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Sharp Discounts in Group Health Insurance are on the Way
22nd April, 2014; MUMBAI: The practice of cross-subsidizing group health insurance is likely to come to an end with the insurance regulator's intervention to check the heavy discounts in this sector. IRDA's intervention to restraint heavy discounts in group health insurance is likely to force general insurance companies to stop the practice of cross-subsidising the portfolio. Increasing competition among general insurers has resulted in severe undercutting in the segment despite of losses. The premium rates have been declined by 5-10% so far this fiscal according to industry experts.
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- Sharp Discounts in Group Health Insurance are on the Way
Group health insurance covers pre-existing diseases from day one so this cover is attractive for both the employer and the insurer. It brings a large number of employees for insurance company under its cover in one go
Insurance companies generally cross-subsidise group health insurance as they get other businesses too like property and fire insurance from corporate.
Individual health insurance is a profitable segment for most of the insurance companies and the premium rates have also been raising over the last three years.
According to the chairman of the Insurance Regulatory and Development Authority (IRDA), TS Vijayan, many complaints had been received on the unfair discounts given to the group insurance policies. Therefore, they wanted to ensure that there are no distortions in the paid premiums for group and individual policies.
The IRDA has asked for details on the pricing structure of these policies from insurance companies through the General Insurance Council. A meeting with all non-life insurers is planned on May 16 to address the issue.
This move of the regulator will ensure that general insurers hike prices in the group health insurance segment according to a senior official at a private general insurance company.
Public interest litigation has been filed by an activist, Gaurang Damani in the Bombay High Court seeking transparency in health sector. Gaurang said that general insurers in order to retain the accounts give priority to group health insurance customers and at the retail level, individual customers are not in a position to take on the insurer.
With five standalone health insurance companies and 23 general insurance companies, the health sector in India is highly competitive.
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Disclaimer: The list mentioned is according to the alphabetical order of the insurance companies. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in
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*Product information is authentic and solely based on the information received from the Insurer. Policybazaar is acting only as a facilitator and claims settlement shall be at the sole discretion of the Insurer. Policybazaar does not provide any medical or surgical advice or diagnosis and is not responsible for your interactions / treatment by a medical practitioner/hospital. Please consult a registered medical practitioner for any medical or surgical advice. The Information that you obtain or receive from Policybazaar, and its employees, or otherwise on the Website is for informational purposes only. As per the Insurance guidelines, you are allowed to cancel the policy with-in 30 days from the date of Issuance of policy.This option is available incase of policies with a term of one year or more.
*All the health insurance plans cover hospitalization expenses including COVID-19 treatment cover up to the specified limits. You can also buy specific COVID-19 health insurance policies such as Corona Kavach Policy and Corona Rakshak policy.
**All savings and online discounts are provided by insurers as per IRDAI approved insurance plans. #Tax Benefits are subject to changes in tax laws. GST Exemptions depend on fulfilment of qualification criteria and submission of relevant documents.
*₹1748/month is the starting price for a 1 crore health insurance for an 18-year-old male, with no pre-existing diseases. Discount on renewal premium is subject to the number of wellness points earned in the health insurance policy. For more details about the plans, please read the sale brochure carefully to get upto 100% discount on renewal premium.
*₹400/month is the starting price for ₹ 5 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases
*₹541/month is the starting price for ₹ 10 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases
*₹762/month is the starting price for ₹ 1 Crore Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases
*₹243/month(₹ 8/day) is the starting price for a 5 lakh health insurance for a 20-year-old male, non-smoker, living in Bengaluru with no pre-existing diseases
*₹2020/month is the starting price for ₹ 1 Cr Health insurance for a 50 year old male & 50 years old female, living in Bangalore with no pre-existing diseases rounded off to nearest 10.
*₹390/month (₹13 per day) is starting price for 1 cr. Health insurance for 25 years old male, with pre-existing diseases, residing from tier 1 city rounded off to the nearest 10.
*No medical tests are required unless requested by the insurer’s underwriter. In-case of pre-existing diseases relevant medical proof would be required as per the terms and condition of the policy opted.
*The values taken for effective cost calculation are indicative values and may change as per the selected plan.
*Coverage upto double the amount of Sum Insured is available on certain covers for a minimum plan of Rs. 5 Lakh on the first claim only to an individual of upto 45 years of age with no pre-existing diseases. The benefit is available with or without extra cost depending on the plan chosen.
*Coverage of pre-existing diseases is provided by insurer as per their underwriting policy.
*The scope of coverage may vary from plan to plan.
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