Wednesday, June 26, 2013

Good idea to buy Health Insurance for your support staff

Good idea to buy Health Insurance for your support staff.

Nikhil Dwivedi has done a good thing by buying Health Insurance for his employees as well as families. He has got good appreciation for his gesture.
Times of India is leading a campaign with focus on Compassion.

“Make Compassion your passion on 28th June” is a good theme. On that day or nay other day in the year you as an individual can do something for your support staff (Servant, Maid Servant, Driver, Mali, Gardener, Chowkidar or Guard) by giving them gift of insurance policy.

All these efforts deserve appreciation.

Insurance Foundation of India a Not for Profit Organization is doing good work in spreading the message of Insurance among masses ( and has been  making NGO’s aware of Micro Insurance & Social Insurance. Recently a Conference was held in Delhi in association with PHD Chamber of Commerce, where large number of NGO’s attended the conference.

What we have to say is that :

1. Nikhil Dwivedi
2. Times of India
or any one else who is giving Health Insurance or any other insurance policy to his/her support staff deserves appreciation.

Friday, June 21, 2013

30% Increase in Health Insurance Premium

30% Increase in Health Insurance Premium 

It was anticipated for quite sometime that Health insurance Premium will go up as inflation has been affecting the costs of Insurance companies.

In next few months (second half of 2013) let us be prepared for increase in premium of the order of 30% in following companies:

New India Assurance                 August 2013
National Insurance                     October 2013
Oriental Insurance                     October 2013
United India                               June 2013

According to the Mr. N.S.R.Chandraprasad Chairman , National Insurance Company Ltd  – “ This increase is coming after 6 years as last time it was done was in 2007 “

We appreciate the increase in premium so that Health Insurance Portfolio should not be a loss making portfolio. In fact no portfolio should be a loss making portfolio.

One thing which we do not understand – Why do Insurance Companies do aggressive pricing when it comes to quote for Group Health Insurance? Corrective steps are needed to control this practice so that Group Health Insurance Portfolio should also be a profit making portfolio. Claims at 125% of the premium are not acceptable.

Recently we came across a case where claims during 2012-13 were Rs.13.5 lakhs but another company picked up the business by quoting premium of  Rs.9.80 lakhs. We feel individuals / families are being penalized for  this unprofitable Group Business.

It is time strict steps are taken to correct this.