Obesity can be a great risk for Covid patients

Obesity can be a great risk for Covid patients

1. We are aware that senior citizens should be careful in protecting themselves from this infection.
2. Some more research studies are revealing the Obesity can be a great risk for Covid patients.

The study coming from the countries US, France and China is as follows “Emerging research into severe coronavirus cases has found that obesity appears to pose a much greater risk than expected. People with obesity often have other medical problems as well, but new studies - in the US, France and China - point to obesity itself as the second most significant complicating factor in severe corona virus cases, after age. Young adults with obesity appear to be at particular risk, even if they have no other health issues.”

The reason can be that obese people can be having respiratory diseases.

Health Insurance premium is going to be increased (may be 25%) in near future

Health Insurance premium is going to be increased (may be 25%) in near future

Due to various measures taken by IRDAI with respect to certain diseases, like mental disease being covered under Health Insurance policies there is need to increase the premium. We understand various insurance companies are submitting their updated products with higher premium rates. Indications are that increase may be as high as 25% Covid 19 has also added another dimension to this.

It is suggested to those who have to renew the policy - do it as soon as possible. Those who wish to buy health Insurance -buy it at the earliest. It will be a good idea to buy a policy for 2 years or may be 3 years so that you can have effective saving.

Renewal Insurance premium for Health Insurance Policies can be paid till 15 May 2020

Renewal Insurance premium for Health Insurance Policies can be paid till 15 May 2020

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EXTRAORDINARY

PART II- Section 3- Sub-section (ii)

PUBLISHED BY AUTHORITY

Due to lock down there has been anxiety on payment of Health Insurance Premium. By issue of this Gazette notification the government has clarified. We welcome this.

Is Consolidation process on in health Insurance?

Understand HDFC Ergo is near to close its deal with Apollo Munich. We are aware of that Ergo and Munich Re are brands of the same German group. 

The questions before us are - After the deal is through

• Will Apollo Munich remain a separate company?
•  Will it be merged with HDFC Ergo?

You should not be surprised if  Health portfolio of HDFC Ergo is merged with Apollo Munich Insurance which is 100% health Insurance Company and has built up expertise in the Health portfolio over many years.

We are sure the name of Apollo will be dropped out of the brand and HDFC Munich Health Insurance comes before us as a new Brand.  Let us wait and watch.

ttk is moving out of Cigna ttk as the equity is being sold to Manipal Hospital Group.

At the same time we are hearing about merger of Oriental, National and United. If the merger takes place, then this will also be a major change. We foresee Health portfolio of 4 PSU's getting under one banner. One thing is sure that Health Insurance Portfolio is going to increase and increase.

With fewer exclusions, why health insurance premium should increase?

In the recent months Government/ Regulator has been moving in the direction of reducing exclusions in Health Insurance Policy. I found it interesting to read the viewpoint of leading persons in the country in Mint Newspaper:

• Mr. S. Brahmajosyula (head, underwriting and reinsurance) SBI General Insurance
• Mr. G. S Batra (head,retail underwriting) bajaj Allianze General Insurance
• Mr. Tarun Mathur (Chief, business officer, general insurance) policybazaar.com
• Mr. Ravi Vishwanath (executive Director and chief executive officer) reliance Health Insurance.

Indications are that due to reduction of exclusions the industry is in a mood or is considering to increase the premium.

Are we not ignoring the fact that reduction in exclusions will result in increase in customer base as more customers will buy this product. As the number of policy holders increases the benefit should be passed on them.

Various factors are stopping us from increase in premium as this will result is retarding the growth of health insurance. Reduction of Fixed Deposit interest rate has affected many senior citizens and has compelled them to either reduce sum assured in the policy or even let the policy lapse.

It is our right to expect from Finance Minister that GST on health insurance policy be reduced or why not be brought to 0%.

50 Crores families will benefit from Ayushman with majority funding coming from Government. Then  4 Crores families who buy Health Insurance out of their own pocket or savings –Government should  support them with GST at 0%or say 5%  on Health insurance.

If you are convinced with this view point then take initiative of writing your demand to Finance Minister as her office has started working on the Budget. I am sure hon’ble Minister will definitely respond to 25000 letters.

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 @surekhae.com

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.