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A SOCIETY OF ALL AGES IS A SOCIETY COMMITTED TO DEVELOPMENT

A SOCIETY OF ALL AGES IS A SOCIETY COMMITTED TO DEVELOPMENT. GLOBAL SCENARIO OF SENIOR CITIZENS. SENIOR CITIZENS ABOVE 60 YEARS (IN MILLIONS). GLOBAL SCENARIO OF SENIOR CITIZENS. In Million. 12%. YEAR 2002. 88%. 18%. YEAR 2025. 82%. INDIAN SCENARIO OF SENIOR CITIZENS. Value in Million.

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A SOCIETY OF ALL AGES IS A SOCIETY COMMITTED TO DEVELOPMENT

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  1. A SOCIETY OF ALL AGES IS A SOCIETY COMMITTED TO DEVELOPMENT

  2. GLOBAL SCENARIO OF SENIOR CITIZENS

  3. SENIOR CITIZENS ABOVE 60 YEARS (IN MILLIONS) GLOBAL SCENARIO OF SENIOR CITIZENS In Million

  4. 12% YEAR 2002 88% 18% YEAR 2025 82% INDIAN SCENARIO OF SENIOR CITIZENS Value in Million Projections - India

  5. INDIAN SCENARIO OF SENIOR CITIZENS

  6. WHY IS INDIA GREYING FAST • Advancements in medical / health Technologies • Gradual fall in mortality rate • Increased awareness • Better nutrition • Increased life expectancy

  7. MAJOR CHRONIC CONDITIONS AFFECTING SENIOR CITIZENS • Cardiovascular diseases (such as coronary heart diseases). • Hypertension • Stroke • Diabetes • Cancer • Chronic obstructive pulmonary disease • Musculoskeletal conditions (such as arthritis and osteoporosis) • Mental Health conditions (mostly dementia and depression) • Blindness and visual impairment.

  8. DISEASES AFFECTING SENIOR CITIZENS

  9. Way ahead….. Legislation Funding mechanism Product Innovations Value adds • Initiative from Govt. • Initiative from Insurance Co. • Initiative from Provider of services • Most IMPORTANT… Initiative from the Senior Citizens

  10. Funding Mechanisms Self Funded Model Indemnity Model Self regulated Insurance Co.

  11. Self Funded Model • Minimum Critical Mass • One time contribution at the time of retirement into the Corpus • Annual Nominal Contribution into the Corpus • Regulated by Governing Body comprising of representatives from Senior Citizen segment • Flexibility of approach • Decision making lies with the Group FHPL would assist the group from conceptual to ……implementation phase

  12. Product innovations • Traditional Health Insurance Cover excluding Pre-existing disease • Traditional Health Insurance cover with Pre-existing disease cover • Long term Cover • Life term Cover • Critical Illness Cover – Cardiac, Kidney, Neuro, Transplant, Joint replacements • Diabetic care Cover • Cardiac Care Cover

  13. Product innovations • Products to feature: • Provision for Annual Premium • One time premium for Long term cover/ Life term cover • Scope for Discount or Loading on Premium based on the Health & Life style of the member • Co-payment • Complementary Preventive check-up • Incentive for wellness

  14. THANK YOU

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