Business Daily from THE HINDU group of publications
Friday, Dec 22, 2006
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Business Daily from THE HINDU group of publications Friday, Dec 22, 2006 ePaper |
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Money & Banking
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Life Insurance Industry & Economy - Health `Most Indians lack cover against critical illnesses' Our Bureau
Mumbai , Dec. 21
Indians are less financially protected against major illnesses than their counterparts in other South East Asian countries. According to "Health Matters Index 2006," a survey conducted by Tata AIG Life, around 71 per cent of Indians are not financially equipped to combat critical illnesses. Around 72 per cent of the respondents of the survey will not be able to sustain themselves and their dependants financially for more than a year if their main source of income were eliminated due to sickness or accident. The figure stands much lower at 50 per cent for the respondents in Hong Kong and 38 per cent in Thailand. The savings required to cover medical expenses for critical illnesses is also lower in India at Rs 2 lakh compared to Rs 5.46 lakh in Hong Kong and Rs 4.32 lakh in Thailand. The survey was conducted in Mumbai, Delhi, Kolkata, Bangalore, Hyderabad and Chandigarh among 1,200 respondents. Top health concerns among Indians include major diseases like cancer followed by heart and kidney related diseases. Respondents rated cashless hospitalisation, no-claim bonuses and gender specific products as important attributes while choosing a health cover.
Tata AIG plans
Based on the survey findings, Tata AIG Life plans to introduce health insurance products in the next few months. Ms Sujata Dutta, Vice-President, Accident and Health, Tata AIG Life said the company was looking at introducing disease-specific products and long-term covers of 20 years. Currently, life insurance companies offer a 3-5 year health cover.
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