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Phone: 011-41324957, 41623784, Mob:+91-8447757651 & 53 Email:
Introduction to Health Insurance in India
(1) Introduction of Health Insurance Policies   (2) Need of Health Insurance
(3) Companies offering Health Insurance/ Mediclaim   (4) Salient Points of Various Products of Insurance Companies
(5) What Health Insurance Policy Covers in India   (6) What Health Insurance Policy does not Cover in India
(7) Selection of Health Insurance Product/ Company   (8) Health Insurance through Life Insurance Companies
(9) Concept of :
a- Concept of Day Care Surgeries Treatments Covered b- Cooling Off Period (30 days Waiting Period)
c- Co-Pay Concept in Health Insurance Policy d- Health Insurance through Credit Card
e- Concept of Cumulative Bonus in Health Insurance Policy f- Health Insurance Cumulative Bonus Comparision
(10) Specimen:
a- Proposal Forms of Insurance Companies   b- Non Receipt of Policy Letter to Send to Insurance Companies
9(e)- Rewards given on renewal to health insurance customers who did not lodge any claim during the year
“Different Insurance Companies reward their clients who have not lodged any claim for health insurance during the year in different manner. These are
1. Cumulative Bonus Type: Increase the sum assured by 5% to 10 % per year with limit being put on maximum amount available under this head. This is 25% to 50% over period of time. This is something like indexing to take care of inflation year over year. Most of the companies follow this method and these are Apollo Munich, New India, ICICI Lombard, and Royal Sundaram.
2. Discount Type: Give discount of 5% to 10% in renewal premium to be paid .This also has max limit of 10 %to 25% .United India gives 5% which increases to 25 % over period of time. At the same time Star gives 10 % in a year but retains the same figure over period of time. This method is truly discounting immediately to give the feeling to the client that he has saved some money by not lodging any claim during the year.
3. Vouchers: This is the latest method adopted by MaxBupa which gives 10 % of Renewal premium in the form of vouchers which can be used for OPD, Consulting, Wellness programme, diagnostic tests or medicines .This method is encouraging the insured to go in for consultations /tests so that disease can be detected in early stages and this ultimately results in lower claims over long period of time.
4. No benefit type: Oriental was the first on e to start with, where no discount is given for policies in which individuals are covered for specific amount (But the same company gives discount for Family Floater policy). Bajaj Allianz also joined this group and is not giving any discount. As health Insurance is loss making portfolio therefore this method is towards keeping control on revenue /costs.
According to Sethi MaxBupa model is the one which is progressive and more and more companies will follow this method as it is having the flexibility that insured can use it the way the insured feels like .Various companies are giving small amount after 4 years for tests. But this method has resulted in dissatisfaction because clients find lot of hassle in trying to claim small amount of Rs 1200 or so from the insurance companies. We feel out of various methods Payment voucher with some modifications will be the best way to reward the insured persons
Let us have a look at the limitations of Max Bupa Vouchers Scheme;
According to S K Sethi Founder & CEO of Ria Insurance Brokers P Ltd, a company Specializing in health insurance “This voucher is valid only at an empanelled service provider and the list comprises mainly of branded shoes/garment outlets. Customers find that their family doctor or the dental clinic which they patronize is not in the list as a result the use of voucher gets reduced to a gift voucher .The purpose of the voucher should be to encourage the policy holder to go for medical check up /consultation with the doctor so that disease can be detected early and cured in the initial stages itself. With this the patient can avoid the pain and insurance company can avoid expensive hospitalization claims. We feel that this scheme should be modified by may be issuing pre paid bank card which can be used at every possible location especially comprising of all doctors /dental clinics /pathological labs which a normal family uses.”
Coming to the reaction of the customers towards this scheme Sethi added “The general comment of our customers is that 10% voucher is too small an amount (Rs. 2000 on policy comprising Rs 20000+ service tax = Rs. 22060). When the customer is paying premium price in the form of higher premium (in comparison to premium of other companies) then he wishes it to be increased to 20% as the acceptable level and of course it should be usable with all doctors/pathological labs/dental clinics.”
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