PM-JAY is the world’s largest health insurance/ assurance scheme fully financed by the government. The PMJAY scheme aims to provide healthcare to ten crore families. These mostly include the poor and people with lower middle income, through a health insurance scheme covering Rs. 5 lakh per family. PM-JAY provides cashless cover of up to Rs.500000…
Now onwards Hospitals with 15 beds, registered under the Clinical Establishment Act, can provide cashless hospitalization to health insurance policyholders. The General Insurance Council (GIC) on Wednesday launched the “Cashless Everywhere” initiative under which health insurance policyholders will have the freedom to choose any hospital for their treatment. Furthermore, the cashless facility will be extended…
These days, Life and health insurance have gained a lot of acceptance. However, the same is not the case with critical illness insurance. Many people think that their regular health insurance is enough to take care of all types of illnesses and they are unaware of critical illness insurance policy. The regular health insurance products…
The IRDAI Migration and Portability guidelines apply to all Retail (Individual) and Group indemnity Health insurance products. Insurance Regulatory and Development Authority of India (IRDAI) via its circular numbers IRDAI/HLT/REG/CIR/002/01/2020 and IRDAI/HLT/REG/CIR/003/01/2020 has issued guidelines on Migration and Portability. The guidelines apply to both Individual-insured and Family floater sum-insured policies. Migration: The insured person may…
The Insurance Regulatory and Development Authority of India (IRDAI), is a statutory body formed under an Act of Parliament, i.e., the Insurance Regulatory and Development Authority Act, 1999 (IRDA Act, 1999) for overall supervision and development of the Insurance sector in India. The Authority acts as the regulator of the insurance industry in India and…
Salient features in the modified policy are as under 1. Top up and Super top-up is one and the same: 2. As per the expiring terms and conditions, domiciliary treatment will remain 10% of Base policy Sum Insured opted even for those who opted Single Person rate. 3. Domiciliary treatment is not covered under Top…
The Ministry of Road Transport and Highways (MoRTH), on Tuesday, proposed new base premium rates for third-party motor insurance for different categories of vehicles, including two-wheelers, passenger cars, and commercial vehicles, for 2023-24 fiscal. As per a draft notification issued by the Ministry new base premium rates for third-party motor insurance for different categories of…
The Insurance Regulatory and Development Authority of India (Irdai) on Tuesday made significant changes to the norms governing ‘surety bonds, a type of insurance policy that protects parties involved in a transaction or contract from potential financial losses. As per a circular issued by the IRDAI, the solvency requirement applicable for such products has now…
The working capital limit (generally known as cash credit limit) is sanctioned by banks and financial institutions to industrial and trading establishments for their investment in various types of current assets typically including raw materials, work in progress, finished goods, and office supplies, used in the operating cycle. This facility offers the borrowers flexibility and…
The Insurance Regulatory and Development Authority of India (IRDAI) vide circular dated June 10, 2022, permitted life insurance companies to introduce products without taking prior permission (use-and-file) from IRDAI. The regulator had extended the same relaxation of the ‘use-and-file’ procedure to health and general insurance companies vide a circular dated 01.06.2022. Thus, the insurance companies…