Oriental to come out with policy for senior citizens

National was the first one to come out with policy for senior citizens.It was followed by New India and United .Star is the co from Private sector ,which has been offering this policy.

Now it is the turn of Oriental to introduce the policy.Salient points of the policy will be ;
Entry age 60 yrs
Max age upto which the policy will be available will be 85 yrs
Max sum assured possible is Rs 2 lakhs only.( Rs 1.5 lakh for New India,RS 3 lakh for United,Rs 1 lakh for National)
Premium for age group of 60 to 65 for Rs 1 lakh will be Rs 3850 +Service Tax.This is lower than the premium being charged by National or Star.Good show-we welcome this.
Pre existing disease will be covered after 2 /3 yrs.

IRDA approval is awaited and then the formal announcement will be coming.

Oriental to come out with policy for senior citizens

National was the first one to come out with policy for senior citizens.It was folloed by New India and United .

Oriental to come out with policy for senior citizens

National was the first one to come out with policy for senior citizens.It was folloed by New India and United

Health Insurance gets attention of Chambers of Commerce

Few weeks back we had a conference in Mumbai,which was organized by CII.Now it is the turn of FICCI . This proves my prediction of 2005 (as mentioned in the first edition of the book Best Guide to Buy Health Insurance ) that Health Insurance will be one of the highest growth segment of Indian Insurance Industry.

FICCI is organizing a one-day conference on "Sustainable Health Insurance - Need of the Hour" on 29th November, 2007 at Federation House, New Delhi.

You will have the opportunity to hear the viewpoint of Mr C S Rao Chairman,IRDA as well as many other speakers ,who matter in Indian Health Insurance Industry

Those interested in attending this conference can contact Ms Natasha Wig/ Ms Neerja Dhamija at Ph: 011 - 23765339, 23357391; Fax: 011 - 23320714, 23721504; Email: finance@ficci.com.
Entry fee is Rs 3500.

Should we have standard format for proposal form for all insurance co's

Different insurance co's use different formats for the proposal.Many a times the branches are out of stock of printed forms.While we welcome the independence of all the co's but a standardised form will be a cost effective way to handle the whole thing.It will be easy to follow in this large country.If most of the co's can handle health proposal in 2 pages format then why someone should be using 4 page format.If the survey /study reveals that 4 page format is the right thing then let all of them follow 4 page format.

Hats off to Reliance General ,which has done away with these forms and issues the policy by giving a receipt ( half of A4 size paper) along with policy on the spot.

Comments are invited.

Is it becoming more difficult to insure a small group of say 25

Yes,it is becoming difficult to insure a group of say 25 persons.Most of the co's want that client should take individual policy for every one.Is it that Insurance co's want to increase the number of policies issued by them.In the case of 25 persons they will be able to issue 25 policies.

India like any other country survives on small enterprises.A medium size store employing 25 persons wishes to have the policy so that it can retain its employees being attracted towards joining large stores.

We sincerely hope that atleast specialised Health Insurance co's ;
Star
Apollo DKV
will come out with policy specifically oriented towards sme's.It should cater to group size of 25 to 75.

They can consider developing a specialised product to be sold only through Insurance Brokers Channel.

Broader definition of Pre existing disease-its impact

Some court judgements on pre existing disease,view point of IRDA & General Insurance Council is that definition of Pre existing disease should be made very clear so that Insurance co's do not use it as an excuse to repudiate the claim. This is a welcome step in the interest of the consumers located all over the country.
If it results in broader interpretation then claims ratio will definitely go up.We forsee the impact will result in increase in premium rates in the years to follow.
Let us see what happens.