth of 686% because of aggresive pricing which they introduced in Dec,20...
Monday, 1 October 2007
On 15 th August Prime Minister had announced that a scheme costing Rs2000 crores will be announced for Health Insurance for people below the poverty line.On 1 st October Finance Minister has announced the scheme.The salient points of the same are;Name is Rashtriya Swastha Bima Yojana (RSBY)No of families to be covered 1.2 croresFamily covers self,spouse,3 childrenBeginning April1,2008Sum assured for the family Rs 30000Smart cards to be used.Valid all over the country.Benefits migratory labour.All existing diseases to be covered.Exclusions may be...
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