Max Bupa’s Heartbeat High Deductible plan is only the second of its kind in the market after United India’s super top-up medicare. The product is attractively priced and will appeal to a specific market segment
Max Bupa Heartbeat High Deductible Policy is a super top-up policy, which will compete with United India’s super top-up medicare. While the concept of a top-up or super top-up policy is yet to catch on in the market, Max Bupa’s research showed that there is customer demand for such a product. It is a good concept for those who are already covered by a corporate or retail health insurance policy and wish to go for higher coverage. This product is also useful for someone without mediclaim who is willing to pay for medical expenses up to the high deductible barrier (Rs2 lakh or Rs3 lakh) before the super top-up policy kicks in to pay for additional medical expenses.
Heartbeat will have a standard pre-existing disease waiting period of 48 months like any other mediclaim policy. The high deductible option can be availed for the entire family, including parents to top-up their already existing health insurance policy. Max Bupa’s super top-up policy offers a deductible amount of Rs2 lakh or Rs3 lakh. The customer can choose the coverage amount above this limit as per their need. The premium will be based on the deductible limit and the coverage amount over the limit. For e.g. a 35 year old male going for a deductible amount of Rs2 lakh and coverage of Rs2 lakh over the limit will pay an annual premium of Rs1,503. The customer can also opt for a two-year policy tenure. The same person, going for the same deductible sum and coverage of Rs3 lakh over the limit in United India’s super top-up medicare will end up paying a premium of Rs2,317. In effect, Max Bupa offers a competitive alternative.
What is the value that a top-up and super top-up policy brings to you? One way to get additional cover could be to buy another health insurance policy. But this may be too expensive. There are other alternatives as well. For instance, one was buying a top-up plan which would provide an additional cover to add to your existing cover in a very economical way of getting higher insurance cover. The thing to note here is an amount called the “threshold level”, also known as the “compulsory deductible” amount. This is the level above which the top-up can be utilised to pay for the expenses.
For example, for a top-up amount of Rs10 lakh and the compulsory deductible amount is Rs3 lakh; the top-up amount will pay only for expenses above Rs3 lakh up to Rs10 lakh. Super top-up is also like a top-up policy. The difference between the two is that in the case of a top-up policy the expenses for a single treatment should be over the threshold, whereas in a super top-up the total expenses in a year must be above the threshold level for the policy to be effective. Thus, between a top-up and super top-up, the super top-up is more beneficial for customers.
There are four companies that provide top-up policies: United India Insurance (Top-up medicare), Bajaj Allianz (Extra Care), Apollo Munich (Optima Plus) and Star Health and Allied Insurance (Super Surplus). Of the three, only United India had a super top-up plan (Super top up medicare). Now, Max Bupa Heartbeat High Deductible product offers super top-up plan.
While there are moves to bailout the ailing airlines using public funds, Kingfisher is offering free wine club memberships and vouchers for premium members
Eminent social activists Aruna Roy and Nikhil Dey have written to the Prime Minister, expressing citizens’ concern about the bailout using public funds, and have questioned the logic of bailing out a private airlines while letting Air India, the national carrier languish.
“We urge you to ensure that taxpayers’ money is not spent to bail out Vijay Mallya’s Kingfisher Airline. We suggest the following as a possible solution to prevent more public money being pumped into Kingfisher and end the increasing harassment to the flying public. We demand that Mr Mallya be forced to bring in funds, that there must be a change in management at Kingfisher Airlines and that aviation policy must be re-examined,” says the letter.
If anyone wants to support their cause or offer suggestions, they can send their comments to the following address:
Aruna Roy, Nikhil Dey;
Mazdoor Kisan Shakti Sangathan(MKSS),
Village- Devdungri, Post-Barar, Dist-Rajsamand, Pin-313341.
Email: [email protected], [email protected]
Meanwhile Kingfisher, on the other hand, is busy offering free wine club memberships and gift vouchers to some premium club members, instead of clearing the overdue salaries of its airline staff.
Shortly after Dr Mallya issued a touching letter to Kingfisher Airlines employees, admitting that the matter of their overdue salary is of ‘personal sorrow’ to him, and promised that he is trying to arrange for funds. Kingfisher sent out mails to ‘King Club Members’ offering free memberships to ‘Wine Society of India’ and a voucher worth Rs2,000 redeemable within a week. On completing the sign up form today, the members will get ‘1,000 king miles free’ and ‘free wine course and tasting’.
Here is the letter sent by the activists to the Prime Minister...
The Karnataka High Court while passing strictures for filing repeated appeals and wasting taxpayers’ money said the I-T department can recover the fine of Rs1 lakh from the official who has filed the appeal and made DSL Software needlessly approach three forums
The Karnataka High Court, in a recent judgement, passed strictures on Income-Tax (I-T) department for filing repeated appeals and wasting taxpayers’ money. “It seems that the (I-T) department is filing these appeals mechanically—either for the purpose of statistics or to save their skins without application of mind,” the court said. It also said the I-T department can recover the cost of Rs1 lakh from the official who has decided to file these appeals.
“Having regards to the facts of the case, the Parliamentary intention and the object sought to be achieved and the way the two appellate authorities have pointed out that express provision, the view of the (I-T) department in contrary to law, unsustainable and cannot be countenanced. Hence, we are of the view that the appellants (I-T Dept) are liable to pay costs of Rs1 lakh for making the assessee (DSL Software) to contest the cases in three forums and wasting the tax payers’ money,” the high court said in its order.
The case relates to DSL Software, a 100% export-oriented unit (EOU), which was denied benefits of the tax holiday under Section 10B of the I-T Act. The I-T department extended the tax holiday period to 10 years from five years, to be reckoned from the date, the eligible unit started software development.
As per the previous amendment, DSL Software claimed benefit of tax holiday in accordance with the un-amended provision of Sect 10B for five years till 1997-98. However, after the amendment that came into force from 1 April 1999, DSL Software claimed the tax holiday benefits for 1999-2002, which was challenged by the I-T department. The I-T department said since DSL Software had already claimed tax benefits under Section 10B prior to the amendment; it cannot take the same benefit under the new amendment. DSL Software filed an appeal before the Commissioner of Income Tax (Appeals).
The appellate commissioner held that there is nothing in the Act to provide that the units which have fully availed the benefit of exemption under Section 10B in accordance with the provisions of Section 10B(7) as it stood originally shall not get the benefit of amended provision introduced by I-T (Second Amendment) Act, 1998. The commissioner said DSL Software is entitled for exemption under Section 10B for the assessment years (1999-2002) under consideration.
Aggrieved by the order from the appellate commissioner, the I-T department filed an appeal to the I-T Tribunal. After taking note of the object with which the amendment was introduced as well as the amended provisions, the tribunal held that the provisions of Section 10B do not place the old and new EOU units on a different footing. While dismissing the appeal, the tribunal said, “The reference in the proviso is to the unexpired period of 10 years without any qualification. It does not refer to the unexpired period of the tax holiday duration. The substituted section, being without any qualification is therefore to be held as applicable to the assessee (DSL Software).”"
The I-T department then approached the high court, which also dismissed its petition while passing structures on the functioning of the department. The court said, orders passed by the tribunal as well as the first appellate authority are strictly in accordance with law and do not suffer from any legal infirmity, which calls for interference and no substantial question of law arises for consideration in this appeal.
“The case brings to the fore the way in which the I-T department, without a proper application of mind, are filing appeals against the orders of the tribunal and thus, wasting the precious time of this court and wasting the tax payers’ money. It only shows the lack of application of mind and it is our experience that it is not an isolated case. It seems that the department is filing these appeals mechanically either for the purpose of statistics or to save their skins without application of mind,” the court said.
Last year, to curb increased litigation, the revenue department revised the limits for filing appeals before the I-T Appellate Tribunal (ITAT), high courts and the Supreme Court to Rs3 lakh, Rs10 lakh and Rs25 lakh, respectively. The department was expecting the number of cases to fall by about 25% to 1,500 per month from 2,000 cases a month. The assessee of course is free to move higher courts in case of an adverse verdict. The measures were expected to cut litigations by 13% in the case of ITAT and 25% to 30% each in the case of high courts and the Supreme Court, said PTI in a report.