M Pallonji

An assured success

The group insurance scheme for Parsis initiated by the Bombay Parsi Punchayet (BPP) in association with the Oriental Insurance Company and with the assistance of K. N. Dastur Reassurance Brokers garnered 3,953 members till end April 2025, the last day for enrollment, stated a social media post put out by the BPP. The scheme is open to each and every Parsi Irani Zoroastrian across the country and even those living abroad with overseas citizens of India classification as long as the treatment is given in India. There is no age limit and the insured sums range from Rs 3,00,000 to 20,00,000. The scheme is said to cover all existing ailments without the need to undergo any prior medical examination.   Assuming there are around 50,000 Parsis in India, this means around eight percent of the community has availed of the coverage. ...



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Since only about eight percent of Parsis in India are reported to have availed of the BPP group insurance scheme, one is left wondering whether that is a reflection of the merits of the scheme, or whether the low percentage is due to a very short deadline for enrollment. Question arises -- why should there be a deadline at all? Purchase deadlines in commerce are understandable if a seller is offering a product at an unusually low price to quickly get rid of excess stock. But a well designed insurance plan should not have a deadline for subscribing -- particularly such a short deadline. Yearly increases in premiums to adjust for increasing costs are understandable. But a deadline, with no further subscribers seems strange.
- and Mrs Jamshed A Modi
- 22-May-2025

 

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