Creating awareness among farmers holds the key to expand crop insurance coverage across the country, said Dr. Subhash Chandra Kunthia, Chairman, IRDAI.

While inaugurating a conference on Pradan Mantri Fasal Bima Yojana, Dr. Khuntia advised stakeholders such as the Centre, States and insurers to strengthen the grievance redressal mechanism to make the scheme more effective and expand its coverage. Dr. Khuntia further suggested that the cut-off dates for the insurance schemes should be announced well in advance so that farmers can take advantage of the scheme. Also, the companies should work towards settlement of crop insurance claims within 30 days.

The Competition commission has cleared LIC’s proposed acquisition of up to 51 per cent stake in debt–laden IDBI Bank. The deal would help LIC to enter the banking space and would provide business synergies despite the IDBI Bank’s stressed balance sheet.

Mergers and acquisitions beyond a certain threshold require the approval of the Competition Commission of India (CCI), which keeps a tab on unfair business practices across sections. In August 2018, the government gave its nod for the LIC’s proposed purchase of up to 51 per cent stake in the bank.

With the deal, the insurers would have access to around 2,000 branches of the bank through which it can sell its products. Last month, the LIC announced an open offer to buy 26 per cent stake from shareholders of the bank.

A working group set up by IRDAI has suggested that chronic diseases like Alzheimers, Parkinson’s AIDs / HIV infection and Morbid obesity should be covered under medical cover If a person contracts such ailments after buying a health insurance policy.

The group has also suggested a list of 17 diseases, including chronic kidney diseases, Hepatitis B, epilepsy and HIV& AIDS, which could be excluded from health insurance policies.

The working group recommends that all health conditions acquired after policy inception, other than those that are not covered under the policy contract (such as infertility and Maternity) should be covered under the policy and cannot be permanently excluded.

Wishing you a Happy and prosperous 2019

Thanking you for the opportunity given to serve you,