What are the different types of health insurance?

Different types of health insurance plans meet different needs. When you compare options, it's important to understand how they are structured.

Health Maintenance Organizations (HMOs) and Exclusive Provider Organizations (EPOs)

HMOs and EPOs may limit coverage to providers inside their networks. A network is a list of doctors, hospitals, and other health care providers that provide medical care to members of a specific health plan. If you use a doctor or facility that isn't in the HMO’s network, you may have to pay the full cost of the services provided.

HMO members usually have a primary care doctor and mu
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Citigroup splits with Birla Sun Life after deal with AIA Group

MUMBAI: Birla Sun Life Insurance faces pressure on its business after Citigroup, which contributed close to 15% of its business, exited their tie-up following an international deal to distribute products of the AIA Group, one of the largest insurance firms in Asia.  "Citi has moved out of its tie-up with Birla Sun Life Insurance," an executive with Birla Sun Life said. "They contributed 10-15% of the income on an average every year."   http://www.myallagents.com/Citigroup-splits-with-Birla-Sun-Life-after-deal-with-AIA-Group/details.html

Travel And Marine Insurance All Set To Rise With Rupee Depreciation

With dollar appreciating by around 20% against the rupee, general insurance companies have obtained approval of market regulator Insurance Regulatory and Development Authority to raise the premium amount on travel insurance. Industry experts believe that rise in premium amount could be over 10%, which is in proportion to rise in the claim cost.  http://www.myallagents.com/Travel-And-Marine-Insurance-All-Set-To-Rise-With-Rupee-Depreciation/details.html

Insurance Giant Scraps Its Existing 14 Policies To Confirm To New Regulations

With regard to compliance of new regulations implemented by market regulator Insurance Regulatory and Development Authority (IRDA), which aims at making insurance policies more customers centric, insurance giant Life Insurance Corporation of India scrapped / will scrape 14 of its existing policies. These policies include Jeevan Mitra, Anmol Jeevan, Convertible Term Assurance Policies, Children Deferred Endowment Assurance, Jeevan Paramukh Plan, LIC’s Bima Account and Jeevan Nidhi. Other polices that are expected to be scrapped are Jeevan Aastha, Market Plus I, Jeevan Nischay and Jeevan Varsha  .http://www.myallagents.com/Insurance-Giant-Scraps-Its-Existing-14-Policies-To-Confirm-To-New-Regulations/details.html

Premium is a wrong metric to measure insurers' health

Over the last few days, an advertisement placed by a body called 'Global Federation of Insurance Associations' has appeared in a number of publications. This advertisement is written in the form of an open letter to the Prime Minister, with copy to the finance, commerce and parliamentary affairs ministers. The letter is essentially an exhortation to get the amended insurance bill passed and talks almost entirely about the that passing this bill will bring about and the signal it will send about India being 'open for business'.  
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Declined risk pool could be on its way out

General insurance companies have asked the Insurance Regulatory and Development Authority (Irda) to dismantle the “declined risk pool” in third-party (TP) insurance of commercial vehicles. Irda dismantled the TP motor pool in December 2011 and decided to form a declined pool, effective April 1, 2012. The move let insurers price vehicles based on claims.  http://www.myallagents.com/Declined-risk-pool-could-be-on-its-way-out/details.html

Things to know about reviving a lapsed insurance policy

A life insurance policy lapses when the due premium has not been paid even within the grace period. A lapsed policy means that the benefit of insurance will not be available to protect the financial interest of the dependants in the event of the death of the insured. A lapsed cover can be revived by the policyholder during the period allowed by insurer before its maturity. The procedure for revival depends on the type of policy and the duration of its lapse.   http://www.myallagents.com/Things-to-know-about-reviving-a-lapsed-insurance-policy/details.html

LIC buys Rs 4,300-crore debt from bond auctions of seven states

MUMBAI: State-run Life Insurance Corporation of India (LIC) has bought debt worth about Rs 4,300 crore in state bond auctions conducted by the Reserve Bank of India (RBI), starting the fiscal with its first big-ticket investment after clocking nearly 10 per cent growth in premium collection last year.

The country's biggest insurer bought about four-fifths of the total notified amount in the auction conducted on Wednesday. State development loans (SDL) are the bonds issued by different state governments and sold through a process of RBI auction. 

.http://www.myallagents.com/LIC-buys-Rs-4300crore-debt-from-bond-auctions-of-seven-states/details.html 

Earning members require critical illness plans

Edelweiss Tokio Life Insurance has launched a non-participating, non-linked life insurance plan which offers a combination of savings and protection, called Edelweiss Tokio Life - Wealth Builder. The plan guarantees all the benefits right at the beginning of the policy.

The minimum entry age for the plan is 91 days and the maximum maturity age is 70 years. The policy term ranges between 10 and 30 years with the option of paying premiums in monthly, semi annually or annual installments. In addition, the plan offers tax benefits under section 80 C and section 10(10D) of Income Tax Act, 1961. 

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