نوشته‌شده در

Aditya Birla Health Insurance Launches Add-on Covers

Aditya Birla Health Insurance Launches Add-on Covers

NEW DELHI: Aditya Birla Health Insurance Co. Ltd.. (ABHICL), a subsidiary of Aditya Birla Capital Limited, has launched ‘Health Add-ons’, a range of six unique add-on covers that can be added to the existing indemnity plans. These add-ons can be used with existing plans of Activ Health, Activ Assure, and Activ Care, the company said in a press statement.

In recent times, investing in health insurance has become an important part of financial planning. 

Mayank Bathwal, CEO, Aditya Birla Health Insurance, said, “…We have launched a set of add-on riders that can be added to our retail indemnity plans. The six new health add-ons will provide extra protection to policyholders by making their health insurance policies more robust and comprehensive. Available at an affordable premium, customers can now avail multiple benefits like protection of no claim bonus, cover for vaccines, tele-OPD consultations, and more.”

The six new add-ons are: Future Secure, Cancer Hospitalisation Booster, Vaccine Cover, Personal Accident, reduction in PED waiting period and Tele-OPD Consultation. The key features of these products include:

1. Future Secure Add-On:

Non-Medical Expense waiver – The rider covers the cost of non-medical Items during hospitalization arising out of illness or injury during the policy period.

Sum Insured Inflation protection – Helps with the additional increase in the sum insured of the base policy based on inflation rate in the previous calendar year as an inflation protector

No Claim Bonus Protector – Ensures no impact or reduction on ‘Any No Claim Bonus’ accrued at renewals, if total claims paid in the previous policy year of the base policy does not exceed the 25% of the sum insured of the base policy.

2. Cancer Hospitalization Booster: 

Customer will get up to 100% additional sum insured of the base policy towards medical expenses incurred for hospitalization in case of “Cancer of Specified Severity”. It also covers pre- and post-hospitalisation expenses up to the sum insured of the base policy on reimbursement basis.

3. Vaccine Cover:

Customer will be able to get vaccination cover for protection against any diseases which are declared as pandemic or epidemic by World Health Organization (WHO) or Central Government or State Government

4. Personal Accident: 

Claims in case of accidental death and permanent total disability (100 % of the sum insured) and a portion of the sum insured in case of permanent partial disability, if the said event occurs within 12 months of the accident. It also offers a cumulative bonus of 5% per claim free year, up to maximum 50% of Sum Insured

5. Reduction in PED waiting period: If this Add-on cover is opted at the inception of the first policy with the insurer and they have accepted the same, then it will reduce the applicable pre-existing disease waiting period for claims related to pre-existing diseases to the period as opted and specified in the policy schedule/product benefit table.

Option 1 : 4 Yrs to 2 Yrs

Option 2 : 4 Yrs to 1 Yr

Option 3 : 3 Yrs to 2 Yrs

Option 4 : 3 Yrs to 1 Yr

6. Tele – OPD Consultation: Medically necessary consultations / e- consultation and/or tele consultation will be provided from medical practitioners within network provider’s network on out-patient basis pertaining to an illness, injury contracted or sustained during the policy period.

Available at very affordable premiums, customers can choose one or multiple add-on covers by paying additional premium. Same add-on covers are allowed with multiple base policies, subject to underwriting. However, Health Add-ons cannot be purchased in isolation or as a separate product, the company added.

Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter.

.

نوشته‌شده در

Pay your health insurance premium on time and enjoy lifelong renewability

Pay your health insurance premium on time and enjoy lifelong renewability


The Covid-19 pandemic has taught Indians not just the significance of buying health insurance but also renewing this policy on time. A recent study by Policybazaar.com showed that in FY 2021-22, 85 per cent of their customers renewed their family floater policies, and 80 per cent renewed their individual health policies, on time. Furthermore, 60 per cent chose to bolster their coverage with riders. Lifelong renewability benefit Timely renewal allows policyholders to avail of the benefit of lifelong renewability. Kapil Mehta, co-founder, SecureNow Insurance Brokers says, “If you …

Key stories on business-standard.com are available to premium subscribers only.

Already a premium subscriber? LOGIN NOW

MONTHLY STAR
Business Standard Digital

Business Standard Digital Monthly Subscription


Complete access to the premium product


Convenient – Pay as you go


Pay using Amex/Master/VISA Credit Cards and VISA Debit Cards Only


Auto renewed (subject to your card issuer’s permission)


Cancel any time in the future

Note: Subscription will be auto renewed, you may cancel any time in the future without any questions asked.

Requires personal information

What you get?

ON BUSINESS STANDARD DIGITAL

  • Unlimited access to all the content on any device through browser or app.
  • Exclusive content, features, opinions and comment – hand-picked by our editors, just for you.
  • Pick 5 of your favourite companies. Get a daily email with all the news updates on them.
  • Track the industry of your choice with a daily newsletter specific to that industry.
  • Stay on top of your investments. Track stock prices in your portfolio.
  • 18 years of archival data.

NOTE :

  • The product is a monthly auto renewal product.
  • Cancellation Policy: You can cancel any time in the future without assigning any reasons, but 48 hours prior to your card being charged for renewal.
    We do not offer any refunds.
  • To cancel, communicate from your registered email id and send the email with the cancellation request to [email protected]. Include your contact number for speedy action.
    Requests mailed to any other ID will not be acknowledged or actioned upon.

SMART ANNUAL
Business Standard Digital
Subscribe Now and get 12 months Free

Business Standard Premium Digital – 12 Months + 12 Months Free


Subscribe for 12 months and get 12 months free.


Single Seamless Sign-up to Business Standard Digital


Convenient – Once a year payment


Pay using an instrument of your choice -all Credit and Debit Cards, Net Banking, Payment Wallets, and UPI


Exclusive Invite to select Business Standard events

Note: Subscription will be auto renewed, you may cancel any time in the future without any questions asked.

What you get

ON BUSINESS STANDARD DIGITAL

  • Unlimited access to all content on any device through browser or app.
  • Exclusive content, features, opinions and comment – hand-picked by our editors, just for you.
  • Pick 5 of your favourite companies. Get a daily email with all the news updates on them.
  • Track the industry of your choice with a daily newsletter specific to that
    industry.
  • Stay on top of your investments. Track stock prices in your portfolio.

NOTE :

  • The monthly duration product is an auto renewal based product. Once subscribed, subject to your card issuer’s permission we will charge your card/ payment instrument each month automatically and renew your subscription.
  • In the Annual duration product we offer both an auto renewal based product and a non auto renewal based product.
  • We do not Refund.
  • No Questions asked Cancellation Policy.
  • You can cancel future renewals anytime including immediately upon subscribing but 48 hours before your next renewal date.
  • Subject to the above, self cancel by visiting the “Manage My Account“ section after signing in OR Send an email request to [email protected] from your registered email address and by quoting your mobile number.

Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor

First Published: Mon, May 09 2022. 14:06 IST !function(f,b,e,v,n,t,s){if(f.fbq)return;n=f.fbq=function(){n.callMethod?n.callMethod.apply(n,arguments):n.queue.push(arguments)};if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version=’2.0′;n.queue=[];t=b.createElement(e);t.async=!0;t.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)}(window,document,’script’,’https://connect.facebook.net/en_US/fbevents.js’);fbq(‘init’,’550264998751686′);fbq(‘track’,’PageView’); .

نوشته‌شده در

Go Digit clocks Rs 5,000 cr premium in FY 2022 on strong growth in motor, health insurance

Go Digit clocks Rs 5,000 cr premium in FY 2022 on strong growth in motor, health insurance

New age insurer Go Digit General Insurance (Digit) has crossed Rs 5,000 crore-mark in gross written premium in FY22, driven by higher demand from motor, property and health segments.With over four-year of operations, the Bengaluru-headquartered insurtech is backed by Canadian billionaire Prem Wasta’s Fairfax Financial Holdings through its parent company Go Digit Inforworks Services. It was founded by Kamesh Goyal.Digit clocked in Rs 5,268 crore in gross written premium in 2021-22 and reported a growth of 62 per cent against the industry average of 10.9 per cent, the company said.Claiming that it is one of India’s fastest-growing private general insurance companies, Digit said it has crossed the milestone of Rs 5,000 crore in revenue in a single year in less than five years of operations.Motor, property and health verticals helped the company register the 62 per cent growth in FY22, while the industry average stood at 10.9 per cent, it added.From its motor portfolio alone, Digit clocked in Rs 3,276 crore premium, helping it increase its market share to 4.7 in 2021-22 from 3.7 per cent in FY21. The overall market share of the company grew to 2.4 per cent from 1.7 per cent.Further, the company settled over 6.79 lakh claims worth Rs 2,186 crore during the year. Digit said it has insured over 3.85 lakh electric vehicles in the fiscal ended March 2022 and insured nearly 40,000 corporates under its group health business.Also, as many as 10 lakh customers were serviced via WhatsApp in less than 2 years, it said.Motor, health, property, and travel insurance continue to be Digit’s top lines of business. To encourage customers to buy health insurance, in December last year, the company started offering one of the industry’s lowest waiting periods of 1 year for specific and pre-existing illnesses, it added.This has ensured that more customers get access to good healthcare when required the most. Commenting on the milestone, Jasleen Kohli, MD & CEO, Digit Insurance said, ”As a young insurer, this indeed is a moment of pride for us but above all, it is a testament to our endeavours towards making insurance simple and more accessible. ”The collective efforts of our partners and employees have not only helped us accelerate our growth but also ensured that more customers understand the importance of having an adequate financial cushion,” Kohli said. Crossing Rs 5,000 crore premium in a year is a testament to the company’s endeavours towards making insurance simple and more accessible, she added.The insurtech also trimmed its loss ratio — a percentage of losses to the premium earned — to 47 per cent last fiscal from 69 per cent earlier.”Given our innovative group health products, we saw strong growth in our health portfolio in FY22. We were also able to successfully lower our loss ratio by improving our underwriting models and claims management process. To sustain our overall business growth, we will continue to focus on deploying advanced tech tools to empower our partners as well as customers,” Kohli said. Since its inception, the company has serviced 99.56 per cent of India’s total postal codes, Digit said.(With inputs from PTI)

(To receive our E-paper on whatsapp daily, please click here. We permit sharing of the paper’s PDF on WhatsApp and other social media platforms.)

Published on: Sunday, May 01, 2022, 03:07 PM IST

.

نوشته‌شده در

How To Choose A Health Insurance Plan For Your Family

How To Choose A Health Insurance Plan For Your Family

Most of us envision and work towards a secure future for our family. There are various aspects to secure our family’s future and health is one of the most significant factors. Despite various measures that many of us undertake to ensure a balanced and healthy life, sometimes accidents and health emergencies are unavoidable and being prepared with the right Health Insurance for such scenarios is advisable. 

Covid 19 has highlighted the necessity of being financially prepared for unforeseen circumstances. An appropriate health insurance plan enables us to avail quality healthcare facilities without having to face a financial crisis.

While taking a decision to buy a health insurance policy might be easy, it is essential to take a few factors into consideration in order to buy a health insurance plan that is adequate and comprehensive. There are a few things all of us should bear in mind when we decide to purchase a health insurance:

The Right Policy- There are several variants of health insurance in the market that cater to different age groups, financial status, life stages and propensity for health issues. It is therefore important to conduct thorough research before making a final decision. Seek the right information, understand what is best suited for various members of the family and then make the decision. For instance, an indemnity plan is the basic health insurance plan which can be clubbed with some riders like benefit insurance or hospital daily cash, depending to your lifestyle. If necessary, consult the insurance company representative or an insurance intermediary such as an agent who can guide you in this exercise.

Family Floater- This enables covering your immediate family including your spouse and children with one annual payment. Even if there are multiple hospitalizations during the year, all members of the family can get benefits under the policy up to the sum insured limit. Furthermore, under Section 80D of the Income Tax Act, you can claim tax savings of up to ₹25,000 every year. The chief benefit of a family floater mediclaim policy is that it provides coverage for all the members of the family with relatively affordable premiums. If a family member becomes ill, the entire value of the insurance policy might be used to pay for his or her care. Family Floater offers multiple benefits in a single plan. Using the floater health insurance plans for your family can help you stay stress-free.

Sum Insured and Premium – It’s important to understand that the amount of premium you pay could have an impact on the medical coverage you receive. Calculating your health insurance premium can assist you in making an informed decision when selecting the best health insurance plan for your family. Decide on a Sum Insured accordingly and review it periodically. You can also buy top-up plans if required.

Limits and Sub-limits – Some plans may have limits on the treatment coverage and an additional sub-limit as the capping of some certain coverage such as sub-limits on the room rent and AYUSH treatment. Opting for plans which have no or less limits and sub-limits is ideal while choosing a plan for your family.

NETWORK HOSPITAL LIST – Check the list of network hospitals that offer cashless facility, this can be a great help in case of emergency treatments when you are not prepared for the sudden expenses.

Choose the right health insurance plan to ensure that your finances are least affected during a health emergency and such situations do not turn into a financial crisis.

Mr. Subramanyam Brahmajosyula, Head – Reinsurance and Product Development, SBI General Insurance.

Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter.

.

نوشته‌شده در

India must look at uniformity of insurance

India must look at uniformity of insurance

The regulator, probably for the first time, acknowledged the problem of choice the common man was exposed to. When customers go looking for insurance for their family, they are flooded with an endless number of products with each having its own unique features.

The motive behind the standardization of policies was simple. Let’s have insurance products with standardized wordings designed by the regulator. Customers wouldn’t get overwhelmed with fancy products and their fancier benefits and drop out. They could simply compare prices among brands and cover their basic healthcare risks.

Two years down, when our research team at Beshak went to check the success of these products, they found the adoption rate for such standardized products to be dismal. Especially long-term products like term life and health insurance, where customers commit big premiums for the long term, in most cases for their lifetime.

A quick dipstick check by Beshak on toll-free numbers of leading insurers was enough to figure that these plans are not being offered or even mentioned when one inquires about health or life insurance. Only when our team specifically demanded these policies was there a reluctant mention of these products.

The situation is even trickier when it comes to term life insurance. IRDAI has not only mandated a standardized product but also removed many key underwriting restrictions that were an integral part of the products on offer so far. So, while many insurers are displaying this product online, our research found that they are being sold at a premium that is 50% higher than that of a regular term life insurance plan.

Why did standardized products not work?

My observation from more than 15 years of experience in this space is that the distribution-driven insurance industry is simply resistant to the plain commoditization of products.

Commoditization of products would simply mean commoditization of the brand. Sales based on standard products would be primarily price-driven, which will only bring down the margin and profitability of large brands that command a premium today.

Successful standardization of products is also likely to make many distribution channels redundant. There would hardly be any “sales” involved – thus probably reducing the distribution margins too.

Insurers are, in fact, under constant pressure to benchmark their product with the latest ones in the market and stay relevant to distributors. As per our check on the IRDAI portal, there have been 19 new products and 75 product revamps filed only in retail health insurance in the last year alone.

The problem continues

The problem of complexity, the regulator originally wanted to solve, hence remains. As a research platform, we are constantly scrutinizing insurance policies. Our team finds it arduous to compare policies and their often twisted wordings.

We just can’t imagine a customer being able to find the time and inclination to compare and comprehend the differences in the various insurance policies.

For instance, comparing the reinstatement benefit in health insurance can be a frustrating experience. There are probably an equal number of variations in the restoration benefits as there are products. Every product, even two products from the same insurer, could have different restoration benefits.

Another case in point is the definition of permanent disability as a rider in different life policies.

The three top life insurance policies that we picked up had varied definitions for total permanent disability. For instance, one insurer defines disability in terms of the capacity to perform activities like mobility, bending, etc, while another insurer defined the ‌same rider in terms of disability of a certain part of the body.

On one hand, the world is moving towards simplification of products and experience, and on the other hand, the insurance industry is caught in a vicious war of features and benefits that only puts off a serious customer.

Standardization efforts need a 2.0 version!

Now that the new chairperson has joined IRDAI, we think the regulator should focus on the standardization of definitions instead of standardizing entire products. This would be a much better win-win solution on the ground for both the industry and the customers.

Standardizing all core offerings and conditions in the product across insurers can dramatically reduce the anxiety and the pain the end consumer goes through in understanding and comparing complex insurance products, thus help‌ing faster, well-informed decisions from customers, which is the ultimate goal of every stakeholder in this industry.

Mahavir Chopra is founder & CEO at Beshak.org.

Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter.

Never miss a story! Stay connected and informed with Mint.
Download
our App Now!!

.