Page 219 - DCOM309_INSURANCE_LAWS_AND_PRACTICES

Insurance Laws and Practices

Notes for industrial development, and since then it has diversified into housing finance, consumer
finance, mutual funds to being a Virtual Universal Bank and its latest venture Life Insurance.

2. HDFC Standard Life: HDFC Standard Life Insurance Co. Ltd. is a joint venture between
HDFC Ltd., India’s largest housing finance institution and Standard Life Assurance
Company, Europe’s largest mutual life company.

3. Om Kotak Mahindra: Established in 1985 as Kotak Capital Management Finance promoted
by Uday Kotak, the company has come a long way since its entry into corporate finance.
It has dabbled in leasing, auto finance, hire purchase, investment banking, consumer
finance, broking etc.

4. Bajaj Allianz Health Guard: It covers individuals between 5 and 55 years. Children below
5 years can be insured if the parents are concurrently insured with the company. It provides
cashless facility across various hospitals across India. Herein pre-existing illness and injuries
are covered in the year of cover, if the insured renews his policy consecutively for 5 years.
5. Tata AIG General Insurance Company: The Tata AIG joint venture is a tie up between the
established Tata Group and American International Group Inc. The Tata Group is one of
the largest and most respected industrial houses in the country, while AIG is a leading US
based insurance and financial services company with a presence in over 130 countries and
jurisdictions around the world.
6. Max India: Max India Limited is a multi-business corporation that has business interests
in telecom services, bulk pharmaceuticals, electronic components and specialty products.
It is also the service-oriented businesses of healthcare, life insurance and information
technology.
7. Royal Sundaram Health Shield Gold: It covers individuals between 5 and 55 years. All in
hospitalisation expenses are covered (period of stay in hospital should be more than
24 hours). Pre hospitalisation expenses are covered for a period of 30 days and post
hospitalisation for 60 days. Under this policy pre-existing illness and injuries are covered
in the 6th year of cover, if the insured renews his policy consecutively for 5 years. Maternity
treatment charges are covered up to the extent of ` 20,000. These include expenses incurred
in hospital/nursing homes as in-patient in India.
8. Birla Sun Life: Birla Sun Life Insurance is the coming together of the Aditya Birla group
and Sun Life Financial of Canada to enter the Indian insurance sector. The Aditya Birla
Group, a multinational conglomerate has over 75 business units in India and overseas
with operations in Canada, USA, UK, Thailand, Indonesia, Philippines, Malaysia and
Egypt to name a few.

Self Assessment

Fill in the blanks:
11. The ……………………………… cost of medical treatment today is beyond the reach of a
common man.

12. The health insurance scheme could either be a ………………………… scheme or a group
scheme sponsored by an employer.

12.5 Catastrophe Insurance

In this section, we will study about catastrophe insurance. Catastrophe insurance refers to the
insurance that is used to protect residences and businesses against natural adversities such as

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