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 the rooms/icu's. Let GIC(General Insurance Council) play a leading role in bringing down the hospital expenses and pass on the benefit to clients/customers.
Let IIM or ISB be given the assignment to undertake the study /research paper on the profitability of the hospitals/ loss of Insurance co's so that corrective steps can be initiated.
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 the rooms/icu's. Let GIC(General Insurance Council) play a leading role in bringing down the hospital expenses and pass on the benefit to clients/customers.
Let IIM or ISB be given the assignment to undertake the study /research paper on the profitability of the hospitals/ loss of Insurance co's so that corrective steps can be initiated.
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 adverse claims experience. With complaints pouring in from senior citizens, the regulator has set up a special cell to look into their complaints. The regulator has appointed R Srinivasan as officer on special duty, in charge of the cell based at IRDA’s Hyderabad office. Senior citizens who have problems with their mediclaim renewal can contact this special cell. The IRDA panel on health insurance issues faced by senior citizens mooted the idea. Senior citizens’ association has been clamouring for a special cell, given that health insurance accounts for over 15% of non-life premium. The IRDA panel had also recommended a health insurance pool under the aegis of IRDA to take over high risks cases, including the ones whose renewal premium is hiked by over 40%. A similar pool exists for motor third-party liability insurance. IRDA is yet to take a view on the pool for rejected health insurance covers. Incidentally, the regulator had put a similar cap on rates for third-party liability insurance a couple of years ago, even after it was decided to increase rates by over 100%. In a circular to public sector insurance companies, the regulator said that PSUs have already revised the premium rates in respect of mediclaim policies in April 2007. “The authority received several complaints from senior citizens that renewal premiums charged to them were exorbitant. The authority, therefore, advised all the public sector general insurance companies that: The loading of premiums if justified for renewals of mediclaim policies issued to senior citizens shall not exceed 50-75% of the premiums charged prior to the revision.” IRDA has also said, “Senior citizens shall not be compelled by the insurance companies to migrate to other health insurance products, if it is to the disadvantage of senior citizens. The above instructions are applicable to renewal cases only. The authority has now created a separate cell to attend to the grievances of senior citizens in respect of non-renewals or exorbitant increases in premium of mediclaim policies of public sector general insurance companies,” the circular said.
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 adverse claims experience. With complaints pouring in from senior citizens, the regulator has set up a special cell to look into their complaints. The regulator has appointed R Srinivasan as officer on special duty, in charge of the cell based at IRDA’s Hyderabad office. Senior citizens who have problems with their mediclaim renewal can contact this special cell. The IRDA panel on health insurance issues faced by senior citizens mooted the idea. Senior citizens’ association has been clamouring for a special cell, given that health insurance accounts for over 15% of non-life premium. The IRDA panel had also recommended a health insurance pool under the aegis of IRDA to take over high risks cases, including the ones whose renewal premium is hiked by over 40%. A similar pool exists for motor third-party liability insurance. IRDA is yet to take a view on the pool for rejected health insurance covers. Incidentally, the regulator had put a similar cap on rates for third-party liability insurance a couple of years ago, even after it was decided to increase rates by over 100%. In a circular to public sector insurance companies, the regulator said that PSUs have already revised the premium rates in respect of mediclaim policies in April 2007. “The authority received several complaints from senior citizens that renewal premiums charged to them were exorbitant. The authority, therefore, advised all the public sector general insurance companies that: The loading of premiums if justified for renewals of mediclaim policies issued to senior citizens shall not exceed 50-75% of the premiums charged prior to the revision.” IRDA has also said, “Senior citizens shall not be compelled by the insurance companies to migrate to other health insurance products, if it is to the disadvantage of senior citizens. The above instructions are applicable to renewal cases only. The authority has now created a separate cell to attend to the grievances of senior citizens in respect of non-renewals or exorbitant increases in premium of mediclaim policies of public sector general insurance companies,” the circular said.
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 company is charging senior citizens almost Rs 1,000 extra in premium. For example, for a sum assured of Rs 1 lakh, the company is charging Rs 2,700 in premium compared to Rs 1,500 before the revision. It may be recalled that all public sector general insurance companies had revised mediclaim premium n April 2007.
Irda further added. “The Authority has received several complaints from senior citizens that renewal premiums are exorbitant. Senior citizens should not be compelled by insurance companies to migrate to other health insurance products if it is to the disadvantage of senior citizens.”
The regulator has asked all chairmen of public sector insurance companies not to exceed 50 – 75 percent of premium charged prior to the revision. Meanwhile, the regulator has created a separate cell to attend to grievances of senior citizens in respect of non-renewals or exorbitant increases in premium payments on mediclaim policies by public sector general insurance companies.
Those of you who want to send complaints can send these to ;
The Grievances Cell
Senior Citizens Health Insurance
IRDA
3 rd Floor
Parishrama Bhavan
Basheer Bagh
Hyderabad – 500004
Attn. Shri R Srinivasan,Officer on Special Duty
Incidentally people are curious to know how many policies have been issued to senior citizens?
An effort by Mint to get this info resulted in total silence from all insurance co's and no one revealed any figure.
We estimate it is less than 2000 on all india basis.
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 company is charging senior citizens almost Rs 1,000 extra in premium. For example, for a sum assured of Rs 1 lakh, the company is charging Rs 2,700 in premium compared to Rs 1,500 before the revision. It may be recalled that all public sector general insurance companies had revised mediclaim premium n April 2007.
Irda further added. “The Authority has received several complaints from senior citizens that renewal premiums are exorbitant. Senior citizens should not be compelled by insurance companies to migrate to other health insurance products if it is to the disadvantage of senior citizens.”
The regulator has asked all chairmen of public sector insurance companies not to exceed 50 – 75 percent of premium charged prior to the revision. Meanwhile, the regulator has created a separate cell to attend to grievances of senior citizens in respect of non-renewals or exorbitant increases in premium payments on mediclaim policies by public sector general insurance companies.
Those of you who want to send complaints can send these to ;
The Grievances Cell
Senior Citizens Health Insurance
IRDA
3 rd Floor
Parishrama Bhavan
Basheer Bagh
Hyderabad – 500004
Attn. Shri R Srinivasan,Officer on Special Duty
Incidentally people are curious to know how many policies have been issued to senior citizens?
An effort by Mint to get this info resulted in total silence from all insurance co's and no one revealed any figure.
We estimate it is less than 2000 on all india basis.
Wednesday, 12 March 2008
Delhi Govt to start HEALTH INSURANCE SWASTHYA BIMA YOJNA
Posted on 23:21 by Unknown
According to The Tribune
The 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 the workers and their families who possess BPL ration cards. She added that the RSBY would be launched next month in a function. The scheme would be implemented in association with Oriental Insurance Company Limited which would bear the cost of medical treatment up to Rs 30,000 a year per family. The beneficiaries of the scheme would be issued a smart card that will permit cashless medical transaction. The cost of issuing of the smart card would also not be charged from the beneficiary. Every person seeking insurance cover would have to get registered.
We welcome the step of Delhi Govt.
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 that
IRDA 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 percent.
IRDA 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 percent.
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 period, no claim discount on revised premiums, coverage for the largest range of ailments, free second opinion from the best in the country on diagnosis of illness and free telephonic medical helpline. The plan not only provided protection against medical expenses related to hospitalisation but also provided recuperation benefits.
It is nice to know that all PVt Life co's are finding this as a good market.
The qestion is are they followers - Do they treat LIC as their leader/
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 period, no claim discount on revised premiums, coverage for the largest range of ailments, free second opinion from the best in the country on diagnosis of illness and free telephonic medical helpline. The plan not only provided protection against medical expenses related to hospitalisation but also provided recuperation benefits.
It is nice to know that all PVt Life co's are finding this as a good market.
The qestion is are they followers - Do they treat LIC as their leader/
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