-
My Account
My Account
Health insurance policies with a cover of Rs 1 crore is becoming the new norm in the industry. With health inflation on the rise and average out-of-pocket medical expenses on the rise, insurers are increasing their cover sizes.
Here, both public sector insurers as well as private insurers are increasing the sum assured under the products.
Take New India Assurance, for example. The state-owned general insurer has launched a new health insurance product -- New India Premier Mediclaim. It offers cover up to Rs 1 crore. Earlier, the maximum sum assured under health insurance was Rs 30 lakh for the company.
G Srinivasan, Chairman and Managing Director of New India explained that the product was introduced since there was a need felt for a higher cover in the market and also because there was a demand from customers for this.
Anyone from the age of 18 years to 65 years can opt for the product. Here, up to six members of the family including spouse, dependent parents and children can be covered. Features include critical illness benefit, ayurvedic treatment coverage (up to 20 percent of sum insured), baby cover, infertility cover and also air ambulance cover. HIV/AIDS and psychiatric disorders will also be covered.
The yearly premium will come to about Rs 45,000-50,000 for a thirty-year-old non-smoker.
Private insurers have already taken a lead in providing high value covers. Max Bupa Health offers covers of up to RS 1 crore that cover the individual and their family members.
Aditya Birla Health Insurance offers health insurance sum assured up to Rs 2 crore, with a focus on promoting healthy living.
Mayank Bathwal, Chief Executive Officer, Aditya Birla Health Insurance said that with the increase in chronic ailments like diabetes and blood pressure on one hand and self-employed on the other, the need for higher value insurance is growing.
One to two years ago, the average sum insured for a health insurance policy stood between Rs 10 lakh and Rs 15 lakh. If any individual needed a cover above this, they usually took a super top-up or a rider along with the policy.
Insurance companies are also of the view that employer covers are going down. Bathwal said that several employers are either reducing the cover for employers under group health scheme or are introducing co-pay elements in it.
Newer standalone health insurance companies who have been set up in the last two to three years have been offering Rs 1 crore and above covers since inception. CignaTTK Health Insurance has ProHealth Premier Plan that offers coverage of Rs 1 crore. Further, it includes a worldwide emergency cover up to full sum insured.
With a higher cover, the waiting period for the diseases is also going down. Waiting period means the duration before which payouts for any medical interventions for critical illness will not be paid for by the insurer.
| Company | CMP | High Low | Fall from Day's High |
|---|---|---|---|
| Bajaj Auto | 3,546.00 | 3,549.90 3,520.05 | -0.11% |
| Dr Reddys Labs | 4,274.75 | 4,282.00 4,242.10 | -0.17% |
| Cipla | 1,051.55 | 1,053.55 1,043.15 | -0.19% |
| SBI Life Insura | 1,301.45 | 1,305.00 1,291.30 | -0.27% |
| TCS | 3,339.50 | 3,350.00 3,315.55 | -0.31% |
| Larsen | 2,154.70 | 2,161.40 2,118.10 | -0.31% |
| UltraTechCement | 7,113.05 | 7,144.00 7,024.95 | -0.43% |
| NTPC | 166.35 | 167.20 165.80 | -0.51% |
| HCL Tech | 1,069.00 | 1,074.50 1,061.00 | -0.51% |
| Maruti Suzuki | 8,304.00 | 8,349.00 8,260.00 | -0.54% |
New Delhi Television Ltd (NDTV) said on Monday an entity backed by its founders had issued shares to a unit of Adani Group, taking the billionaire Gautam Adani-led conglomerate one step closer to taking over the media firm.
Expert team is conducting polygraph tests. Today's session will be completed soon. We may need to continue the test tomorrow as well. Once our tests are completed, the Narco test will be conducted: Sanjeev Gupta, FSL Assistant director.
An internal survey of Delhi BJP has shown that the party may win 170 of 250 wards in the MCD polls next month, a senior party leader said on Monday.
The survey having a sample size of 43,750 voters was conducted between November 13 and November 25, Delhi BJP media head Harish Khurana said.
The elections for 250 wards of the Municipal Corporation of Delhi (MCD) will be held on December 4. Results will be declared on December 7.
Fitch Ratings on Monday said India's bank credit will see strong growth in current financial year despite effects of higher interest rates.
It said the strong loan growth should benefit net revenue, particularly as it will be coupled with wider net interest margins.
"We see bank credit expanding by around 13 per cent in FY23, up from 11.5 per cent in FY22. The acceleration will be driven by the normalisation of economic activity after the COVID-19 pandemic, and high nominal GDP growth, which we expect to boost demand for retail and working-capital loans," Fitch said in a statement.
Ahmedabad, Gujarat | Jay Narayan Vyas, who quit BJP earlier this month, joins the Congress party along with his son Sameer Vyas. https://t.co/vgbMi4iIKf pic.twitter.com/IR8mnPEBfk
— ANI (@ANI) November 28, 2022
#Kerala: Anti port protest in #Vizhinjam in Thiruvananthapuram turns violent. All-party meeting to be held today to restore peace in the area. Around 2,000 fishermen marched to the police station last night and vandalized the office. pic.twitter.com/hkkiPYasoy
— DD News (@DDNewslive) November 28, 2022
- A large section of farmers in China has taken to destroying their crops, blaming the strict COVID-19 curbs for not letting them sell their crops. The farmers’ move has sparked concerns of food security.
- Because travel is banned through several rural areas in the country, farmers are struggle to sell their harvest, local media reported. Reports say that farmers in the Chinese provinces of Henan, Gansu, Shandong and Hebei are bulldozing vegetable fields in order to sow seeds for the next crop.
- A video showed a farmer running a tractor through a line of vegetable cultivation. Another farmer was seen plucking his produce and throwing it.
- China is the last major economy still attempting to stamp out the domestic spread of COVID-19 with snap lockdowns, lengthy quarantines and mass testing campaigns. See the video here.
