HEALTH INSURANCE

Health Insurance always provides a financial aid spend on your health. And It eliminate your worry about huge bills after the medical treatment and assure you that somebody is there to repay you’re all bills spend on medical treatments. Before having a Health insurance we must learn about the policy type available in market and according to that we must act.

An Overview

Indian market is so huge that it has many type of plan depend on local mass and company. But there is some key point and according that key point all policy is made by company. These key points are –

1 – Comprehensive Health Insurance coverage:

As it called a Comprehensive means full coverage of medical expenses including hospitalization cover but at same time also creating a health fund to cover any other health expenses. It include the expenses such diagnostics, medicines and doctor visits which are normally not come in the clause of any medical policy.

2 – Hospitalization Plans

Hospitalization plan are made to cover the all hospital expenses happen after your hospitalization. In this category company offer different payment structure and have limitation on the hospitalization cost. It compensation is based on the plan you have or what plan company is offering. Before purchase the such plan you must consult with someone who know much about the policy.

3 – Critical Illness Plans

These types of policy are mainly cover very critical health hazard like hearth attack, organ transplants, stroke, and kidney failure etc. It made to cover all expense related those health hazard and limited to there only. If you are also suffering from this health hazard then I suggest you that please buy a plan according to your health status. Who what will happen in future and everyone knows this kind of disease are need big treatments and require constant doctor check up and consultant. And one cannot ignore.

If you have a plan according to the your need then you are all expenses are covered by the policy and you will get a better treatment. It is like just transfer your tension to the company and live life very happily.

4 – Specific Conditions Coverage

It offer you insure coverage for specific disease like diabetes or cancer. It covered the certain complications happen due to the diabetes or cancer. Policies also provide Disease Management programs which are comes under the policy plan depends on plan only.

These type of policy have lots of terns and condition based on the company strategy. But if we compare it with others then you find it is equalant to  each other but only clause are different and also premium is different.

I am having some policy from the ICICI Prudential which is really good and very popular in market. It very people friendly and having a good business, they are following –

1. Health Saver
2. Hospital Care
3. MediAssure
4. Crisis Cover
5. Diabetes Care Active
6. Diabetes Assure
7. Cancer Care

ICICI Prudential Life garners Rs.440 crores premium through www.iciciprulife.com

Showcases consumer confidence in technology enabled services

ICICI Prudential Life has constantly been at helm of introducing innovative service initiatives in the industry towards enhancing consumer service experience. Recently the company has introduced a host of technology enabled services through mobile, website and IVR towards customer convenience. The company has developed ICICIPrulife as a full service website for customer transactions. The success of this offering is evident from the premium collection of Rs.440 crores that the company has garnered through the website during FY09.

Premium payment facility was introduced on the website in March 2007 with an objective to offer policyholders the flexibility to transact with the company 24×7, at a time and venue most convenient to them. The website has already seen over 4 lakh premium payment transactions since the launch of the service. The success of this channel re-affirms customers faith in the company and their trust in utilizing the online facility as a safe and secure mode of payment.

Commenting on the success of the website, Ms. Anita Pai, Executive Vice President – Customer Service & Technology, ICICI Prudential Life said, ”Customer-centricity is the core philosophy behind all service initiatives at ICICI Prudential Life. The company constantly innovates with the objective of providing an enhanced customer service experience to its customers and the launch of technology enabled services was a step in this direction. We are happy to see the overwhelming response received towards premium payment on the website contributing close to 6%of the overall renewal premium payment. With an already existing website user base of over 1.9 million customers, we are confident that the share of technology enabled channels will continue to grow given the convenience and ease of payment that the channel offers”.

Besides enabling customers to make their premium payments, the website empowers the policyholder to carry on a host of other transactions as per their convenience. Customers can not only purchase policies online but also have the freedom to switch policies, update policy related information and receive new policy certificates through the web. Moreover, customers can now simply log on to the website to find out details of their policy, application status, premium receipts, notices, consolidated statements and NAV`s at a click of a button in an easy to understand and convenient manner.

ICICI Prudential Life strongly believes in being present closer to the customer to enhance ease in transacting with the company. The company has a network of over 10,000 touch-points and 25 premium payment gateways across the country for customers, aimed at providing easily accessible premium payment facilities.

Source is iciciprulife, published on Mumbai, April 20, 2009

Key highlights in FY2009

Corporate

• Sustained private market leadership for 8 years in a row
• One of the most capitalized companies in the life insurance industry. Capital infused during FY2009 stood over Rs 1,000 crores, with ICICI Bank and Prudential plc holding 74% and 26% stake respectively.
• Issued over 9 million policies since inception
• Leveraged its multi-channel distribution network to increase proximity to its consumers
  • Advisor base of over 276,000
  • Branch network of 2,099 branches with a presence in more than 1,800 cities, towns and rural areas
  • 18 strong bank partners
• Increased its customer touch-points to over 10,000 with significant partnerships for providing customers a wide range of premium payment options

Products & Services

• Strengthened its funds portfolio with the launch of the highly successful Return Guarantee Fund (RGF), as a fund option under our existing products, to provide security in volatile markets
• Launched LifeStage Assure, a triple advantage wealth creation product. The product is designed to provide guaranteed returns of upto 450% of the first year premium on maturity, to enable consumers to invest in equities without any risk of downside.
• Wealth Advantage, a unique single premium whole life ULIP & Pure Protect, an exclusive plan designed to provide life cover at an extremely affordable rate, were also launched during the year.
• Strengthened its health insurance portfolio by launching Health Saver, to enable consumers meet their current healthcare expenses and also invest for future healthcare expenses. Health Saver is also the only health savings product that offers tax benefits under section 80D on the entire premium paid. MediAssure, a comprehensive reimbursement product in the health insurance category was also launched during the year
• Launched Sarv Jana Suraksha, a micro-insurance product that provides life cover to customers for a minimal premium of Rs. 50/- p a
• Partnered with Suvidha Info Serve to offer its extensive network of over 3,500 outlets for consumers
• Launched premium payment service through IVR
• Launched iCLAIM, a first-of-its kind service in the industry that provides consumers the option to reach out for assistance from the company officials and prompt resolution, while making a claim

Awards & Recognition

• First Indian life insurance company to receive the ?Life Insurance Company of the Year? award at the Asia Insurance Industry Awards 2008. The company was awarded for its constructive contribution to efficiency and effectiveness in the financing of insurable risk in Asia
• Received the coveted ‘ICAI Award for Excellence in Financial Reporting’ by the Institute of Chartered Accountants of India (ICAI). The award is a recognition of the quality of accounting practices and financial disclosures adopted by ICICI Prudential Life
• Ranked as the Most Trusted Brand amongst private life insurers in The Economic Times-Most Trusted Brand Survey 2008

FY2009 financial highlights

Parameter

FY2008

FY2009

Y-O-Y

Total premium (Rs cr.)

13,563

15,356

13%

Renewal Premium (Rs cr.)

5,526

8,872

61%

Group premium (Rs cr.)

1,262

1,446

15%

No. of Policies (retail) ?000*

2,913

2,638

-9%

Statutory loss (Rs cr.)

1,395

780

-44%

Expense ratio (%)

14.9%

11.8%

-21%

Share capital (Rs cr.)

3,772

4,780

27%

*Issued over 9 million policies since inception

Source is iciciprulife, published on Mumbai, April 29, 2009

ICICI Prudential Life continues to maintain its leadership position for eight years in a row

Witnesses significant reduction in expense ratio to 11.8%  Experiences strong growth of 61% in renewal premiums.

ICICI Prudential Life Insurance Co. Ltd, India’s dominant private life insurer, garnered a total premium (new business + renewal) of Rs 15,356 crores for the financial year ended March 31, 2009, as against Rs 13,563 crores in FY2008, registering a growth of 13%. The company’s New Business Profit (NBP) stood at Rs 1,004 crores for FY2009, resulting in a stable new business margin of 18.9%.

The company’s customers continued to trust it even during the recent volatility in the markets as reflected in its renewal premiums which is one of the key indicators of customer’s loyalty towards the brand. Renewal premiums have shown a robust growth of 61% and stood at Rs 8,872 crores for FY2009. ICICI Prudential Life’s conservation ratio (an indicator of persistency) stood at 73%. This clearly reflects the customers’ commitment to the brand, as they continue to save for their long-term financial goals through the company’s products.

ICICI Prudential Life continued to remain one of the highest capitalized life insurers in India with an infused capital of Rs 4,780 crores. For consumers, this large capital base further strengthens their trust in the company as it indicates the company’s ability to meet all its policyholder commitments. As on March 31, 2009 the company’s assets under management (AUM) stood at Rs 32,788 crores, making it one of the top retail wealth managers in the country. The company’s investment philosophy of safety, stability & long-term returns to the policyholders, has resulted in ICICI Prudential Life’s funds consistently outperforming their benchmark indices, since inception as well as over the past one year.

For the 11-month period ended February 28, 2009, ICICI Prudential Life continued to retain its position as the leading private life insurer in the country with a market share of 11.8% of the total market1.

FY2009 was a year that witnessed some of the biggest changes in the world economy and financial markets. ICICI Prudential Life was quick to adapt to the changing environment and designed products and service initiatives to enable consumers ride over the volatility. The company concentrated on increasing efficiencies and productivity within the company, without losing focus on the needs of its consumers. The company was successful and its strong renewal inflows are testimony to the fact that consumers continue to trust ICICI Prudential Life when it comes to investing for their long-term financial goals.

With its focus on cost management in FY2009, ICICI Prudential Life has put in place initiatives to ensure that it utilises its resources optimally. This has resulted in significant reduction of its expense ratio and decrease in its losses, considerably. Expense ratio declined sharply to 11.8% in FY2009 as against 14.9% in FY2008. ICICI Prudential Life’s statutory losses for FY2009 stood at Rs 780 crores as against Rs 1,395 crores in FY2008. The company’s focus has been to identify and eliminate wasteful expenditure and it will continue to have a sharp focus on expenses in FY2010.

1 On basis of weighted received premium (WRP), which is 100% of regular premium + 10% of single premium.

Source is http://www.iciciprulife.com, published on Mumbai, April 29, 2009

Life Insurance

Life Insurance is always ensuring that your life is secured if anything happen to you then company will compensate your life according to the policy in money term and family will stay happy though you’re not with them.  It makes life easy after you and they can be in balance act. Because many times we saw that after death of family member they lost the stability, especially they face the financial crises and not getting any source of income. Family budget goes down and problems are starting to grow. To stop these entire problem by having LIFE INSURANCE form good company.

Beside to protect our life and family future we can save the money for future purpose and utilize that money to further studies of children and can be use in after retirement. And these saved have lots of important at the end.

Life Insurance is always tax saving and it save your tax by adding this expenditure into IT filing. This is smart way of earning money. It is like put a penny into the piggy bank and withdraws a treasure at end.