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Changes in Insurance Domain - HEALTH INSURANCE

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Portability To Take Off

The much-awaited health insurance portability became effective from October 1, last year, but by all accounts, it has been a slow starter so far. However, insurers expect it to pick up speed between January and March, when salaried individuals are on a tax-saver-instrument buying spree. The framework could also spawn newer varieties of products and services. With increasing awareness on health insurance portability, more proposals on portability can be expected in the year 2012, value-added services will be launched in terms of second medical opinion, vaccinations, and discounts on health care facilities like on diagnostics and preventive health care facilities, like gyms.

Distribution To Spread Wings

After the Ulip charge ceilings that were placed in September 2010, many agents saw their business dwindle and eventually dropped out. The year 2012 could see the fructification of the agent-mentoring model that the Irda has mooted. The initiatives around creation of a senior, mentoring agents framework, new bancassurance norms and regulatory push towards shifting focus from metros to semi-urban and rural areas will widen access to products.

Expansion In Coverage

The list of health insurers offering OPD products that extend coverage to maternity expenses and dental treatment could grow longer this year, with Irda itself backing it. The Irda chief has asked insurance companies to target a larger healthcare cover, over and above hospitalisation policies, by creating such OPD products. With the entry of more international players, we expect cost-effective OPD — comprehensive health insurance policies in 2012. At present, most basic health policies kick in only if the insured is hospitalised for at least 24 hours or is undergoing treatment through day-care procedures.

 

 

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Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.

 

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Some of the best Tax Saving Mutual Funds available ( ELSS Mutual Funds )

  1. HDFC TaxSaver
  2. ICICI Prudential Tax Plan
  3. DSP BlackRock Tax Saver Fund
  4. Birla Sun Life Tax Relief '96
  5. Reliance Tax Saver (ELSS) Fund
  6. IDFC Tax Advantage (ELSS) Fund
  7. SBI Magnum Tax Gain Scheme 1993
  8. Sundaram Tax Saver

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