Thursday, February 5, 2009

Indian Insurance Company’s don’t need the premium from NRI’s

Indian Insurance Companies don’t need the insurance premium from NRI’s

India as a country got $ 39 billion(during 2008) from NRI’s who are working abroad. We even have a separate Ministry to take care of NRI Affairs, which shows the importance our Finance Ministry gives to money being sent to India in the form of foreign exchange. We organize full fledged international conference every year. This year it was organized in Chennai recently.

It is surprising to note that we do not need the insurance premium from the same NRI’s.Our underwriting norms are strict.

We have come across many NRI’s who are living in foreign and knowing that when they will return to India at the age of 60 then they may be compelled to have policies developed for Senior citizens insurance which have the following constraints;
Limit on sum assured
Co payment
Higher premium

They have realized that at the age of 55 or 57, if they buy a policy under normal category then they will go on having the renewals under that policy which is much more beneficial to them. Recently we got many such customers .Let us take an example
NRI residing In Middle East
Age 57 Yrs
Wife 55 Yrs
Wishes to have family floater health insurance for Rs. 10 lakhs. Co should be such
and product should be such that policy goes on getting renewal till the age of 80 Years. This means that Insurance co is getting a dependable customer for next 23 years.

Health Insurance Company's
Companies wish is that he and his wife should come to India to get medical examination (ECG, blood test, urine test) done. Expecting a customer to come all the way from Middle East to India( Air ticket may be costing Rs.20000 for each -total Rs 40000) to get the tests done. This is another way of saying to the customer that we do not need your business.
We feel that the time has come when we start treating the customers in a good and respectable manner? Our request to the Insurance companies that the customer is ready to go to get the Tests done at any nominated clinic /hospital in Middle East met with negative response.

This point was put forward in the Assocham Conference in New Delhi and was appreciated by high ups from Insurance companies.

Parents Health and Medical Insurance Policy Rishtey for NRI & All plz visit our website http://www.healthinsuranceindia.org/

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