Maharashtra to launch new insurance scheme to cover 2 crore people

Maharashtra Government is going to launch Rajiv Gandhi Jeevandayi Medical Insurance Scheme next week.
Under this scheme, almost two crore families in Maharashtra, covering 10 crore persons, will be insured for 972 medical procedures.

All families having an annual income below Rs. one lakh will be able to use cash-less medical facilities. Patients will also be paid travel allowance to and from the hospital. All those families having an orange or yellow ration card will be insured under the scheme.

The State has partnered with the National Insurance Corporation of India to provide the insurance. The annual premium of Rs. 367/family will be paid by the state.

In the beginning, the insurance scheme will cover eight districts and by the end of year 2012, it will be extended to all the districts of Maharashtra.

Indian Cricket players insured for Rs. 2.5 crore each

The BCCI has decided to insure India’s cricket team’s players with an insurance cover of Rs. 2.5 crore each. Public sector insurer, National Insurance Company has provided the insurance cover.

Since the attacks on Shri Lanka’s team in Lahore, there has been a big change in the BCCI’s policy. After that, the BCCI increased the insurance cover for cricket players by twenty-five times. However, this was only for the players who were playing abroad. Now, the BCCI has extended the cover to players not only in the national team but also for those having contract with the BCCI.

The BCCI has contract with 37 players; 12 in Grade A, five in Grade B and 20 in Grade C.  The insurance cover is for all with a uniform insurance cover of Rs. 2.5 crore each/ year.

The insurance cover has also been provided to even members of the support staff. The insurance cover is effective from 1st October, 2011. The decision was taken at a meeting of the board’s office bearers recently.

IRDA launches mobile application to compare online insurance

The IRDA has launched one mobile application in the market that will enable users to compare online insurance products and check premium rates.

Currently, the mobile phone users, having internet connectivity, can check and compare the features of ULIPs, which were introduced after 1st Sep, 2010.

The mobile application works on the iPhone, Android, Blackberry and Nokia platforms.

The users can access the application by accessing www.m.irda.gov.in. Users have three search options — search by keywords, by policy type and company.

The users can compare up to three products. Searching by keyword allows users to search by entering a keyword. The chosen product information is exhibited in a pop-up window.

Swiss Re to sell its stake in TTK Healthcare TPA

Re-insurance company Swiss Re is going to sell its entire stake of 26% in TPA firm TTK Healthcare TPA. The company is going to sell it to Vidal Healthcare Services. The company has not disclosed the amount, and the deal is subject to regulatory approval.

In a statement issued by Swiss, it said, "It has signed an agreement with Vidal Healthcare Services (Vidal), whereby Swiss Re will sell its 26% shareholding in TTK Healthcare TPA (TTKHTPA) to Vidal."

TTK Healthcare Services is one of the leading third party administrators in India. Vidal Healthcare Services was established by Girish Rao, who was also the co-founder of TTKHTPA. He has been instrumental in building TTKHTPA into one of the India's top TPA companies.

Originally, it was thought that Reliance Life was in discussions with Swiss Re to bring it as a foreign partner. Swiss Re has a presence in India since 1998. It was launched as Swiss Re Shared Services (India) in 2000.

L&T Insurance to inject Rs. 500 crore in business

L&T General Insurance Company has decided to inject Rs. 500 crore in coming three years in its operations. L&T General Insurance is a subsidiary of 11.7-billion dollars L&T Group. It has completed one year of operation and in the same period has accumulated a premium income of around Rs. 80 crore.

The insurer has 33 products and major part of its product is motor insurance, which makes up about 55% of the total business. The company has offices at around 1,000 locations in the country and has released 60,000 policies in the first year of operations.

L&T General Insurance has launched its first health insurance policy “My: health Medisure Prime Insurance” which is suitable for both individuals and families.

This policy offers insurance cover from Rs. 3 lakh to Rs. 10 lakh. For an insurance cover of Rs. 3 lakh for an individual between age of 26 years and 35 years, the annual premium will amount to Rs. 6,600 and Rs. 7,700.

Star Union Daiichi’s customer initiative: online platform ‘E-Life’

Private life insurer Star Union Daiichi has come out with a new customer service initiative to help its customers to remain in constant touch with the company. This is new online customer portal ‘E-Life’.

With its help customers will be able to handle their policy online besides online premium renewal, top-up payment, premium redirection, change of address, change of nominee and change of billing mode. This customer portal will also offer SMS support service to the clients.

Star Union Daiichi is one of the leading private life insurance company in India and is a joint venture between Japan’s Daiichi Life Insurance, Bank of India and Union Bank of India.

Star Health ready to launch individual dental insurance policy

Star Health Insurance Company is planning to bring an all inclusive dental insurance policy in the market soon. 

Presently, there is not a single complete insurance plan for dental treatment. Insurance companies are presently offering only limited coverage and that also for a few dental procedures under general health insurance. 

Now the consumers are becoming more aware about dental care and a need is arising about a comprehensive dental coverage. 

Star Health is formulating a comprehensive dental insurance policy that will cover complete dental health at its selected dental clinics network. The product will be launched initially in Mumbai.

State-funded health cover for all Indian citizens by 2017

The Planning Commission of India has suggested the introduction of a state-funded health insurance programme in 12th five-year Plan (2012-17) to provide health cover to all Indian citizens. The board as advised the government to formulate fiscal inducements for beneficiaries of the program and their employers to urge them to take part in the plan.

The 12th five-year Plan will explore the potential of starting a state-funded  health insurance plan for every citizen along the lines of the Rashtriya Swasthya Bima Yojana. RSBY is presently available to certain selected groups.

RSBY was started in year 2008 and is presently providing health insurance to approximately 24 million poor people in the country. 

“It’s a step in the right direction but the government needs to decide on a few things, including “the definition of healthcare, who’ll fund it, whether it will be a public-private partnership and whether it will be for families both above and below the poverty line,” said Amarnath Ananthanarayanan, CEO Bharti Axa General Insurance.

A panel official said, “Details of the plan will be formulated once the actual implementation starts, said who declined to be identified. This is just the idea now. When actual implementation happens then all these concerns will be addressed.”

A.M. Best confirms good ratings of LICI

A.M. Best Europe Rating Services Limited has affirmed bbb⁺ issuer credit rating and financial strength rating of B⁺⁺ of Life Insurance Corporation International (LICI). 

These ratings reflect LICI’s healthy profit generation record and its special niche in the market. LICI enjoys a big share of life insurance market in the Gulf among the Indian expatriates living in the region.

LICI's present and future risk-adjusted capitalization is regarded as strong, as proved during the period of financial crisis. LICI showed a healthy resilience to negative market movements during the financial crisis. The corporation has a good record of delivering profits and have a positive future.

A.M. Best Europe Rating Services is a subsidiary of A.M. Best Company. A.M. Best was established in 1899. It is a credit rating organization committed to serve the insurance industry.  Best's analysis and ratings are standard in evaluating the financial strength and trustworthiness of insuring companies.