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Introduction
 
Ques. We are getting the insurance cover from my Credit card at a heavy discount then why I should go directly to Insurance Co.?
Ans. The product offered under credit card scheme has different risks covered also carries administrator cost at rate of Rs. 175 to Rs. 250 per person.So for a family of four it adds up to approximately Rs. 1000.
The analysis reveals that going for the policy from the Insurance company is more beneficial in the long run as cost in Rs/Lakhs in the fourth year at Rs.807 is lower for Royal Sundaram insurance rather than buying the same through S.B.I. card.
Let us go into an in depth study;
In September 2004, the following study was made on the basis of leaflet being circulated by S.B.I. card to its card holders.
 
Sum Assured Is Rs. 1,00,000 for each member
Name Age As per SBI Card Royal Sundaram Premium for Royal Sundaram (Rupees) Premium for Cholamandalam
Mr. Lall 42 1230 1485 1560
Alka 36 1230 1485 1560
Suman 6 1200 934 1208
    3660 3904 4328
Discount   915 390 433
Administration on Fee175 * 3   525 0 0
Total   3270 3514 3895
Benefit   No Claim No Claim No Claim
    Bonus is 5% Bonus is 15% Bonus is 10%
After 3 yrs   115000/- 145000/- 130000/-
Sum Assured   Per Person Per Person Per Person
Cost Rs. /Lakh   947 807 998
Generally people switch over the credit card in 2 years time depending on the:
 
  • Cost/Year
  • Service not being satisfactory
  • Attractive incentive offer being made
You may not like to stick to a credit card for a long time only because health Insurance was purchased through credit card. If you are not the credit card holder then you can not be a member of the group so you can not be-covered under the policy. You Will not receive renewal notice also and changes are you will be uninsured.
What emerges out is that
Read the details in any such offer carefully and then only decide. Do not be impressed with 40% discount offer as it is shown in this leaflet.
Ques. I want to take health Insurance policy for my sister who has paralysis. Which company should I approach? What is the process involved?
Ans. You can take Oriental’s Happy Family Floater policy in which you would be able to cover your daughter along with you and your wife. You will have to take individual policy for your son as his age is above 25 years and is not to be considered as your dependent. You can take Oriental’s Individual policy for your son. The premium for Rs. 5 lakh of cover would sum up to Rs. 18,670. You will have to bear co-payment of 10% when lodging a claim.
If you increase the sum assured to Rs. 6 lakhs, there is no co-payment. The premium for Rs. 6 lakhs cover will sum up to Rs. 23,630.
Ques. I want to take health Insurance policy for my sister who has paralysis. Which company should I approach? What is the process involved?
 
Name Age Rs.5 Lakh Rs.6 Lakh
    (Oriental) (Oriental)
    (Family Floater Silver) (Family Floater Gold)
Shri B.N. Shukla 55 10400 14210
Mrs. Shakuntala Shukla 52 2080 2840
Ankita Shukla (Daughter) 25 1040 1430
 
Name Age Rs.5 Lakh Rs.5 Lakh
    (Oriental) (Oriental)
    (Individual) (Individual)
Gaurav Shukla (Son) 28 5150 5150
Total   18670 23630
Ques. What are the eligibility criteria for purchasing International Student Health Insurance?
Ans. You should be a student of a school/ college/ university in the foreign country and have a valid student visa.
Ques. Are dependents of students of overseas student Health Insurance also eligible for coverage?
Ans. They are eligible but they do not get student Health Insurance Policy. They get normal Overseas Travel Policy.
Ques. May I purchase Student insurance if I am already studying outside my home country?
Ans. Yes- you can purchase. But see requirement of your educational institution –what sum assured they are looking for.
Ques. What is Domestic Travel Insurance?
Ans. This is travel insurance –when you are traveling within India.
Ques. Am I still covered by Domestic Travel Insurance if I catch a connecting flight to a different destination?
Ans. Yes-it is for number of days and it covers all modes of public transport – road, rail & air. It also covers accidents/ illness/ hospitalization etc.
Ques. What can I do if I encounter an accident while covered under Domestic Travel Insurance?
Ans. Get treated and it will be paid by the insurance company.
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Global Insurance Conferences/ Events
ASSOCHAM - 10th Global Insurance Summit on 22nd September 2017 at Hotel Taj Lands End, Mumbai   more........
 
Upcoming Seminar
ASSOCHAM - 10th Global Insurance Summit on 22nd September 2017 at Hotel Taj Lands End, Mumbai
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