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    • 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

    • EMI waived off for 12 months as car-manufacturers try to lure back their buyers

      Most car-manufacturing companies are now rolling out schemes to attract buyers and stand back on their feet. The lockdown and fear over the coronavirus had put a stop to the customers’ interest in buying. Companies are now preparing themselves to restart factories that have been closed for over six weeks.

      Companies like Renault, Hyundai, Volkswagen, Honda, Tata Motors, Mahindra & Mahindra, and Skoda Auto are now providing a lot of finance options which include allowing a car buyer to pay EMIs, only after twelve months of the purchase of the vehicle.

      Other than the regular discounts on Bharat Stage VI (BS-VI) cars like Vento, and Polo, the German auto titan, Volkswagen (VW) is now offering its customers a 12-month EMI holiday and the car buyer can start paying the EMIs from the second year onwards.

      19 May 2020

    • A strong CAGR predicted for health insurance in India till 2025

      A research report by TechSci found that the health insurance market in India will be driven forward by the increasing disposable income that Indians have as well as the various attractive features offered by health insurance companies now. This is augmented by an increasing workforce, awareness of health insurance policies, and an understanding that rising healthcare costs require health insurance policies to be met. Furthermore, it is mandatory that public and private sector employees are provided with heatlh insurance. The ‘'Ayushman Bharat’' health insurance scheme launched by the Government of India is also a boost to the health insurance sector in India. This is a national health protection scheme that provides health insurance to approximately 100 million families. This has increased the reach of health insurance to even the most vulnerable sections of society. In India there are standalone health insurers as well as public and private sector health insurers. The largest share of the health insurance market in India went to private health insurers in the year 2019. Due to the high number of road accidents, medical insurance dominated the insurance sector in India. There is a higher preference for private insurance firms since they provide customized plans according to the coverage required and budget available.

      12 May 2020

    • Insurance premiums to increase as more coverage will be provided

      Health insurance provides cover for various medical emergencies. Apart from the hospitalisation cost, health insurance provides cover for diagnostics tests and medication. Insurers are revamping their products to include more coverage. Any revamp in products could lead to a higher premium.

      Health insurance is very popular as it is cheap and can be bought online. In the next 2 to 3 months, health insurance premiums may increase by up to 25% due to the revamp in products. The IRDAI has issued a mandate regarding the inclusions and exclusions of a policy. Therefore, insurers will have to make their products more standardised to follow the guidelines. Various guidelines have been issued by the IRDAI throughout the year. The latest guidelines have been released to offer more coverage. This has led to insurance companies revamping their products and increasing the prices. As per the regulations issued by the IRDAI in October 2019, health cover cannot be denied to individuals under certain circumstances. The IRDAI has made it mandatory for all insurance companies to follow the new guidelines within one year from when they were issued.

      27 April 2020

    • Health insurance premiums to increase following IRDAI mandates

      Standalone health insurance firms and non-life insurance companies are revamping their products to include the modifications that have been mandated by the Insurance Regulatory and Development Authority (IRDAI). This will lead to an increase in health insurance premiums.

      Based on the features that are being added, the premiums could increase between 5% and 25%. The IRDAI has given insurance companies time until 30 September 2020 to include the modifications. From 1 October 2020, all products must have the required modifications. According to IRDAI’s guidelines, insurance companies are revamping their offerings by standardising products and adding more features. The new products with higher premiums will be launched in the next 2-3 months. According to the Head-Retail Heath, Travel and PA Underwriting, Bajaj Allianz General Insurance, Rashmi Nandargi, the IRDAI wants to standardise the exclusions and include certain diseases. She further added that additional premium can be charged on the basis of certification. However, in case the premium has been increased by more than 5%, the regular file and use process must be followed. Insurance companies can add the features that the IRDAI has asked for or can revamp their products by adding several features. As per the guidelines that were provided last year, no clear decisions were given on the exclusions and inclusions. This led to insurance companies framing their own guidelines.

      23 April 2020

    • The number of health insurance claims increase while motor insurances lessen during the lockdown

      Many non-life insurers have been seeing a rise in health segment claims during the lockdown in the country. On the other hand, the number of own damage claims in the motor segment has gone down during this period because of the lockdown.

      With the lockdown in place, there have been lesser vehicles on the roads which are preventing accidents and that is resulting in the lesser number of claims. Fewer claims of insurances usually improve the loss ratio of the insurer’s in the motor segment.

      The loss ratio is calculated in order to indicate the underwriting performance of the insurer. If the loss ratio is above 100 then the premium which is collected is not adequate to pay for the claims. The industry is currently operating at a loss ratio of 80 in the motor segment.

      According to Sanjay Saxena, head of retail claims at Bajaj Allianz General Insurance, losses will be coming down in the motor segment given the lower number of claims in this period of time. There are also insurers who feel that once the lockdown period is over, there will be a surge in claims.

      14 April 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? 0
      , 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? 2
      , 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? 0
      , 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? 0
      , 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? 1
      , 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? 0
      , 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? 1
      , 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? 0
      , 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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