Government survey reveals most of the Indian’s do not have health insurance : 

A report by the National Statistical office (NSO), Ministry of Statistics and Programme implementation, has recently revealed that a majority of Indians don’t have health expenditure coverage.

6% of urban population were covered by health insurance arranged by government / PSU as employer / employer supported health protection scheme.

NITI Aayog proposes mandatory Health insurance for all:

 NITI Aayog has recently proposed a compulsory Health insurance keeping the rising pollution by a complete transformation of India’s health system in mind. NITI Aayog has also introduced basic standard benefits for all health insurance coverage all over the national

NITI Aayog in its report, Health Systems for a New India Building Blocks, focused on overcoming the challenges of fragmentation across healthcare financing and service delivery that would help India optimize both quality and access.

Health insurance for domestic workers to be introduced by Bangalore Apartment’s Federation: 

Bangalore Apartments Federation (B&F), a federation representing over one lakh flats and three lakh apartment residents across Bengaluru, will launch MADHURA – Medical Aid for Domestic Help Under Residential Apartments. As part of Madhura, BAF will launch a group insurance scheme for all domestic workers. The scheme will cover maids, cooks, drivers, plumbers, electricians etc who work in apartment complexes but are not formally employed.

Travel insurances evolve to cover new set of risks:

Keeping the way Indians travel in mind, insurance companies are customizing policies with the aim to meet their requirements. The insurers are designing the covers keeping in mind the traveller’s keenness in order to participate in adventure sports and go on cruises.

A new set of risks, inclusive of trip cancellations due to travel advisories, medical evacuation from cruise vessels, risks associated with self-drive cars and adventure sports such as snorkeling and marathons has been covered ICICI Lombard’s new Voyager Group Travel Insurance.

IRDAI directs Reliance Health Insurance to stop new policy sell: 

IRDAI has recently directed Reliance Health Insurance Company (RHICL) to put a cap on the sale of new policies and transfer the entire policyholder’s liabilities to the authority.

As per IRDAI. Reliance Health Insurance has failed to maintain the require solvency margin since June, 2019.

IRDAI proposed to increase self – assessment limits of damage by insurers:

In case of motor accidents up to Rs. 75,000 and for non-motor claims up to Rs. 1.5 lakh. The enhancement of limits for small claims will help to utilize the manpower available within the insurance company for survey work up to the loss limits so that such small claims are settled expeditiously.

IRDAI says surveyors not required for motor, aviation, health policy claims: 

IRDAI has recently stated that licensed surveyors are not necessary for settling any claims under insurance policies inclusive of travel and personal accident covers, aviation hull insurance, motor, health and cyber insurance policies.

In accordance with the IRDAI, any claims, in respect of loss or damage to crop, trees, plantations and forests which are covered by the government sponsored schemes and claims under policies of motor vehicle insurance where the claim is on account of theft or injury or death to third parties can now be settled without mandatorily involving a certified surveyor.

Claim settlement norms simplified by IRDAI: 

In a notification, IRDAI has simplified the process of claim settlement and ushered in that licensed surveyors will no longer be mandatory in the line of business or LoB. The rule stands applicable in case of motor, personal accident, cyber insurance, health or travel plans.

Zero depreciation for cars upto 3 years: IRDAI 

IRDAI has recently proposed a new proposal to determine the sum insured in case of motor vehicle including both 2 wheeler as well as private cars.  The exposure draft said that in case of brand new private cars up to 3 years said the sum insured “shall represent the current day on road price of the vehicle insured including invoice value, road tax and registration charges and value of all accessories fitted thereon by the manufacturer.

In case of vehicles that are old by more than 3 years, there shall be a gradual increase in depreciation from 40 – 50% for up to 7 years.

Suggestions for a name to the “Standard Individual Health product “

The Indian health insurance market is having a number of individual health insurance products. Each product has its own benefit feature and corresponding terms and condition. With the objective to facilitate

the public to choose a suitable health insurance policy while provides coverage to basic hospitalization related expenses, IRDAI proposes to mandate all general and health insurers to offer a standard indemnity based health insurance product with a sum insured ranging from Rs. 1,00,000 to Rs. 5,00,000 on individual as well as family floater basis. The only differential would be premium rates that are charged by various insurers.