19 December, 2012
Itanagar, December 19, 2012: Royal Sundaram Alliance Insurance Company Limited (www.royalsundaram.in), a joint venture between Sundaram Finance and Royal & Sun Alliance Insurance plc, UK, has signed MoU with the State Government of Arunachal Pradesh. Royal Sundaram will provide health insurance cover, under the government sponsored Rashtriya Swasthya Bima Yojna (RSBY), to the BPL families in the state. Approximately 40 thousand BPL families are expected to get benefited by the scheme in the state. Royal Sundaram has been selected by the Arunachal Pradesh State Government following a competitive public bidding process which involved both public and private insurance companies.
RSBY is a unique scheme which empowers the card holder to get cashless treatment from all RSBY network hospitals (public as well as private) across India. The beneficiaries under the scheme will have to pay the nominal registration fee of Rs. 30/- to get them enrolled under the scheme. The scheme covers hospitalization expenses of a BPL family of five members for up to Rs. 30,000/- . Beneficiaries can avail benefit in any of the network hospitals for hospitalization of surgical and non surgical treatments, listed day care treatment, including maternity benefit and also covering new born for remaining policy period. The scheme also provides transportation cost of Rs. 100/- per visit with an overall limit of Rs. 1,000/- per year.
Speaking on the occasion, Managing Director, Ajay Bimbhet said, “Royal Sundaram aims to support the government in addressing the glaring inequalities in rural health at the micro level and bridging the prevailing gaps in healthcare. We are committed to provide good and quality healthcare to most unaffordable class of people for whom unfortunately it still remains a farfetched dream.”
As per the State Nodal Agency's direction, the Company has empanelled 9 hospitals across districts of Papumpare, East Siang, West Siang, Lower Subansiri, West Kameng, East Kameng, Changlang, Lohit, and Tirap. The beneficiaries of RSBY can choose to go to any network hospitals in any districts in India. Benefits can be availed by producing the smartcard at the hospital.
One of the biggest challenges in the success of implementing RSBY scheme for any insurance company is the lack of awareness amongst the beneficiaries. Understanding the need Royal Sundaram plans to exhibit high degree of commitment in spreading awareness and bring more number of people under the RSBY umbrella.
A few activities that the Company plans to implement are:
About Royal Sundaram
Royal Sundaram Alliance Insurance Company Limited is a joint venture between Sundaram Finance and Royal & Sun Alliance Insurance plc, UK, where the former holds 74% and the latter holds 26% of the equity. Royal Sundaram is the first private non-life Insurance Company licensed to operate in India.
Royal Sundaram offers a range of innovative general Insurance products which includes Motor, Health, Personal Accident, Home and Travel Insurance for individual customers. The Company’s Accident & Health claims process received ISO 9001-2008 certification for effective customer service delivery. For Commercial clients, Royal Sundaram offers a wide range of specialised insurance covers in Fire, Marine, Engineering, Liability and Business Interruption risks. Royal Sundaram also offers specially designed products to the Small and Medium enterprises and Rural customers. Royal Sundaram currently has over 5 million customers, 1700 employees and its products are distributed in over 180 cities across India, through Agents, Distribution Partners, Affinity Partners and Brokers.
About Sundaram Finance
Sundaram Finance, a Non-Banking Finance Company, is one of the most respected financial services companies in India. It finances the entire range of commercial vehicles, passenger cars, construction equipment & tractors. The Group's operations also extend to Insurance, Asset Management, Home loans, Business Process outsourcing and Infotech Solutions. Sundaram Finance has a Nationwide presence with over 500 branches and over half a million customers and depositors who are serviced by over 4000 employees.
With a 300 year heritage, RSA is one of the world’s leading multinational quoted insurance groups. It has the capability to write business in around 140 countries and major operations in the UK, Ireland, Scandinavia, Central and Eastern Europe, Canada, Asia, the Middle East and Latin America. Focusing on general insurance, it has around 23,000 employees and, in 2011, its net written premiums were £8.1 billion.
For further information:
Royal Sundaram Alliance Insurance Company Ltd.