Errors on health insurance cards cause concerns

Multiple errors in the ID cards of Tamil Nadu Government Employees’ New Health Insurance Scheme has put the policy holders in trouble.

The State Government had introduced the new scheme in this financial year and all employees were advised to feed their profiles online.

The ID cards had details like name, date of birth, date of joining, date of retirement, name of dependents and their relation to the cardholder and validity of the card.

However, when employees received their ID cards, some found that their name had been changed. Others had errors in the date of birth, date of joining, date of retirement and so. In some cards, the name of dependents were also wrongly printed.

Many policy holders,who received faulty cards, said that they had properly fed their profiles online. The District Coordinator of the State Health and Allied Insurance Company failed to give a satisfactory reply, they said, adding that they were unable to avail of the health services from the designated hospitals because of the wrong entries in the ID card.

When contacted over phone, the Chief Co-ordinating Officer of Star Health and Allied Insurance, Chennai, told Express that they had received several complaints regarding printing errors from the policy holders. The card holders should submit an application, along with correction sought and the card to ‘The Chief Coordinating Officer, State Health and Allied Insurance Company Ltd., Second Floor, 8, New Tank Street, Nungambakkam, Chennai- 600 034.’

IDBI Fortis opens its branch in Pune

As a part of its aggressive 100-branch plan, IDBI Fortis Life Insurance Co Ltd on Friday formally opened its branch in the city. The branch is located at Erandwane.

“With changing lifestyles, more and more people want to invest their money for long term wealth building. We hope to target this segment with our unique wealth-building products that will help their investments grow by protecting it from unforeseen circumstances,” said G V Nageswara Rao, MD & CEO, IDBI Fortis Life Insurance Co Ltd.

The company has launched operations in March this year, leading with its innovative product Wealthsurance. It has already collected premium over Rs 100 crore in five months. The company plans to have 13 branches in the State, out of the 30 branches in the western region in total, stated a release.

Wealthsurance aims to provide people with protected growth. The product is designed to ensure that the hard-earned money that is invested is not susceptible to unforeseen circumstances. WealthsuranceTM offers investment choices such as Guaranteed Return Fund, Capital Guaranteed Fund, Monthly Interest Account, Equity Funds, Debt Funds. “The powerful insurance benefits of WealthsuranceTM ensure that a customer’s wealth plan is not affected by unforeseen events that may strike them,” Rao added.

IDBI Fortis Life Insurance is a joint-venture of IDBI, India’s premier development and commercial bank, Federal Bank, a leading private sector bank and Fortis, Europe’s banking and insurance giant.

Murali Iyer, national head, Agency & Alliances, IDBI Fortis, said, “Pune is the most industrialised district in western Maharashtra and a famous IT hub in the country, all this makes the city more attractive in terms of economic development. We at IDBI Fortis see a major opportunity in Maharashtra not only to expand our business but to harness the state’s talent pool.”

Freedom 58 Retirement Plan Launched by Birla Sun Life

Birla Sun Life Insurance (BSLI), the pioneer of Unit Linked Life Insurance plans in India, amongst private life insurers, announces the launch of its latest product offering, Birla Sun Life Insurance Freedom 58 Retirement Solutions. It is a simple hassle free retirement product with flexible investment option to enable a secure future for its policyholders.

Mr.Vikram Mehmi, President & CEO, Birla Sun Life Insurance remarked, ?As we enhance our distribution network in the country it becomes increasingly important to have products that cater to all the life stages of an individual. Freedom 58 is the first plan in our retirement solutions category. The market size of Rs. 11,500cr offers BSLI a huge business opportunity. We have also introduced a new 100% debt fund option called Income Advantage Fund that focuses at providing capital preservation and regular income at high level of safety over a medium term horizon by investing in high quality debt instruments?.

Product Details:

BSLI Freedom 58 is a unit linked, non-participating pension plan, which helps you accumulate your premiums.

During the accumulation phase we offer two unparalleled investment portfolio strategies for you to choose from:

* Self-Managed Portfolio ? with this option you can direct your investments in any of the 5 fund options based on your personal judgment.

* Lifecycle Managed Portfolio ? with this option you allow us to manage and administer your investment portfolio on your behalf and according to your risk profile.

Key features of the product

* Freedom to reduce policy premiums from 2nd year onwards.

* Freedom to change investment portfolio strategy at any time.

* Freedom to change premium allocation at any time.

* Freedom to change risk profile at any time.

* Freedom to meet your ever changing needs through unlimited top-up premiums and fund switches.

* Freedom to meet any cash emergencies after three policy years through free of charge partial withdrawals or full surrender.

* Flexibility to vest anytime after an accumulation phase of min. 5 years.