Friends Life Launches Protect+

Friends Life has launched Protect+, an individual protection package aimed at the Independent Financial Adviser (IFA) market.

Friends Life said that it has brought together the best of what was once provided by Friends Provident and AXA, with the new offering covering income protection, critical illness, life and business protection.

Health Insurance Portability Now a Reality
Switching of mediclaim policies from one insurer to another, without losing out on coverage due to exclusion is now possible in India as per IRDA guidelines on 1st Oct’11.

In addition, IFAs can now write policies in trust online for their clients, which was a facility under-used across the UK market.

Having achieved a five-star rating from Defaqto, key elements of Friends Life Protect+ include:

Income Protection: Guaranteed benefit of £15,600 a year; unique therapy and trauma benefit; hospitalization benefit with no exclusions; innovative approach to waiver of premium to aid the claims process.

Customer Care in Health Insurance Industry
Health Insurance Industry is a service-oriented industry with customer satisfaction and customer grievances being important components of its business operations. Both the issues – Customer satisfaction and Customer Grievances have been described in the article in co-relation with the health insurance sector.

Critical Illness Cover: 14 ABI+ conditions that go above and beyond standard industry practice, including cancer, heart attack, stroke and multiple sclerosis; 8 partial benefit conditions paid in addition to the main benefit; child cover, including congenital conditions; advance payment up to £25,000 for heart surgery paid to the customer.

Life Cover: Optional features aimed at giving the customer maximum flexibility; family income benefit option.

Rules for Health Insurance Settlement Claims by IRDA
The IRDA is soon coming up with a separate health insurance claims settlement regulation, which would address issues arising out of claims not honoured by the insurers in a time bound manner.

Business Protection: Cover for key partners, shareholders plus loan cover; capacity to offer £10 million for life and £2 million for own occupation total permanent disability.

Steve Payne, Managing Director–Protection of Friends Life said that they recognized the importance of building strong relationships with advisers and that this was a fundamental part of their new offering to the IFA market.

More Unorganized Segments to Get Health Insurance
On 12th January 2012, the Union Cabinet reviewed the Rashtriya Swasthya Bima Yojana and decided that this health insurance scheme would be extended to more people among the vulnerable sections.

Source-Medindia