LIC health plus
unique unit linked health insurnace plan no. 901
Hospital
cash benefit - HCB,
Major surgical benefit - MSB,
Domiciliary treatment benefit - DTB,
Benefit at end of the policy term,
Death benefit.
Contrasting the cashless transaction
model followed by rival, LIC's product would be based on
the lines of floater plan, which would give the policyholder
the option to receive a lump sum - which means claims could
be made for even treatment / cure at home. "The supplementary
element would be domiciliary claim, where a patient taking
treatment at home will be compensated as and when he tenders
the comprehensive bills.
Life Insurance Corporation of India is targeting
to provide health cover to close to 10 million families
in the 1 year of the operation / launch of the product and
expects over Rs 4000 to 5,000 crore of revenues.
LIC has declared that the present cashless form is
not in support of the customer as many hospitals were not
compliant with the facility. In many cases hospitals are
over charging if a patient comes with an insurance cover
that offers cashless treatment. Therefore LIC has set up
its health department at Hyderabad, which will contain the
centralized data.
LIC Health product will not have
a level premium and will increase with the age of the insured
and if more benefits are opted for. Pre-existing diseases
will be covered, but with some clauses. LIC being the Insurance
giant will offer a health savings account and a unit-linked
component attached to it the Lic heatlh product for the
benefit of customers.
LIC health policy will cover outdoor patient expenses, but
there will be limits to ensure overcharging by health care
providers.
Apart from LIC India there are few other companies in general
insurance like: ORIENTAL Insurance India, NATIONAL Insurance
India, UNITED INDIA Insurance India, NEW INDIA Assurance
India, RELIANCE General Insurance India, ICICI Lombard General,
BAJAJ Allianz General Company, TATA AIG General Insurance,
HDFC CHUBB General Insurance, IFFCO TOKYO General Company,
ROYAL Sundaram General, CHOLAMANDALAM General, STAR Health
Insurance India.
State bank unions defer strike The July 6 strike called by the All India Bank Employees Association at the five subsidiary banks of State Bank of India has been deferred. The strike was against the move to merge the subsidaries with SBI. The decision came at a meeting in New Delhi in which the representatives of the subsidiary banks agreed to discuss the issue with the unions, according to union sources.
Uco Bank's insurance JV Public sector Uco Bank would invest Rs 45 crore in its general insurance company, which would be operational by March next year, Chairman and Managing Director SK Goel said on Friday.
Bajaj Allianz invests Rs 50 cr in SKS Microfinance Bajaj Allianz, a leading insurer offering general and life insurance products, has made strategic investment of Rs 50 crore in SKS Microfinance, one of Indias largest microfinance institutions. The deal is the first-ever investment by an insurance company in an Indian Microfinance Institution (MFI) and signals an important steps in the evolution of SKS Microfinance, a statement said on Thursday.
MFs park funds in CDs Mutual funds purchased short-term money market instruments today on view that rates could fall next week in the wake of persistent ample liquidity in the banking system, dealers said.
Short-term instruments in vogue Issuances of short-term money market instruments rose today because mutual fundsthe key investorsstepped up purchases after they witnessed huge inflows into their schemes, dealers said.
Insurance firms shy away from VC funding One year after the Insurance Regulatory and Development Authoritys (Irda) allowed insurance companies to invest in venture capital (VC) funds, no insurer has shown interest in funding VCs.
China seeks 'stable' dollar, monetary diversification China, the largest holder of foreign currency reserves, renewed its call for a stable dollar and damped speculation that the nation is seeking talks on a new international currency at next weeks Group of Eight (G-8) meeting.
