Is overseas travel insurance policy issued by health Insurance Companies of Ukraine and Belarus is Valid? Hindustan Times of Dec 25, 2008 has raised a very interesting question whether overseas travel health insurance policy issued by Insurance companies of Ukraine & Belarus is valid. IRDA has initiated information gathering exercise and we can expect some action in the coming weeks. We foresee this can be in the form of posing questions to the company which has been selling the products. We do not foresee any action against the Insurance co’s...
Thursday, 25 December 2008
Is overseas travel insurance policy issued by Insurance Companies of Ukraine and Belarus is Valid?
Posted on 09:34 by Unknown
Is overseas travel policy issued by Ukraine/Belarus insurance co's to indians valid
Posted on 08:52 by Unknown
Hindustan Times of Dec 25,2008 has carried the news which raises the question whether Overseas Travel Policy issued by Ukraine & Belarus Insurance Companies to Indians valid. IRDA has initiated information gathering exercise. Points against the issue of such policies is;1.Insurance co's not registered with IRDA.The co selling the products is not licenced by IRDA. Points in favour of such policies are;1.As Indians we are permitted to travel by any international airline...
Tuesday, 23 December 2008
Portability of the Healthinsurance policy is coming
Posted on 10:30 by Unknown
Yes,portability of the Healthinsurance policy is coming.It maens you can cahnge the insurance co when it comes to renewal.We feel this will be of help to those who are in the lower or younger age group.Even today this group has no difficulty.The question arises -will it help those who are in 60+ age group.We doubt it will be so as the premium variation and different policies with respect to "No Claim Bonus" will be a stopping fact...
Wednesday, 17 December 2008
Indication that group health insurance rates will go up by 50%
Posted on 05:10 by Unknown
We have been of the view that Individuals /families are neglected wherelse group health insurance policies are issued with better terms and lower rates.The Economic Times od Dec 17,2008 has carried a news item according to which ratio of claims and servicing expenses to total premium figure of Group policies is 160%(Ref Mr Sandeep Bakhshi ,CEO, ICICI Lombard).This news item also informs that where claims have been high the policies are being cancelled.We are pleased to know that Insurance industry has started facing the truth and has started taking...
Sunday, 14 December 2008
Does Oriental insure someone who is 75+
Posted on 08:45 by Unknown
We have received comments from some of our website surf...
Group Health Insurance Rates to go up in 2009
Posted on 07:56 by Unknown
Many people wish to know whether the premium rates will go down in the year 2009.No indications are available as far as individuals /families are concerned.It is becoming clear that Group Health Insurance policies have resulted in claims of over 130% and many Insurance co's are considering to increase the rates during 2009 by 30 to 40...
Saturday, 13 September 2008
Who killed health care" is a good reading
Posted on 14:29 by Unknown
I have come across a book "Who killed health care" by Regina Herzlinger .Regina is a Professor in Harvard Business School and has covered various aspects of health care as well as health insurance industry in that country (USA).It is good to know that India is mentioned at various places in this book ,where health care of good level at a fraction of USA costs is possible.If you are connected with Health Care,Insurance,Health Insurance industry then this book is a must for you.I forsee many things which had happened in USA will happen in India also...
West Bengal Govt is very liberal in attracting investment
Posted on 13:44 by Unknown
West Bengal Govt is very liberal in attracting investment as they gave incentives to Tata Motors for Nano Project;Land 645 acres or so for lease of Rs 1 crore /yearElectricity @ Rs 3 per kwhLoan of Rs 200 crores @ interest rate of 1%Now that Private sector is permitted to set up Medical Colleges can we expect the same benefit from West Bengal Govt .If yes they can attract 5 Medical Colleges in teh state and these can help the state with following;EducationMore DoctorsBetter health careMedical TourismMore jobs for peopleOther states can also take...
Health Policies of Life insurance co's collectRs 100 crores
Posted on 13:30 by Unknown
We have the first data available on the health insurance policies premium collected by Life insurance co's and this figure is Rs 100 crores.This figure is small but we know that these products were introduced by most of insurance co's during this year only.We are familiar with inflation figure which is released by govenment agencies from time to time .First figure which has become available for inflation in health care is 17%.This means that if you wish to maintain the coverage of your health care then at the time of policy renewal you should...
Tuesday, 9 September 2008
TPA's to expand in Tier 2 cities
Posted on 20:07 by Unknown
According to a report of Financial Chronicle September 08, 2008 TPA's will be growing in Tier 2cities as more and more people are being insured in these cities.Till recently were having on an average service network of about 10-15 branches in the country, most of which being in state capitals. In contrast, the general insurance companies, which control nearly the entire health insurance product portfolio, are present in an average of 400 locations. This huge disparity requires TPAs to aggressively expand their operations to meet the needs of the...
One should not try to be smart with Insurance company...
Posted on 19:35 by Unknown
One should not try to smart with Insurance company One should not try to smart with an Insurance company Ekta Elreja has come out with an interesting investigating story in 'Metro Now'' about how a smart person has been trying to cheat Insurance company with false claims.The story in brief is ;For those of us blessed with perfect health, taking out a health insurance policy seems like giving away money. Akash Sharma is one man who decided that it was time to make the insurance companies pay. Using different names, he swindled the ICICI Lombard...
Bench Marking is done for Cataract & Asthma by FICCI
Posted on 10:20 by Unknown
Insurance companies have been worried about the payment they are making to the hospitals for treatment of insured clients.It is a common statement in India that moment hospital comes to know the patient is insured their billing meter starts moving at a higher rate.This point has attracted the attention of FICCI and they have been working on it. Teena Jain has covered this in an interseting manner in Mint, published from New Delhi.As health insurers struggle with issues related to inflated billing, the insurance and health committees of industry...
Monday, 8 September 2008
My comments on Shobhana Chadha news in Economic Times Sep 7,2008
Posted on 18:34 by Unknown
Shobhana Chadha, has covered an interesting story in September 7, 2008 issue ofThe Economic Times on HEALTH INSURANCEBETTER SAFE THAN SORRYNever let bad choices spoil your future. You surely cannot correct your past mistakes, but definitely secure future by taking right decisions now. Take, for instance, Ramakrishna Pandya who learned from a stumble. The 50-year-old PSU employee, despite covered under a health plan, had to shell out a hefty sum of Rs 2 lakh while undergoing treatment for a bypass surgery in a private hospital.Pandya’s fault was...
Wednesday, 16 July 2008
We welcome BUPA decision to enter India
Posted on 06:06 by Unknown
We are pleased to know that MAX has joined hands with BUPA and JV will be taking shape in the coming months.We are hopeful that with BUPA entry we will be moving away from an era of traditional health insurance products to innovative products offering premium features, ofcourse with corresponding price increase.International automobile companies are selling premium automobiles to the Indian customers/HNI customers with price ranging from Rs. 20 Lakhs to Rs. 550 Lakhs (insurance premium varying from Rs. 60000 to Rs. 15 Lakhs)Is it not surprising...
Friday, 11 July 2008
Health Insurance is the fastest growing segment of non life/general/health insurance industry of India
Posted on 10:21 by Unknown
In 2005 when we brought out ''Best Guide to Buy Health Insurance'' in the form of book we had predicted that Health Insurance will emerge as an important segment of Indian non life insurance industry.Even though we never thought that due to detariff the rates for Fire Insurance will go down by 85 to 90%-but we are pleased to note that during 2007 -2008 health insurance premium has grown from Rs 3300 crores to 5000 crores and with growth rate of 50% ,it has emerged as the fastest growing segment of Indian non life insurance industry.We do hope this...
Tuesday, 24 June 2008
Money Today June 26 issue has covered health Insurance
Posted on 10:56 by Unknown
22 pages of well researched information in Money Today is welcomed by us as this shows that Health Insurance is getting the importance ,which it deserves.The good thing is that we have got lot of response thro emails/phone calls and some of the readers of Money Today have raised very interesting and good questions.We will like to share with Insurance companies that the most important feature the customers are looking for in Health Insurance is good Service.Price is important feature but it is definitely not the first point at time of decision ...
Friday, 20 June 2008
Large & strong companies should give 90 days notice and then withdraw any product
Posted on 09:44 by Unknown
Recently we were informed by Reliance General that no more Health Insurance proposal under Gold should be accepted.Reason we are made to understand is that they are having heavy losses in this product.In the case of silver those wishing to have sum assured of Rs 1 lakh will not be accepted by underwriting team.Those lodging claim during the year whether claim is accepted or not will have difficulty at the time of renewal.They are warned that well in time thay should look for another insurance company.Insurance intermediaries go on informing clients...
Friday, 16 May 2008
Should premium be calculated on completed age or running age?
Posted on 01:25 by Unknown
Should premium be calculated on completed age or running age basis?Most of the Insurance Companies take completed age in calculating premium.On Aug 16, 2007 New India Assurance Company Ltd. had switched over from completed age to running age concept.At present this type of information is not advertised in the form of a statutory ad therefore no one comes to know about this.Mr. B K Shah, a medical practitioner for Mumbai realized the difference due to change over at the time of renewal of his policy and took up matter with New India.Rucha has...
Wednesday, 14 May 2008
Punjab, Uttrakhand and Bihar also to cover health insurance of poor families
Posted on 23:04 by Unknown
It is nice to know that more and more poor families are being covered under health insurance policies being issued by state governments and Insuarnce co's.The contracts have recently been awarded by these states;Punjab - New India Assurance co. Ltd.Uttrakhand - United India Insurance Co. LtdBihar - Oriental India Insurance Co. LtdThe states which have already implemented this policy are Rajasthan, Haryana and Delhi. According to our information these states and concerned insurance co’s have started distribution of smart cards.Bids are expected...
Tuesday, 6 May 2008
Contradiction between definition of a family
Posted on 03:02 by Unknown
The Sixth Central Pay Commission (CPC) in its report has said, “Presently, the definition of family for the purposes of LTC includes parents and/or stepmother residing with and wholly dependent on the Government employee. Stepfathers residing with and wholly dependent on the Government employee are denied the benefit available to similarly placed stepmothers. The definition also places an unreasonable restriction in such of those cases where parents, despite not having any source of income and being totally dependent on the Government employees,...
Are Indian Pvt health Insurers blocking payouts ?
Posted on 02:33 by Unknown
The Economic Times of May 6,2008 has carried part of the report released by USAID .The contents are ;INDIAN health insurance is growing by 25% every year, it’s penetration is less than 0.02% of the GDP, yet there is no expertise on the sector, says USAID report.The report, released on Monday, to study the impact of private life insurance on health coverage in India has said that the focus in India is on controlling claims pay-out by following strategies designed to minimise insured person’s ability to collect claims. “There is excessive emphasis...
Thursday, 1 May 2008
Reliance stops health gold policy
Posted on 07:23 by Unknown
Reliance has stopped issue of Health Gold Policy.They will continue to issue standard & silver policy. The salient features of Gold were;1Higher sum assured2 Critical illlness also covered We feel that this was a good policy but one can assume that this was not a profitable product and that is why it became necessary for them to withdraw this product. A quetion before we the consumers is '' Should it be made mandatory for Insurance co's to release an ad informing the fact that they are withdrawing a specific product?'' Your comments are invited....
Tuesday, 25 March 2008
New India starts sale in health insurance by offering 5% to 10%discount
Posted on 10:56 by Unknown
...
New India starts sale in health insurance by offering 5% to 10% discount
Posted on 10:56 by Unknown
Various Insurance companies increased the premium by following each other.There has been heartburn and criticism in blogs,press & electronic media.Even IRDA had to issue the instructions in this regard.It is nice to know that New India has announced the following discount structure for those going in for renewal of the policy without making any claim in the current year.Mumbai 10%Delhi/Bangalore 7.5%Rest of India 5%We feel there is scope in management of the hospital expenses,negotiating for rates for surgeries,going in for special rates for...
Wednesday, 19 March 2008
IRDA ASKS PSUS NOT TO FORCE ELDERS TO SWITCH TO NEW HEALTH PLANS Mumbai, March 17, 2008The Economic Times (Delhi edition) The Times of India (Delhi edition) Insurance regulator Insurance Regulatory and Development Authority (IRDA) has asked state-owned insurance companies not to force senior citizens to switch to a new health insurance plan with lower benefits at the time of renewal of policies. The regulator has reiterated that insurers cannot raise rates on mediclaim policies by more than 50-75% of the previous year’s premium, following an...
Thursday, 13 March 2008
IRDA tells Insurance co's to not to overcharge elders for health insurance
Posted on 00:54 by Unknown
The Business Standard has covered an interesting news item regarding over charging of senior citizens for Health Insurance by the Insurance companies.We find the heading of the newsitem''Don’t overcharge senior citizens, Irda tells insurers '' very bold and interesting.The insurance Regulatory and Development Authority (Irda) has warned all public sector general insurance companies to not to charge higher premium from senior citizens on medical insurance policies or mediclaim. According to industry sources, a leading public sector general insurance...
Wednesday, 12 March 2008
Delhi Govt to start HEALTH INSURANCE SWASTHYA BIMA YOJNA
Posted on 23:21 by Unknown
According to The TribuneThe Delhi Cabinet has also decided to launch “Rashtriya Swasthya Bima Yojna” (RSBY) next month. The decision was taken today in a cabinet meeting presided over by Chief Minister Sheila Dikshit. While briefing media after the meeting, Dikshit stated that the RSBY would soon be launched in Delhi with an aim to provide health cover to around 4.40 lakh workers who have been issued BPL ration cards in Delhi. Most of these persons have been working in the unorganised sectors. It is meant for providing quality health cover to...
Are IRDA panel’s recommendations for securing health cover for senior citizens being swept under the carpet?
Posted on 23:17 by Unknown
The Economic Times has covered a news item giving impression thatIRDA panel’s recommendations for securing health cover for senior citizens being swept under the carpet? The report was submitted almost three months ago and senior citizens want it to be implemented. But the Budget has remained silent on the recommendations while IRDA has merely forwarded the report to the General Insurance Council.To make things worse for elders, insurance companies are now denying that there is any order from the regulator to cap mediclaim rate hikes at 75 per...
Health Insurance Products from Max New York Life
Posted on 23:11 by Unknown
All news papers have carried the news item that Max has entered health insurance field.It has announced the launch of Lifeline series of insurance policies bringing long term insurance coverage for hospitalisation, surgeries and critical illness. According to Managing Director and Chief Executive Officer of Max New York Life Insurance, Gary Bennet, the policies have some significant “firsts” to its credit. Director, Marketing (Product Management and Corporate Affairs), Debashis Sarkar, said the policies come with fixed premiums for a five-year...
Buy TVS Auto rickshaw and get Health Insurance cover
Posted on 23:07 by Unknown
The Hindu Business Line has carried the news item that those who will buy TVS auto rickshaw will get health insurance policy for sum assured of Rs 30,000TVS Motor Company (TVSM) has formally launched its debutante autorickshaw TVS King, in LPG and petrol versions, marking its foray into the three-wheeler market. During the launch TVSM has also announced several welfare schemes for the autorickshaw drivers and their families, including a one-year free accident and healthcare policy. TVSM has tied up with few insurance companies for this and the...
ESIC is also covered under Consumers Protection Act
Posted on 23:02 by Unknown
The first question arise after reading this news item is tht ESIC use the word Insurance then why it is not covered under IRDA.DNA has covered a news item according to which''Consumer courts have been given additional role by the government and the judiciary under the Consumer Protection Act (CPA), 1986. In a recent order of the Supreme Court of India, Employees State Insurance hospitals have also been included in the ambit of justice given by Consumer Courts. This was the order in the case of Kishore Lal vs chairman, Employees State Insurance...
Kerala health insurance will cover those who are above the poverty line
Posted on 22:54 by Unknown
The Hindu Business Line has carried news that Kerala will be the state which will offer health insurance even to those who are above the poverty line.Is this that we have started diluting the scheme which has been developed by the Government of India for those who are coming under BPL.The General Insurance Officers All India Association (GIOAIA), Kerala unit, has appealed to the government to implement the comprehensive health insurance scheme through one of the public sector general insurance companies only. Hailing the Kerala Budget proposal...
KOTAK LIFE IS ALSO ENTERING HEALTH INSURANCE
Posted on 22:50 by Unknown
Kotak Mahindra Old Mutual Life Insurance Ltd, has also decided to launch a standalone health insurance scheme in the first half of the next fiscal. Till now, Kotak has been offering health schemes only as riders to its life insurance policies and this new scheme would be a standalone one, according to Arun Patil, company's senior vice- president for training and management. "This standalone scheme would cover as many diseases and eventualities as possible," he told reporters. Kotak would begin negotiations with hospitals for this scheme after this...
Wednesday, 5 March 2008
Will the floater health policies miss the tax benefits
Posted on 01:57 by Unknown
The Economic Times has carried a news item according to which tax benefits may not be vaialble to those who are having family floater health policies.According to Debjoy Sengupta''Do you hold a floater mediclaim policy that covers you, your spouse, your kids and your parents? Well contrary to belief, you may not be able to claim the new benefit under Section 80D of the income tax that lets individuals covering parents to avail of an additional tax benefit — Rs 20,000 for parents who are senior citizens and Rs 15,000 for parents below 60 years....
New India pays penalty for not renewing the health insurance policy
Posted on 01:28 by Unknown
The Hindu ,has carried the following news item.The Madras High Court has imposed a fine of Rs.10, 000 on New India Assurance Company for refusing to renew insurance policies of a septuagenarian couple because their son had shifted the policies of other, relatively young, family members and his employees to a private insurer. Dismissing a writ appeal filed by the company before the Madurai Bench, a Division Bench, comprising Justice A. Kulasekaran and Justice P. Murgesen, said such arbitrary denial would defeat the objective of medical claim insurance...
Tuesday, 4 March 2008
Senior Citizens Health Insurance -should it come under pool
Posted on 09:17 by Unknown
Senior Citizens Health Insurance -should it come under pool ?This idea is being considered by IRDA as well as Insurance companies in the light of the fact that claims ratio is high.The same plea was used when third party insurance of vehicles was being considered.The service level which the Indian Customer is getting with respect to third party insurance cover of 2 wheelers is well known.Let us be prepared with same thing in the case of health insurance of senior citizens .With no insurance intermediaries in between we foresee less number of proposals...
Friday, 29 February 2008
Rs 15000 paid for health insurance of your parents can get you rebate
Posted on 22:18 by Unknown
The Finance Minister has announced additional limit of Rs 15000 provided you have paid the same for health insurance of your parents.We welcome this.When we come to practical aspects then the points arises are;1.Insurance co wants parents to be the proposer under senior citizen policy and the proposal form should be filled up & signed by parents only.2.The cheque should be issued by the parent.While Income Tax deptt wants that premium should be paid by the income tax assesse only.This means that parent will pay and get the rebate.Let us see...
Wednesday, 27 February 2008
Tamilnadu to introduce health insurance for below the poverty line people
Posted on 02:47 by Unknown
According to Hindu Business Line,The Tamil Nadu Government has ordered that the National Health Insurance Scheme (Rashtria Swasthya Bima Yojana) for the unorganised sector workers belonging to the below poverty line (BPL) category and their families be taken up in Kancheepuram and Tirunelveli districts on a pilot basis. The Government has constituted a ‘Health Insurance Scheme Support Cell’ with the Commissioner of Labour as the Chairman. In a Government order issued on February 20, Ramesh Kumar Khanna, Secretary, Labour and Employment Department,...
Reliance General will not be keen in renewing the health Insurance policy in the event of claim being more than 60% of the sum assured
Posted on 02:36 by Unknown
Reliance General will not be keen in renewing the health Insurance policy in the event of claim amount being more than 60% of the sum assured.It is suggested to existing policyholders( who have logged in claim of more than 60% of the sum assured during the year) to be ready for changing the policy from Reliance to some other Insurance ...
Sunday, 24 February 2008
16 million workers under health insurance by Govt. of India
Posted on 09:47 by Unknown
The Secretary ,Dept of Labour ,Government of India has announced that 16 million workers from the unorganized sector will be covered under health insurance during yr starting April1.2008.This figure will increase to 60 million in the coming years.We should be pleased that health insurance is getting the importance which is needed.The cost is going to be Rs 30 per person.Persons will have the option to get the family members get covered.In the advertisement of Ministry of Textiles we have come across the details of Rajiv Gandhi Shilpi Swasthya Bima...
Wednesday, 20 February 2008
IHI Denmark starts advertising its Health Policy in India
Posted on 09:36 by Unknown
IHI Denmark has started releasing advertisements for its Health Policy in India.Should we assume that international companies have realized the potential which India offers?Indian Lock manufacurers did not realize the threat of Chinese locks and lost the market to Chinese imports.Under Govt of India rules Indians are permitted to spend money in Foreign exchange.While Indian Insurance companies take rigid stand on issuing the policies will we lose the business to International co's like IHI.Time will te...
Monday, 18 February 2008
IHI Denmark starts advertising in India
Posted on 10:40 by Unknown
IHI Denmark starts advertising in India-does it mean that they have realized the importance and potential of Health Insurance market in India. All are aware of that under liberal rules with respect to foreign exchange in India any one can send the payment out of India and some people will like to have health insurance policy from a foreign company. Indian insurance companies should not take it lightly.They will have to face global competitit...
LIC enters Health Insurance with Health Plus
Posted on 02:17 by Unknown
LIC has entered Health Insurance segment with Health Plus policy.Positive points are;Long term 20 YearsBenefit of Unit linked growthPayment of following;Hospital cash benefitMajor Surgical benefitDomicillary Treatment benefitLimits for HCB are;year 1 -18 daysYr 2 -60 daysYr 3 -365 days.Suppose amount chosen is 1000 Rs /daySelf Spousechild 1 child 2 Total amount paid is Rs 15000 then Rs 9000 will be used for buying of units and balance is towards health part.DTB starts after 3 yrs .i.e in 4 th Yr.Amount paid is Rs 2 lakhs and till Yr 20 it can be...
Monday, 14 January 2008
Need to abolish service tax on health insurance in India
Posted on 07:55 by Unknown
The budget exercise of Indian Government for the year 2008-09 is on and indications are that service tax on health insurance will be abolished.Seeing the importance of health insurance and very low penetration in India it is worthwhile for the Finance Ministry to abolish this tax on all policies whether individual,family or group. This should be done for next 10 years.Healthy people build strong nation and this can be the support from the government towards achieving the objecti...
Wednesday, 2 January 2008
Health Insurance Rates to go up in 2008
Posted on 10:39 by Unknown
After reading the news item that effective Jan.1,2008 premium rates for Fire + all risks will go down further ,we have been approached by many customers located all over the country that what reduction they can expect in the premium rates for health insurance.It is true that rates for Fire + all risks policy for low risk clients will go down but we foresee that rate for health insurance will get strengthened or we can say go up only .Reliance General Insurance had increased the rates in Dec. 2007 itself .Other Insurance co’s will have the tendency...
Health Insurance Premium to go up during 2008
Posted on 09:10 by Unknown
Many readers have read the news that with effect from Jan,1 2008 rates for Fire+all risks policy have gone down.They wish to know how much is the reduction in health insurance premium rates. Well ther is no reduction in the rates-infact you should expect the rates to go up.During Dec ,2007 relaince general Insurance has increased the rates for health insurance...
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