Page 18 - Insurance Times September 2015 SAMPLE
P. 18
Heath Insurance on a low run for Women Launch of TPA deferred
A recent survey among 1,009 women well as congenital disabilities affecting The launch of the common Third
showed that only 39% of them have their new-borns. Party Adminis-
health cover. Out of this, 22% have trator (TPA)
bought insurance for themselves, while A woman needs to ensure that they floated by four
the rest depended upon policies have a cover of at least Rs.5 lakh un- state-owned
bought for them by male relatives or der a family floater policy if possible. general insurers
employers.
Budget permitting, she has once again been postponed. The
The survey conducted by can opt for a top-up TPA which is being set off at an in-
ICICI Lombard General In- cover. vestment of over Rs.200 crore by
surance, found that de- New India Assurance, United India
spite a rise in claims filed If a woman is convinced Insurance, National Insurance and
by women in 2014, not too many about critical illness cov- Oriental Insurance to look into the
women were coming forward to buy ers, she must first evaluate the terms health claims and handle them which
health insurance. Insurers like Bajaj and conditions. "There are hardly any are received by the public general
Allianz, Aegon Beligare Life and Tata great specialized plans available for insurers, is now likely to be launched
AIG General offer products or rider women. Insurance companies have in the next month.
benefits exclusively for women. attempted creating such plans but
they have no major cost or feature How do you benefit from
Tata AIG's Wellsurance Woman is a advantage, vis-à-vis a standard regular
combination of a hospitalization and plan in the market", says Mahavir family floater health in-
critical illness cover that pays for 11 Chopra, Director Health Insurance,
critical illnesses. Aegon Religare's Coverfox Insurance Broker. "You should surance?
Woman Care rider is attached to its weigh both options against the pre-
term insurance policy and covers for mium. The overall deal works in the One can buy a health insurance
critical illnesses afflicting women as favour of regular plans than such spe- policy of Rs 2 lakh for himself, an-
cialized plans", says Chopra. other policy of Rs 2 lakh for his
spouse and Rs 1 lakh policy for his
son. Instead of buying separate
health insurance policies for each
member, he can buy a family floater
policy of Rs 5 lakh. Here each mem-
ber of the family can avail cover of
Rs 5 lakh in case of hospitalization.
“Point to note is, the sum assured
limit is not individual limit but a col-
lective one,” explains Deepak
Yohannan, ceo, myinsuranceclub.
Keep your parents out of the family
floater health insurance policies, as
most insurance companies calculate
premium based on the age of the el-
dest member in the family. This in-
flates the cost. Secondly, there is a
high chance of your parents making
a claim whereas a young member
has a low possibility of claim arising
out of hospitalization. By keeping
them out, you save a lot on health
insurance. Instead buy separate
health insurance policy for each of
your parent, says Deepak Yohannan.
14 The Insurance Times, September 2015
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