It
was anticipated for quite sometime that Health insurance Premium will go up as
inflation has been affecting the costs of Insurance companies.
In
next few months (second half of 2013) let us be prepared for increase in
premium of the order of 30% in following companies:
New
India
Assurance August 2013
National
Insurance October 2013
Oriental
Insurance October 2013
United
India June 2013
According
to the Mr. N.S.R.Chandraprasad Chairman , National Insurance Company Ltd – “ This increase is coming after 6 years as
last time it was done was in 2007 “
We
appreciate the increase in premium so that Health Insurance Portfolio should
not be a loss making portfolio. In fact no portfolio should be a loss making
portfolio.
One
thing which we do not understand – why do Insurance Companies do aggressive pricing
when it comes to quote for Group Health Insurance? Corrective steps are needed
to control this practice so that Group Health Insurance Portfolio should also
be a profit making portfolio. Claims at 125% of the premium are not acceptable.
Recently
we came across a case where claims during 2012-13 were Rs.13.5 lakhs but
another company picked up the business by quoting Rs.9.80 lakhs. We feel
individuals / families are being penalized for this Group Business.
