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Health Insurance For Elderly May Cost Less
In a bid to sell amendments to the Insurance Act to the political class, finance minister P Chidambaram has tried to sugarcoat the move by bringing consumer interest to the forefront.
While pushing for lowering the investment requirement for health insurers to Rs 50 crore, North Block has said the move will help reduce the premium that senior citizens paid for Mediclaim. It is not just senior citizens who are complaining. Chidambaram's cabinet colleagues also seem concerned, with social justice minister Meira Kumar and Planning Commission deputy chairman Montek Singh Ahluwalia raising the issue of hike in premium with advancement of age even when they had subscribed to health insurance for many years. While insurance company executives defended the rise in premium saying they are linked to the claim, Chidambaram told a Group of Ministers that more competition in the market would lead to a dip in premium. In fact, the finance minister told the ministerial panel that premiums would come down across the board if more people bought insurance cover. India has amongst the lowest penetration, partly due to low income levels, though companies like LIC have agents in almost every village in the country.
STRONGER SHIELD *For that, he suggests investment requirement for insurance firms be cut to Rs 50 cr *He also wants govt to find ways to devise insurance cover for HIV patients FM mulls insurance for HIV positive Click on "Full Story" for more... By himanshu, Section Health Posted on Mon Mar 19, 2007 at 01:50:25 AM EST
Even as insurers suggested that it was not possible for them to devise an insurance cover for those infected with HIV, FM P Chidambaram went ahead and told the Group of Ministers (GoM) that government would examine the issue.
The move suggested by labour minister Oscar Fernandes may raise hopes for millions of HIV/AIDS patients but insurance company sources said they have informed government that it may not be possible with low premiums since claims will be higher. "Besides, there may be certain exclusions for which insurance companies will not pay any claims," an executive said. But then, as a senior PSU executive said, if there was a directive from government, the launch of a policy for HIV patients could be explored, with an element of subsidy from government. In developed countries, insurance companies have started providing such risk coverage and the Indian players could also use insurance policies to devise one for the local market. Apart from health insurance, even vehicle owners can draw some solace with Chidambaram promising the insertion of a clause in the Insurance Act to ensure companies do not refuse the mandatory third-party insurance. The move will be of particular interest to public sector companies, who are often saddled with loss-making business particularly from transporters as the private players refuse to cover the losses. The third-party business is the biggest drain on their balance sheets with claims as high as 300% that is, they have to pay Rs 300 for every Rs 100 they earn as premium. BY- TOI, March-19,07
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