Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

No expert committee has been set up for extending <keyword id="19923745" type="General" weightage="20" keywordseo="health-benefits" source="keywords">health benefits</keyword> to cover citizens aged 70 and above under <keyword id="19913233" type="General" weightage="100" keywordseo="Ayushman-Bharat" source="keywords">Ayushman Bharat</keyword>, <keyword id="22556022" type="General" weightage="20" keywordseo="Union-Minister-of-State-for-Health" source="keywords">Union Minister of State for Health</keyword> Prataprao Jadhav told the Lok Sabha on Friday. He was responding to a question on whether the government proposed to cover citizens aged 70 and above by expanding Ayushman Bharat through the launch of a <keyword id="21782708" type="General" weightage="20" keywordseo="National-Health-Claims-Exchange" source="keywords">national health claims exchange</keyword> and if an expert panel had been set up to strengthen the format of the scheme for the planned expansion. Jadhav, in a written reply, said all members of eligible families, irrespective of age, were covered under Ayushman Bharat - Pradhan Mantri Jan Arogya Yojana. The scheme provides <keyword id="19894985" type="General" weightage="20" keywordseo="health-insurance" source="keywords">health insurance</keyword> cover of Rs 5 lakh per family per year for secondary and tertiary care hospitalisation to 55 crore individuals, corresponding to 12.34 crore families, he said. "No expert committee has been set up for extending the health benefits to cover <keyword id="19894991" type="General" weightage="20" keywordseo="senior-citizens" source="keywords">senior citizens</keyword> aged 70 and above," he stated. Responding to another question, Jadhav said 34 insurers and third-party administrators were live and approximately 300 hospitals ramping up to start sending their claims on the National Health Claims Exchange (NHCX), which aims to streamline and fasten health <keyword id="35450" type="General" weightage="20" keywordseo="Insurance" source="Orion">insurance</keyword> claim processing, as on July 21. Jadhav said the government built the NHCX gateway under the Ayushman Bharat Digital Mission. It aims to streamline and standardise health insurance claim processing, enhance efficiency in the insurance industry and improve patient experience. It serves as a gateway for exchanging health claim information among insurers, third party audit, healthcare providers, beneficiaries and other relevant entities and ensures interoperability, machine-readability, auditability and verifiability, making the information exchange accurate and trustworthy, the minister said. This system will enhance efficiency and transparency in the insurance industry, benefiting policyholders and patients, he added. Supported by the Insurance Regulatory and Development Authority of India and the General Insurance Council, the NHCX will enable standardised and faster health insurance claim processing, Jadhav said.

No panel formed for extending benefits to cover citizens above 70 under Ayushman Bharat, says govt

<ul><li>The <keyword id="143984" type="General" weightage="20" keywordseo="policyholder" source="Orion">policyholder</keyword> will have their eBima accounts on the <keyword id="6401917" type="General" weightage="20" keywordseo="portal" source="Orion">portal</keyword> with all the details of their purchased <keyword id="35450" type="General" weightage="20" keywordseo="insurance" source="Orion">insurance</keyword> policies in one place </li><li><keyword id="14868119" type="General" weightage="20" keywordseo="bima-sugam" source="Orion">Bima Sugam</keyword> further will help policyholders to make premium payments, change contact details, nominee details, and more </li><li>With an online platform reducing distributor margins and eliminating intermediaries, policyholders can also benefit from <keyword id="21089316" type="General" weightage="20" keywordseo="cheaper-premiums" source="Orion">cheaper premiums</keyword> </li></ul>The Insurance Regulatory and Development Authority (IRDAI) approved the setting up of the Bima Sugam platform last week. Bima Sugam is an online insurance marketplace which will be used for buying and selling insurance policies, as well as servicing them and settling <keyword id="6387025" type="General" weightage="20" keywordseo="claims" source="Orion">claims</keyword>. In other words, it will be a one-stop shop for all your insurance needs. The initiative aims to establish a Digital Public Infrastructure towards universalisation and democratisation of insurance as well as empowering and safeguarding policyholders' interests and achieve the vision of "Insurance for all by 2047”, said IRDAI in a recent press note. This marketplace can serve as a one-stop solution for all insurance stakeholders, promoting transparency, efficiency, and collaboration across the entire insurance value chain. What it will mean for customers The Bima Sugam platform, once operative, will offer several benefits to customers. “IRDAI’s approval will serve as a regulatory endorsement for consumers, confirming that Bima Sugam operates as a licensed marketplace for insurance products in the country. It will boost their trust in the platform and allow them to benefit from its services without harbouring doubts,” says Shilpa Arora, Co-Founder &amp; COO of Insurance Samadhan, an online platform that helps deal with insurance grievances. All insurance policies in digital form in one place: The policyholder will have their eBima accounts on the portal with all the details of their purchased insurance policies under one portal. “This will give the insurance holders ease of access and the hassle of keeping the hardcopy of documents will be eradicated,” says Naval Goel, Founder and CEO, PolicyX, an insurance portal. Bima Sugam further will help policyholders to make premium payments, change contact details, nominee details, and more. “The conversion of policies from physical paper format to e-format will benefit policyholders and reduce the risk of theft and loss of the respective policy,” says Goel. Lower costs: With an online platform reducing distributor margins and eliminating intermediaries, policyholders will benefit from cheaper premiums. Additionally, IRDAI may also provide discounts for the policies purchased via the platform. Easier settlement of claims: The platform is designed to help individuals settle their claims in a paperless process based on just their policy numbers. “Since all insurance plans will be linked and stored under one platform, the insurance company can access the required details immediately. It will simplify the documentation process, making the claim settlement process quick and hassle-free. Needless to say, such a move could streamline the settlement process for policy nominees, especially in the face of an emergency,” says Arora. Bima Sugam is scheduled to be launched in June 2024. It will most likely enhance the user experience with insurance and may boost the wider adoption of insurance policies.

Bima Sugam: How IRDAI’s online insurance marketplace can benefit customers

<ul><li>Typically, a non-linked savings <keyword id="153887" type="General" weightage="20" keywordseo="life-insurance-policy" source="Orion">life insurance policy</keyword> has two components in its premium, namely risk and savings component. </li><li>The proposed changes if implemented would allow insurers to set a threshold premium amount beyond which the surrender charges won’t be applied. </li><li>Experts say one should consider financial circumstances, goals, and alternatives before deciding to surrender an <keyword id="3281103" type="General" weightage="20" keywordseo="endowment-policy" source="Orion">endowment policy</keyword>. </li></ul>The Insurance Regulatory and Development Authority of India (<keyword id="635172" type="General" weightage="20" keywordseo="irdai" source="Orion">IRDAI</keyword>) in its exposure draft released earlier this month (Dec 12) has proposed to amend the <keyword id="885219" type="General" weightage="20" keywordseo="surrender-value" source="Orion">surrender value</keyword> calculation for non-linked life insurance policies. Typically, a non-linked savings life insurance policy has two components in its premium, namely risk and savings component. Currently, the guaranteed surrender value ratio as stipulated by IRDAI doesn’t differentiate between the savings and risk component of the premium. The exposure draft has possibly tried to strip out the savings component in each non-linked life insurance premium as the amount of premium in excess of the threshold premium. “Logically, there should not be any surrender penalty in the savings component of the premium, which the proposed draft has tried to address. This would ensure the financial loss to the customer comes down significantly in case they surrender or discontinue their policy before the term completion,” says Sabyasachi Sarkar, appointed actuary, Go Digit Life Insurance. This is an extremely customer-friendly step proposed by the regulator as a lot of policies lapse or are surrendered by the policyholders before the policy term ends. “This will ensure the debate around low surrender value among insurance products ends and makes non-linked traditional insurance plans attractive among customers,” adds Sarkar. What it means “The proposed changes if implemented would allow insurers to set a threshold premium amount beyond which the surrender charges won’t be applied and lead to more money in hands of policyholders if they chose to surrender the policy,” says Abhishek Kumar, SEBI Registered Investment Adviser and Founder, SahajMoney.com. For example, If one is paying ₹1 lakh as annual premium and threshold value is set to 30% then in that case the surrender charges would apply only to ₹30,000 and balance ₹70,000 would be free from any surrender charges. Earlier the surrender charges would apply to the entire annual premium of ₹1 lakh. So the customer stands to gain if these proposals are implemented. Existing vs Proposed: Guaranteed surrender value of regular premium policy <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 1.363635pt;border-right:solid #000000 1.363635pt;border-bottom:solid #000000 1.363635pt;border-top:solid #000000 1.363635pt;vertical-align:top;background-color:#ffc000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cumulative Premium Paid (in ₹) </td><td style="border-left:solid #000000 1.363635pt;border-right:solid #000000 1.363635pt;border-bottom:solid #000000 1.363635pt;border-top:solid #000000 1.363635pt;vertical-align:top;background-color:#ffc000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Year of Surrender </td><td style="border-left:solid #000000 1.363635pt;border-right:solid #000000 1.363635pt;border-bottom:solid #000000 1.363635pt;border-top:solid #000000 1.363635pt;vertical-align:top;background-color:#ffc000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Guaranteed Surrender Value (Existing) (in ₹) </td><td style="border-left:solid #000000 1.363635pt;border-right:solid #000000 1.363635pt;border-bottom:solid #000000 1.363635pt;border-top:solid #000000 1.363635pt;vertical-align:top;background-color:#ffc000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Guaranteed Surrender Value (Proposed) (in ₹) </td></tr><tr><td style="border-left:solid #000000 1.363635pt;border-right:solid #000000 1.363635pt;border-bottom:solid #000000 1.363635pt;border-top:solid #000000 1.363635pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,50,000 </td><td style="border-left:solid #000000 1.363635pt;border-right:solid #000000 1.363635pt;border-bottom:solid #000000 1.363635pt;border-top:solid #000000 1.363635pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">1 </td><td style="border-left:solid #000000 1.363635pt;border-right:solid #000000 1.363635pt;border-bottom:solid #000000 1.363635pt;border-top:solid #000000 1.363635pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">0 </td><td style="border-left:solid #000000 1.363635pt;border-right:solid #000000 1.363635pt;border-bottom:solid #000000 1.363635pt;border-top:solid #000000 1.363635pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,25,000 </td></tr><tr><td style="border-left:solid #000000 1.363635pt;border-right:solid #000000 1.363635pt;border-bottom:solid #000000 1.363635pt;border-top:solid #000000 1.363635pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">3,00,000 </td><td style="border-left:solid #000000 1.363635pt;border-right:solid #000000 1.363635pt;border-bottom:solid #000000 1.363635pt;border-top:solid #000000 1.363635pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">2 </td><td style="border-left:solid #000000 1.363635pt;border-right:solid #000000 1.363635pt;border-bottom:solid #000000 1.363635pt;border-top:solid #000000 1.363635pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">90,000 </td><td style="border-left:solid #000000 1.363635pt;border-right:solid #000000 1.363635pt;border-bottom:solid #000000 1.363635pt;border-top:solid #000000 1.363635pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">2,65,000 </td></tr><tr><td style="border-left:solid #000000 1.363635pt;border-right:solid #000000 1.363635pt;border-bottom:solid #000000 1.363635pt;border-top:solid #000000 1.363635pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">4,50,000 </td><td style="border-left:solid #000000 1.363635pt;border-right:solid #000000 1.363635pt;border-bottom:solid #000000 1.363635pt;border-top:solid #000000 1.363635pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">3 </td><td style="border-left:solid #000000 1.363635pt;border-right:solid #000000 1.363635pt;border-bottom:solid #000000 1.363635pt;border-top:solid #000000 1.363635pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,57,500 </td><td style="border-left:solid #000000 1.363635pt;border-right:solid #000000 1.363635pt;border-bottom:solid #000000 1.363635pt;border-top:solid #000000 1.363635pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">4,01,250 </td></tr><tr><td style="border-left:solid #000000 1.363635pt;border-right:solid #000000 1.363635pt;border-bottom:solid #000000 1.363635pt;border-top:solid #000000 1.363635pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">6,00,000 </td><td style="border-left:solid #000000 1.363635pt;border-right:solid #000000 1.363635pt;border-bottom:solid #000000 1.363635pt;border-top:solid #000000 1.363635pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">4 </td><td style="border-left:solid #000000 1.363635pt;border-right:solid #000000 1.363635pt;border-bottom:solid #000000 1.363635pt;border-top:solid #000000 1.363635pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">3,00,000 </td><td style="border-left:solid #000000 1.363635pt;border-right:solid #000000 1.363635pt;border-bottom:solid #000000 1.363635pt;border-top:solid #000000 1.363635pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">5,50,000 </td></tr><tr><td style="border-left:solid #000000 1.363635pt;border-right:solid #000000 1.363635pt;border-bottom:solid #000000 1.363635pt;border-top:solid #000000 1.363635pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">7,50,000 </td><td style="border-left:solid #000000 1.363635pt;border-right:solid #000000 1.363635pt;border-bottom:solid #000000 1.363635pt;border-top:solid #000000 1.363635pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">5 </td><td style="border-left:solid #000000 1.363635pt;border-right:solid #000000 1.363635pt;border-bottom:solid #000000 1.363635pt;border-top:solid #000000 1.363635pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">3,75,000 </td><td style="border-left:solid #000000 1.363635pt;border-right:solid #000000 1.363635pt;border-bottom:solid #000000 1.363635pt;border-top:solid #000000 1.363635pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">6,87,500 </td></tr></tbody></table> Calculations and assumptions: The calculations are for non-linked traditional insurance policy with a policy term of 10 years and an annual premium of ₹1.5 lakh. Premium Threshold assumed at ₹25,000 and premium in excess of threshold limit at ₹1.25 lakh. Note: The premium threshold limit assumed at ₹25,000 as no specific premium threshold is defined in exposure draft. The Exposure Draft states there shall be a Premium Threshold defined for each product. Source: Go Digit Life Insurance estimates based on IRDAI Exposure Draft However, surrendering your moneyback policy may not be a <a href="https://www.businessinsider.in/personal-finance/news/should-you-surrender-your-moneyback-policy/articleshow/104517016.cms">wise idea</a> in all situations. You should consider your financial circumstances, goals, and alternatives before deciding to surrender the policy, as it may have significant financial implications.

Insurance regulator proposes increasing surrender value of non-linked policies: Explained

<ul><li><keyword id="635172" type="General" weightage="20" keywordseo="irdai" source="Orion">IRDAI</keyword> has issued a directive to all <keyword id="114713" type="General" weightage="20" keywordseo="insurance-companies" source="Orion">insurance companies</keyword>, earlier this fiscal, instructing them to provide coverage for the expenses related to surrogacy. </li><li>The policy should cover all medical expenses related to pregnancy and delivery, as well as postpartum care for the <keyword id="23767" type="General" weightage="20" keywordseo="surrogate-mother" source="Orion">surrogate mother</keyword>. </li><li>The responsibility of acquiring this surrogacy <keyword id="35492" type="General" weightage="20" keywordseo="insurance-policy" source="Orion">insurance policy</keyword> falls upon the intending parents or individual seeking surrogacy. </li></ul>Surrogacy is a medical process in which a woman agrees to carry and deliver a baby for another couple or individual. The <keyword id="41477" type="General" weightage="20" keywordseo="surrogate" source="Orion">surrogate</keyword> mother is typically implanted with an embryo created by using the intended parents' sperm and egg. Once the baby is born, the surrogate mother's legal rights to the child are terminated, and the intended parents become the child's legal parents. <cmsannotation type="cmsannotation" annotationid="What the law says" comment="Subhead" text="What the law says">What the law says</cmsannotation> In the Surrogacy (Regulation) Rules 2022, there is a provision that highlights the necessity of mandatory insurance coverage. It specifies that the intending woman or couple must acquire a general health insurance policy in favour of the surrogate mother. This insurance policy should have a duration of 36 months and should be obtained from an insurance company or an agent recognized by Insurance Regulatory and Development Authority of India (IRDAI). The coverage amount should be substantial enough to address all expenses related to pregnancy complications, as well as postpartum delivery complications. Recently, IRDAI has issued a directive to all insurance companies, instructing them to provide coverage for the expenses related to surrogacy. “Let us say a couple is covered under a family floater policy. That couple decides to go for surrogacy as they have some medical issue and they are not able to conceive. If they decide to go for surrogacy, they should be able to buy a cover for the surrogate mother,” says Bhaskar Nerurkar, head, health administration team, Bajaj Allianz General Insurance. Hence, every health insurance company should bring in such a cover. <cmsannotation type="cmsannotation" annotationid="Coverage under the surrogacy policy" comment="Subhead" text="Coverage under the surrogacy policy">Coverage under the surrogacy policy</cmsannotation> This surrogacy policy offers a broad range of medical coverage, including antenatal care and checkups, hospitalisation and delivery charges, treatment for pregnancy complications like preeclampsia, gestational diabetes, and premature labour, postpartum care, and treatment for delivery complications, and medical conditions that may arise as a result of the surrogacy procedure. “The couple may have maternity cover under their health insurance policy. The maternity expenses are only covered for the spouse. But in this case the surrogate mother is going to get admitted. So this surrogacy cover will cover maternity expenses and any other expenses related to delivery complications,” says Nerurkar. <cmsannotation type="cmsannotation" annotationid="What to know" comment="Subhead" text="What to know">What to know</cmsannotation> The responsibility of acquiring this surrogacy insurance policy falls upon the intending parents or individual seeking surrogacy. It is crucial to purchase the policy from an insurance company registered with IRDAI and to do so before the embryo transfer procedure takes place. “If I am a surrogate mother, the expectation is that the biological parent should buy the policy for me,”says Bhabatosh Mishra, director, claims, underwriting and product, Niva Bupa, a health insurance company. As mentioned, the coverage should extend for 36 months from the date of embryo transfer and must include expenses related to pregnancy complications and post-partum delivery complications. “The policy must be purchased before the pregnancy starts. Also, since it covers maternity related complications, there is no classical waiting period of two years or so,” says Mishra. Surrogacy is a multifaceted process with both emotional and financial implications. By thoroughly examining the legal and insurance aspects, individuals and couples can navigate the surrogacy journey more effectively, ensuring the well-being of all parties involved.

Explained: What a surrogate mother in India should know about insurance policy

<ul><li>It will give more flexibility to insurance companies to determine what amount of commission they wish to pay to the <keyword id="451509" type="General" weightage="80" keywordseo="Insurance-agents" source="Orion">insurance agents</keyword>. </li><li>The removal of the cap on commission payments would also lead to the development of new distribution models. </li><li>With the potential for increased competition, insurers may need to focus more on meeting customer needs and providing high-quality service.</li></ul>The Insurance Regulatory and Development Authority of India (<keyword id="635172" type="General" weightage="100" keywordseo="IRDAI" source="Orion">IRDAI</keyword>) has removed the cap on commission payments to agents and brokers. While there will still be an overall cap on expenses of management of insurers, the sub limit on commissions have been removed. Expenses of management includes all operating expenses of an insurance company. “The regulatory change announced by IRDAI to remove individual commission payment limits is a major and long-awaited reform in the insurance sector. This shift is anticipated to benefit insurers in a variety of ways, including increased product innovation, the development of new distribution models, and a more customer-centric approach to operations,” says Sanjiv Bajaj, joint chairman and managing director, Bajaj Capital Insurance Broking. <cmsannotation type="cmsannotation" annotationid="Increased product innovation" comment="subhead2" text="Increased product innovation">Increased product innovation</cmsannotation> The removal of the cap on agent commissions will enable insurers to allocate their resources more effectively. “This policy change will encourage insurers to focus on developing new and innovative products,” says Prashant Tripathy, MD and chief executive officer, Max Life Insurance. This development is likely to help in the proliferation of more insurance policies being sold. Companies can introduce new products that cater to all sections of society, thereby penetrating new and previously untapped markets. “The elimination of the commission payment limit is expected to increase competition among insurers, as they will be able to offer more appealing policies and better pricing to customers,” says Vishnu Kumar, chief distribution officer, Aviva India. With the potential for increased competition, insurers may need to focus more on meeting customer needs and providing high-quality service. “This could lead to a more customer-centric approach to business and the development of products and services that better meet the needs of customers,” says Bajaj. <cmsannotation type="cmsannotation" annotationid="More flexibility to manage expenses" comment="subhead2" text="More flexibility to manage expenses">More flexibility to manage expenses</cmsannotation> This will give more flexibility to insurance companies to determine what amount of commission they wish to pay to the insurance agents. This will also increase sales and business. Says Joydeep Roy, partner, PWC, India financial services advisory leader, “Insurers can now decide what commissions they pay for what products and to which distributor. Especially in micro-insurance, the premiums are low, so a premium percentage cap hurts distributors.” That is going to change now. Agrees Bahroze Kamdin, partner, Deloitte India, “So if it is a normal product, insurance companies may pay a lower commission, if it is a new product they may pay higher commissions,” says Kamdin. <cmsannotation type="cmsannotation" annotationid="New distribution models" comment="subhead2" text="New distribution models">New distribution models</cmsannotation> The removal of the cap on commission payments could also lead to the development of new distribution models, which could help insurers reach a wider range of customers. This could in turn lead to increased insurance penetration in India, particularly in remote or underserved areas. Until now, insurance companies were operating under regulated commission structures. This created a challenge for companies as it was difficult to incentivise agents based on their performance. “However, with the recent development by IRDAI, insurance companies now have the freedom to evolve their compensation philosophy. This implies higher pay for higher performance and allows companies to recognise and reward agents who demonstrate higher persistence, therefore retention rates,” says Kumar. Roy believes that it will also help insurance companies to set goals for distribution. Not only will sales matter, but distributors may be incentivised (or penalised) on other parameters like quality of business, better quality of customers, better data collection, and so on, leading to healthier business. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/here-are-the-jobs-chatgpt-says-ai-can-take-from-humans/slidelist/99087522.cms">We asked ChatGPT about jobs that AI can take over from humans – This was its answer</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/as-stores-remain-at-heart-of-business-retail-leasing-to-hit-a-4-year-high-in-2023-cbre/articleshow/99085535.cms">As stores remain at ‘heart of business’, retail leasing to hit a 4-year high in 2023: CBRE</a>

Removal of commission caps for insurance agents likely to boost innovation, customer-centricity

After the pandemic, an upward trend has been seen in the sale of comprehensive health insurance plans assisted by insurer’s nudge to attract more and more customers via value-added offerings. Policyholders are increasingly looking at health insurers for wellness benefits and wider coverage beyond in-patient hospitalization. In-order to cater to the growing needs of customers. Insurers are increasingly offering extra benefits either built-in or as optional riders and add-ons. Let’s look at eight critical factors that every individual must include while buying a health cover: <cmsannotation type="cmsannotation" annotationid="Pre and Post Hospitalization:" comment="subhead" text="Pre and Post Hospitalization:">Pre and Post Hospitalization:</cmsannotation> Pre-hospitalization expenses are medical costs incurred by the insured before getting admitted in a hospital. Post-hospitalization expenses are medical costs incurred after discharge from the hospital. Insurance policies offer extensive periods of coverage under this benefit ranging from 30/60 days to 60/180 days of pre and post hospitalization coverage respectively. Higher the number of days covered will enable the insured to cover a larger period of medical expenses. <cmsannotation type="cmsannotation" annotationid="Co-Payment Clauses" comment="subhead" text="Co-Payment Clauses">Co-Payment Clauses</cmsannotation> Co-payment clause means the insured is bound to pay a pre-defined percentage amount of the hospital bill. Even though these policies would cost less, it would entail unnecessary burden on the insured to foot a portion of the expenses. It would always be advisable to have 0% co-pay, so that there is no additional outlay at the time of hospitalization. But if budget is a constraint, even a 10% co-pay can result in significant decrease in premiums. <cmsannotation type="cmsannotation" annotationid="Waiting Period" comment="subhead" text="Waiting Period">Waiting Period</cmsannotation> There is generally a waiting period attached to pre-existing conditions such as diabetes, hypertension, thyroid etc. There are also waiting periods attached to specific diseases like cataract, arthritis, hernia etc. This period ranges from 12-48 months and the insured members have to wait for this period before they can file a hospitalization claim from these conditions. Depending on the insured requirements, it is critical to choose the right policy as per the waiting period. <cmsannotation type="cmsannotation" annotationid="OPD Treatments" comment="subhead" text="OPD Treatments"><keyword id="6356134" type="General" weightage="80" keywordseo="opd" source="Orion">OPD</keyword> Treatments</cmsannotation> Although OPD treatments are covered as part of pre and post hospitalization, customers are increasingly looking at standalone OPD benefits in insurance. At present, the majority of the OPD expenses in <keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword> are incurred out of pocket and not covered through insurance. Inclusion of OPD cover in the policy is an added benefit that an individual can get in select plans. <cmsannotation type="cmsannotation" annotationid="Room Rent Waiver" comment="subhead" text="Room Rent Waiver">Room Rent Waiver</cmsannotation> Treatment cost at hospitals varies directly with the choice of room type opted. As a result, the claim settlement affects the overall bill when a patient covered by health insurance opts for a room that exceeds his policy limit. At the time of emergency, such critical decisions may be overlooked resulting in a poor claim settlement experience. In order to have a peaceful and hassle-free experience, there has been increasing preference towards opting for health insurance policies without any adverse room rent capping. <cmsannotation type="cmsannotation" annotationid="Need to include mental wellness cover" comment="subhead" text="Need to include mental wellness cover">Need to include mental wellness cover</cmsannotation> Insurance regulator <keyword id="635172" type="General" weightage="50" keywordseo="irdai" source="Orion">IRDAI</keyword>, vide its circular dated August 16, 2018, stated that insurance is liable to be provided for mental illnesses upon the enactment of the Mental Healthcare Act 2017. However, the cover is still subjected to sub-limits and doesn’t cover treatment on OPD basis which forms most of the healthcare expenditure towards mental illness. <cmsannotation type="cmsannotation" annotationid="Home Care Treatment" comment="subhead" text="Home Care Treatment">Home Care Treatment</cmsannotation> While domiciliary treatment is covered by the majority of retail health insurance plans, it comes with its set of conditions with respect to unavailability of hospital room or inability of patient to be taken to a hospital. Certain illnesses such as dengue, pancreatitis, COPD management and many more can be treated from the comfort of home. There are certain policies that are now offering home care treatments as well. <cmsannotation type="cmsannotation" annotationid="New trends in health insurance policy:" comment="subhead" text="New trends in health insurance policy:">New trends in health insurance policy:</cmsannotation> <cmsannotation type="cmsannotation" annotationid="Tele-consultation" comment="subhead" text="Tele-consultation">Tele-consultation</cmsannotation> Thanks to the affordable internet and advent of Covid, there has been an increased adoption of doctor tele-consultations. Insurers have started addressing the needs of customers by rolling out in-built and optional tele-consultation coverages. Most insurers as of today have a built-in second medical opinion for major critical illness cover built-in for the insured. In a country with a poor doctor to patient ratio, it becomes a win-win proposition for all stakeholders i.e. insurers, medical staff and patients. <cmsannotation type="cmsannotation" annotationid="Critical Illnesses" comment="subhead" text="Critical Illnesses">Critical Illnesses</cmsannotation> Hospitalization costs for certain major chronic illnesses such as cancer, organ transplant, renal failure are major outliers compared to average hospitalization costs for other surgeries. At such instances, the health insurance coverage opted by customers falls short of requirements. Customers are increasingly looking at lump sum or indemnity-based critical illness or cancer covers in conjunction with their health insurance. There remain plenty of areas where there is scope to add value. Dental coverage, high-end diagnostic tests, allowing portability for combining two policies into one, end-to-end digital claim filing etc. are some features that insurers should evaluate and add to service their customers better. India continues to be at an inflection point where growing demand for good quality healthcare needs to be complemented by comprehensive and affordable medical insurance. The author Anuj Parekh is the co-founder and CEO of Healthysure.in.

8 things to consider while buying health insurance, after the pandemic

New Delhi, Nov 25 () Irdai on Monday proposed vehicle new age-based depreciation formula for computing sum insured for motor vehicles, including private cars and two-wheelers.
 A working group on 'Product Structure for Motor Own Damage cover' set up by the regulator has recommended two options for calculating sum insured for private cars.
 For brand new private cars up to 3 years, the sum insured "shall represent the current day on-road price of the vehicle insured including invoice value, road tax &amp; registration charges and value of all accessories fitted thereon by the manufacturer", the exposure draft based on the recommendations of the working group said.
 For vehicles older than three years, depreciation would gradually increase from 40 per cent to 60 per cent up to 7 years. Beyond seven years, the sum insured could be negotiated with the insurer.
 Currently, insurers follow a complex process for arriving at the value of the car.
 "The depreciation and sum insured calculation has been made simple," the draft said.
 According to the second option, the sum insured (refers to the percentage of vehicle's current manufacturer listed price) would decrease from 95 per cent for up to six months to 40 per cent for up to 7 years.
 In this case also, sum insured or depreciation rate is negotiable after seven year.
 The Insurance Regulatory and Development Authority of India (Irdai) has also suggested age-based depreciation policy for two-wheelers.
 For commercial vehicles, the draft said the sum insured should represent the current day invoice value plus cost of body building, if any and all accessories fitted thereon by the manufacturer adjusted for depreciation at the rate of 10 per cent per year or part thereof subject to maximum of 75 per cent.
 For total loss and theft, the amount payable should be sum insured, it said.
 The regulator has invited comments from stakeholders on the 166 page exposure draft by December 16. NKD CS HRS

Irdai proposes changes in vehicle depreciation calculation

New Delhi, Jan 17 () Insurance Regulatory and Development Authority of India (IRDAI) chairman S C Khuntia on Friday cautioned insurers against indulging in predatory pricing, saying it is not a sustainable model while citing examples of airline and telecom sectors. 
Highlighting that the insurance industry is different from other business, he said if an insurer fails, it has bearing on customers as well.
 "I would like to give a word of caution here. Though your (insurance brokers) share is very high in group health insurance, the loss ratio in group health insurance is also very high. Probably, it is not very sustainable at present," he said at an event organised by Insurance Brokers Association of India here. 
"So the insurance companies, intermediaries and policyholders need to unite to create a sustainable atmosphere. In other industries if there is unfair competition, the industry suffers but the clientele don't suffer. While this has happened in airlines and telecom industries but we cannot afford that kind of a situation in the insurance industry because insurance is an industry for protection," he said. 
"So if the industry suffers, then clientele also suffers. And as a regulator we would not like that to happen. One should not overcharge and also not undercharge," he said, adding, there is need to create efficiencies so that to bring down premium and minimise the risk.
 Asked if companies are engaging in predatory pricing to up their volume, the regulator acknowledged it by saying "of course, of course."
 "Regulator will have to ensure that the industry runs sustainably. There will be host of actions not one kind of action (to check predatory pricing) but we will ensure that the health of insurance industry does not deteriorate," he said. 
To a query on LIC stake reduction roadmap for IDBI Bank, Khuntia said IRDAI has reminded LIC and they are yet to come forward with it. 
 He, however, expressed hope that it will be done quickly.
 IRDAI stipulates that insurers are allowed to hold only up to 15 per cent stake in any listed entity. But LIC, with a special dispensation from IRDAI, holds more than the limit in some state-run banks. 
 Besides, the Reserve Bank of India (RBI) permits a ceiling of 15 per cent for promoter stake in a private sector bank.
 In June 2018, IRDAI permitted LIC to acquire up to 51 per cent stake in debt-ridden IDBI Bank. 
 When asked about his view on raising foreign investment in insurance sector from the current 49 per cent, he said IRDAI had sought opinions of stakeholders on raising foreign holding to 74 per cent and comments received have been forwarded to the government. 
"Now according to the Insurance Act, 49 per cent is the maximum limit for foreign direct investment. If it goes to 74 per cent naturally the Act has to be amended," he said. 
 However, he was non-committal on ownership and control. No decision has been taken, he added. DP MR
MR

IRDAI chief cautions insurers against predatory pricing

New Delhi, Mar 4 () Regulator Irdai on Wednesday asked insurance companies to come out with policies to cover treatment costs for coronavirus infection, which has impacted thousands of people worldwide.In order to provide need-based health insurance coverage, insurers are introducing products for various specific diseases, including vector borne diseases."For the purpose of meeting health insurance requirements of various sections, insurers are advised to design products covering the costs of treatment for coronavirus," the regulator said in a circular. There are 28 confirmed cases of coronavirus infection in India. NKD CS NKD CS BALBAL

Design policy to cover coronavirus treatment: Irdai to insurance cos

New Delhi, Jan 28 () Group health insurance policies of customers of the public sector banks slated to be merged with other PSBs will continue to be serviced by insurer companies till the end of the policy period, Irdai said on Tuesday.
 The government has announced to merge 10 public sector banks (PSBs) into four with an aim to have fewer but bigger banks from April 2021.
 "Upon merger of these PSBs, the underlying group health insurance policies of the customers of the merged banks shall continue to be serviced by the respective insurance companies which issued the policies till the end of the policy period," the insurance regulator said in a circular.
 The insurance companies shall make suitable arrangements with the acquiring banks in this regard, it added.
 Irdai said the guidelines have been issues in order to protect the interests of the group insurance policyholders of the merged banks.
 Further, at the end of the current policy period of the group insurance policy of the merged bank, the acquiring bank at its option can continue with the same group insurance policy with the same insurance company, for the customers of the merged bank.
 Also, the acquiring bank can simultaneously continue to have insurance coverage for its customers with its existing insurance company.
 The acquiring bank can also offer this insurance coverage to the customers of the merged bank with the consent of its insurer, Irdai added.
 In the biggest consolidation exercise in the banking space, the government in August 2019 had announced four major mergers of public sector banks, bringing down their total number to 12 from 27 in 2017, a move aimed at making state-owned lenders global sized banks.
 United Bank of India and Oriental Bank of Commerce will be merged with Punjab National Bank; Syndicate Bank will be merged with Canara Bank; Allahabad Bank will be amalgamated with Indian Bank; and Andhra Bank and Corporation Bank will be consolidated with Union Bank of India. NKD CS HRS

Irdai issues guidelines to protect interest of policyholders of merged banks

New Delhi, Mar 31 () In the wake of coronavirus outbreak, insurance sector regulator Irdai has allowed insurers to submit their reinsurance plans for 2020-21 with a lag as the pandemic has disrupted operations across sectors. Issuing guideline on relaxation of timelines for certain provisions of the IRDAI (Re-insurance) Regulations, 2018, the sectoral watchdog said in view of Covid-19 pandemic, the Government of India has initiated various measures including enforcement of lock-down in various areas. Similar steps are also initiated by governments of various countries which could result in disruption in the operations of reinsurers, Irdai said. In the interest of operation of affairs of insurance companies pertaining to their submission of their final reinsurance programme for financial year 2020-21, the regulator has permitted relaxations. "As per extant regulatory provisions, insurers has to file its board approved Final Re-insurance Programme by 30th April 2020 along with a synopsis of catastrophe modelling report."In view of COVID-19 pandemic, it may be difficult for some insurers to adhere with above stipulated time lines. Thus, the insurers may comply with the above regulatory provisions on or before 31st May, 2020," Irdai said. The regulator said the relaxation is for financial year 2020-21 only. KPM MKJ

Irdai relaxes timeline for insurers to submit reinsurance plans for FY21

New Delhi, Mar 5 () Insurance regulator Irdai has asked life, general and health insurance companies to expeditiously settle the claims of Delhi riot victims and make the payments within 15 days.The communal violence in northeast Delhi, which was sparked by protests over the amended Citizenship Act, has left 42 dead, several injured and properties damaged. In a communication to all general, life and standalone health insurance companies, Irdai said the riots in northeast Delhi during last week of February have had a serious impact on people, property and business in the region."The authority is aware that general insurers, life insurers and standalone health insurers may have written policies that extend to lives and property pertaining to the affected areas."In this situation, all insurers are advised to act immediately for fair and speedy settlement of claims," it directed.Irdai has asked them to engage adequate number of surveyors immediately in the affected areas to ensure that all claims are promptly assessed and payments of claims are disbursed within 15 days.Insurance Regulatory and Development Authority of India (Irdai) in a set of instructions to the insurers has asked them to nominate a senior officer who would act as a nodal officer for Delhi, who would be coordinating/ facilitating the settlement of all the claims that are reported in the affected areas.It has also asked them to publish in press, the contact details of offices/special arrangements set up for this purpose as well as to initiate immediate steps for quick registration of claims.Insurers should create extensive awareness campaign in the affected areas duly highlighting the measures taken by you, the regulator said.In order to gauge the magnitude of loss, all general/life/standalone health insurers are advised to submit information relating to insurance claims related to northeast delhi riots on weekly basis in a given format.Also, it has asked them to take urgent steps to co-ordinate with the Delhi government. KPM CS BAL

Irdai asks insurers to expeditiously settle Delhi riot victims' claims

New Delhi, May 10 () Irdai has further extended the grace period for renewal of life insurance policies whose premium was due in March till May 31 in wake of the extension of lockdown to fight spread of coronavirus. On March 23 and April 4, Irdai had announced additional grace period of 30 days for policies where premium fell due in the months of March and April. This was done to provide "relief" to life insurance policyholders in wake of the unprecedented lockdown situation as a result of global pandemic COVID-19, the Insurance Regulatory and Development Authority of India (Irdai) had said. Now as the lockdown has been further extended up to May 17, 2020, the regulator has allowed extended grace period up to May 31 for all life insurance policies whose premium was due in March keeping in view the difficulty faced by some policyholders to renew the policies in time. "On a review of the recent situation of lockdown resulting from global pandemic of COVID-19 across the country and representations received, it has been decided that, for all life insurance policies where the premium falls due in the month of March 2020, the grace period shall be allowed till May 31, 2020," it said in a release. All policyholders are requested to note that the objective of grace period allowed is to pay all the premiums due within that period so as to keep the policy coverage in force, Irdai further said. The regulator also added that life insurance companies are equipped to provide facility to pay premiums online. NKD RVK

COVID-19: Irdai again extends grace period for life insurance policies

New Delhi, Jan 30 () The Securities Appellate Tribunal (SAT) has directed insurance regulator Irdai to recalculate the unlawful gains in the form of advance premium collected by SBI Life Insurance Company and pay the same to the policyholders.
 The move comes following an appeal filed by SBI Life against an order passed by the Insurance Regulatory and Development Authority of India (Irdai), which had directed the insurer to disgorge and refund over Rs 275 crore to policyholders.
 In an order passed on Wednesday, the tribunal said Irdai did not calculate the disgorgement amount correctly and, therefore, directed the insurance regulator to recalculate and recover the unlawful gains.
 "We are therefore of the opinion that the amount of Rs 275 crore has wrongly been calculated by the respondent (Irdai). The appeal is partly allowed. The matter is remitted to Irdai to recalculate the unlawful gain, namely, the interest earned on advance premium collected and recover the same accordingly and pay it to the policyholders," the tribunal noted.
 In March 2014, Irdai had directed SBI Life to identify the beneficiaries and distribute the excess commission paid to corporate agents to such beneficiaries and complete the process within six months.
 It was alleged that SBI Life had earned excess commission to the tune of Rs 275.30 crore during the financial years 2008-09, 2009-10 and 2010-11 from the policyholders of the Dhanraksha Plus Term Policy.
 Dhanraksha Plus was launched in three formats -- single premium; limited premium-paying term (LPPT), which was a two-year limited premium paying group term; and regular premium.
 In a single premium policy, the premium for the entire policy is collected in advance and agents can get a commission of 2 per cent under the plan.
 Under the two-year premium-paying plan, the first year premium was very high with a commission rate of 40 per cent, and 7.5 per cent in the second year.
 It was alleged that SBI Life's corporate agents did not inform policyholders about the single premium-paying plan, and maximum number of LPPT policy was sold by taking advance instead of selling the single premium policy which was far more beneficial to the policyholders. SP HRS

You Searched For "IRDAI" and got 14 results

No panel formed for extending benefits to cover citizens above 70 under Ayushman Bharat, says govt

PTI

Bima Sugam: How IRDAI’s online insurance marketplace can benefit customers

Anagh Pal

Insurance regulator proposes increasing surrender value of non-linked policies: Explained

Anagh Pal

Explained: What a surrogate mother in India should know about insurance policy

Anagh Pal

Removal of commission caps for insurance agents likely to boost innovation, customer-centricity

Anagh Pal

8 things to consider while buying health insurance, after the pandemic

Anuj Parekh

Irdai proposes changes in vehicle depreciation calculation

PTI

IRDAI chief cautions insurers against predatory pricing

PTI

Design policy to cover coronavirus treatment: Irdai to insurance cos

PTI

Irdai issues guidelines to protect interest of policyholders of merged banks

PTI

Irdai relaxes timeline for insurers to submit reinsurance plans for FY21

PTI

Irdai asks insurers to expeditiously settle Delhi riot victims' claims

PTI

COVID-19: Irdai again extends grace period for life insurance policies

PTI

SAT directs Irdai to recalculate unlawful gains in SBI Life case

PTI

Popular Keywords

Buying Guides