Today The Times of India has carried the study of National Insurance Academy ,according to which 1.08 % of India population is covered under Health Insurance.Tha main finding is;"Very few insurance firms are having their branches in semi urban and rural area.Majority of the semi urban and rural population remains neglected."We are plaesed to know that NIA has reinforced the viewpoint of S K Sethi.It will be worthwhile to consider setting up of the health insurance companies at state level with equity being fixed at Rs 10 crores level.This co...
Sunday, 25 November 2007
Thursday, 22 November 2007
Repudiation of policy in case incorrect info is provided Supreme Court
Posted on 09:14 by Unknown
The recent Supreme court of India judgement is a landmark judgementwhich has accepted that incorrect info being provided in the proposal form can lead to policy being repudiated.Even though this judgement pertains to a claim which was lodged on LIC and was repudiated-but the fact is that this will also be applicable for other proposals ,especially health insurance .Good % of persons who are submitting proposals,but have preexisting disease have a tendancy to hide the same on the assumption that insurance company can not come to know about this.Medical...
Wednesday, 21 November 2007
Portability of Health Insurance policy to be introduced from February 2008
Posted on 09:50 by Unknown
It is with interest I read about this in today's newspaper.It is being projected that something great is to be achieved from Feb 2008.The fact is that even today same thing is available.Question before us is :If someone is having Oriental policy where no claim bonus is not payable .No claim has been lodged during the year and on shifting it to another co will the new company give No Claim cumulative bonus.I doubt it is going to happen.This will result in making a mockery of the portability.Let us see how the Insurance co's come out with solution...
Saturday, 10 November 2007
Premium Return Health Policy - a new product ,what it will be
Posted on 08:27 by Unknown
Mint dated 9 th Nov ,2007 has covered a news item on Premium Return Health Insurance Policy ,which is going to be introduced by ICICI Lombard in near future.As details are not available therefore guess work is going on. "We have been always hearing from Insurance co's that claims being lodged under health insurance are 180% of premium collected and the claims paid are 140% of premium collected said S K Sethi Vice President & Director of Insurance Brokers Assn of India.Return of premium can be possible only in the form of discount at time...
Tuesday, 6 November 2007
IRDA Committee on health insurance of senior citizens submits report
Posted on 09:35 by Unknown
Yes ,it is submitted.Recommendations are;IRDA to mandate all insurers to give health insurance to all senior citizens.Insurers to offer variety of plansIncome tax cconcessions to be made progressive.Policies to be made portable.Insurers to offer plans based on healthy ageing.Market size of senior citizens by 2010 will be 173 millio...
What should be sum assured for health insurance?
Posted on 09:26 by Unknown
This is a very common question which people ask me. It is a very simple and also very difficult question to answer.Reason is Rs 1 lakh is sufficient if a person is going for a minor surgery.Assuming he is on holiday in Kashmir or Uttraranchal and it becomes neccessary to bring him in air ambulance.The charges can be Rs 20000/flying hour to Rs 75000/flying hour.Kidney transplant in a Chennai Hospital costs Rs 25 to Rs 27 lakhs.It is regrettted that no one has thought for air ambulance charges to be covered under the health insurance policy.Ifthe...
Thursday, 1 November 2007
Is health insurance policy available for pets
Posted on 09:45 by Unknown
It is interesting to know from newspaper report that an Indian Businessman has imported German Shepherd dog for Rs 29 lakhs.At present Pet insurance policy the owner may buy will covere death risk. It means in the event of the death of the pet sum assured is payable.We wonder whether any Indian Insurance co will issue a cover for a dog for Rs 29 lakhs. Health insurance policy which can cover the treatment of the dog is not available.Such policies are freely available in the world.Let us hope that at least 2 insurance co's will come out with such...
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