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L&T General Insurance’s new health insurance plan has zone-based differential pricing
L&T General Insurance has launched a health insurance plan called my:Health Medisure Prime Insurance. One of the key features of the plan is its zone-based differential pricing. Policyholders can opt to pay premiums applicable to three zones- I (Mumbai, Thane, Delhi, NCR, etc), II (Chennai, Hyderabad, Bangalore, Pune and so on) and III (Rest of India). The healthcare costs differ in different cities across India. So the insurer has carefully factored the same while arriving at the premium.
Policyholders in zone III will be charged a lower premium compared with those in zone II. Premium in zone II will be cheaper than in zone I. If a zone III policyholder opts for treatment in the other two zones, he/she will have to bear a part of the expenses, which ranges from 10%-20% of the approved claim, depending on the zone of treatment. Those choosing zone I premium, however, can opt for treatment across India without making the co-payment.
The Policy provides an additional cover equivalent to the sum insured (which essentially doubles the sum insured) for treatment of a critical illness. This includes cancer, coronary artery bypass surgery, first heart attack, kidney failure, multiple sclerosis, major organ transplant, stroke, aorta graft surgery, primary pulmonary arterial hypertension.
The policy provides coverage towards maternity expenses and new born baby cover up to the limit of sum insured below. Maximum of 5% of Sum Insured or Rs25,000 for a normal delivery and 10% of Sum Insured or Rs50,000 for a caesarean section or actual cost, whichever is lower. Coverage is applicable only towards the first two children for self and lawful pouse who are covered under a single policy for a continuous period of 48 months. New born baby will be covered for 90 days from date of birth within the maternity limits.
If during the term of the policy, the entire sum insured gets used up and there is a second hospitalisation due to an accident, the sum insured of your policy is ‘reinstated’ or ‘replenished’ to the extent of claim amount but not exceeding the sum insured. This additional amount will be available only once during the 12-month policy period and shall trigger when the basic sum insured opted under the policy has been exhausted or is inadequate to cover this second hospitalisation due to accident.
Two year policy option allows the insured to renew his policy at the end of 24 months v/s the traditional 12 months. Free health check-up after every two consecutive renewals once you are above 45 years at the time of the second renewal. Treatment expenses for pre-existing diseases/injury/illness will be covered from the 3rd year of the policy.
“No major bank has increased the interest rates on deposits in SB accounts. Those who have done it are not big ones”: SBI Chairman
The State Bank of India chairman, Pratip Chaudhuri, ruled out any immediate increase in its savings bank account rate, saying that the largest Indian bank is confident of the people’s continuing trust in the various facilities being provided to them by SBI.
“No major bank has increased the interest rates on deposits in SB accounts. Those who have done it are not big ones,” he told reporters after the annual conference of SBI’s Chief General Managers (CGMs) here, when asked whether SBI plans to increase the rates in the wake of deregulation of rates by the RBI in the second quarter monetary policy review last week.
Three private sector lenders — YES Bank, Kotak Mahindra Bank and IndusInd Bank — have increased the interest rates on SB deposits by up to 200 basis points over the last few days.
Replying to a question, Mr Chaudhuri said the Government is committed to infuse capital in SBI by March 2012 and take a decision on the kind of recapitalisation needed. “It is in the process in the Finance Ministry.”
The SBI chief said it was difficult to predict whether rate hikes would curb inflation. The RBI is targeting to bring it down to 7 % by March 2012. If that happens, the central bank could possibly halt any further hike, he added.
Asked about home loan tenures, he said since the average life of a new house is seen as 30 years, SBI is considering increasing tenure of home loans to up to 30 years.
He said there was no deceleration seen in the individual home loan accounts and, in particular, the demand was robust in the premium segment. But there is stress in some sectors of economy such as agriculture, textiles, engineering and SMEs. “Any slowdown in core industries is not good for favourable collection," he said.