Sub-Limits in Health Insurance Scrapped
Bangalore: Non-life insurance companies are removing the clause of sub-limits in health insurance policies to lure new customers, as reported by Shilpy Sinha, of the ET Bureau.
It had been 2 years since the inception of the policy. Sub-limits had levied certain limitations on OT fees, doctors’ fees and rents of rooms. This policy was introduced to curtail losses faced by the health insurance sector, especially in the area of group insurance. Tata AIG General (MediPrime) and Apollo Munich (Optima Restore) have already chucked the clause of sub-limits from their health insurance products. Non-life insurance companies are following these very steps.
However, group insurance policies do not fall under this bracket, else they would have unlimited advantages. Antony Jacob, CEO and MD of Apollo Munich, says, "More companies are looking at each line of business separately without cross-subsidy."
