DO YOU HAVE HEALTH COVER?

As medical needs and emergencies come unexpected, it's better to take a health insurance cover to tide over the expenses

 An increasing trend among nonlife insurers is to avoid selling health insurance policies as profits are declining in this business. This is seen more in the case of select public sector companies.
    On the other hand, life insurers like LIC are busy advertising the benefits of their newly-launched health plans. As a consumer, you are bound to be confused. So, let us throw some light on this situation.
    Health insurance is a catch-all term that covers three distinct policies. A health policy reimburses you the actual hospitalisation cost for treatment of any disease and is offered only by non-life insurers. Such policies are popularly called "Mediclaim" policies (Mediclaim is actually a brand name, which has now become a general term).
    The other two plans are offered by both life and non-life insurers.
    One can be loosely referred to as a "Hospitalisation Policy," where you primarily get a daily allowance for every day spent in the hospital. Some policies also provide higher daily allowance for stay in intensive care unit (ICU). Others have a provision for lump sum payment if you undergo any of the surgical procedures covered in the policy.
    The next type of health insurance covers critical illness. Given the increased stress and strain of modern life combined with unhealthy and sedentary lifestyles, most of us are prone to serious illness. But advances in modern medicine ensure that most of us survive these. This, however, comes at a cost and makes a serious dent in our ability to pay, either from salary or business. This is where a critical illness cover can step in and pay off a lump sum benefit.
    Most life insurers have for long offered these covers as riders (riders are covers for additional risks or to enhance the existing risk covers).
    Now, these critical illness covers are also being offered as standalone policies for specific illnesses like cancer. These policies are recommended for salary earners.
    A relevant question would be whether one would need a hospitalisation policy if s/he already has a Mediclaim policy?
    A Mediclaim policy only reimburses the expenditure incurred in the actual treatment of the disease/illness at a hospital. There are several other expenses that are typically incurred, which the Mediclaim policy does not reimburse. Expenses such as travel, attendant's lodging, loss of income (for both the patient and the attendant), pre-hospitalisation diagnostic tests, medicines among others can run up to as much as 30 to 40% of the total treatment cost. A hospitalisation policy takes care of these.
    You will find that the policies offered by life insurers are actually an addition and not replacements for Mediclaim policies.
    Remember, it is an absolute must that you and your dependents have adequate cover on your Mediclaim policy. It cannot be replaced by any other kind of policy.
    When it comes to hospitalisation and critical illness policies, life insurers offer excellent products. Such policies should be a necessary part of your risk cover portfolio.
    Our recommendation is based on the fact that policies offered by life insurers cannot be cancelled during their tenure. Non-life policies can be cancelled.
    Non-life insurers normally retain the right to terminate any contract of insurance, even during the tenure of the policy, by sending you a 30-day notice. In such cases, the insurer will then refund a pro-rata premium for the unexpired tenure of insurance. This right is exercised rarely but is not unknown for corporate insurance policies.
    Also, policies issued by life insurers guarantee a cover during their entire tenure. Non-life insurers may not agree to renew the policy at the end of tenure.
    Thus, if you intend to buy a Mediclaim policy, there is no choice but call a non-life insurer. For other two types of health insurance policies, our recommendation is to choose a suitable non-savings product offered by a life insurer.
    Harsh Roongta is CEO, Apnainsurance.com 

Fran Lebowitz  - "Life is something to do when you can't get to sleep."

Don't confuse insurance with investment

It's the most common mistake, and they get hit on both sides, says financial planner 

 Ashfak Shaikh never asked his parents for pocket money. Since his childhood, he knew his father was working double shifts to support the family--with the Pune municipality during the day and giving tuitions in the evening. He managed to educate three sons. Ashfak rose to the occasion and became a broker for second-hand two-wheelers. "I must have traded in 50-60 two-wheelers," says Ashfak. He believes in the joint family system where bonding counts for more than materialism.
Ashfak, now 38, holds a BE and works with a multinational company. His wife Jasmine is a doctor. They have an eightyear-old daughter, Aliya.
WHAT IS THE COUPLE SAVING FOR?
(1) Ashfak wants to ensure that even in the worst of times he can support his parents (about Rs 60,000 per year) (2) A larger house (Rs 40 lakhs) (3) Rs 5 lakhs for Aliya's higher education after a decade and another Rs 5 lakhs for her marriage after 16 years (4) When they retire, after 23 years, they need a corpus which will generate Rs 9 lakhs per annum. They also dream of a luxury car (Rs 10 lakhs) and foreign travel.
WHERE ARE THEY TODAY?
Cash flow: Total yearly inflow from all sources is Rs 17 lakhs. Against this, they spend Rs 13 lakhs on EMI for car and holiday home, taxes, insurance premium, support to parents, regular savings and expenses incurred on travel and entertainment. The last car EMI is due in October. Total EMI payout is about 10% of inflow. Mandatory monthly outflow is about Rs 95,000.
Statement of net worth: Value of total assets is Rs 48.70 lakhs. Of this, assets worth Rs 30 lakhs are for self consumption and non-earning (house, car and jewelry). Outstanding loan on car
and holiday time-share is Rs 1.07 lakhs, about 2.21% of the assets.
Contingency fund: Total in savings bank, FD and in cash at home is Rs 3.95 lakhs—about four months' mandatory household expenses.
Health & life insurance: Ashfak's employer provides health cover of Rs 3 lakhs for the family. His life cover is Rs 17 lakhs through a ULIP and endowment policies.
Savings & investments: Value of assets other than those for self consumption is Rs 18.70 lakhs. Out of this Rs 3.95 lakhs is in cash/near cash. Apart from this, the value of direct equity is Rs 1 lakhs, equity-based mutual fund Rs 75,000, bonds/FD Rs 2 lakhs, EPF/PPF Rs 3 lakhs and stocks of Cosmos Bank valued at Rs 2 lakhs.
Total premiums paid till date on ULIP and other investment-oriented policies is Rs 6 lakhs. However, its market value is currently lower.
FISCAL ANALYSIS:
Very good income level. Savings rate is also good. Health and life cover are insufficient. Amount spent on insurance premium is too large. Borrowing is within permissible limit. Equity component is low and is also skewed in favour of single Cosmos Bank stock.
WAY AHEAD:
Contingency fund: Keep only Rs 2.85 lakhs for contingencies. Deploy surplus as follows.
Health insurance: Increase health cover of Ashfak and Jasmine to Rs 5.00 lakhs each and that of Aliya to Rs 3.00 lakhs.
Life Insurance: He must discontinue certain expensive insurance plans after completion of five years. Further opt for term plan worth Rs 75.00 lakhs.
Financial Goals:
Parental responsibility: Surplus in cash/near cash asset should be transferred into a monthly income plan of a mutual fund. However, continue supporting parents from regular income. Only in turbulent times use this fund to support parents.
Home buying: Preferably wait for twothree years, and then save about Rs 5 lakh per year in a debt fund. At the time of buying a new house, sell old one. Use sale proceeds plus investment in debt fund. If there is a shortfall, liquidate a part of the equity portfolio.
Aliya's education and marriage:
Firstly, reduce investments in Cosmos Bank stocks to half. Park proceeds in a debt fund and systematically transfer into an index fund. After purchase of new home, systematically invest in index fund and gold fund for her education and marriage.
Retirement: Next two years' savings would be needed for home buying. For another three-four years, deploy surplus for Aliya. Later, invest entire surplus in large cap fund and international equity fund for retirement.
PLANNER'S EYE: The family's weakest link in their finances are their life insurance policies. Out of total life cover of Rs 17, lakhs, Rs 5 lakh cover is provided by the employer. For the rest, the premium being paid annually is Rs 2 lakhs.
Instead, if he had opted for term cover, then annual premium for Rs 12 lakh cover would have been Rs 5,000. Balance Rs 1.95 lakhs invested in a pure investment product would yield higher returns. It is the most common mistake people make-confusing insurance and investment.
(To be featured in this fortnightly column, write to moneymakeover@indiatimes.com)

Casey Stengel  - "All right everyone, line up alphabetically according to your height."

Be financially prepared FOR LIFE

Insurance cover is not a static need—it's something you need to customise to suit each stage of your life. We help you figure out how to do this

For most of us, our insurance portfolio consists of a term cover and a Mediclaim policy. This may not suffice, for an insurance cover should be taken as an effective antidote to our family's financial problems in our absence, adding to one's sense of security.
    Moving on with different roles—from a dependent child's to a provider's—our needs change. To keep pace with them, we need to re-examine and improve our insurance covers just as we need to re-jig our investment portfolios from time to time.
    "Buying insurance is subject to an individual's needs. The focus should always be the number of dependents, and how protected they are financially after his demise," says financial planner Amar Pandit. However, this may not be the only reason for buying insurance. Some customers think of insurance products as investment instruments, too. Thus, a host of insurance plans are woven around retirement, children's education, marriage, disability, and wealth creation. The basic benefits of insurance, however, remain the same—providing maturity benefits to a person who survives the end of the policy term, and death benefit to dependents in case the policyholder passes on.
    As you moves beyond single status, you can customise your insurance cover, much as one would move into a bigger home as one's family grows larger. This can be done by simply opting for multiple policies that cater to different needs, or buying policies of varying tenures. "Going for multiple policies is a better option, because you can take advantage of the latest insurance products available," says insurance advisor Parineeta Shetty.
    Younger people—those between 23 and 35—prefer unitlinked insurance plans (ULIPs). These investment-based insurance schemes offer good returns. The growth prospects of the scheme are tempting, especially after marriage, when one begins to look beyond just "me", and thinks about "us" as the core of any plan. However, the best bet here may actually be a term plan insurance plan. These work out the best if you have dependents, as they are cheap but offer a large cover.
    Interestingly, more policies are bought between September and March than during the rest of the year. This suggests that insurance plans are sought after for the tax benefits they offer. Other insurance schemes like endowment plans, which yield 8% to 10% over a fixed term, are popular too. In terms of returns, they may not be your best option, but if you're a risk-averse investor, the scheme provides the safety of assured returns. However, premiums for these schemes are much higher than those for term insurance plans. If liquidity is crucial, go for a money-back policy that pays back after specified periods. However, the returns on such plans are lower than the total premium, so they may not be as
good an insurance cover as an endowment plan.
    With new products hitting the market, look out for combination plans—a mix of term and ULIP—which give you back your premium, if not the insured amount.
    The birth of a child is an occasion for joy—and for additional insurance cover. Most children's plans are as much about investment as they are about insurance. Several of them keep your money locked up for a long period. Depending on how long it is before your child will need the money, many schemes offer attractive savings-linked or unit-linked plans. These allow you to get maximum returns on the sum insured. Most schemes consider parents as policyholders, and the child as a beneficiary.
    A child's education and marriage are two milestones that her parents should start working towards early in life. Many insurance schemes are designed for this. Some schemes give the child the sum insured plus full maturity benefits, even if the parent passes away before the term ends and
    some premiums
    are still unpaid. Schemes
    that offer returns in instalments over a period of time are also a good bet, since most will coincide with one's most important educational years. The proceeds can be used to fund those.
    If you travel or commute to your college or job, consider buying personal accident cover. In fact, this is one insurance plan meant for everyone, no matter what phase of life you're in, and whether or not you have dependents. An accident can wipe out your savings, and result in income loss until you recuperate. Worse, it could result in disability. So it's vital to be protected against accidental permanent total disability, permanent partial disability, and temporary total disability.
Some financial experts believe personal accident cover makes more sense than a life insurance policy, especially if you're young. The logic is that life insurance covers the risk of natural death, which is less likely to happen to those in the 25-30 age bracket.
Another health-related insurance product is Mediclaim, helpful in medical emergencies. In case of a sudden illness or accident, your policy should take care of hospitalisation, medical tests and other related expenses. There is a number of innovative products covering health—for instance, one lets you cover your entire family under a single policy, for a single premium. Another is the kind of health plan that returns over 90% of the sum insured in case the money was never used.
    Next on the agenda would
    be planning for the golden
    years. Your insurance kitty can
    be part of your retirement income, as various pension or annuity plans help build a corpus. This is useful after retirement, when there is no steady stream of income to absorb expenses. ULIPs backed by equities (which have been giving higher returns than any other investment avenue) can also be a source of income, although it's important to bear in mind that it is a high-risk, highreturn investment. Opt for it only if it fits your risk profile, because not many will take chances with money during years when there is no regular income.
    Today, innovation drives India's growing insurance market. There are as many products to choose from as there are needs that warrant insurance. The discerning customer thus needs to find a balance between using insurance cover as protection for his loved ones, as well as using it as an investment tool.

George Carlin  - "In comic strips, the person on the right always speaks first."

Now, get a life cover for 40% less

Lower Solvency Margin Requirement Drives Down Term Insurance Rates

LIFE protection has become far more affordable. The cost of life insurance has come down by up to 40%, with Insurance Regulatory and Development Authority (IRDA) reducing the capital that insurance companies need to sell term policies. For the second time since the liberalisation of the insurance industry in 2000, there has been a dramatic reduction in term insurance rates, making life protection a great deal cheaper.
    Term policies are purely life covers as against endowment policies, which have a sizeable savings component. While the premium for endowment policies will also soften, the benefit will be more apparent on term covers.
    Among private life insurance companies, Kotak Life has announced new rates, while newcomer Aegon Religare has announced term rates, which the company says, are the lowest in the industry.
    Largest private life insurance company ICICI Prudential Life Insurance is in the process of unveiling new rates. The chief of Life Insurance Corporation of India (LIC), the largest insurer in the country, said the Corporation may review its term rates.
    Kotak Life Insurance managing director Gaurang Shah said: "Two developments have led us to reduce our rates. First, we had the opportunity to review our own claims experience, since we introduced preferred term for non-smokers six years ago. Also, the revised solvency margin requirement introduced by IRDA in March has brought down capital requirement by almost two-third, which has helped bring down rates." LIC reviewing rates
    AEGON Religare Life Insurance, which launched operations earlier this month, has decided to use competitive pricing on term rates as an edge. "We had decided to introduce a product with the lowest rate, which is also supported by our campaign. Given our pricing, it is possible for a 30-year old to get a Rs 10-lakh cover at only Rs 166 a month," said Aegon Religare Life Insurance CEO Rajiv Jamkhedkar.
    When contacted, LIC chairman TS Vijayan said LIC is constantly reviewing its term rates to retain its competitive advantage and any improvement in mortality was always passed on in the form of lower term rates. In a statement issued here, Kotak Mahindra Old Mutual Life Insurance said the new rates were almost 40% lower than the old rates. " Kotak Life is among the first life insurance companies to pass on this benefit to the consumer," the statement said. However, agents of insurance companies said it is not always possible to get the standard rates.

Take insurance and spare your survivors the home loan burden

In Case Of Eventuality, Insurer Will Settle The Debt On Behalf Of The Family

Nikhil Walavalkar MUMBAI

    HOME loan borrowers should ensure that their debt do not continue beyond their death. One option is to buy term insurance or regular premium term insurance for a tenure at least equal to the loan tenure and for a sum that equates the loan amount. The other option is a mortgage reducing term insurance (MRTI) on group life insurance platform. The cover offered falls each month in line with the reducing principal amount outstanding after every EMI is paid. In other words, the cover reduces as the borrower goes on repaying the loan. In case of eventuality, the insurer pays off the sum assured at the time of death of the borrower to the bank and settles the loan.
    The good part for those with home loans who do not have this cover is that one can opt for an MRTI in the currency of the loan if he is not bought at the inception of the loan. The sum insured reduces as the outstanding loan reduces. If money is left after paying for the loan outstanding, the bank pays the money to the borrower's nominee. This is possible in loan part pre-payment cases. But a point to note is that the cover ceases as the loan comes to an end.
    Some insurers offer additional benefit of total and permanent disability though at an extra cost. Though such additional benefits carry a set of exclusions and a provision of waiting period, they enhance the insurance solutions. The key benefit of MRTI on group life platform is the concept that the borrower need not undergo medical test if he satisfies certain norms in terms of sum assured required, age, occupation and level of education attained. Of course this benefit is subject to signing a good health declaration (GHD). Here the product covers over a term insurance product in terms of ease of purchase.
    "In case of claim settlement, the banker has a helping hand as the banker is an interested party. The claim settlement is faster in group products than in the individual life products," said a senior executive with a private sector bank. But there is a flipside to the MRTI group life covers. In a rising interest scenario, the MRTI cover does not serve the purpose fully as the cover ceases as per the contract date and does not get extended along with the tenure of the loan. Sometimes it becomes difficult to buy additional cover at the end of original cover due to high age of the borrower and higher cost of insurance. To overcome this draw-back, a borrower may consider buying a level cover regular premium plan for a lifetime or for maximum possible term.
    Those who want a loan cover on the individual platform can avail of LIC's mortgage redemption assurance policy. This is a without profit product with no surrender value. The buyer of the policy has to undergo medical examination. Insurance premiums payable qualify for tax deduction under section 80C of IT Act. Proceeds from the insurance products above, if any, in the hands of the nominees are tax free under section 10 (10D) of IT Act.
    nikhil.walavalkar@timesgroup.com 

a Unique Business Initiative in Insurance

Max New York Life Innovates a Unique Business Initiative in Insurance 

Max New York Life Insurance Company Limited has innovated a unique business model, MAX VIJAY, that will make insurance accessible to the financially underserved people of India. Max Vijay has created new benchmarks in product, distribution, service delivery and marketing for life insurance in the country. Max Vijay has been designed keeping in mind the lifestyle, income patterns and needs of the rural and semi-urban population

Bob Hope  - "You know you are getting old when the candles cost more than the cake."

Policy curbs may be hindering insurance sector growth

THE insurance scene, especially that of life insurance, resembles the famous Charles Dickens conundrum of being the best of times and the worst of times simultaneously.
    First, the flip side. Insurance perpetration in India is still at a low level at 4.1% of the GDP. In comparison, UK, South Africa and Taiwan have ratios between 11-13%. The global average is 6-9%. Only 24% of the Indian households own life insurance. Among the rural households, only 18% have life insurance protection. Only 14% of the policy owners are women.
    Of the 321 million paid workers in India, only 105 million are covered. Among the 216 million uncovered workers, about two-thirds are "highly unlikely" to think about buying an insurance plan either because they feel they cannot afford it (63.5%) or because they (36.5%) are disinclined for various other reasons — 'not interested', 'no one has explained benefits to me' or 'poor investment', as per a recent IIMS Dataworks study.
    On the bright side, this leaves the remaining one third of the working force who may buy a life insurance policy. Of these, nearly one out of five or 18% plan to do so. Further, the demand for life insurance continues to expand among existing policyholders (repeat purchase) and given the right atmosphere, are likely to buy more life insurance. In some states, as many as 40% of the existing customers believe this to be the case. Among the states, Kerala has topped among the policyholders' opinion about 'adequacy' of their coverage, while Chhattisgarh was at the bottom.
    Other things being equal, the present $40-billion (Rs 1.7-trillion) market is expected to grow to $100 billion in the future, as per a recent Mckinsey and Co Report.
    Some of the reasons that are holding back growth are:
    Lack of suitable products : Insurance companies are ordained by the regulator Irda to fulfil a certain percentage of its business from rural areas. However, a lot of ground still needs to be covered by rural insurance. The rural citizen who is dissatisfied by the one-size-fits all products offered by companies is on the lookout for products to suit his specific needs. And by and large, he is still waiting. The advent of micro-insurance since 2005 and framing of suitable regulations in this regard have helped better focusing on the problems in expanding the reach in rural areas. Hopefully, real progress will be recorded some time soon.
    Regulatory issues: Companies, especially standalone health insurers, are looking for flexibilities in minimum paid up capital requirements (pegged at Rs 100 crore), compensation structure to reward agents in rural areas, easier premium payment facilities for the ultimate customer as well as the primary contact point, the NGO's, greater freedom to devise relevant products. The Irda can justifiably take credit for being the first regulator in the would to formulate clear-cut guidelines for micro insurance. What remains to be done is to incorporate changes/amendments in all these areas in the light of experience.
    Solvency requirement: The present stipulation of keeping 150% assets to match liabilities is seen to be too onerous by many insurance companies and experts. If the ratio is brought down to 100% (with freedom to increase it for specific plans) a sizeable amount of capital will be released for expansion of business activities. This is important as life insurance is a highly capital intensive business.
    Labour reforms: LIC is a titan among life companies with about 70% market share. It is, however, hobbled by a huge unionised workforce in its class III and Class II cadres who often hold up operational reforms and prevent the corporation from realising economies of scale and scope. LIC can give better returns to its policyholders if the management is given a free hand to rationalise its workforce.
    Legal reforms: Many of the legal provisions emanating form the Insurance Act 1938 are in great need of change. If the government is able to push the proposed amendments, it will impart great dynamism in the way business is done.
    Agent's compensation: While the mutual fund industry has been nudged constantly to reduce transaction costs, the same cannot be said of the life insurance industry in India. The agents get a really huge initial commission of nearly 40% on the first premium they generate and 5% on subsequent premium payments. There is a strong case for downsizing the compensation to bring the costs down and thereby make life insurance less expensive and attractive. The regulator should play a decisive role here as Sebi did in the case of mutual funds.
    Sleeping giant: The 40 odd insurance companies have accounted for an equity exposure of Rs 70,000 crore in the last fiscal. The current fiscal will see a 10–15% surge. LIC is a mega player with its Rs 6,50,000 crore in investible financial assets. At the end of the last financial year, LIC had Rs 90,000 crore mark-to-market investible funds purely out of its Ulip portfolio. LIC's net investment in equity in FY08 is estimated to be at Rs 6,000 crore or more. If the joint venture life companies and LIC is offered greater relaxation in and freedom they would register amazing progress to reach the $100 billion size much sooner than anticipated.
    The author is associate professor, Birla Institute of
    Management Technology

Bollywood runs for insurance cover

Mumbai: In 2006, Aamir Khan's Fanaa was boycotted in Gujarat after the actor spoke up for the Narmada Bachao Andolan. In early 2008, Ashutosh Gowarikar's Jodhaa Akbar bled after Rajputs objected to its "distortion of historical fact''. Most recently, there have been reports that some Sikh activists in the north are readying to agitate against Vipul Shah's Singh Is Kinng because they are unhappy with the way the community has been depicted.
    Politics and public sentiment, Bollywood has learned to its cost, can cause havoc at the box-office. With community protests increasingly becoming part of the noise accompanying a film release, the industry has decided to hedge its bets. And what better way than buying insurance cover. Most new Bollywood films are insured against everything from bans to terrorism, says producer Punkej Kharbanda, who made the controversial Matrubhoomi (A Nation without Women).
    As a result of this new edginess, Alliance Insurance Brokers Pvt Ltd, which deals with media-related risk, is doing brisk business. According to its director Aatur Thakkar, the policy rates depend on the type of movie being insured and on the agreement between producer and distributor. "But an average of 0.5% to 1% would be the correct indicative premium amount. So, if Fanaa is budgeted at Rs 30 crore, the insurance cover would be approximately Rs 15 to Rs 20 lakh,'' he says. "Similarly, if Jodhaa Akbar cost Rs 55 crore to make, the cover would amount to Rs 25 to Rs 30 lakh.''
    One reason why there are no exact insurance figures available is because producers buy cover on an approximate, not actual budget, says a trade insider. He adds that the hero's and director's fees are always underplayed.
    Leading Bollywood lawyer Shekhar Menon says the policy most preferred by film corporations is a comprehensive entertainment package which covers them from a bundle of risks. REEL RUSH FOR INSURANCE COVER 'Most producers opt for policy at eleventh hour'
Mumbai: More and more Hindi film-makers are now opting for insurance cover. Apart from traditional cover for cast/key members,props and equipment, raw stock, negatives and extra expenses, a film producer is also protected if a movie is hit by adverse weather or if there is an illness in the family.
    Another attractive policy, says Menon, is the Multimedia Liability Insurance (Errors and Omissions) that protects directors from a quiver of legal claims, including those arising from defamation, libel or slander, copyright infringement (such as in the Raakesh Roshan-Ram Sampat Krazzy 4 spat), trademark infringement, invasion of privacy, plagiarism, emotion distress, negligence and even imprisonment.
    Citing an example, a source says the producer of Ram Gopal Varma Ki Aaghad a cover of Rs 10 lakh under a general insurance policy,but when he was taken to court by Sascha Sippy, he was advised to take multimedia liability insurance. "Unfortunately,most producers approach
an insurance firm at the last minute with policy requests,'' says an insurance agent. "We can scarcely afford to cover them after their house is already on fire.''
    Thakkar says as every other film seems to be running into rough weather, the firm has introduced a new policy called the Distributors/Producers Loss of Profits,which protects the client from losses resulting from stoppage, cancellation or interruption of a movie."This insurance is tailor-made for films hit by political bans, communal and religious riots and terrorism. The compensation is a pre-decided amount based on the collection that the movie would draw in a similar theatre in the same or different territory.''
    The marketing men of Singh Is Kingg claim that the film has been given clearance by the Shiromani Gurudwara Prabhandak Committee. Though a trade source says they are looking at distributor insurance, the production team's brave line is, "We are not anticipating any problems.''

NEED FOR SHIELD: Jodhaa Akbar is one of several films that has faced community protests in recent times

Health cover benefit for HIV+

Bangalore: The number of people living with HIV in India runs into millions. Yet, insurance companies have largely ignored them, till now.
    In a first, a group health insurance plan was launched for 250 HIV-affected people on Wednesday. The scheme is supported by the United States Agency for International Development (USAID) under Project Connect, a programme designed to build public-private partnership to combat HIV and tuberculosis in India.
    Population Services International (PSI), an NGO, in partnership with Star Health and Allied Insurance Company and the Karnataka Network for Positive People (KNP+) launched the scheme.
    The policy, not available to individuals, will be given to a group of about 300. In Karnataka, the policy has been given to 250 applicants from six districts—Bellary, Mangalore, Mandya, Udupi, Kolar and Mysore. K Sujatha Rao, director general of National AIDS Control Organization (NACO), said they were also trying to work on a policy that would explore the possibility of getting applicants to start saving for medical treatment. There will be 175 link centres in the state, she said. NACO has a budget of Rs 11,000 crore this year, Rs 150 crore of it being spent on information and communication.
    After handing over policies to HIV+ people, health minister B Sriramulu said there was a need to create different models to help such initiatives reach more people. He assured he would talk to the health department and explore the possibility of the government paying part of the premium on these policies. POLICY PLAN
    HIV/AIDS group insurance policy covers only those infected with HIV. No age limit
    Policy size is Rs 30,000. Half of it will cover hospitalization costs, excluding tuberculosis and gastroenteritis, and the remaining half will be disbursed to the subscriber at the AIDS stage
    Insurance subscriber will get cashless facility at empanelled hospitals
    Premium of Rs 750 per annum to be paid by the subscriber. An NGO will pay a subsidy of Rs 750 for every policy

Get insured while travelling in Rajdhani! Courtesy Max

KOLKATA: Picture this. An insurance agent accosts you while you're en route to Delhi on the Bangalore-Delhi Rajdhani. He gives you a lowdown on products you might be interested in and goes on to sell you a policy by the time you hit Delhi. If you thought this was fiction, think again?

Such encounters will be a regular feature on the Bangalore, Chennai and Trivandrum Rajdhanis. Max New York Life Insurance has tied up with Railways for manning these three trains with 24 of their officials who will pitch for Max New York Life Insurance (MNYL) policies.

"Indian Railways has allowed us to man these three Rajdhanis with our officials. They will approach passengers and explain our products. In case anybody wants to buy a cover, the sale will be concluded after he/she has reached the destination," Rajendra Sud, director & head, agency distribution, told ET.

Also Read

→ Now, get pre-paid, top-up insurance cards from neighbourhood shop

→ IRDA may ensure affordable health cover to all, even after 65 years

→ Max New York Life launches policy for rural, semi-urban people

Incidentally, MNYL has also adopted these three Rajdhanis whose exteriors will feature a large fast-moving billboard of the private insurer. The train interiors will also be used to grab passenger mindshare. This is possibly for the first time that an insurer has decided to pitch its products on a train.

MNYL is targeting a total premium of Rs 22,000-23 ,000 crore by 2011, of which first-year premium is pegged at Rs 10,000 crore. "We are looking at 10% market share by 2011, by when the company's share capital is expected to touch Rs 3,600 crore from Rs 1,232 crore now. We also plan to increase the number of offices from 311 to 1,600, including 928 agency offices and 739 rural offices in the next three years," said Mr Sud.

[Ways2Insurance] New comment on Google Alert - Insurance.

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We've worked hard to get to where you are today. But should an accident ever occur, all that you own could be gone with just a blink of an eye. That's why it pays to protect yourself and your family, with a Citibank Asset Protection plan that fits you best. Citibank offers great services and schemes. Check this site for more information http://www.citibank.com.sg/
Citibank, insurance, finance, loans, credit cards, banking



Posted by Grace to Ways2Insurance at August 7, 2008 10:48 PM

[Ways2Insurance] New comment on Google Alert - Insurance.

Grace has left a new comment on your post "Google Alert - Insurance":

We've worked hard to get to where you are today. But should an accident ever occur, all that you own could be gone with just a blink of an eye. That's why it pays to protect yourself and your family, with a Citibank Asset Protection plan that fits you best. Citibank offers great services and schemes. Check this site for more information http://www.citibank.com.sg/
Citibank, insurance, finance, loans, credit cards, banking

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Posted by Grace to Ways2Insurance at August 7, 2008 10:48 PM

Scour.com invite from Akbar Jiwani

Hey,

Did you hear about Scour? It is the next gen search engine with
Google/Yahoo/MSN results and user comments all on one page. Best of all we
get paid for using it by earning points with every search, comment and vote.
The points are redeemable for Visa gift cards! It's like earning credit card
or airline points just for searching! Hit the link below to join for free
and we will both get points!

http://scour.com/invite/ways2earn/

I know you'll like it!

- Akbar Jiwani