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 The
Emergence of Micro Insurance in IndiaLast September LIC announced its foray into the field of micro insurance, with the aim of extending insurance cover at the grass root levels. Jeevan Madhur, launched by President A.P.J. Abdul Kalam himself, is their first policy in the field. Now in the first week of April LIC, within 6 months of launching the policy, LIC has collaborated with 3i Infotech to transact micro insurance business on LIC's behalf. 3i Infotech is a global IT services and solution provider and 4th largest software product company in India. More |
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 Mediclaim Price Hike – Whats and Whys? Recently Mediclaim's premium was increased by 30-100%, making insurance against hospitalization as well as post-hospitalization treatment costlier to avail. Putting an upper cap on expenditure on policyholders’ part has also reduced policy’s coverage. An upper limit on the payments of all types of hospital charges is also set. The only saving grace is the fact that people below 26 years of age will be charged less than what they have to pay now. Another change is the lucrative looking 6% discount a policyholder would get if he pays his bills upfront and seek a reimbursement later, instead of availing cashless hospitalization. more... |
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 Trading
of Life Insurance PoliciesRecently Bombay High Court upheld the rights of companies and individuals to trade life insurance policies to anyone they want. Though legally it was never restricted but the life insurers (essentially LIC) discouraged it by themselves. Conventionally trading was only allowed with an entity that had some insurable interest for the policyholder - like with a bank, as security for loan. But in cases of emergencies life insurance policy can be sold for a higher price than what is offered by insurers for lapsed policy. more |
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 Insurance
Blues for EldersInsurance companies are raising their premium rates for senior citizens by almost 100 per cent, forcing them to either discontinue their medical insurance plans or reduce the sum assured. This has made difficult for our elders to seek insurance cover or health cover. With the claim ratio going up the insurance companies are paying more than they are earning, thereby forced to hike up the prices of their services/products. more |
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