| 9 (d)- Health Insurance Through Credit Card |
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| LEAFLET OF A CARD COMPANY - 2004 |
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Let us go into the study in depth;
In September 2004, the following study was made on the basis of leaflet being circulated by S.B.I. card to its card holders. Rates taken are some as prevailing for Royal Sundaram at that time. Now the rates are different. Whenever required you should take the table as specimen and fill it up with current data to come to any conclusion. |
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| Sum Assured is Rs. 1,00,000 for each member |
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| Name |
Age |
As per SBI Card Royal Sundaram |
Premium for Royal Sundaram |
Premium for Cholamandalam |
| Mr. Lall |
42 |
1230 |
1485 |
1560 |
| Alka |
36 |
1230 |
1485 |
1560 |
| Suman |
6 |
1200 |
934 |
1208 |
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3660 |
3904 |
4328 |
| Less Discount |
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915 |
390 |
433 |
| Plus Administration 175 * 3 |
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525 |
0 |
0 |
| Fee |
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| Total |
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3270 |
3514 |
3895 |
| Benefit |
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No Claim |
No Claim |
No Claim |
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Bonus is 5% |
Bonus is 15% |
Bonus is 10% |
| After 3 yrs |
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1,15,000/- |
1,45,000/- |
1,30,000/- |
| Sum Assured |
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Per Person |
Per Person |
Per Person |
| Cost /Lakh |
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947 |
807 |
998 |
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The analysis reveals that going for the policy from the Insurance company is more beneficial in the long run as cost in Rs/Lakhs in the fourth year at Rs.807 is lower for Royal Sundaram insurance rather than buying the same through S.B.I. card. |
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Generally people switch over from one credit card to another credit card in 2 years time depending on the: |
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- Cost/Year
- Service not being satisfactory
- Attractive incentive offer being made by other credit card company
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You may not like to stick to a credit card for a long time only because health Insurance was purchased through credit card .If you do not remain the credit card holder then you will not remain a member of the group so you can not be covered under the policy. |
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| What emerges out from this study is that: |
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"Read the details in any such offer carefully and then only decide which product should be purchased? Do not be impressed with 40% offer as it is shown in this leaflet." |
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