The Hindu Business Line : Health insurance

The ‘Health plus fund’ offered by LIC of India is an instance of a scheme that seemingly lacks magnanimity and sensitivity to the needs of seniors. Such schemes seem to disregard the elders, as a person above 55 years of age cannot enter such a scheme and those who have already entered cannot enjoy the health package beyond 65 years.

In a country where the average lifespan is increasing year after year, what with the benefits of modern medicine, this is surely a matter of disgrace for the senior citizens, especially when a public sector organisation is the entity offering the product.

As the funds are supposed to be invested in the stock market, the question of losses does not arise, as the insurance company is capable of reaping huge gains through investment in the bourses, going by its enviable track record. The Health plus scheme, for instance, is in its present form no better, in effect, than the present ‘Mediclaim’ policy, which has more or less become unpopular among elders.

The IRDA should have applied more prudence and kindness to elders while sanctioning such schemes to the insurance agencies both in public and private sectors.

Let the requirements, including medical examination, etc., at the entry stage be made more rigid to discourage undeserving cases, but the conduct of such schemes should have a human face rather than a mere business exercise and the insurance agents of India, noted for their services to society, should modify the policy so as to extend the benefits to a wider group of senior citizens in the country.

C. P. Velayudhan Nair Kochi

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