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Ques. |
We are getting the insurance cover from my Credit card at a heavy discount then why I should go directly to Insurance Co.? |
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Ans. |
The product offered under credit card scheme has different risks covered also carries administrator cost at rate of Rs. 175 to Rs. 250 per person.So for a family of four it adds up to approximately Rs. 1000. |
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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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Let us go into an in depth study; |
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In September 2004, the following study was made on the basis of leaflet being circulated by S.B.I. card to its card holders. |
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Sum Assured Is Rs. 1,00,000 for each member |
| Name |
Age |
As per SBI Card Royal Sundaram |
Premium for Royal Sundaram |
(Rupees) Premium for Cholamandalam |
| Mr. Lall |
42 |
1230 |
1485 |
1560 |
| Alka |
36 |
1230 |
1485 |
1560 |
| Suman |
6 |
1200 |
934 |
1208 |
| |
|
3660 |
3904 |
4328 |
| Discount |
|
915 |
390 |
433 |
| Administration on Fee175 * 3 |
|
525 |
0 |
0 |
| Total |
|
3270 |
3514 |
3895 |
| Benefit |
|
No Claim |
No Claim |
No Claim |
| |
|
Bonus is 5% |
Bonus is 15% |
Bonus is 10% |
| After 3 yrs |
|
115000/- |
145000/- |
130000/- |
| Sum Assured |
|
Per Person |
Per Person |
Per Person |
| Cost Rs. /Lakh |
|
947 |
807 |
998 |
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Generally people switch over the credit card in 2 years time depending on the: |
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- Cost/Year
- Service not being satisfactory
- Attractive incentive offer being made
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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 are not the credit card holder then you can not be a member of the group so you can not be-covered under the policy. You Will not receive renewal notice also and changes are you will be uninsured. |
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What emerges out is that |
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Read the details in any such offer carefully and then only decide. Do not be impressed with 40% discount offer as it is shown in this leaflet" |
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Ques. |
TPA & Insurance company have disallowed my claim. What is the option available for me? |
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Ans. |
You can take up the matter with head office of the insurance company. If not satisfied with their decision you can take up the matter with Insurance Ombudsmen in your area. List is given in this book. If not satisfied with their decision then you can lodge case with consumer forum at district level. |
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| List of Insurance ombudsmen is attached. |
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Ques. |
Underwent surgery for a retinal tear and was in hospital only for a couple of hours. Can my claim be rejected on the ground that i was not hospitalised for a minimum of 24 hours ? |
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Ans. |
No, your claim cannot be rejected on this ground since the "24 hours" condition does not apply to certain surgical procedures - those that don't require extended hospitalisation. |
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Ques. |
Five years such I had by pass surgery. Four years back /Insurance policy issued & preexisting diseases was mentioned as an exclusion. It is correct that this will not be mentioned in next year policy as I have completed 4 claim five year. |
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Ans. |
Yes |
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Ques. |
It is correct that Insurance Company will pay for my tests 4 years of claim free. |
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Ans. |
Yes |
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