maverick_ronnie
Par 100 posts (V.I.P)
i request other members plzzz post some valuable information that u have.......
Insurance news.. nw stay updated
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maverick_ronnie
Par 100 posts (V.I.P)
Indiabulls, SocGen arm form life insurance JV
MUMBAI: Indiabulls Financial Services (IBFSL) and Sogecap, the insurance arm of Societe Generale (SocGen), have formed a 74:26 joint venture to enter the domestic life insurance market. IBFSL had short-listed German insurance major Ergo and SocGen for its proposed insurance foray and talks were on with both foreign firms during the last four months. Senior IBFSL officials said the life insurance venture will be initially capitalised with Rs 300 crore, of which SocGen has contributed Rs 150 crore for its 26% stake.
Sogecap will own 26% of the paid-up capital of the new insurance joint venture named Indiabulls Societe Generale Life Insurance while the remaining stake will be held by the Indian firm. Indiabulls has already got permission from the Reserve Bank of India (RBI) for investing in the JV. The JV has also initiated the approval process with IRDA. AK Shukla, former chairman of LIC, has been appointed as the non-executive chairman of the JV company.
SocGen has a very strong India presence through a JV with SBI in SBI Mutual Fund in which it owns 35%. SocGen had recently also bought out Apeejay Finance, a Kolkata-based NBFC, and is looking at retail financing opportunity in India. Sogecap is currently running the life insurance business in over 10 countries and is the third-largest insurance company in France.
Gagan Banga, CEO, Indiabulls Financial Services, said his company has been focusing on the insurance sector and has built a very scalable distribution set-up. “Thanks to a strong partner like SocGen, who already understands the Indian landscape because of their long-standing JV with SBI, we will be among the top three life insurance players within three years,” said Mr Banga.
SocGen ranks among the top 10 banks in Europe and is also planning to enter the Indian retail banking space subject to regulatory approvals. “Given the fact that IBFSL is one of the largest retail financial services companies with over a million customers, the life insurance foray marks a natural step forward in its quest to diversify beyond mortgage and consumer financing and stock broking,” another IBFSL official said.
IBFSL has a pan-India presence through its 600 offices in over 200 cities and this distribution network will help the life insurance company to start operating at scale very quickly. Sources close to the deal said the company expects to capitalise the life insurance company to the tune of Rs 2,000 crore over the next three years and is targeting to start collecting first year premium of over Rs 5,000 crore by 2010.
Indiabulls is already the largest corporate agent for Max New York Life and will collect premium exceeding Rs 100 crore in the current financial year for Max New York Life. Sogecap has currently contributed to 50% of the capital for 26% stake and has undertaken to continue to contribute to 50% in all capital infusions for the next three years.
IBFSL will now represent the financing business and will also hold the various new initiatives like life insurance, asset management and the proposed multi-commodity exchange in JV with MMTC, at a subsidiary level.
MUMBAI: Indiabulls Financial Services (IBFSL) and Sogecap, the insurance arm of Societe Generale (SocGen), have formed a 74:26 joint venture to enter the domestic life insurance market. IBFSL had short-listed German insurance major Ergo and SocGen for its proposed insurance foray and talks were on with both foreign firms during the last four months. Senior IBFSL officials said the life insurance venture will be initially capitalised with Rs 300 crore, of which SocGen has contributed Rs 150 crore for its 26% stake.
Sogecap will own 26% of the paid-up capital of the new insurance joint venture named Indiabulls Societe Generale Life Insurance while the remaining stake will be held by the Indian firm. Indiabulls has already got permission from the Reserve Bank of India (RBI) for investing in the JV. The JV has also initiated the approval process with IRDA. AK Shukla, former chairman of LIC, has been appointed as the non-executive chairman of the JV company.
SocGen has a very strong India presence through a JV with SBI in SBI Mutual Fund in which it owns 35%. SocGen had recently also bought out Apeejay Finance, a Kolkata-based NBFC, and is looking at retail financing opportunity in India. Sogecap is currently running the life insurance business in over 10 countries and is the third-largest insurance company in France.
Gagan Banga, CEO, Indiabulls Financial Services, said his company has been focusing on the insurance sector and has built a very scalable distribution set-up. “Thanks to a strong partner like SocGen, who already understands the Indian landscape because of their long-standing JV with SBI, we will be among the top three life insurance players within three years,” said Mr Banga.
SocGen ranks among the top 10 banks in Europe and is also planning to enter the Indian retail banking space subject to regulatory approvals. “Given the fact that IBFSL is one of the largest retail financial services companies with over a million customers, the life insurance foray marks a natural step forward in its quest to diversify beyond mortgage and consumer financing and stock broking,” another IBFSL official said.
IBFSL has a pan-India presence through its 600 offices in over 200 cities and this distribution network will help the life insurance company to start operating at scale very quickly. Sources close to the deal said the company expects to capitalise the life insurance company to the tune of Rs 2,000 crore over the next three years and is targeting to start collecting first year premium of over Rs 5,000 crore by 2010.
Indiabulls is already the largest corporate agent for Max New York Life and will collect premium exceeding Rs 100 crore in the current financial year for Max New York Life. Sogecap has currently contributed to 50% of the capital for 26% stake and has undertaken to continue to contribute to 50% in all capital infusions for the next three years.
IBFSL will now represent the financing business and will also hold the various new initiatives like life insurance, asset management and the proposed multi-commodity exchange in JV with MMTC, at a subsidiary level.
maverick_ronnie
Par 100 posts (V.I.P)
Patients have had to pay cash despite having a cashless mediclaim
Cashless hospitalisation is not a new concept anymore. If you have one, you would know that a patient could undergo a treatment at any of the hospitals listed with your insurer without having to pay cash at the time of treatment. The payment is usually made by the Third Party Administrators (TPAs). The latter’s role primarily being to provide administrative support to the insurance companies for servicing their insurance policies. So as far as you are concerned, TPAs are the main contact point for settling claims.
So what do you need to do ? Once the patient is discharged from the hospital you have to forward the concerned medical reports and documents along with the medical bills to the TPA. Then, in return, TPA pays the hospital dues by issuing a letter which guarantees the payment for the treatment you have undergone. But there have been several instances where cashless mediclaim has not really stood up to its definition. In fact, patients have had to pay cash despite having a cashless mediclaim.
The usual woes
The problem customers increasingly face is part payment by TPAs. Medi Assist India chief executive officer Madhavan B says “This trend will continue until the hospitals standardise the rates. There is also a lack of standardisation in billing documents, which adds to administrative problems.”
There could be two ways in which you might be asked to pay money, despite you buying a cashless mediclaim policy. One way is that the TPA approves a part of the amount and the balance has to be borne by you for the time being till the final bill is produced by the hospital. Once the final bill is produced at the time of discharge, the concerned TPA will pay up the balance amount to the hospital.
The hospital in turn would repay the patient. Under the second method, the TPA sanctions only a part of the total estimated amount and you have to pay off the balance. Then the TPAs will reimburse the balance in 20 days.
TPAs sanction the claim amount based on a clause called “customary and reasonable charges”. Insurers promise that they will reimburse the entire medical cost incurred by the policyholders but medical costs are becoming more subjective these days, the TPAs say. There is a difference in interpretation between the necessary charges and reasonable charges.
“While the Tier II and Tier III hospitals are agreeable to the rates negotiated by TPAs, the premium and Tier I hospitals work on their own terms and conditions when it comes to costing, says another TPA under conditions of anonymity. In most cases, the reasons for a part sanction of the total amount by the TPA are, lack of clarity on break-up of charges given by the doctor and secondly, fear of misuse of funds by the hospital. How to ensure a smooth claiming process?
First of all, ensure that the policy holder who has to undertake the medical treatment should talk to the TPA before hospitalisation. The policy holder has to get an estimate of the medical cost that would be incurred for treating the ailment from the hospital. Once the TPA receives your request it finds out whether the amount mentioned complies with their “customary and reasonable charges” clause. Then the TPA will be giving you an idea of how much will it reimburse as the claim amount.
“Now what happens is most clients rush to the hospital at the eleventh hour, even in case of planned surgeries/treatment. This adds to claim worries”, Mr Madhavan adds. Most cashless mediclaim do not cover OPD consultation /procedure /investigation done in pre-hospitalisation period.
Points to remember Once you fill up the insurance form you have to ensure that you have received the insurance cards from the TPA.
If not, contact the TPA or the agent. Also you need to know your TPA whenever you use the cashless mediclaim. The other important aspect is that every cashless mediclaim has a list of hospitals along with the room specifications. Most insurers only accommodate air-conditioned rooms now as against deluxe rooms earlier because of rising medical costs. All claims will be processed by the TPA directly. So you have to submit all the original bills and relevant medical documents to the TPA.
Considering these problems, is it time to stay away from mediclaims? Certainly not, since medical costs are spiralling and there is no other alternative to prepare for unforeseen medical expenditure. Being cautious and aware of market practices could actually save you from lot of surprises in 2008.
Cashless hospitalisation is not a new concept anymore. If you have one, you would know that a patient could undergo a treatment at any of the hospitals listed with your insurer without having to pay cash at the time of treatment. The payment is usually made by the Third Party Administrators (TPAs). The latter’s role primarily being to provide administrative support to the insurance companies for servicing their insurance policies. So as far as you are concerned, TPAs are the main contact point for settling claims.
So what do you need to do ? Once the patient is discharged from the hospital you have to forward the concerned medical reports and documents along with the medical bills to the TPA. Then, in return, TPA pays the hospital dues by issuing a letter which guarantees the payment for the treatment you have undergone. But there have been several instances where cashless mediclaim has not really stood up to its definition. In fact, patients have had to pay cash despite having a cashless mediclaim.
The usual woes
The problem customers increasingly face is part payment by TPAs. Medi Assist India chief executive officer Madhavan B says “This trend will continue until the hospitals standardise the rates. There is also a lack of standardisation in billing documents, which adds to administrative problems.”
There could be two ways in which you might be asked to pay money, despite you buying a cashless mediclaim policy. One way is that the TPA approves a part of the amount and the balance has to be borne by you for the time being till the final bill is produced by the hospital. Once the final bill is produced at the time of discharge, the concerned TPA will pay up the balance amount to the hospital.
The hospital in turn would repay the patient. Under the second method, the TPA sanctions only a part of the total estimated amount and you have to pay off the balance. Then the TPAs will reimburse the balance in 20 days.
TPAs sanction the claim amount based on a clause called “customary and reasonable charges”. Insurers promise that they will reimburse the entire medical cost incurred by the policyholders but medical costs are becoming more subjective these days, the TPAs say. There is a difference in interpretation between the necessary charges and reasonable charges.
“While the Tier II and Tier III hospitals are agreeable to the rates negotiated by TPAs, the premium and Tier I hospitals work on their own terms and conditions when it comes to costing, says another TPA under conditions of anonymity. In most cases, the reasons for a part sanction of the total amount by the TPA are, lack of clarity on break-up of charges given by the doctor and secondly, fear of misuse of funds by the hospital. How to ensure a smooth claiming process?
First of all, ensure that the policy holder who has to undertake the medical treatment should talk to the TPA before hospitalisation. The policy holder has to get an estimate of the medical cost that would be incurred for treating the ailment from the hospital. Once the TPA receives your request it finds out whether the amount mentioned complies with their “customary and reasonable charges” clause. Then the TPA will be giving you an idea of how much will it reimburse as the claim amount.
“Now what happens is most clients rush to the hospital at the eleventh hour, even in case of planned surgeries/treatment. This adds to claim worries”, Mr Madhavan adds. Most cashless mediclaim do not cover OPD consultation /procedure /investigation done in pre-hospitalisation period.
Points to remember Once you fill up the insurance form you have to ensure that you have received the insurance cards from the TPA.
If not, contact the TPA or the agent. Also you need to know your TPA whenever you use the cashless mediclaim. The other important aspect is that every cashless mediclaim has a list of hospitals along with the room specifications. Most insurers only accommodate air-conditioned rooms now as against deluxe rooms earlier because of rising medical costs. All claims will be processed by the TPA directly. So you have to submit all the original bills and relevant medical documents to the TPA.
Considering these problems, is it time to stay away from mediclaims? Certainly not, since medical costs are spiralling and there is no other alternative to prepare for unforeseen medical expenditure. Being cautious and aware of market practices could actually save you from lot of surprises in 2008.
maverick_ronnie
Par 100 posts (V.I.P)
Banks may not get to sell multiple insurers products
HYDERABAD/MUMBAI: The insurance regulator is of the view that banks cannot be distinguished from other corporate insurance agents that are allowed to sell products of only one insurer. This stance could be a setback for banks which have been lobbying to forge relationships with multiple insurers.
Speaking to ET, IRDA chairman CS Rao said: "I cannot prejudge the issue (banks selling policies for multiple companies) as there is an expert committee looking into it. But there are issues in allowing banks to forge multiple relationships". He added that banks cannot be distinguished from corporate agents.
Most banks, including those with insurance business, are keen on selling products of multiple companies. They have argued that they offer products of multiple mutual funds and hence should be allowed to sell insurance products of multiple companies. The other argument is that a bank's customer cannot be forced to buy products of only one company and should therefore be given a choice of insurance companies. "Banks cannot be equated with other corporate agents. In fact, they are the only viable vehicles to increase insurance penetration in the country. The risk, in any case, is borne by the insurer. Problems, if any, can be tackled by enhancing transparency and disclosure standards of the bank's non-fund income," says a senior banker.
But insurers with established partnerships disagree. "At a time when each company has a dozen products, you cannot expect the frontend bank employees to acquire knowledge of all the products in the market. At the same time, no insurer will invest in explaining insurance or training bank employees as they are not tied to the company," says a CEO of a private life insurance company. He adds that allowing distribution of multiple products would turn the whole distribution into a commission game and the bank would sell products of the company that pays the maximum commission.
At present, only three entities can sell insurance — an individual agent, a corporate agent or a broker. Agents, whether individual or corporate, are by regulation tied to one insurance company and are recognised as representatives of the insurance company. Brokers, on the other hand, are perceived to be representing the buyer and can offer products from a host of companies. Broking companies can do only insurance business and banks cannot become broking companies.
At best, they can float a broking subsidiary after obtaining permission from the regulators. The regulator, however, does not have any problems granting insurance licences to banks.
HYDERABAD/MUMBAI: The insurance regulator is of the view that banks cannot be distinguished from other corporate insurance agents that are allowed to sell products of only one insurer. This stance could be a setback for banks which have been lobbying to forge relationships with multiple insurers.
Speaking to ET, IRDA chairman CS Rao said: "I cannot prejudge the issue (banks selling policies for multiple companies) as there is an expert committee looking into it. But there are issues in allowing banks to forge multiple relationships". He added that banks cannot be distinguished from corporate agents.
Most banks, including those with insurance business, are keen on selling products of multiple companies. They have argued that they offer products of multiple mutual funds and hence should be allowed to sell insurance products of multiple companies. The other argument is that a bank's customer cannot be forced to buy products of only one company and should therefore be given a choice of insurance companies. "Banks cannot be equated with other corporate agents. In fact, they are the only viable vehicles to increase insurance penetration in the country. The risk, in any case, is borne by the insurer. Problems, if any, can be tackled by enhancing transparency and disclosure standards of the bank's non-fund income," says a senior banker.
But insurers with established partnerships disagree. "At a time when each company has a dozen products, you cannot expect the frontend bank employees to acquire knowledge of all the products in the market. At the same time, no insurer will invest in explaining insurance or training bank employees as they are not tied to the company," says a CEO of a private life insurance company. He adds that allowing distribution of multiple products would turn the whole distribution into a commission game and the bank would sell products of the company that pays the maximum commission.
At present, only three entities can sell insurance — an individual agent, a corporate agent or a broker. Agents, whether individual or corporate, are by regulation tied to one insurance company and are recognised as representatives of the insurance company. Brokers, on the other hand, are perceived to be representing the buyer and can offer products from a host of companies. Broking companies can do only insurance business and banks cannot become broking companies.
At best, they can float a broking subsidiary after obtaining permission from the regulators. The regulator, however, does not have any problems granting insurance licences to banks.
maverick_ronnie
Par 100 posts (V.I.P)
Investments help insurers offset underwriting losses
NEW DELHI: Even as 2007 saw plunging premiums and underwriting losses for general insurance companies, it was more than offset by the returns on their investment incomes due to the booming stock market. Companies spread their risks thinner, buoyed by the Sensex which moved above the 20,000-mark.
As equity markets have had a good run, some insurance companies have sought to offset underwriting losses with capital gains, where accounting standards allow profits to be booked in the year of sale and there is no mark-to-market accounting.
“Insurance companies do offset risks by investment incomes. In any detariffed market, losses on account of underwriting is natural. It will take some time before the market settles down. The board of every insurance company sets a mandate spelling out the quality of growth,” said IRDA chairman CS Rao.
What happens to insurance companies when the Sensex may not generate as much returns? “In the event of an equity market correction, those companies, which have excessive reliance on capital gains — say more than 25% of the Profit Before Tax (PBT) — will have to increase prices to maintain profitability as a significant source of profits dries up. However, this correction cannot be immediately done as it would affect the stability in premium rates and cannot be linked to the swings in the equity market. By the time the insurer realises this mismatch, it would be too long to make any correction,” an industry expert said.
In January 2007, general insurers were given the freedom to price policies within prescribed limits. Premiums fell as high as 60% of the original tariffs as companies rushed to sell the cheapest policies to expand the market share. Further, the industry will be ushered into complete free-pricing in January 2008. In the new year customers will need to differentiate policies not on prices alone but on various product features as well.
Bajaj Allianz General Insurance CFO S Sreenivasan said: “The question is do insurers try to offset their underwriting losses by investment income? But what needs to be considered is the sustainability of this investment income. We feel that ultimately sustainable investment income will come from a growing stream of interest and dividend income, which is driven by cash-flow generation. Bajaj Allianz General Insurance, which focuses on retaining rather than reinsuring risk with a strong underwriting basis, will be able to generate sustainable cash flows and hence, growing stream of investment income. In the ultimate analysis, shareholder value will be driven more by free cash flows than book value.” In the financial year 2006-07, Bajaj Allianz was the only company to make underwriting profits, he added.
The underwriting performance of an insurance company is measured in its combined ratio. The combined ratio is the loss ratio and the expense ratio taken together. The loss ratio is calculated by dividing the amount of losses by the amount of earned premium. The expense ratio is calculated by dividing the amount of operational expenses by the amount of earned premium.
A combined ratio of less than 100% indicates underwriting profitability, while above 100 indicates an underwriting loss. A lower number indicates a better return on the amount of capital placed at risk by an insurer. “The combined ratio reflects the health of the general insurance business and captures the impact of claims ratio, expense ratio and commission ratio. ICICI Lombard’s combined ratio for fiscal 2007 was less than 100%,” Ritesh Kumar, head of retail, rural and reinsurance at ICICI Lombard.
“The board mandate fosters quality growth. Maintaining a healthy market share as well as the bottomline are key to ICICI Lombard’s growth strategy and for leveraging the opportunities thrown up by India’s robust economic expansion. Going forward, the industry will witness a re-pricing of risks in line with the risk profile of the category,” Mr Kumar said.
NEW DELHI: Even as 2007 saw plunging premiums and underwriting losses for general insurance companies, it was more than offset by the returns on their investment incomes due to the booming stock market. Companies spread their risks thinner, buoyed by the Sensex which moved above the 20,000-mark.
As equity markets have had a good run, some insurance companies have sought to offset underwriting losses with capital gains, where accounting standards allow profits to be booked in the year of sale and there is no mark-to-market accounting.
“Insurance companies do offset risks by investment incomes. In any detariffed market, losses on account of underwriting is natural. It will take some time before the market settles down. The board of every insurance company sets a mandate spelling out the quality of growth,” said IRDA chairman CS Rao.
What happens to insurance companies when the Sensex may not generate as much returns? “In the event of an equity market correction, those companies, which have excessive reliance on capital gains — say more than 25% of the Profit Before Tax (PBT) — will have to increase prices to maintain profitability as a significant source of profits dries up. However, this correction cannot be immediately done as it would affect the stability in premium rates and cannot be linked to the swings in the equity market. By the time the insurer realises this mismatch, it would be too long to make any correction,” an industry expert said.
In January 2007, general insurers were given the freedom to price policies within prescribed limits. Premiums fell as high as 60% of the original tariffs as companies rushed to sell the cheapest policies to expand the market share. Further, the industry will be ushered into complete free-pricing in January 2008. In the new year customers will need to differentiate policies not on prices alone but on various product features as well.
Bajaj Allianz General Insurance CFO S Sreenivasan said: “The question is do insurers try to offset their underwriting losses by investment income? But what needs to be considered is the sustainability of this investment income. We feel that ultimately sustainable investment income will come from a growing stream of interest and dividend income, which is driven by cash-flow generation. Bajaj Allianz General Insurance, which focuses on retaining rather than reinsuring risk with a strong underwriting basis, will be able to generate sustainable cash flows and hence, growing stream of investment income. In the ultimate analysis, shareholder value will be driven more by free cash flows than book value.” In the financial year 2006-07, Bajaj Allianz was the only company to make underwriting profits, he added.
The underwriting performance of an insurance company is measured in its combined ratio. The combined ratio is the loss ratio and the expense ratio taken together. The loss ratio is calculated by dividing the amount of losses by the amount of earned premium. The expense ratio is calculated by dividing the amount of operational expenses by the amount of earned premium.
A combined ratio of less than 100% indicates underwriting profitability, while above 100 indicates an underwriting loss. A lower number indicates a better return on the amount of capital placed at risk by an insurer. “The combined ratio reflects the health of the general insurance business and captures the impact of claims ratio, expense ratio and commission ratio. ICICI Lombard’s combined ratio for fiscal 2007 was less than 100%,” Ritesh Kumar, head of retail, rural and reinsurance at ICICI Lombard.
“The board mandate fosters quality growth. Maintaining a healthy market share as well as the bottomline are key to ICICI Lombard’s growth strategy and for leveraging the opportunities thrown up by India’s robust economic expansion. Going forward, the industry will witness a re-pricing of risks in line with the risk profile of the category,” Mr Kumar said.
maverick_ronnie
Par 100 posts (V.I.P)
Star Health launches top-up health policy
HYDERABAD: Star Health & Allied Insurance, a stand-alone health insurance company, has introduced a new cover where only exceeding Rs 3 lakh and up to Rs 7 lakh are covered. The policy ‘Star Super Surplus Insurance Policy’ is available at a relatively low cost of Rs 3,000.
Expenses up to Rs 3 lakh will have to be borne by the policy holder or can be recovered from the person’s existing health insurance policy. “This new policy gives its customers the pricing advantage by slicing the risky layer from the less risky layer. With the introduction of this new policy, the insured has the improved coverage benefit of wider protection at a lesser price,” the company said in a statement.
HYDERABAD: Star Health & Allied Insurance, a stand-alone health insurance company, has introduced a new cover where only exceeding Rs 3 lakh and up to Rs 7 lakh are covered. The policy ‘Star Super Surplus Insurance Policy’ is available at a relatively low cost of Rs 3,000.
Expenses up to Rs 3 lakh will have to be borne by the policy holder or can be recovered from the person’s existing health insurance policy. “This new policy gives its customers the pricing advantage by slicing the risky layer from the less risky layer. With the introduction of this new policy, the insured has the improved coverage benefit of wider protection at a lesser price,” the company said in a statement.
maverick_ronnie
Par 100 posts (V.I.P)
LIC to launch health cover on Ulip platform
HYDERABAD: The Life Insurance Corporation of India (LIC) has got the insurance regulator’s go-ahead to launch the country’s first-ever health insurance policy on unit-linked platform.
The new product — Health Plus — marks LIC’s foray into this segment and will provide protection along with a savings element.
The product will be launched by the end of this month, said LIC executive director and head, health insurance DD Singh. According to him, the product is designed as a benefit plan covering not just the policyholder, but also his family members including children in the age group of up to 17 years in a single policy.
The benefits will cover hospital cash benefit, major surgical benefit, domiciliary treatment benefit, benefit at the end of the policy term and death benefit.
All benefits will be available subject to the terms and conditions of the policy.
Subscription to the product will be open to individuals in the age-group of 18 to 55 years. The benefits will be available till the policy holder turns 65. The policy holder’s children will be entitled to claim benefits up to 25 years of age. “The unique feature of the policy will be the auto cover facility after the payment of a minimum three years of premium. The benefits would be available to the family members covered under the policy even after the death of the policyholder after at least 3 years’ premiums are paid. The other unique feature is of savings through investments in units,” said Mr Singh.
The premiums paid will qualify for an income-tax deduction under Section 80 D. This mean that individuals can claim a tax deduction of up to Rs 15,000 a year and senior citizens up to Rs 20,000 a year.
LIC had roped in re-insurer Munich Re to structure the new product. The corporation expects to provide cover to at least one crore families within a year of the launch of its new health insurance product. It has the advantage of a million plus agents across the country. It is, however, yet to cement plans to set up a standalone health insurance company.
HYDERABAD: The Life Insurance Corporation of India (LIC) has got the insurance regulator’s go-ahead to launch the country’s first-ever health insurance policy on unit-linked platform.
The new product — Health Plus — marks LIC’s foray into this segment and will provide protection along with a savings element.
The product will be launched by the end of this month, said LIC executive director and head, health insurance DD Singh. According to him, the product is designed as a benefit plan covering not just the policyholder, but also his family members including children in the age group of up to 17 years in a single policy.
The benefits will cover hospital cash benefit, major surgical benefit, domiciliary treatment benefit, benefit at the end of the policy term and death benefit.
All benefits will be available subject to the terms and conditions of the policy.
Subscription to the product will be open to individuals in the age-group of 18 to 55 years. The benefits will be available till the policy holder turns 65. The policy holder’s children will be entitled to claim benefits up to 25 years of age. “The unique feature of the policy will be the auto cover facility after the payment of a minimum three years of premium. The benefits would be available to the family members covered under the policy even after the death of the policyholder after at least 3 years’ premiums are paid. The other unique feature is of savings through investments in units,” said Mr Singh.
The premiums paid will qualify for an income-tax deduction under Section 80 D. This mean that individuals can claim a tax deduction of up to Rs 15,000 a year and senior citizens up to Rs 20,000 a year.
LIC had roped in re-insurer Munich Re to structure the new product. The corporation expects to provide cover to at least one crore families within a year of the launch of its new health insurance product. It has the advantage of a million plus agents across the country. It is, however, yet to cement plans to set up a standalone health insurance company.
maverick_ronnie
Par 100 posts (V.I.P)
LIC to launch health cover on Ulip platform
HYDERABAD: The Life Insurance Corporation of India (LIC) has got the insurance regulator’s go-ahead to launch the country’s first-ever health insurance policy on unit-linked platform.
The new product — Health Plus — marks LIC’s foray into this segment and will provide protection along with a savings element.
The product will be launched by the end of this month, said LIC executive director and head, health insurance DD Singh. According to him, the product is designed as a benefit plan covering not just the policyholder, but also his family members including children in the age group of up to 17 years in a single policy.
The benefits will cover hospital cash benefit, major surgical benefit, domiciliary treatment benefit, benefit at the end of the policy term and death benefit.
All benefits will be available subject to the terms and conditions of the policy.
Subscription to the product will be open to individuals in the age-group of 18 to 55 years. The benefits will be available till the policy holder turns 65. The policy holder’s children will be entitled to claim benefits up to 25 years of age. “The unique feature of the policy will be the auto cover facility after the payment of a minimum three years of premium. The benefits would be available to the family members covered under the policy even after the death of the policyholder after at least 3 years’ premiums are paid. The other unique feature is of savings through investments in units,” said Mr Singh.
The premiums paid will qualify for an income-tax deduction under Section 80 D. This mean that individuals can claim a tax deduction of up to Rs 15,000 a year and senior citizens up to Rs 20,000 a year.
LIC had roped in re-insurer Munich Re to structure the new product. The corporation expects to provide cover to at least one crore families within a year of the launch of its new health insurance product. It has the advantage of a million plus agents across the country. It is, however, yet to cement plans to set up a standalone health insurance company.
HYDERABAD: The Life Insurance Corporation of India (LIC) has got the insurance regulator’s go-ahead to launch the country’s first-ever health insurance policy on unit-linked platform.
The new product — Health Plus — marks LIC’s foray into this segment and will provide protection along with a savings element.
The product will be launched by the end of this month, said LIC executive director and head, health insurance DD Singh. According to him, the product is designed as a benefit plan covering not just the policyholder, but also his family members including children in the age group of up to 17 years in a single policy.
The benefits will cover hospital cash benefit, major surgical benefit, domiciliary treatment benefit, benefit at the end of the policy term and death benefit.
All benefits will be available subject to the terms and conditions of the policy.
Subscription to the product will be open to individuals in the age-group of 18 to 55 years. The benefits will be available till the policy holder turns 65. The policy holder’s children will be entitled to claim benefits up to 25 years of age. “The unique feature of the policy will be the auto cover facility after the payment of a minimum three years of premium. The benefits would be available to the family members covered under the policy even after the death of the policyholder after at least 3 years’ premiums are paid. The other unique feature is of savings through investments in units,” said Mr Singh.
The premiums paid will qualify for an income-tax deduction under Section 80 D. This mean that individuals can claim a tax deduction of up to Rs 15,000 a year and senior citizens up to Rs 20,000 a year.
LIC had roped in re-insurer Munich Re to structure the new product. The corporation expects to provide cover to at least one crore families within a year of the launch of its new health insurance product. It has the advantage of a million plus agents across the country. It is, however, yet to cement plans to set up a standalone health insurance company.
maverick_ronnie
Par 100 posts (V.I.P)
General insurance posts 11 5% growth till Nov
MUMBAI: The general insurance industry grew 11.60 per cent this fiscal till the end of November 2007, with robust performance by private players, including Reliance General which continues to be the fastest growing insurer.
The 13 non-life insurers collected Rs 18,509 crore in premium in FY08 so far against the Rs 16,584 crore collected in the same period last year, according to industry data.
During the period, the four public sector non-life insurance companies collected Rs 11,156 crore against Rs 10,771 crore in the corresponding period a year ago.
The private players increased their business from Rs 5,813 crore to Rs 7,353 crore till November in FY08.
In percentage terms, while the public sector could increase their premiums by just 3.57 per cent, nine private sector players clocked premium growth of 26.49 per cent.
Private sector players' market share has grown to about 40 per cent in FY08 as compared to the public sector's 60 per cent in the month.
Reliance General Insurance continues to be the fastest growing insurer with a premium collection of Rs 1,315 crore in FY08 so far against Rs 521 crore in the same period the previous year.
During the period, market leader New India Assurance premium collection grew by 5.35 per cent to Rs 3,520 crore as compared to Rs 3,341 crore in the year-ago period.
In the private sector space, the largest player -- ICICI Lombard -- collected nearly 13 per cent higher premium at Rs 2,348 crore in FY08 so far
MUMBAI: The general insurance industry grew 11.60 per cent this fiscal till the end of November 2007, with robust performance by private players, including Reliance General which continues to be the fastest growing insurer.
The 13 non-life insurers collected Rs 18,509 crore in premium in FY08 so far against the Rs 16,584 crore collected in the same period last year, according to industry data.
During the period, the four public sector non-life insurance companies collected Rs 11,156 crore against Rs 10,771 crore in the corresponding period a year ago.
The private players increased their business from Rs 5,813 crore to Rs 7,353 crore till November in FY08.
In percentage terms, while the public sector could increase their premiums by just 3.57 per cent, nine private sector players clocked premium growth of 26.49 per cent.
Private sector players' market share has grown to about 40 per cent in FY08 as compared to the public sector's 60 per cent in the month.
Reliance General Insurance continues to be the fastest growing insurer with a premium collection of Rs 1,315 crore in FY08 so far against Rs 521 crore in the same period the previous year.
During the period, market leader New India Assurance premium collection grew by 5.35 per cent to Rs 3,520 crore as compared to Rs 3,341 crore in the year-ago period.
In the private sector space, the largest player -- ICICI Lombard -- collected nearly 13 per cent higher premium at Rs 2,348 crore in FY08 so far
maverick_ronnie
Par 100 posts (V.I.P)
Bajaj Allianz Life raises paid-up capital by Rs 175 cr
NEW DELHI: Private insurer Bajaj Allianz Life Insurance today said it has made fresh capital infusion of Rs 175 crore to accelerate its growth and services.
With this, the capital base grows to Rs 875 crore, Bajaj Allianz Life Insurance said in a release.
Fresh capital infusion will help sustain the steady growth and strengthen customer services across the country, it said.
The insurer is gearing up for the strong insurance season by infusing an additional capital, it said. It has one of the largest distribution networks among the private sector insurance companies, with offices in over 900 towns in India.
Bajaj Allianz Life has already collected over Rs 11,000 crore of new business premiums in the six years of its operations and issued over 50 lakh policies.
NEW DELHI: Private insurer Bajaj Allianz Life Insurance today said it has made fresh capital infusion of Rs 175 crore to accelerate its growth and services.
With this, the capital base grows to Rs 875 crore, Bajaj Allianz Life Insurance said in a release.
Fresh capital infusion will help sustain the steady growth and strengthen customer services across the country, it said.
The insurer is gearing up for the strong insurance season by infusing an additional capital, it said. It has one of the largest distribution networks among the private sector insurance companies, with offices in over 900 towns in India.
Bajaj Allianz Life has already collected over Rs 11,000 crore of new business premiums in the six years of its operations and issued over 50 lakh policies.
meetneha1102
New member
hi...i wanna know wat method of performance appraisal is used in an insurance company?
thank you
neha
thank you
neha
shreyas119
New member
Priyanka nice to c u in most of the asso projs thanks a lot u r really asset to the MP community gr8 wrk keep it up 