Saturday, May 9, 2015

Which insurance company provides maternity cover Rs 2 lakhs

Normally the figure is Rs. 30000 to Rs 50000 . It is good to know that now Royal Sundaram covers amount of Rs 2 lakh . This was requirement of up market customers who patronize hospitals like Fortis La femme in Greater Kailash 2 in New Delhi .

Details are available on ria

Saturday, February 28, 2015

Good & Bad for Insurance in Budget 2015

Good & Bad for Insurance in Budget 2015
  1. Increase in Health Insurance exemption limit from Rs 15000 to Rs 25000
  2. Increase in Health Insurance exemption limit for senior citizens from Rs 20000 to Rs 30000
  3. Jan Dhan account holders get Term cover for Rs 2 Lakhs by paying Rs 330 per year provided age is 18 to 50 years. Payment out of Bank Account

According to S K Sethi Director RIA Insurance Brokers Pvt Ltd
  1. We welcome increase the limit for Individuals and senior citizens Services tax should be removed for all Health Insurance policies. On premium of Rs 18000 Crores the tax collected is Rs 2050 Crores which is discouraging the families to buy Health Insurance.
  2. Rate should be Rs. 100 per year as Life Insurance have issued Group Term Insurance policies for Rs 76 per year for sum assured of Rs 2 lakhs . For 6crores persons rate has to be attractive. Rs 330 are very high premium. Negotiation is required by the Government.

Friday, March 21, 2014

Overseas Travel Policy of 14 Indian Insurance Companies is to be accepted by Embassies for Issue of Schengen (European Visa Authority) Visa

Overseas Travel Policy issued by following Indian Insurance Companies is not to be honoured by Schengen (European Visa Authority) w.e.f.March 10, 2014
1- National Insurance
2- SBI General
3- ICICI Lombard
4- Bharti Axa General
5- L&T General Insurance
6- Religare Health Insurance
7- Raheja QBE.
This decision seems to have come because of various reasons and some of these are
1- Claims not being honoured
2- Policies floating in the market, which were not genuine policies or we can say were fake policies
3- Inability of Visa authorities to verify the genuineness of the policy by accessing the data base of the Insurance Companies as software is not compatible.

We are reproducing the Circular of Visa Authority according to which list of approved or acceptable Insurance Companies is:
            Schengen States Consular Posts Approved List of Indian Travel Insurance Companies Providing Travel Medical Insurances for Schengen Visa Procedure
                 Effective as of 10 March 2014

                1) Apollo Munich for the age group of 6 months to 70 years
                2) Bajaj Allianz for the age group of 6 months to 70 years
                3) Chola MS for the age group of 0 month to 70 years
                4) Future Generali for the age group of 6 months to 70 years
                5) HDFC Ergo for the age group of 3 months to 70 years
                6) IFFCO Tokio for the age group of 3 months to 70 years
                7) New India Assurance Company for the age group of 0 month to 60 years
                8) Reliance for the age group of 3 months to 70 years
                9) Royal Sundaram for the age group of 3 months to 70 years
                10) Star Health and Allied Insurance for the age group of 6 months to 70 years
                11) Tata/AIG for the age group of 6 months to 55 years
                12) Oriental Insurance Company for the age group of 6 months to 60 years
                13) United India Insurance Company for the age group of 0 month to 65 years
                14) Universal Sompo for the age group of 0 month to 70 years
Consular Posts of Schengen States approved specific travel medical insurance policy schemes for corporate travels of travel insurance companies on this list with 70 years of age as upper limit of appropriate coverage. However, acceptance of travel medical insurance policy schemes for group travels (e.g. tour or incentive groups) with 70 years of age as upper limit of appropriate coverage is conditioned on that Consular Posts of Schengen States would be able to check the coverage of individual members of these groups in the Travel Insurance Portals of Non-Life Insurers of the General Insurance Council (online verification tool). 
Visa applicants are advised to note that other travel medical insurances issued by Indian insurance companies are not accepted for Schengen visa procedure. However, visa applicants may seek to obtain insurance in any other country where claims against the insurance company would be recoverable in a Schengen State.


Visa applicants for a Schengen visa for one or two entries shall prove that they are in possession of adequate and valid travel medical insurance to cover any expenses which might arise in connection with repatriation for medical reasons, urgent medical attention and/or emergency hospital treatment or death, during their stay(s) on the territory of the Schengen States. Visa applicants for a uniform visa for more than two entries (multiple entries) shall prove that they are in possession of adequate and valid travel medical insurance covering the period of their first intended visit. In addition, such applicants shall sign the statement, set out in the application form, declaring that they are aware of the need to be in possession of travel medical insurance for subsequent stays. The insurance shall be valid throughout the territory of the Schengen States and cover the entire period of the person’s intended stay or transit. The minimum coverage shall be EUR 30 000. Applicants shall, in principle, take out insurance in their country of residence. Where this is not possible, they shall seek to obtain insurance in any other country. When assessing whether the insurance cover is adequate, consulates shall ascertain whether claims against the insurance company would be recoverable in a Schengen State.

1This note makes reference to Article 15 of Regulation 810/2009 of the European Parliament and of the Council of 13 July 2009 establishing a Community Code on Visas.
We are surprised to see age limit of 70 years. What will happen to those who are above 70 years? This needs to be clarified. May be IRDA can come up with suitable action to save the image of those companies, who have been blacklisted.

We in Ria Insurance Brokers P Ltd will be pleased to answer queries from you, who are planning to go in for Schengen Visa in the coming months. We are reachable on

Tuesday, March 18, 2014

Salient Features of Cigna Health Insurance Policy

It is always good to have more entrants to Health Insurance sector as every new entrant brings some innovation in product, which is good or even better for the client.

Some of the features which we have noticed in Cigna product and need appreciation are:

  1. Sum Assured of Rs.100 Lakhs is possible. Till recently this was Rs.50 Lakhs / Rs.60 Lakhs in case of Religare Health Insurance. National policy for Senior Citizens has maximum cover of Rs 1 Lakh + Rs 2 lakh for Critical Illness.
  1. Overseas Travel -Insured is covered for sum assured or Rs.10 lakhs (whichever is lower) for overseas travel, where medical emergencies can be covered. This means that Overseas Travel Policy need not be required by those policy holders ,who are not bothered about risks like:
·        Baggage loss
·        Passport loss.

This benefit will be a good benefit for senior citizens, who may not need Medical examination for issue of overseas Travel Policy.

  1. For those who are opting for Sum Assured of Rs.4.5 lakhs and more – extensive medical tests can be done every year, which cost Rs.6000 to Rs.8000. Going in for medical tests every year can result in early diagnosis of some major ailments. It can avoid pain to the insured and avoid major claim on Insurance Company 

For quotes you may reach us on or call 9810090853

Tuesday, December 10, 2013

Let Us Welcome Cigna ttk Health Insurance in India

It is always good to have entry of new Insurance Company, especially Health Insurance Company. The fifth standalone health Insurance company of the country “Cigna ttk Health Insurance Company Ltd" will soon be entering the Indian market.

Cigna ttk health Insurance Co. Ltd has received the regulatory licence from the Insurance regulator IRDA on Nov.13, 2013 and soon it will start operations in the Indian market. Its head quarter will be in Mumbai.

Its a joint venture between U.S health service giant Cigna Corporation & an Indian conglomerate- ttk group.

We in Insurance Industry have been familiar with ttk as a TPA under the name of ttk Health Care Services Pvt. Ltd.

We are pleased that at least 1 US Health Insurer has entered the Indian Market. As we know that out of 4 -3 Insurance Companies have foreign affiliation with non US companies :
Star                                            Oman
Max Bupa                                    UK
Apollo Munich                              Germany
Religare Health                              ---

According to Mr. William L. Atwell, President of Cigna International “Entering in to India is an exciting new chapter for Cigna International, as we have the Innovative solutions to help the Indian Consumer meet the important health challenges. We are committed to improving access & quality of care while reducing costs.”

As per the plans of Cigna ttk - it will set up an innovative distribution network. It plans to leverage its network of pharmacies & physicians to sell its health insurance plans. The simple health Insurance products would be sold over the counter. We as feel that they (Cigna ttk) should not violate IRDA regulations on Corporate Agency/ Agency i.e product should be sold by trained professionals or organizations say Insurance Brokerage Firms. Recent penalties on Insurance Companies/ TPA’s/ Insurance brokerage Firms are an eye opener. We are sure Cigna, a great brand in US will not like to take any wrong step.

We understand that Cigna ttk product will be a box product & the buyer would be able to get a policy kit across a counter. This is similar to what Reliance General introduced in 2005. There may be a simple product for which medical tests are not compulsory criteria and the documents can be submitted online once the customer reaches home.

According to  Mr. Sandeep Patel, Managing Director & Chief Executive Officer of the company–“We will strongly leverage Cigna’s Global Health Insurance services, experience & expertise as well as the trust of the TTK group to offer an innovative suits of products.”

Let us hope that we as consumers will get special treatment from this company. Indian market has been waiting for introduction of following:
OPD Treatment
Dental Care

Cigna has been doing this in US for a long time. If they introduce these products/features  it will be a good achievement & initiative.

If it is going to be a normal product then customers are at present & having a wide choice available.

Monday, December 2, 2013

The Changes in Oriental Happy Family Floater policy’s guidelines result in increase in premium for many families as high as 86%

Till Nov. 03, 2013 the Oriental Happy Family Floater policy‘spremium calculation was unique & was very popular as in this the premium was calculated based on the age of the proposer. As a result the product was popular among large families comprising of self/spouse/parents/parents in law and even children below 21 years.

The revised calculation method announced by Oriental Insurance Co. Ltd. on Nov. 4, 2013 is:

·        If one generation is covered the primary member would be the person of higher age
·        If two generations are covered i.e. husband, wife & children, primary member would be the person of highest age.

·        If three generations are covered by excluding the senior most generations, the highest age member will be the primary insured.
This has affected the premium amount a lot.
Let us see this with example

Let us take an example- Suppose a family of 4 members, husband (35yrs), wife (33 yrs), mother (60yrs), father (62 yrs) was insured for Rs. 6 Lakhs of sum insured. According to the old rate their premium would be 20490 Rs. But, according to the revised rate its premium will be 38200.

Oriental Happy Family Floater Comparison Rates

Old Rate for Rs. 6 Lakhs
New Rate for Rs. 6 Lakhs

Rs. 7,140
Rs. 1,430
Rs. 1,430
Rs. 1,430
Rs. 7,800
Rs. 31,220
Rs. 4,120

Total Premium

Rs. 20,490
Rs. 38,200
Total Premium after (12.36%)

Rs. 23,023
Rs. 42,922

Due to this high increase in premium rate this product has lost its attraction. Is it good or is it bad for the company – only time will tell. We foresee many families will use the portability clause to switch over to other companies.

Surprising, No Health Insurance Policy is available for Cancer Patients

India is having 30 Lakhs Cancer Patients and every year 8 Lakhs new patients get added to this number.

The number of cancer patients in India is rising alarmingly and from year 2020 onwards, the nation will add more than 20 Lakhs new cancer patients every year,”

It is surprising to know that not even a single Insurance Company is ready to provide Health Insurance for patients who are having pre- existing cancerous condition.

The Raheja QBE, who offers a product separately with the name “Cancer Insurance”, does not cover a pre- existing cancerous condition. They provide cover to the persons who have not been diagnosed cancer symptoms.

Some Life Insurance Companies as well General Insurance Companies offer Critical Illness Cover under which Cancer is one of the diseases. It means Raheja QBE has introduced a disfeatured Critical Illness product under the fancy name of “Cancer Insurance”. This product does not cover a pre- existing cancerous condition or patient. They provide cover to the health persons who have not been diagnosed with Cancer symptoms.

Now, here is a question that which is a better option for proposer or client.
-        To purchase a standalone Cancer insurance of Raheja QBE
-        or
-        To purchase a life insurance policy providing a critical illness cover. Here is a comparative analysis of the premium rate of two companies who gives cover against cancer.

TATA AIA: - CriticalIllness cover for the Sum Insured of Rs. 10 Lakhs for a person of age 35 will cost Rs. 8892.
Raheja QBE: - A person of age 35 to get cover against cancer for the sum insured of 10 Lakhs will cost Rs. 3060.

Therefore we can interpret that the Life Insurance plan for Critical Illness Cover may be much better & cheaper than standalone Cancer Insurance Policy.

Rajiv Gandhi Cancer Institute located in Rohini, Delhi has a scheme that those who are having no pre existing cancerous condition can make one time donation of Rs. 5000. They can have checkup and when required will be given free of cost treatment by this hospital in the event of person getting Cancer. 

Although, Rajiv Gandhi Cancer Institute is not Insurance Company but the initiative taken by this hospital needs appreciation.