Saturday, July 14, 2012

Let us welcome Religare Health Insurance

Let us welcome Religare Health Insurance                                                                          
It is always good to have entry of a new Insurance company. There is a challenge for the new company to come out with new/innovative /attractive product.

Religare Health Insurance has become operational and has started doing business in July, 2012

Salient points of their policy are:
  • Maximum sum Assured – Rs 60 Lakhs (highest in India)
  • Yearly check up on free of cost basis.
  • Overseas treatment permitted for those who have sum assured of Rs 50 Lakhs/ Rs 60 Lakhs.
  • No age limit for entry
  • Life long renewals
  • In house claim settlement
  • Restoration of sum assured after lodging/settlement  of claim

You will be interested to know the premium to be paid by someone for sum assured of Rs 50 Lakhs:

Family Floater for 2 adults of age group 61-65 years it is Rs 2, 58,360.

The good point is that insured is permitted to undergo treatment in foreign countries for critical/serious ailments/surgeries. This is to make clear that till now all health insurance policies were having the condition that insured can have treatment within India only.
Religare has taken a welcome step by permitting overseas treatment (for sum assured Rs 50 lakhs & Rs.60 lakhs).

You being a well informed person are aware of that Overseas Travel Policy does not permit you to travel abroad and get hospitalized for treatment of existing diseases.

For the same family -Family Floater for 2 adults of age group 61-65 years for sum assured of Rs 25 Lakhs the premium is Rs 47,958. But it permits treatment within India only.

The premium for Rs 50 Lakhs is not 2 times of the premium for Rs 25 Lakhs but it is 5.39 times or 439% higher.

Any Comment?

Saturday, July 7, 2012

Is Rs 92 Lakhs compensation for 2 lives high or low?

Is Rs 92 Lakhs compensation for 2 lives high or low?

On November 20, 2009, Prathap Kumar (28) who was working in Canada and had come to Chennai on a 10- day holiday. He met with an accident with truck when he and his family were going on the bike. The daughter was thrown off the bike on impact of the crash and was saved. Prathap and his wife died.

This case went to Motor Vehicle Tribunal in Chennai and after the trial Judgement has come in June 2012 .According to it;

·         Total compensation to be paid is Rs. 92 Lakhs.
·         Rs 50 Lakh will be kept in the name of the daughter in a nationalized bank until she’s 18.
·          Her grandparents will get Rs 20.9 Lakhs each so that they can use it for living /education of grand daughter.

Question before us is – Is it that Rs 92 Lakhs high or low?

We feel it is very less – A software engineer who was working in Canada and who is aged 28 years  could have worked /earned till  the age of 65 years – which means 37 years.