KOLKATA: Aditya Birla Health Insurance Company is planning to spread footprint in 100 locations in next two years as it looks to exploit opportunities in the retail insurance space. "Health insurance is a very high growth sector, given the rising health cost. We are eyeing the retail sector for growth, said Mayank Bathwal, chief executive at the health insurance firm. The one-year-old health insurer is present in 34 cities now and about one-fifth of its business comes from retail at present. In the next five to six years, the company wants 75% of the business from retail segment, which is more remunerative. A 51:49 joint venture between South Africa's MMI Holdings Ltd and Aditya Birla Capital Ltd, its gross written premium so far stands at Rs 150 crore out of which Rs 96 crore has been mobilised this fiscal. Bathwal said the company has 6.5 lakh customers so far. It has five banks including HDFC Bank as bancassurance partners now while Bathwal said talks are on with more banks for … [Read more...] about Aditya Birla Health Insurance in expansion mode to grow retail
Self insured health insurance deduction
Kochi: The company, started three years ago, clocked a growth rate of 78% in the first half year-on-year, earning Rs 316 crore in premia. `` We expect to achieve the same growth in the second half by penetrating to more regions,’’said Mayank Bathwal, CEO of the company after opening its first branch in Kerala at Kochi. Bathwal said the penetration is still low in individual health insurance in the country. Around 50 crore people have been covered by health insurance of which 36 crore are by Ayushman Bharat scheme of the government while around 9 crore are covered by corporate health insurance. `` The number of people who have taken individual insurances is only about 4 crore.’’ He said there is scope for new offerings in the health insurance sector. ``The total healthcare cost is around 6 lakh crore. But the total health insurance premium is just 50,000 crore out of which that paid comes to 45,000 crore.’’ The company is looking at … [Read more...] about Aditya Birla Health hopes to continue 78% growth of first half of FY20
Cyber fraud is on the rise and it has become all the more important to insure ourselves and our hard-earned money from scamsters. Most of us use personal email and carry out financial transactions not just from our personal computers and smartphones but even from office computers and public Wi-Fi. Accessing personal information from different devices exposes us to all types of risks. A cyber insurance policy will protect us from online breaches on all gadgets that are connected to the Internet. In India, there are two such cyber insurance plans from general insurance companies - Bajaj Allianz's Individual Cyber Safe Insurance Policy and Cyber Security by HDFC ERGO. While getting such a policy there are three important things to consider. One, what all events are covered in the plan. Second, the sub-limits. And three, which clauses represent the claim against any financial loss. What is covered?Look closely at the inclusions, i.e., what all is covered in the policy. Some plans will … [Read more...] about What to consider while buying a cyber insurance plan
NEW DELHI: Postmen and grameen dak sevaks might soon be able to sell insurance policies, with regulator Irdai issuing guidelines wherein such people have to be sponsored by the India Post Payments Bank (IPPB). The IPPB, which is a corporate agent, can seek permission from Irdai for sponsoring postmen and grameen dak sevaks of Department of Posts (DoP) to act as Point of Salesperson (PoS), Irdai said. ln case the authority grants permission, IPPB shall be responsible for all acts of omission and commission of the persons appointed as PoS, it added. The regulator said the DoP will have to identify postmen and grameen dak sevaks and furnish the list to it from time to time and IPPB may have tie-ups with as many number of insurers as allowed under the regulations. "These postmen and grameen dak sevaks will be operating largely in un-banked and under-banked geographical areas and can provide the last mile reach to sell insurance products in remote and rural areas," Irdai said. Bulk of … [Read more...] about Postmen, grameen dak sevaks may soon start selling insurance policies
1. A group insurance policy offers advantages of standardised coverage at very competitive premium rates as risk is spread over a larger number of people. 2. Groups can be employer-employee groups or non employer-employee groups such as holders of the same credit card, account holders of a bank or members of a social or cultural association. 3. Only one master policy is issued to the manager of the group and is in the name of the group. It could be for life insurance, medical insurance or general insurance. 4. Premium can be charged to the members or paid by the group. 5. The cover can cease if one leaves the group. (The content on this page is courtesy Centre for Investment Education and Learning (CIEL). Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.) … [Read more...] about What is group insurance policy?