Overseas Travel Policy of 14 Indian Insurance Companies is to be accepted by Embassies for Issue of Schengen (European Visa Authority) Visa

Overseas Travel Policy issued by following Indian Insurance Companies is not to be honoured by Schengen (European Visa Authority) w.e.f.March 10, 2014

1- National Insurance
2- SBI General
3- ICICI Lombard
4- Bharti Axa General
5- L&T General Insurance
6- Religare Health Insurance
7- Raheja QBE.

This decision seems to have come because of various reasons and some of these are

1- Claims not being honoured
2- Policies floating in the market, which were not genuine policies or we can say were fake policies
3- Inability of Visa authorities to verify the genuineness of the policy by accessing the data base of the Insurance Companies as software is not compatible.

We are reproducing the Circular of Visa Authority according to which list of approved or acceptable Insurance Companies is:

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            Schengen States Consular Posts Approved List of Indian Travel Insurance Companies Providing Travel Medical Insurances for Schengen Visa Procedure

                 Effective as of 10 March 2014

                1) Apollo Munich for the age group of 6 months to 70 years

                2) Bajaj Allianz for the age group of 6 months to 70 years

                3) Chola MS for the age group of 0 month to 70 years

                4) Future Generali for the age group of 6 months to 70 years

                5) HDFC Ergo for the age group of 3 months to 70 years

                6) IFFCO Tokio for the age group of 3 months to 70 years

                7) New India Assurance Company for the age group of 0 month to 60 years

                8) Reliance for the age group of 3 months to 70 years

                9) Royal Sundaram for the age group of 3 months to 70 years

                10) Star Health and Allied Insurance for the age group of 6 months to 70 years

                11) Tata/AIG for the age group of 6 months to 55 years

                12) Oriental Insurance Company for the age group of 6 months to 60 years

                13) United India Insurance Company for the age group of 0 month to 65 years

                14) Universal Sompo for the age group of 0 month to 70 years

                 

Consular Posts of Schengen States approved specific travel medical insurance policy schemes for corporate travels of travel insurance companies on this list with 70 years of age as upper limit of appropriate coverage. However, acceptance of travel medical insurance policy schemes for group travels (e.g. tour or incentive groups) with 70 years of age as upper limit of appropriate coverage is conditioned on that Consular Posts of Schengen States would be able to check the coverage of individual members of these groups in the Travel Insurance Portals of Non-Life Insurers of the General Insurance Council (online verification tool). 

Visa applicants are advised to note that other travel medical insurances issued by Indian insurance companies are not accepted for Schengen visa procedure. However, visa applicants may seek to obtain insurance in any other country where claims against the insurance company would be recoverable in a Schengen State.

NOTE¹

Visa applicants for a Schengen visa for one or two entries shall prove that they are in possession of adequate and valid travel medical insurance to cover any expenses which might arise in connection with repatriation for medical reasons, urgent medical attention and/or emergency hospital treatment or death, during their stay(s) on the territory of the Schengen States. Visa applicants for a uniform visa for more than two entries (multiple entries) shall prove that they are in possession of adequate and valid travel medical insurance covering the period of their first intended visit. In addition, such applicants shall sign the statement, set out in the application form, declaring that they are aware of the need to be in possession of travel medical insurance for subsequent stays. The insurance shall be valid throughout the territory of the Schengen States and cover the entire period of the person�s intended stay or transit. The minimum coverage shall be EUR 30 000. Applicants shall, in principle, take out insurance in their country of residence. Where this is not possible, they shall seek to obtain insurance in any other country. When assessing whether the insurance cover is adequate, consulates shall ascertain whether claims against the insurance company would be recoverable in a Schengen State.

¹This note makes reference to Article 15 of Regulation 810/2009 of the European Parliament and of the Council of 13 July 2009 establishing a Community Code on Visas.

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We are surprised to see age limit of 70 years. What will happen to those who are above 70 years? This needs to be clarified. May be IRDA can come up with suitable action to save the image of those companies, who have been blacklisted.

We in Ria Insurance Brokers P Ltd will be pleased to answer queries from you, who are planning to go in for Schengen Visa in the coming months. We are reachable on ria@surekhae.com

Salient Features of Cigna Health Insurance Policy

It is always good to have more entrants to Health Insurance sector as every new entrant brings some innovation in product, which is good or even better for the client.

Some of the features which we have noticed in Cigna product and need appreciation are:

1. Sum Assured of Rs.100 Lakhs is possible. Till recently this was Rs.50 Lakhs / Rs.60 Lakhs in case of Religare Health Insurance. National policy for Senior Citizens has maximum cover of Rs 1 Lakh + Rs 2 lakh for Critical Illness.

2. Overseas Travel -Insured is covered for sum assured or Rs.10 lakhs (whichever is lower) for overseas travel, where medical emergencies can be covered. This means that Overseas Travel Policy need not be required by those policy holders ,who are not bothered about risks like:

�        Baggage loss

�        Passport loss.

This benefit will be a good benefit for senior citizens, who may not need Medical examination for issue of overseas Travel Policy.

3. For those who are opting for Sum Assured of Rs.4.5 lakhs and more � extensive medical tests can be done every year, which cost Rs.6000 to Rs.8000. Going in for medical tests every year can result in early diagnosis of some major ailments. It can avoid pain to the insured and avoid major claim on Insurance Company 

For quotes you may reach us on ria@surekhae.com or call 9810090853

Let Us Welcome Cigna ttk Health Insurance in India

It is always good to have entry of new Insurance Company, especially Health Insurance Company. The fifth standalone health Insurance company of the country �Cigna ttk Health Insurance Company Ltd" will soon be entering the Indian market.

Cigna ttk health Insurance Co. Ltd has received the regulatory licence from the Insurance regulator IRDA on Nov.13, 2013 and soon it will start operations in the Indian market. Its head quarter will be in Mumbai.

Its a joint venture between U.S health service giant Cigna Corporation & an Indian conglomerate- ttk group.

We in Insurance Industry have been familiar with ttk as a TPA under the name of ttk Health Care Services Pvt. Ltd.

We are pleased that at least 1 US Health Insurer has entered the Indian Market. As we know that out of 4 -3 Insurance Companies have foreign affiliation with non US companies :

Star                                            Oman

Max Bupa                                    UK

Apollo Munich                              Germany

Religare Health                              ---

According to Mr. William L. Atwell, President of Cigna International �Entering in to India is an exciting new chapter for Cigna International, as we have the Innovative solutions to help the Indian Consumer meet the important health challenges. We are committed to improving access & quality of care while reducing costs.�

As per the plans of Cigna ttk - it will set up an innovative distribution network. It plans to leverage its network of pharmacies & physicians to sell its health insurance plans. The simple health Insurance products would be sold over the counter. We as www.healthinsuranceindia.org feel that they (Cigna ttk) should not violate IRDA regulations on Corporate Agency/ Agency i.e product should be sold by trained professionals or organizations say Insurance Brokerage Firms. Recent penalties on Insurance Companies/ TPA�s/ Insurance brokerage Firms are an eye opener. We are sure Cigna, a great brand in US will not like to take any wrong step.

We understand that Cigna ttk product will be a box product & the buyer would be able to get a policy kit across a counter. This is similar to what Reliance General introduced in 2005. There may be a simple product for which medical tests are not compulsory criteria and the documents can be submitted online once the customer reaches home.

According to  Mr. Sandeep Patel, Managing Director & Chief Executive Officer of the company��We will strongly leverage Cigna�s Global Health Insurance services, experience & expertise as well as the trust of the TTK group to offer an innovative suits of products.�

Let us hope that we as consumers will get special treatment from this company. Indian market has been waiting for introduction of following:
OPD Treatment
Dental Care

Cigna has been doing this in US for a long time. If they introduce these products/features  it will be a good achievement & initiative.

If it is going to be a normal product then customers are at present & having a wide choice available.

The Changes in Oriental Happy Family Floater policy�s guidelines result in increase in premium for many families as high as 86%

Till Nov. 03, 2013 the Oriental Happy Family Floater policy�spremium calculation was unique & was very popular as in this the premium was calculated based on the age of the proposer. As a result the product was popular among large families comprising of self/spouse/parents/parents in law and even children below 21 years.

The revised calculation method announced by Oriental Insurance Co. Ltd. on Nov. 4, 2013 is:

�        If one generation is covered the primary member would be the person of higher age

�        If two generations are covered i.e. husband, wife & children, primary member would be the person of highest age.

�        If three generations are covered by excluding the senior most generations, the highest age member will be the primary insured.

This has affected the premium amount a lot.

Let us see this with example

Let us take an example- Suppose a family of 4 members, husband (35yrs), wife (33 yrs), mother (60yrs), father (62 yrs) was insured for Rs. 6 Lakhs of sum insured. According to the old rate their premium would be 20490 Rs. But, according to the revised rate its premium will be 38200.

Oriental Happy Family Floater Comparison Rates
	Age	Old Rate for Rs. 6 Lakhs	New Rate for Rs. 6 Lakhs
Self	35	Rs. 7,140	Rs. 1,430
Spouse	33	Rs. 1,430	Rs. 1,430
Father	62	Rs. 7,800	Rs. 31,220
Mother	60	Rs.4,120	Rs. 4,120
Total Premium		Rs. 20,490	Rs. 38,200
Total Premium after S.tax (12.36%)		Rs. 23,023	Rs. 42,922

So, we observe that a total increase of 86% in premium hasbeen imposed on this family.

Due to this high increase in premium rate this product has lost its attraction. Is it good or is it bad for the company � only time will tell. We foresee many families will use the portability clause to switch over to other companies.

Surprising, No Health Insurance Policy is available for Cancer Patients

India is having 30 Lakhs Cancer Patients and every year 8 Lakhs new patients get added to this number.

According to Mr. R.K.Chaturvedi, Adviser to Vedanta�s Cancer Hospital project.

�The number of cancer patients in India is rising alarmingly and from year 2020 onwards, the nation will add more than 20 Lakhs new cancer patients every year,�

It is surprising to know that not even a single Insurance Company is ready to provide Health Insurance for patients who are having pre- existing cancerous condition.

The Raheja QBE, who offers a product separately with the name �Cancer Insurance�, does not cover a pre- existing cancerous condition. They provide cover to the persons who have not been diagnosed cancer symptoms.

Some Life Insurance Companies as well General Insurance Companies offer Critical Illness Cover under which Cancer is one of the diseases. It means Raheja QBE has introduced a disfeatured Critical Illness product under the fancy name of �Cancer Insurance�. This product does not cover a pre- existing cancerous condition or patient. They provide cover to the health persons who have not been diagnosed with Cancer symptoms.

Now, here is a question that which is a better option for proposer or client.

-        To purchase a standalone Cancer insurance of Raheja QBE

-        or

-        To purchase a life insurance policy providing a critical illness cover. Here is a comparative analysis of the premium rate of two companies who gives cover against cancer.

TATA AIA: - CriticalIllness cover for the Sum Insured of Rs. 10 Lakhs for a person of age 35 will cost Rs. 8892.

Raheja QBE: - Aperson of age 35 to get cover against cancer for the sum insured of 10 Lakhs will cost Rs. 3060.

Therefore we can interpret that the Life Insurance plan for Critical Illness Cover may be much better & cheaper than standalone Cancer Insurance Policy.

Rajiv Gandhi Cancer Institute located in Rohini, Delhi has a scheme that those who are having no pre existing cancerous condition can make one time donation of Rs. 5000. They can have checkup and when required will be given free of cost treatment by this hospital in the event of person getting Cancer. 

Although, Rajiv Gandhi Cancer Institute is not Insurance Company but the initiative taken by this hospital needs appreciation.

World Diabetes Day is celebrated on November�14, Let us work towards diabetes prevention.

We as an Insurance Brokerage Firm have been always guiding our clients on importance of preventive cure in avoiding / keeping diabetes under control. Buying Health Insurance does not mean that we can neglect our responsibility of preventive care .It was interesting to see an informative article on diabetes prevention in Mint-Nov 12, 2013. According to it:

Eating of following:

• Apples and Avocado
• Jamun ( fruit)
• Karela (vegetable) Bitter Gourd
• Beans
•  Barley
• Cinnamon
• Walnuts
• Egg whites
• Pumpkin seeds
• Green tea
• Grapes
• Fenugreek
• Take in more vitamin C like Oranges, Strawberries, Amla, Lime and Broccoli
• Take diet full of green vegetables and fruits
• Kiwi
• Vinegar
• Salmon

Do not eat / avoid as far as possible

• Trans fats 

Reduce consumption of following significantly or bring it near to zero

• Sugar / sweets
• Alcohol
• Animal protein i.e. Chicken etc.

Do

• Walk in the morning for 60 minutes, if possible bare foot on grass
• Practice Yoga
• Zero in on your weight
• Regular exercise
• Meditation

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• Healthy habits of healthy people around you and translate them into your life

We appreciate the focus of Mint on guiding it�s readers with such informative articles.

Why you should avoid Health Insurance Group policy of Banks?

It is from time to time we come across a standard query-Should I buy policy from a specific bank?

We have always taken the stand:

Avoid it as the bank may stop the policy due to various reasons:

�       Change of InsuranceCompany

�       Cancellation of policy by insurance company due to higher claims.

Recently we have come across from newspaper reports about  the  case of Dr. Abhay Bedmutha�s who  had an account with Nashik Merchant Co-operative Bank Ltd. and was issued a Personal Accident Insurance Policy .  When Dr. Abhay Bedmutha died then his wife was informed that policy was not in force as the bank had discontinued some time back. No intimation was given to client about this fact therefore client was left uninsured.

This Widow/Nominee took matter with Consumer Forum and The National Consumer Disputes Redressal Commission has passed judgement that Bank should pay the following:

              Insurance Amount              Rs. 5 Lakhs

       Compensation Amount             Rs. 3.50 Lakhs

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                                                         Rs. 8.50 Lakhs

How many persons have the courage to take the case to Consumer Forum?

We come to the conclusion that do not buy policies through Bank especially if these are part of Group Policies.