Chaya and Jeevan, a retired couple met with an accidentwhile on a pilgrimage tour outside Goa. Chaya escaped with minor injuries butJeevan was seriously hurt with multiple fractures in both limbs. The couple didnot carry much cash and were hospitalised at a private corporate hospital inBengaluru following an emergency.
“Luckily we were covered under medical insurance and so didnot have any problem in getting admitted immediately to avail of thetreatment,” recalls Chaya for whom it was cashless hospitalisation. Theinsurance company had no problem in clearing his bills of Rs 4.35 lakh asJeevan was punctual in paying his annual instalment of Rs 32,500. “It was myregular and steady payment for three years that helped us in times of crises toclear the sudden huge expense’ agrees Chaya.
“Medical emergencies can occur anytime it is better to beprepared for such occasions. Not everyone possesses ready cash at home or evenin the bank. Paying a little amountregularly to the insurance company comes as a big relief when the hospitalbills are exorbitant and one runs out of cash” explains medical insuranceexpert Khairoo Khavtay. She is associated with government insurance companies like Life InsuranceCorporation of India (LIC) and Oriental Insurance Co Ltd as well as a privateplayer, Max Bupa Health Insurance. She caters to the needs of her clientsaccordingly. “The government insurance companies accept new health policiestill the age of 55 while Max Bupa offers health cover even at the age of 80. Ioffer policies to my clients depending on their age, budget and healthrequirements,” she says.
Though more corporate hospitals are mushrooming in the statethe overall healthcare costs are increasing and the ‘aam admi’ will struggle topay the hospitalisation expenses as well as the health insurance premiums setto increase in the next fiscal year. The largest public sector insurance giantin India, LIC is closing all its existing plans on 31 December 2012. Theexisting policy holders will continue the same rate of premium while all thosewho take up a new insurance policy on or after 1 January 2013 will have to paya higher premium. The new policies willbe applicable with new rate of premiums which will now include a 12.36 per centservice tax.
About 17 insurance companies operate in the private sectorwhile four in the public sector are owned fully by the government of India “National Insurance Co Ltd, New India Assurance Co Ltd, Oriental Insurance CoLtd and United India Insurance Co Ltd. India’s first and the largest insurancecompany LIC offers a wide range of flexible covers that suit the pocket of oneand all.
