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    • Mera Mediclaim Plan offers health and life insurance under a single plan

      Religare Health Insurance and PNB MetLife Insurance have joined hands to launch a policy that provides both life and health insurance. Religare Health Insurance provides health insurance and PNB MetLife Insurance provides life cover. Apart from medical insurance, the plan covers medical checkups, ambulance costs, donor, floater charger, pre and post-hospitalisation costs, etc. When it comes to life insurance, the plan provides terminal illness reimbursement and death benefit. When compared to an insurance policy that is bought individually, the combination plan is cost-effective. Under Section 80C and 80D of the Income Tax Act, tax benefits are provided for premiums paid towards the policy. Life long renewal is provided by PNB MetLife. The minimum and maximum age to buy the policy are 18 years and 65 years, respectively. The term of the plan is between 10 years and 40 years. The max sum insured under the policy is Rs.25 lakh.

      11 August 2020

    • Corona Rakshak and Corona Kavach insurance policies provided by general and health insurers

      A standard health policy will be offered by all general and standalone health insurance companies for the coronavirus disease. The IRDAI has made it compulsory for health insurance companies to offer a standard COVID-19 product that is reimbursement-based. However, the benefit-based product will be optional. The Corona Kavach policy will cover coronavirus infection, pre-existing conditions, and treatment costs for any co-morbid conditions. The tenure of the policy will range from 3.5 months to 9.5 months. Under the plan, hospitalisation expenses will be reimbursed to the extent of the sum insured. The Corona Rakshak policy will provide a pre-agreed lump sum on diagnosis. According to the IRDAI, the premium for both the products will be pan-India. The minimum and maximum sum insured options of the Corona Kavach policy are Rs.50,000 and Rs.5 lakh, respectively. The minimum and maximum sum insured options of the Corona Rakshak Policy are Rs.50,000 and Rs.2.5 lakh, respectively.

      7 August 2020

    • Covid Kavach health insurance to cover up to Rs.5 lakh

      As having been mandated by Irdai, the insurance regulator, a lot of health and general insurers have now come up with a Covid-specific indemnity plan, called, Corona Kavach. The Covid Kavach is an indemnity insurance plan which is available for the families and individuals. It will also offer a huge sum insured of up to Rs.5 lakh for the hospitalisation expenses. This policy will also cover a lot of consumables like gloves, PPE kit, mask and also other similar expenses which are incurred during their treatment.

      28 July 2020

    • Health insurance sales cross motor insurance sales over the first two months of the FY

      Due to the coronavirus pandemic, health insurance sales are more than motor insurance sales for the first time ever. Over the first two months of the FY, health insurance has become the largest portfolio in the general industry portfolio. During the months of April and May for the FY 2020-2021, 36% of the domestic general insurance premium has been contributed by the health segment. Motor insurance has contributed 26% during the same period. There has been a fall in car sales because of the coronavirus outbreak and the subsequent lockdown. This has affected motor insurance as well. The IRDAI has made it compulsory for all 30 health and general insurers to offer the Corona Kavach health policy.

      23 July 2020

    • IRDAI asks Life Insurers to provide customers with a grace period of 30 days to pay renewal premiums

      The IRDAI has asked various life insurers to give an additional window of 30 days to their customers for payment of the renewal premiums due to the disruptions caused by COVID-19 and the lockdown. The IRDAI mentioned that in the case of health insurance policies, the insurers may accept a delay in the renewal up to 30 days without deeming the failure of renewal as a break in policy.

      In the case of life insurance policies, a grace period for the payment of the renewal premium is given and an additional 30 days has been requested to the insurers for the payment of the premium. There are some states in the country which have gone into lockdown again given the surge in COVID-19 cases in the country and this may disrupt the operations of insurance companies.

      In order to ensure that adequate service is being given to the policyholders, insurance companies have been asked to continue with their business operations through other means such as telephonic or digital communication.

      The insurance companies have also been asked to display the information on the functioning of their offices on their websites and should also include the information on alternative arrangements of payment and renewal of premiums, along with the settlement of claims and other requests policyholders may have.

      14 July 2020

    • Health insurance policies may not be sufficient for Covid-19 treatment

      Recent data compiled by the General Insurance Council (GIC) found that the average claim size for treatment for Covid-19 was approximately Rs.1.56 lakh while the average insurance settlement for hospitalisation for Covid-19 treatment was approximately Rs.90,118. Mediclaim-type health insurance policies that were purchased before the coronavirus pandemic do not cover a host of consumables which are critical to the treatment of Covid-19 in a hospital such as syringes, tissues, gowns, etc. These are considered non-medical in nature but are essential in medical procedures related to the coronavirus. General medical insurance policies do not cover the cost of consumables which are specific to the treatment of coronavirus which are not required for other illnesses, such as PPE kits, nitrile gloves, N-95 masks, shoe covers, face shields, disinfectants, sanitizers, etc. The cost of hospital rooms or wards have also increased due to social distancing which requires that the number of patients in a ward or shared room has to be reduced, which has led to hospitals increasing their room or ward rental prices. It is important to enquire if a new health insurance policy specific to Covid-19 treatments cover these costs.

      22 June 2020

    • Digitisation will become the norm for financial services sector

      Digitisation, health insurance and cybersecurity will be the new normal and is set to shape the local financial services industry in the future as the pandemic has made us face new challenges.

      Experts have said that the new normal will evolve post-Coronavirus, as there will be a change in customer preferences.

      While speaking about n ''India’s Financial sector: Re-plotting the new normal'' during the CII annual meeting, the Managing Director, Bain Capital Private Equity, Amit Chandra had said will see shifts in the financial services sector.

      10 June 2020

    • 5,600 health insurance claims collected

      According to figures gathered by the insurance companies, around 5,600 claims have come to the notice of the insurers for a settlement involving which involves a total amount of Rs.70 crore and this means an expenditure of Rs.1.25 lakh, on an average, for every policyholder.

      These 5,600 claims, when looked at against the 1.8 lakh cases, this translates to only 3.1 per cent of the people who have been tested positive and claimed health insurance.

      Around 2,132 people have now availed and are undergoing treatment under the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB-PMJAY). This is the government’s paperless and cashless healthcare access service for all poor families.

      While these 5,600 claims relate to the health insurance policies which were sold by health insurance and general insurance companies, a lot of sources have said say that these include claims relating to Ayushman Bharat.

      8 June 2020

    • Digital Payments and e-KYC helping citizens buying insurance during COVID-19

      During the time of COVID-19, digital payments along with the service of e-KYC have been helping citizens buy insurance. With the help of digital payments, customers can calculate their premiums to be paid monthly. Apart from this, customers can use their smartphone to upload pictures of a policy which is to be renewed.

      Digital mode of payments has also helped extend the process of KYC online. E-KYC can be availed online to buy insurance and banking facilities. Insurers and banking institutions are allowing customers to use the e-KYC services to purchase insurance policies, open bank accounts, transfer money and other services also.

      With the help of digital payments and digital customer service, financial transactions can be done online without any requirement to visit the bank branch. Digital payments have increased by 40% since February with many users registering on various online payments.

      21 May 2020

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    Customer Reviews

    • Star Health Health Insurance
      "Good policy "
      0.5 3.0/5 "Satisfactory"
      I taken a health insurance from STAR HEALTH on last 6 months back which was taken via online. It covers my whole family of 3 members for the total amount of 5. The premium amount need to pay of 12K. The tenure period of 1 year. I have not used this card much. I haven't done any claim yet.
      Was this review helpful? 1
      , bangalore
      Reviewed on Mar 20, 2020
    • Bajaj Allianz
      Bajaj Allianz Health Insurance
      "Good policy "
      0.5 4.0/5 "Great!"
      I have taken a health insurance policy from Bajaj Allianz which was taken for my mother. Policy coverage value was Rs. 1L and the premium its a one time payment, i got a offer because i am maintain CREDIT SCORE good. Still there is a no claim and i paid 3 years back, during renewal time i am not getting any calls from insurance company. This policy covers 200 hospital 30-50% in all hospital can get a claim.
      Was this review helpful? 1
      , bangalore
      Reviewed on Mar 20, 2020
    • Religare Health Insurance
      "Good insurance company "
      0.5 5.0/5 "Blown Away!"
      My personal need I taken health insurance from RELIGARE on 2 years back. Actually my previous company taken health insurance got lapse, hence for better option I continued with same need to pay the premium of 5K. It covers up to myself. The coverage amount of 5L, since there is no claim yet I got bonus of 10% so as of now 5.5L. They tied up with many hospitals and cash less treatment is applicable.
      Was this review helpful? 3
      , bangalore
      Reviewed on Mar 19, 2020
    • Max Bupa Health Insurance
      "Good policy"
      0.5 4.0/5 "Great!"
      This is an individual policy, cover fro myself and this is from Max Bupa. Yearly i am paying premium of Rs. 3000 and the coverage value of Rs. 5L and still there is a no claim. Every year i am getting 5% no claim bonus and this is a life long policy. Its a tax benefit plan for major and listed hospitals can avail a cash less, if non listed have to pay then we can reimburse.
      Was this review helpful? 1
      , chennai
      Reviewed on Mar 19, 2020
    • Royal Sundaram Health Insurance
      "Good insurer"
      0.5 4.0/5 "Great!"
      My employer has given me a health insurance policy from ROYAL SUNDARAM and they have provided me a coverage amount of Rs. 3L. It covers myself and my spouse are covered in this policy.The premium amount need to pay of 7.5K on yearly basis. They have a cashless facility with many hospital.
      Was this review helpful? 1
      , chennai
      Reviewed on Mar 19, 2020
    • Star Health Health Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken health insurance from STAR HEALTH on last year for my personal use, it covers my whole family of 4 members. The sum average value is 5L. I am renewing the policy by paying the premium amount of 14K on yearly. Many hospitals are tied with them and they provide cashless treatment as well.
      Was this review helpful? 2
      , rajahmundry
      Reviewed on Mar 18, 2020
    • Star Health Health Insurance
      "Average "
      0.5 3.0/5 "Satisfactory"
      For my personal purpose, I have taken a health insurance from TATA AIG on 3 years back. On yearly, I use to renew the policy which I need to pay the premium amount of 20K via online. It covers up to myself. The sum assured amount is 2.4L. They tied up with limited hospitals only and there is no cashless treatment.
      Was this review helpful? 1
      , bangalore
      Reviewed on Mar 18, 2020
    • Oriental Insurance Health Insurance
      "Good policy "
      0.5 5.0/5 "Blown Away!"
      My company provides me a health policy from ORIENTAL insurance and this is a group insurance. Annual premium i am paying Rs. 4840 and still there is no claim and the coverage value is Rs. 2 lakhs. During the renewal time, i use to get reminder call from the support team.
      Was this review helpful? 2
      , kolkata
      Reviewed on Mar 16, 2020
    • review Health Insurance
      "Need online service "
      0.5 5.0/5 "Blown Away!"
      I am paying about Rs. 20k yearly for health insurance to PARAMOUNT. This is group policy and the coverage of Rs. 10L since 5 years i am using this health insurance. I went for a claim which was reimbursed. The main factor is they are asking lots of documents which they need to make it simple.
      Was this review helpful? 1
      , thane
      Reviewed on Mar 15, 2020
    • Bajaj Allianz Health Insurance
      "Okay"
      0.5 4.0/5 "Great!"
      I have received the Bajaj Allianz mediclaim policy from Bajaj Finserv on EMI basis. Cashless facility is available and am paying Rs.640 for a month. This policy is not available in the market. I wish if their executive were more polite and helpful. Its a self policy which covers 5L. Am renewing this policy from last 3years.
      Was this review helpful? 1
      , kochi
      Reviewed on Mar 15, 2020
    • Star Health Health Insurance
      "Good "
      0.5 5.0/5 "Blown Away!"
      Health insurance policy which i have taken from STAR HEALTH and this is a family floater policy. I am using since 4 years still there is no claim and this insurance will cover all types of critical illness. Annually i am paying premium Rs. 13000 and its a Tax benefit policy.
      Was this review helpful? 1
      , bangalore
      Reviewed on Mar 14, 2020
    • ICICI Lombard Health Insurance
      "Good policy"
      0.5 4.0/5 "Great!"
      ICICI offered me a health insurance and this is a group policy which covered for Rs. 4L. This insurance will cover all types of critical illness and day care treatment, still there is no claim with ICICI Lombard. I can avail cashless treatment with the listed hospitals.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Mar 14, 2020
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