Coming Up: Flexible Health Insurance Schemes
IRDA is contemplating to make health insurance products flexible.
Though, health insurance is suddenly under bloomy clouds because of private hospitals and insurers’ recent controversy, statically health insurance is to grow by 30-35 per cent during this financial year.
Yes, the insurance experts believe so. Last year, the industry collected Rs 8,000 crore from health insurance including both group and retail portfolio. This is around 25 per cent of the premium collected by all non-life insurers in 2009-10. Of this, retail health was around Rs 3,500 crore.
The proposed change by IRDA would give policyholders the flexibility to switch their insurers, with the benefits of pre-existing diseases covered from the first year of shifting to a new company.
Right now, the pre-existing diseases are covered only after the completion of four years of a policy and it’s a very unfair for policy holders
The other changes would be for senior citizens who have been covered under a group mediclaim by their employers but did not have an individual health cover. After the proposal, now a person who has a group mediclaim policy till retirement, can automatically be covered by an insurer when he buys a health policy.
Upon asked, Mr. Niraj Jain, CEO InsuranceMall gave some highlight on this topic. He explained: “Flexibility is today’s mantra in the fast-living live. People want option and juggling to different option according to their needs. That’s why; insurance companies should be on their toe to short out their difficulties. It’ll work for the customer and insurer as win-win situation.”
There are couple of companies from non-life insurance industry is working on a portable health insurance product. The cover size is limited only to Rs 1 lakh. Most important, the policyholders can migrate from one insurer to another mediclaim policy provider till the age of golden age of 65,” Mr. Jain added.
Though, insurance companies are crying fouls, saying that the loss ratio for insurance companies will go up where the consumers will benefit from it.
While the loss ratio for retail health was 80-82 per cent last year, group mediclaim was bleeding with 125-130 per cent.
Now, if you want to understand the nuances of different types of policies and its price, feel free to seek the help of InsuranceMall to select the right products based on your need.
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