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.

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.

Insurance cover for alternative treatments still a far dream

Up till now in India, only allopathy medical treatment was covered under health insurance while alternative medicine systems such as ayurvedic and homeopathy were left out. 

Almost 60 percent of registered doctors in India follow alternative systems of medicine. Alternative medicine treatments like homeopathy, Ayurveda, and Acupuncture constitutes a key part of the health care system.

The Insurance Regulatory body-IRDA had given approval to bring alternative treatment regimes under the medical insurance cover. 

Now in papers, many insurers have started furnishing insurance cover to these alternative forms of treatment, particularly Ayurveda. However, unless the insurers are prepared to treat these at par with allopathic medical treatments, it is of not much use.

A major part of insurers is yet to act as per IRDA approval, and they have to prevail over many challenges to bring the alternative medical system under proper medical insurance.

Mahindra Satyam ties up with insurance solution provider iPipeline

Indian IT services provider, Mahindra Satyam has tied-up with US based ‘iPipeline’, a company offering selling, processing and marketing solutions to the insurance, banking and financial services. 

The role of Mahindra Satyam in this partnership will be providing Customer Relationship Management (CRM) for fiscal services to the financial and banking customers in India, West Asian and the Asia Pacific markets. iPipeline has partnered with Mahindra Satyam with a view to capture business opportunities in the insurance and financial services markets in Asia. 

On the occasion, Mr Andrea Evans of iPipeline, said,” This partnership with Mahindra Satyam gives us an excellent opportunity to extend the deployment of our CRM for financial services solution to a broad range of banks and financial services companies.” 

Rohit Gandhi, Senior Vice-President - APAC, India, MEA, Mahindra Satyam, said, “ Mahindra Satyam has a strong focus in the banking and financial services sector, and “we plan to actively position iPipeline CRM for Financial Services to our customers and prospects in Asia, especially those focusing on wealth management.”

Public–private partnership model only way for a secured pension

World’s second largest reinsurer Swiss Re has indicated that for creating a long-term retirement provision, both private and public bodies have to work together to address the broader issue of a sustainable pension infrastructure. 

India is making efforts to set up a detailed social security plan by permitting new players in the pension and insurance field. Increase in life expectancy in India in recent times has caused difficulties in funding for insurers. 

Swiss Re report said that advanced models furnish improved figures of future longevity and will bring in vital changes in the overall result, which ought to be driven by private and public bodies working in concert. Insurers and employers ought to work unitedly to attain a lasting sustainable infrastructure.

Big hike in insurance covers for Ganpati mandals

During all the Ganesh Utsav celebrations, the increasing prices of raw materials have increased the cost of idols by thirty per cent this year and hence the insurance cover too has shot up.

The ‘Ganpati Seva mandal’ at King's Circle is the richest in city and according to sources, has insured its festivities for fifteen for a stupendous amount of Rs. 150 crore. At the pandal, the Ganpati is decorated with gold and silver ornaments and various types of precious stones. At the Lal Bag Pandal, the insurance cover is worth Rs. 14 crore.

Although Ganesh Utsav festivities are celebrated all over the country, the celebrations are most elaborate in Maharashtra. Lord Ganesh idols were established in homes and various public places, after performing traditional pooja. 

As per the Mumbai civic body, a total of 191000 idols are installed across the city; of which 180650 are in local households and 10350 are at Ganesh Mandals. 

Star Union Dai-ichi registers 23.2 percent growth on premium basis

Life insurance company-Star Union Dai-ichi (SUD Life), has recorded a growth of 23.2% as on 31^st July on the premium basis. This year it is Rs. 148.98 crore as against Rs. 120.90 crore as on 31^st July 2010. 

Star Union Dai-ichi Life Insurance Company Ltd is a joint venture between Bank of India, Union Bank of India, and Dai-ichi Life Insurance of Japan.

Even though the private life insurance sector is registering a negative growth rate of 24.8%, the company has achieved a high growth rate of 23.2%. 

The company sold 19,631 policies in 2010, which has increased to 26,049 policies in 2011. The insurer is basically a Bancassurance company at this point and is selling its policies through Union Bank of India, Bank of India, and seven Regional Rural Banks.

SUD Life MD and CEO, Kamalji Sahay said in a statement, "We aim to continuously provide the highest levels of service excellence and to this end our quality initiatives have played a pivotal role. At Star Union Dai-ichi, we constantly explore ways to provide solutions to a wide variety of customers. We recognise and adhere to these evolving trends in customer psychology to provide customised solutions to meet these aspirations."