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Friday, November 16, 2007

Indian Insurance Update

RAJYA SABHA – 17-04-2008

BSNL has offered “Personal Accident Policy for BSNL subscribers” worth Rs.50,000/- which covers Accidental Death and Permanent Total Disability due to accident, for its esteemed customers comprising the working BSNL Landline, Wireless in Local Loop (WLL) and Post-paid Mobile connections. The insurance cover is effective from 14th January, 2008 for one year. For this, BSNL has entered into an agreement with M/s Bajaj Allianz General Insurance Co. Ltd., as a Lead Insurer with the share of 75% and M/s Oriental Insurance Co. Ltd., as a Co-insurer with the share of 25% of the total premium / claim.

MTNL Mumbai has entered into an agreement with TATA AIG to offer one year life insurance scheme to its customers on experimental basis. Personal accident insurance coverage amount is Rs.50,000/- with the validity for a period of one year from the date of allotment of Group Policy Account (GPA) number on consent basis. Scheme is applicable to individuals post paid (both existing and new) subscribers of GSM, CDMA and landline customers, within age group of 18-65 years. No such scheme has been introduced by MTNL in Delhi.

This information was given by the Minister of State for Communications and Information Technology, Shri Jyotiraditya M. Scindia in a written reply to an un-starred question in the Rajya Sabha today.



31-03-2008

RASHTRIYA SWASTHYA BIMA YOJANA OPERATIONALIZED SMART CARD STARTS ROLLING OUT IN RAJASTHAN AND HARYANA
The Rashtriya Swasthya Bima Yojana which was formally launched on the 1st of October last year, is scheduled to be operationalised from tomorrow. The Scheme envisages to provide smart card based cashless health insurance cover upto Rs.30,000 to all the BPL families in the unorganized sector in the next five years under the Health Insurance Scheme. An estimated six crore BPL workers in all 600 districts in the country @ one lakh workers per district would be covered @ 120 district per year starting from this financial year.

The Central Government has already issued Guidelines and a Draft Tender Document has been prepared and sent to all the States. The Draft Contract Agreement, to be signed between the Insurance Companies and respective State Governments, has also been finalized and circulated. Medical procedures and their costs have been standardized by a group of experts. The draft MOU between Centre and the States has also been finalized.

On the IT front, Guidelines for Smart Card hardware and the operating software as also the software for issuing smart card have been finalized and released. Similarly, the specifications for smart card handling devices have been finalized with the assistance from the World Bank. For security against issuance of duplicate/fake RSBY smart cards, the NIC has developed a Key Management System (KMS). A certification system has been put in place for software to be used. Preparations are underway for a back-end data base management. All these tasks are highly technical in nature and time consuming but these are imperative for smart card operation. When fully operational, these would make the scheme paperless.

Under the Scheme, total sum insured would be Rs. 30,000/- per family, per annum, on a family floater basis. It would operate through cashless transactions and would cover hospitalisation expenses, taking care of most of the illnesses with as least exclusions as possible. An initial allocation of Rs.250 crore has been made in the budget 2008-09. The Centre would contribute 75% of the annual premium whereas the States would be contributing the remaining 25%.

The Scheme also envisages the setting up of a Technical Cell to be set up by the Central Government to assist the States in preparation of projects and monitor and evaluate the implementation of the project. The States would put in place an institution for implementing the Health Insurance Programme.

The use of smart card, making the scheme truly cashless, as also providing interoperability to facilitate use by migrant labour and use of IT applications on such a large scale for the poorest of the poor make this scheme unique in nature. The Scheme would use both public and private service providers for delivering the insurance package. It would also seek the contribution of Rs.30, by way of Registration fee, from the BPL beneficiary with a view to inculcating a sense of ownership in them.

Fifteen States (Delhi, Rajasthan, Gujarat, Haryana, Bihar, Uttrakhand, Kerala, Punjab, Chhatisgarh, Jharkhand, Uttar Pradesh, Tamilnadu, Karnataka, Maharashtra and West Bengal) have advertised. States of Orissa and Himachal Pradesh are likely to advertise very soon. All States, except the States in the North-East and J&K, have formally communicated their ‘in-principle’ approval. The North-Eastern States and J&K have requested for greater contribution (90%) from the Centre and their proposal is under consideration of the Union Government.

Smart Cards have started rolling out in the States of Haryana and Rajasthan and are likely to roll out in NCT of Delhi from 1.4.08. Districts of Yamunanagar in Haryana and Jhalawar in Rajasthan are the first two districts where such cards are being issued. Remaining three districts of Haryana and seven of Rajasthan, along with nine districts of Delhi will commence rolling out in the following months. So far, more than 5000 smart cards have been issued.

The Enrolment software has, by and large, stabilized but the real challenge would be the operation of Transaction software which will be used in the hospitals. The specifications for Transaction Software have been approved and released. A Certification System has also been put in place. A couple of Service Providers have submitted the software for certification.

A bigger challenge would be the back-end data base management which would ultimately make the scheme paperless. This is a long term exercise which will take a few months.




10-03-2008
Over 6.53 lakh farmers have been covered under the Livestock Insurance Scheme upto 28.2.08. Funds to the tune of Rs. 90.21 crore have been released to States by the Central Government.

The Livestock Insurance Scheme is being implemented on a pilot basis in 100 selected districts across the country during 2005-06, 2006-07 and 2007-08. The scheme is being implemented through the State Livestock Development Boards. Under the scheme 50% subsidy on premium is provided by the Central Government to insure crossbred and high yielding cattle and buffaloes and rest of the premium to a beneficiary. The benefit of one time subsidy on premium to a beneficiary is restricted to two crossbred cows and buffaloes for a policy of maximum period of three years. The animal can be insured under the scheme for maximum of their current market value. Animals covered under any other insurance scheme/plan scheme will not be covered under this scheme. The premium rates may not exceed 4.5% for annual policies and 12% for 3 year policies (inclusive of additional risk factors). Further, the claims are to be settled by the insurance companies within 15 days on receipt of claims with the requisite documents.

This information was given in the Lok Sabha today by Shri Taslimuddin, Minister of State for Agriculture in a written reply.

*********************************************************************************************************

The Government proposes to freeze the existing Corpus of Post Office Insurance Fund and convert it into dated securities over a period of three years. The future accretion to the fund are proposed to be invested as per the Insurance Regulatory and Development Authority (Investment) Regulations, 2000 and IRDA (Investment) (Amendment) Regulations, 2001, and further amendments thereto from time to time.

The future accretion from the Post Office Insurance Funds are proposed to be invested as per the Insurance Regulatory and Development Authority (Investment) Regulations, 2000 and IRDA (Investment) (Amendment) Regulations, 2001, and further amendments thereto from time to time.

To check proper utilization of funds firstly, the Government proposes that the funds will be given to the Fund Managers under “passive” or “non-discretionary” mode for investment as per IRDA (Investment) Regulations 2000.

Secondly, an Investment Board will be constituted headed by Member (I &FS) Postal Services Board and consisting of other members such as financial experts, Actuary and Joint Secretary of Ministry of Finance. The Board will be the apex body for the purpose of laying down the policy guidelines and investment strategy, which will set the framework for the day-to-day decision on investment.

Thirdly, there will be a Chief Investment Officer, who will be heading the Investment Division. He will execute the policy framework and structure of the investment decided by the Investment Board.

This information was given by the Minister of State for Communications and Information Technology, Dr. Shakeel Ahmad in a written reply to an un-starred question in the Lok Sabha today.

LOK SABHA

The Government proposes to freeze the existing Corpus of Post Office Insurance Fund and convert it into dated securities over a period of three years. The future accretion to the fund are proposed to be invested as per the Insurance Regulatory and Development Authority (Investment) Regulations, 2000 and IRDA (Investment) (Amendment) Regulations, 2001, and further amendments thereto from time to time.

The future accretion from the Post Office Insurance Funds are proposed to be invested as per the Insurance Regulatory and Development Authority (Investment) Regulations, 2000 and IRDA (Investment) (Amendment) Regulations, 2001, and further amendments thereto from time to time.

To check proper utilization of funds firstly, the Government proposes that the funds will be given to the Fund Managers under “passive” or “non-discretionary” mode for investment as per IRDA (Investment) Regulations 2000.

Secondly, an Investment Board will be constituted headed by Member (I &FS) Postal Services Board and consisting of other members such as financial experts, Actuary and Joint Secretary of Ministry of Finance. The Board will be the apex body for the purpose of laying down the policy guidelines and investment strategy, which will set the framework for the day-to-day decision on investment.

Thirdly, there will be a Chief Investment Officer, who will be heading the Investment Division. He will execute the policy framework and structure of the investment decided by the Investment Board.

This information was given by the Minister of State for Communications and Information Technology, Dr. Shakeel Ahmad in a written reply to an un-starred question in the Lok Sabha today.
*************************************************************************************************The Insurance Regulatory & Development Authority (IRDA) has reported that vide its circular dated 01.01.2008, it has directed all insurance companies to provide policyholders the details of various charges deducted from the premium and the amount available for investment in each policy year at the time of purchasing the Unit Linked Insurance Plans.
IRDA has reported that action would be taken against the insurance companies not complying with its instructions under Section 3 of the Insurance Act, 1938.
The amount collected by the insurance companies through ULIP for the year 2006-07 is Rs. 55,038 crore and investment in various sectors of the ULIP Portfolio as on 31st March, 2007 is as under:
Investment made in various sectors Amount (Rs. In crore)
Government Securities and Guaranteed Bonds 9,725.09
Infrastructure
3,685.10

Debentures & Bonds 3,219.05
Equity 34,499.23
Others 17,774.16
Total 68,902.62
This information was given by Shri Pawan Kumar Bansal, Minister of State for Finance in reply to a question raised by Shri Bachi Singh Rawant ‘BACHDA’ in Lok Sabha on 10th March, 2008.

*********************************************************************



HEALTH INSURANCE SCHEME FOR THE UNORGANIZED SECTOR WORKERS
--------------------------------------------------------------------------------

The Union Cabinet today gave its approval for launching of the Health Insurance Scheme for the Workers in the Unorganized Sector.

The said Scheme would facilitate health insurance cover to the workers in the unorganized sector.

The Scheme will be launched in a phased manner for BPL workers / families in the unorganized sector. The scheme will be formally launched on 2nd October, 2007 when States will be asked to formulate projects.

The following would be the criteria of eligibility under this scheme :

· Unorganised sector workers belong to BPL category and their family members ( a family unit of five) will be the beneficiaries.

· It shall be the responsibility of the implementing agencies to verify the eligibility of the unorganized sector workers and his family members who are proposed to be benefited.

· The beneficiaries will be issued smart cards for the purpose of identification.

THE SCHEME, "PRAVASI BHARTIYA BIMA YOJANA, 2003", FINALISED

--------------------------------------------------------------------------------

On the occasion of Pravasi Bhartiya Diwas on the 9th January, 2003, the Hon’ble Prime Minister announced a compulsory Insurance Scheme for the emigrants going abroad for employment. Accordingly an Insurance Scheme was framed by Labour Ministry in consultation with the Ministry of External Affairs. Proposals from M/s. New India Assurance Co. Ltd., M/s. Bajaj Allianz General Insurance Co. Ltd. And M/s. ICICI Lombard General Insurance Co. Ltd. Were received which were examined in the Ministry.

A notification for introducing the "Pravasi Bharatiya Bima Yojana, 2003" has been issued on 13th November, 2003. This scheme will come into force on the 25th day of December, 2003. The salient features of the Pravasi Bharatiya Bima Yojana, 2003 are follows:


The Pravasi Bharatiya Bima Yojana seeks to provide insurance cover of a minimum sum of Rs.2.00 lakhs payable to the nominee/legal heir in the event of death or permanent disability of any Indian emigrant who goes abroad for employment purpose after obtaining emigration clearance from the concerned Protector of Emigrants (POE).


In the case of death, besides the cost of transporting the dead body, the cost incurred on the one way airfare of one Attendant shall also be reimbursed by the Insurance Company.


If a worker is not received by the employer on his arrival to the destination abroad or there is any substantive change in Employment Contract to his disadvantage or if the employment is pre-maturely terminated within three months for no fault of the emigrant, the Insurance Company shall reimburse one way economy class airfare provided the grounds of repatriation are certified by the concerned Indian Mission/Post.


The Insured person shall be reimbursed actual one way economy class airfare by the Insurance Company if he falls sick or is declared medically unfit to commence or continue working and the service contract is terminated by the Foreign Employer within six months of taking the insurance.


The Insurance Policy shall be valid for a period of two years or the actual period of contract whichever is less.


The Insurance Policy shall also provide medical cover of a minimum of Rs.50,000/- as cash-less hospitalization and/or reimbursement of actual medical expenses of the insured emigrant workers on grounds of accidental injuries and/or sickness/ailments/diseases occurring during the period of insurance provided the medical treatment is taken in India.


The Insurance Policy shall also provide maternity benefits, subject to a minimum cover of Rs.20,000/- in case of women emigrants but re-imbursement to be restricted to actual expenses.


The family of emigrant worker in India consisting of spouse and two dependent children up to twenty one years of age shall be entitled to hospitalization cover in the event of death or permanent disability of the insured person for a maximum amount or Rs.10,000/- per annum.


The Insurance Companies shall charge fair and reasonable premium for policy period of six month, one year and two years.


EPF PROPOSES MULTI-BENEFIT EMPLOYEES INSURANCE SCHEME


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The Employees Provident Fund Organisation proposes to introduce a Multi-benefit Employees Insurance Scheme. The proposed Scheme will benefit those EPF beneficiaries who have lost the jobs as a result of the ongoing economic restructuring. The Executive Committee constituted by the Central Board of Trustees to make a detailed study, has approved the proposed scheme to provide benefits by way of unemployment assistance. It would require amendment to the Employees Provident fund and Miscellaneous Provisions Act, 1952. The proposed amendment would convert the existing Employees Deposit Linked Insurance Schemes, 1976 to Multi-Benefit Employees Insurance Scheme, retaining the existing death benefits without any change. Under the amended scheme any employee who loses the job as specified in the scheme will be entitled for a monthly unemployment insurance benefit for a specified period subject to graded rates linked to the age and membership.

The Scheme envisages a small contribution both by employer and employees during the tenure of employment. The Executive Committee after extensive deliberations has recommended that employer would contribute 1.25% and employee 0.5% of the wage to the new scheme. The Committee has also suggested that government should also make a contribution at least at the rate of 0.25% so that half of the last wage for one year can be given as employment insurance to the member.

The recommendations of the Executive Committee would have to be approved by the Central Board of Trustees (CBT) to go ahead with the necessary amendments to the EPF & M.P. Act.

INSURANCE NOW BEING SEEN AS SAVINGS INSTRUMENT: FM

PLANNING COMMISSION AND AGRICULTURE MINISTRY WORKING ON NEW AGRICULTURE INSURANCE POLICY

CONSULTATIVE COMMITTEE OF FINANCE MINISTRY MEETS
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With the increase in per capita income, insurance is now being seen not only as an instrument for risk coverage but also for savings and investments and this trend is clearly visible. This was stated by the Finance Minister, Shri P. Chidambaram while addressing the Parliamentary Consultative Committee attached to his Ministry, here yesterday. He said that the insurance penetration, which is a reflection of the gross premium as a percentage of the GDP, has gone up from 2.3 in the year 2000 to 4.8 in 2006. Similarly, insurance density which measures the gross premium per capita in USD has gone up from 9.90 in the year 2000 to 38.40 in the year 2006. These figures, though, are comparatively less than the figures of some of the countries in the developed world; it is expected that in the years to come there will be further improvement in the insurance penetration and density, he added.

The Finance Minister stated that now people are becoming more cautious about their health and are opting for health insurance schemes which have shown an upward trend. He said that the Government has announced a health insurance scheme on 1st October, 2007 to cover unorganized sector workers belonging to BPL categories and their family members in the country over a period of 5 years beginning 1st April, 2008.

In response to Members’ suggestion of according a wider insurance cover to agriculture sector, the Finance Minister stated that the National Agriculture Insurance Scheme (NAIS) which was introduced in 1999-2000 season is still continuing. It covers all farmers who take loans from commercial banks, cooperative banks as well as rural banks. The scheme operates on the basis of area approach. He said that for wheat and paddy crops, the premium rates are 1.5% and 2% of the sum assured respectively. This is a subsidised scheme and the amount of subsidy is shared on 50-50 basis by the Central and State Governments. The Finance Minister said that as agriculture loans increase, more and more farmers would be covered under this scheme. He disclosed that against a total premium collection of Rs.2942 crore, claims amounting to Rs.8873 crore have already been paid under NAIS. He further informed that the Planning Commission and Ministry of Agriculture are examining the new agricultural insurance scheme which will revise the present NAIS. In addition to NAIS, in pursuance of the budget announcement, a weather based crop insurance scheme has been launched on pilot basis. Varsha Bima, Coffee Insurance, Mango Insurance, Grapes Insurance etc. are some of the other innovative products developed and are being implemented in the agriculture sector, he added.

Regarding employment generation by the insurance sector, Shri Chidambaram said that in the last seven years number of insurance agents has gone upto 20 lakhs, corporate agents to 5000 and brokers to 258. Further, about 7000 offices have been opened during this period. Stating that, this excludes the indirect employment which is further created by new offices and appointment of brokers and agents, the Finance Minister said that this sector needs to be encouraged.

Shri Chidambaram stated that “Aam Aadmi Bima Yojna” for the rural landless households was launched on 2nd October, 2007 and his target was to cover one crore poor families by 2nd October next year under the scheme. He said that the insurance is free to the beneficiaries and 13 States/UTs have already agreed to implement the scheme.

Speaking on the role of LIC, the Finance Minister said that the Corporation is doing a remarkable job and the Government is encouraging it to go global. On an issue of early settlement of claims, Shri Chidambaram said that 99.93% claims are properly settled by the LIC in the life insurance sector. On defaults of premium by the insured, the policy can be revived before its maturity date by paying the defaulted premium alongwith the interest due there upon.

The meeting was attended by S/Sh. K.C. Singh Baba, Prahlad Joshi, Angadi Suresh Chanabasappa, Pusp Jain, M. Ramdas, P.C. Thomas, N. H. Suryawanshi, D.K. Adikesavulu, Tarit Baran Topdar and Mohan Rawale from Lok Sabha and Shri Bimal Jalan and Shri G.K. Sanghi from Rajya Sabha. Ministers of State for Finance, Shri S.S. Palanimanickam and Shri Pawan Kumar Bansal apart from senior officers of the Finance Ministry also attended the meeting.

INSURANCE SECTOR POISED FOR TREMENDOUS EXPANSION : P.K. BANSAL
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Insurance Sector in India is poised for tremendous expansion. This was hinted by Shri Pawan Kumar Bansal, the Minister of State for Finance while addressing a meeting of Insurance Australia Group in Sydney today. Shri Bansal said the banks also have entered the insurance sector in the form of corporate agencies or under referral arrangements to utilize the extensive and broad reach for marketing of insurance products. He said that IRDA has also notified Micro Insurance regulations facilitating insurers to tap the potential of rural markets. As per these regulations like Non-Government Organizations (NGO), Micro Finance Institutions (MFI) and Self Help Groups (SHG) have been recognized as micro insurance agents. It is envisaged that micro insurance would facilitate penetration of insurance to rural and remote areas. He said that Micro Insurance being an integral part of overall insurance system, attempts to offer the target specific insurance products at a relatively lower cost, for a lower coverage of amount.

The Minister said foreign equity upto 26% is allowed in the insurance sector. The entry of foreign partners has resulted in the sector attracting FDI of US 543 million as on 31 st March, 2007. The private companies have created a niche for themselves. They have been able to increase their share in the insurance market in competition with their counterparts in the public sector. As a part of the reform process, premium rates for non-life insurance products have been de-tariffed w.e.f. 1.1.2007.

Shri Bansal said that in insurance sector though the growth in recent years has been significant, India is far behind the world averages and ranks 78th in terms of insurance density and 54 th in terms of insurance penetration. The world averages are US $ 469.6 in terms of insurance density and 8.06% in terms of insurance penetration. Against this, insurance density was US$ 19.70 and insurance penetration was 3.17% in India for the year 2003. However, these two indices have increased following the opening of this sector.

Shri Bansal said that Insurance Regulatory and Development Authority has granted registration to 37 insurance companies, which include 17 life insurance (including on PSU), 19 non-life insurance (including four PSU, one AICL & one ECGC) companies and one re-insurance company. At present seventeen insurance companies are operating in the general insurance side and seventeen insurance companies on the life side.

He said that India offers a stable investment climate as well as a huge market with a growing middle class. He said that Investor confidence in India is at an all time high today. A.T. Kearney in 'The FDI Confidence Index 2005' has ranked India as the 2nd most attractive investment destination just behind China whereas 'World Investment Report, 2005' ranked India as the 2nd most attractive investment destination among Transnational Corporations, he added.

He said that FDI is now permitted in 21 activities through the auto-route. These include FDI in development of township, housing, built-up infrastructure and construction development projects, exploration and mining of diamonds and precious stones and insurance.

Individuals from the following countries have accessed this website – Saudi Arabia, India, United Arab Emirates, United States, Phillipines, United Kingdom, Ukraine, Australia, Singapore, Netherlands


Districts of Andhra Pradesh

Adilabad, Anantapur,Chittoor, Cuddapah, East Godavari, Guntur, Hyderabad, Karimnagar, Khammam, Krishna, Kurnool, Mahbubnagar, Medak, Nalgonda, Nellore, Nizamabad, Prakasham, Rangareddy, Srikakulam, Visakhapatnam, Warangal, West Godavari

Some of the Companies of India

Aditya Birla Group,Ambuja Cements, Apollo Hospitals, Ashok Leyland , Bajaj Group, Bharti Enterprises , BHEL, Biocon India , Bombay Dyeing, Cadbury India , Cipla, Dabur India Limited ,DLF India , Dr. Reddy's Laboratories, Essar , Essel Group , GAIL India , GMR Group , Godrej , HCL, Hero Group , Hindustan Lever Ltd. , Indian Oil Corporation , Infosys Technologies , ITC Ltd. , Jaypee Group , Jindal Steel , Larsen & Toubro , Mahindra Group , Nestle India , NIIT , Nirma Ltd. , Novartis India , NTPC India , ONGC India , Pantaloon Retail , Polaris Software Lab Ltd. , Proctor & Gamble India , Ranbaxy , Reliance ADAG , Reliance Group , Sahara India , Satyam Computer , Sterlite Industries, Suzlon Energy Ltd. , Tata Group , TVS Group , UB Group , Videocon , Wipro Technologies Apps Associates , AppLabs,Apt Robotics Pvt Ltd ,Aurobindo Research Centre Dr. Reddy's Research Foundation (DRF),Exensys Software Solutions Ltd ,Focus Softnet,Indian Immunologicals Ltd,Infotech Enterprises Limited Kastura Agencies,Mora Foundation,Mora Group - Mora Group of CompaniesMora Industries,Mora Infotech,Newstar Software Services,,Prithvi Information Solutions,Riktam Technologies,Satyam Computer Services Ltd. Shyam SoftSolutions,TCS ,ValueLabs ,VisualSoft Technologies ,Creative Asssociates,New India Assurance Company,Oriental Insurance Company, National Insurance Company, State Bank of India, Andhra Bank, Canara Bank, Bank of Punjab, Indus Bank, Bank of India, Andhra Bank, Abhudaya Bank, Bank of Jammu and Kahsmir, Bank of Baroda,

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