A joint venture health insurance company in India is being formed by Religare Enterprises Ltd and Swiss Reinsurance Company (Swiss Re). An agreement has been agreement in this regard by the two parties.
Swiss Re will be a minority shareholder and will seek to provide its actuarial, risk management and underwriting expertise to the new venture.
The proposed joint venture will seek to commit sufficient investment to achieve a successful launch of the business, which Religare and Swiss Re anticipate will be operational by 2010.
The proposed joint venture will further strengthen Religare’s diversified portfolio and bolster its presence in the insurance domain.
Sunday, June 14, 2009
Tuesday, June 9, 2009
Portability of Health Insurance Policy on the Anvil
Switching policies from health insurance providers will be possible soon according to IRDA and this will be done without any change in premiums. The issues with health insurance portability are being sorted out.
Some of the issues are:
Exchange of data
Bonus transfer
Two policies could be dissimilar.
To overcome these and other hassles the General Insurance Council has designed sort of basic health plan which can be completely portable.
The present health insurance policy holder is given health cover for a year and the same has to be renewed every 12 months. If there is no claim, the policy holder is entitled to a bonus in the form of increased sum and for every claim-free year, this bonus gets accumulated.
After the expiry of the term, if one intends to switch over to a new company, the accumulated bonus is not carried forward and one has to start all over again.
Some of the issues are:
Exchange of data
Bonus transfer
Two policies could be dissimilar.
To overcome these and other hassles the General Insurance Council has designed sort of basic health plan which can be completely portable.
The present health insurance policy holder is given health cover for a year and the same has to be renewed every 12 months. If there is no claim, the policy holder is entitled to a bonus in the form of increased sum and for every claim-free year, this bonus gets accumulated.
After the expiry of the term, if one intends to switch over to a new company, the accumulated bonus is not carried forward and one has to start all over again.
Thursday, January 29, 2009
Three more health insurance policies by Oriental Insurance
Aiming to widen its focus on the health insurance business, state-owned general insurancer Oriental Insurance on Friday said it would launch a slew of health policies early next fiscal.
Company's Chairman and Managing Director M Ramadoss, said "Health segment is one of our core areas. We are planning to launch two-three long-term health policies.”
The company, he said, is also "fine-tuning" its mediclaim policies to extend enhanced benefits to customers.
Ramdoss said that the company would be filling these products with the regulator ,IRDA, by end-this fiscal and hope to start selling them from April. Oriental's health insurance business grew by 25 per cent. This year, we expect to grow by more than 35 per cent.
Company's Chairman and Managing Director M Ramadoss, said "Health segment is one of our core areas. We are planning to launch two-three long-term health policies.”
The company, he said, is also "fine-tuning" its mediclaim policies to extend enhanced benefits to customers.
Ramdoss said that the company would be filling these products with the regulator ,IRDA, by end-this fiscal and hope to start selling them from April. Oriental's health insurance business grew by 25 per cent. This year, we expect to grow by more than 35 per cent.
Friday, January 9, 2009
Consumer Court Asks Insurance Firm to Compensate Medical Claim
No patient wants to unnecessarily stay in hospital for even an hour, a consumer court has said directing an insurance firm to compensate a man who was denied medical claim for her daughter's injuries on the ground that her wounds were not serious enough to require hospitalization.
Terming the repudiation of mediclaim as"malafide and deficiency in service", the Forum directed the state-owned National Insurance Company Ltd to pay Rs 17,270 to Ashok Narain Sharma, a resident of Model Town in north Delhi. The panel said patients cannot assume the role of doctor and they cannot defy the advice of their consultants.
“When the doctor suggests a stay as indoor patient, the patient has to follow the directives of the doctor. No patient will like to remain admitted even for an hour," Central district Consumer Forum President A K Jain said.
Kirti Sharma, daughter of the complainant, who had met with an accident remained admitted to a private hospital for four days in August, 2006. The complainant, who approached the insurance company for reimbursement of Rs 12,270 for expenses incurred her treatment, was shocked to know that his claim had been rejected on the ground that her injuries did not require hospitalisation.
The company, relying upon a report of a surveyor, had submitted that the insured patient had minor injury on her face in which OPD treatment was enough.
Terming the repudiation of mediclaim as"malafide and deficiency in service", the Forum directed the state-owned National Insurance Company Ltd to pay Rs 17,270 to Ashok Narain Sharma, a resident of Model Town in north Delhi. The panel said patients cannot assume the role of doctor and they cannot defy the advice of their consultants.
“When the doctor suggests a stay as indoor patient, the patient has to follow the directives of the doctor. No patient will like to remain admitted even for an hour," Central district Consumer Forum President A K Jain said.
Kirti Sharma, daughter of the complainant, who had met with an accident remained admitted to a private hospital for four days in August, 2006. The complainant, who approached the insurance company for reimbursement of Rs 12,270 for expenses incurred her treatment, was shocked to know that his claim had been rejected on the ground that her injuries did not require hospitalisation.
The company, relying upon a report of a surveyor, had submitted that the insured patient had minor injury on her face in which OPD treatment was enough.
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