Reliance General Insurance Company Limited has increased minimum sum assured limit for Health Wise Silver Plan to Rs.3 lakhs. Even though in leaflets/ brochures Reliance Health Wise minimum sum assured limit for Silver Plan is Rs.1 lakh. But in May 2009 Reliance has stopped accepting proposals for less than Rs.3 lakhs. It means minimum sum assured under Reliance Health-Wise Silver Plan is now Rs.3 lakhs. We feel that this is a step in the right direction as insurance companies are under pressure to control costs. Cost of issuing a policy is estimated at Rs.350 to 450. For a policy where premium is Rs.800 only the insurance company is definitely losing good amount ofmoney.
We are also informed that Reliance has issued guidelines under which at the time of renewal sum assured cannot be increased for Health Wise Silver or Gold. This will motivate customers to buy higher sum in the beginning itself.
For more information visit http://www.healthinsuranceindia.org
Friday, May 8, 2009
Customers to benefit from New Renewal Rules for Health Insurance Policies w.e.f June 1, 2009
Customers to benefit from New Renewal Rules for Health Insurance Policies w.e.f June 1, 2009
These rules as announced by IRDA are:
1. An insurer can’t deny renewal on any ground other than fraud.
2. The policy brochure will have to clearly state the terms and conditions of renewal
3. It will have to mention the age till which renewal will be allowed.
4. It will have to mention the circumstances under which and the extent to which premiums will change.
5. Insurers will have to intimate the policy holder about any change in premiums three months in advance and not at the time of renewal.
6. Renewals will be allowed up to 15 days from the due date.
Renewal Age :
The policy document will now mention the maximum age till which an insured person can renew a policy.
Premium Changes :
Though the insurers will reserve the right to alter the premiums, they would be able to do so only under certain conditions, like the policyholder having a poor track record or medical inflation.
Insurance regulator tells non-life insurers to mention renewal related details in health policy documents to ensure transparency.
Grace Period :
An insurer will have to renew policies up to 15 days from the actual date of renewal.
We will welcome service from Insurance Company where the customer can go to the website and look at renewal premium by feeding his policy number and password-may be his mobile number or date of birth.This will save lot of headache and early collection of premium by the Insurance Company.Let us see who starts this as a customer service.
For more details please visit http://www.healthinsuranceindia.org
These rules as announced by IRDA are:
1. An insurer can’t deny renewal on any ground other than fraud.
2. The policy brochure will have to clearly state the terms and conditions of renewal
3. It will have to mention the age till which renewal will be allowed.
4. It will have to mention the circumstances under which and the extent to which premiums will change.
5. Insurers will have to intimate the policy holder about any change in premiums three months in advance and not at the time of renewal.
6. Renewals will be allowed up to 15 days from the due date.
Renewal Age :
The policy document will now mention the maximum age till which an insured person can renew a policy.
Premium Changes :
Though the insurers will reserve the right to alter the premiums, they would be able to do so only under certain conditions, like the policyholder having a poor track record or medical inflation.
Insurance regulator tells non-life insurers to mention renewal related details in health policy documents to ensure transparency.
Grace Period :
An insurer will have to renew policies up to 15 days from the actual date of renewal.
We will welcome service from Insurance Company where the customer can go to the website and look at renewal premium by feeding his policy number and password-may be his mobile number or date of birth.This will save lot of headache and early collection of premium by the Insurance Company.Let us see who starts this as a customer service.
For more details please visit http://www.healthinsuranceindia.org
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