| 4- Salient Points of Various Products of Insurance Companies |
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| New India Assurance Company Ltd : |
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1. |
Have started product for senior citizens. |
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2. |
Raised sum assured for normal policy to Rs 10 Lakhs. Planning to raise this limit to Rs 25 Lakhs. |
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3. |
Getting insurance policies and ID cards may take longer time than what is taken by some private Co's |
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4. |
Hospital list is highest at 4082 |
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5. |
Have recently come out with premium rates where India is divided into 3 Zones. Zone 1: Mumbai (Highest), Zone 2: Delhi/ Banglore, Zone 3: Rest of India (Lowest) |
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| Oriental Insurance Company Ltd : |
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1. |
Happy family floater is a product. Covering self, family, parents & parents in law. |
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2. |
Discouraging issue of policy to those having age 50+ |
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3. |
Getting insurance policies and ID cards may take longer time than what is taken by some private Co's |
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4. |
Hospital list is highest at 4082 |
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5. |
Discount of 5% is given if you do not opt for cashless settlement option. |
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6. |
Has done away with No Claim Bonus concept for new policy holders. |
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| Reliance General Insurance company Ltd : |
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1. |
Lowest rate for those who are below 45 Yrs. On the spot handing over of policy with activation on phone. |
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2. |
Family Floater available. |
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3. |
Not keen on Group Health product. |
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| Royal Sundram Alliance Insurance company Ltd : |
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1. |
Simple proposal form |
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2. |
Payment by credit card possible |
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3. |
Generally do not issue policy for individuals on stand-alone basis. |
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4. |
Hospital list is shorter. |
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5. |
Maximum limit of Rs 3 lakhs in comparison to Rs. 5 / 10 Lakhs of others |
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6. |
No claim bonus at 15% in comparision to 5% of others. |
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| Star Health & Allied : |
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1. |
First Health Insurance Company. |
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2. |
Has introduced various products. |
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3. |
Is issuing policy to Senior Citizens without medical test. However those submitting medical tests get 10% discount. Co payment for senior citizen varying from 30% to 50%. |
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4. |
Not using TPA - which means inhouse settlement of claims.Has introduced concept of Co Pay. Limit 30% to 50% for Senior Citizens. |
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5. |
Special product for Senior Citizens with higher premium. |
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6. |
Micro Insurance concept for low income group. |
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| United India Insurance Company Ltd : |
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1. |
Discouraging issue of policy to age 50+ |
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2. |
Getting insurance policies and ID cards may take longer time than what is taken by some private Co's |
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3. |
Hospital list is highest at 4082. |
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