Insurance
HDFC ERGO launches 'Health Suraksha Top Up' plan

HDFC ERGO's Health Suraksha Top Up plan provides additional sum insured to cover the medical expenses beyond a threshold limit of the existing health insurance plan to a customer

 
Mumbai: Private insurer HDFC ERGO General Insurance has launched a 'Health Suraksha Top Up' plan allowing a customer a larger sum insured limit at lower cost, reports PTI.
 
The policy comes into action once the sum insured of the existing policy is exhausted, giving an additional sum insured to cover the medical expenses beyond a threshold limit of the existing health insurance plan to a customer, HDFC ERGO General Insurance said in a release issued here.
 
The plan is available for sum insured options of Rs5 lakh, Rs7.50 lakh and Rs10 lakh.
 
"...People who have some health insurance cover may find it inadequate as they grow older or move into different life-stages. Health Suraksha Top Up is an ideal option for such cases," said Mukesh Kumar, the HDFC ERGO General Insurance Head - Strategic Planning, HR and Marketing.
 
"The customer will also have the option to choose between one year and two year policy tenure for individuals and family floater and avail tax benefit," he added.
 
The policy is aimed at salaried employees with an existing health policy, he said.
 
HDFC ERGO General Insurance is a 74:26 joint venture between country's premier housing finance institution HDFC and ERGO International AG, the primary insurance entity of Munich Re Group.
 

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Life insurer's premium mop-up drop 3.45% in April-October: IRDA

According to data release by IRDA, 23 private sector companies and LIC collected Rs53814.1 crore as  premiums during April-October 2012

 
New Delhi: Premium collected by life insurance companies dropped 3.45% in the April-October period due to various factors that are influencing the financial sector as a whole, reports PTI.
 
As per the data released by the Insurance Regulatory and Development Authority of India (IRDA), premiums collected by 23 private sector companies and lone state-owned Life Insurance Corp of India (LIC) totalled Rs53,814.09 crore during the period.
 
They together had collected Rs55,737.84 crore in the April-October 2011 period.
 
India's largest life insurer LIC reported a drop of 2.88% in its premium collection, while the decline in private companies was 5.07%.
 
LIC's premium collection stood at Rs40,069.84 crore in April-October as against Rs41,259 crore in the year-ago period.
 
Private insurers netted Rs13,744.25 crore as against Rs14,479 crore in the corresponding period of 2011-12.
 
Life insurance companies collect premium under four segments -- individual single, individual non-single, group single and group non-single.
 
Reliance Life's premium collection dropped by 14.78%, that of ICICI Prudential by about 6.9% and of HDFC Standard Life by approximately 5%.
 
Last week, the Finance Ministry had said in Parliament that the reasons for a negative growth in the premium collections are various factors that are influencing the financial sector as a whole.
 

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Tata AIA, Reliance Life witness sharp fall in premium collection

Premium collected by private sector life insurance companies during the first half of current fiscal declined to Rs32,423 crore from Rs35,059 crore in same period last year

 
New Delhi: Tata AIA and Reliance Life witnessed steepest decline in the collection of life insurance premium during the six-month period ending September 2012, reports PTI.
 
The total premium collected by Tata AIA Life Insurance during April-September 2012 declined by 29.55% followed by Reliance Life Insurance at 28.62%, Minister of State for Finance Namo Narain Meena said in written reply.
 
"The reasons for a negative growth in the premium collections are various factors that are influencing the financial sector as a whole", the Minister said, adding the 23 private sector life insurance companies collectively witnessed 8.13% decline in premium collection.
 
The lone public sector player Life Insurance Cor of India (LIC) fared much better than its private sector peers, by recording only a marginal decline of 0.18% in premium collection during the six-month period.
 
The other private sector insurance companies which have witnessed significant fall in premium collection were SBI Life (23.97%), Birla Sun Life (15.56%), Shriram Life (14.6%), Sahara Life (12.94%) and Future Generali Life Insurance (12.60%).
 
The figures provided by the Minister revealed that premium collected by the private sector life insurance companies during the first half of the current fiscal declined to Rs32,423 crore from Rs35,059 crore in the corresponding period a year ago.
 
LIC collected a premium of Rs87,780 crore, down marginally from Rs87,937 crore in the six-month period of the previous fiscal, the minister said quoting figures.
 

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