Debasish Panda, chairman, IRDAI
Narendra Modi led NDA government has identified insurance reforms, like composite license, 100 per cent FDI and allowing Captive insurance, high on its first 100-days agenda if it returns to power. The IRDAI has to prepare industry’s wish-list, which have to be submitted to the ministry of finance soon
Hyderabad:
Debasish Panda, chairman, IRDAI, will be addressing the first Bima Manthan meet of FY 2024-25, the silver jubilee year for the IRDAI, starting from Thursday in Hyderabad.
The 2-day meet, 6th edition of Bima Manthan, to be held on Apr 25th and 26th, will be participated by CEOs of life, general insurance industry including GIC Re and Foreign Reinsurance Branches(FRBs).
Panda along with other members will meet first general insurers and reinsurers on Thursday and life insurers on Friday.
The last Bima Manthan, which is being arranged intermittently at the industry level since Panda became chairman of the IRDAI in March 2022, was in the last week of January, 2024.
Though, the exact agenda is not known for the forthcoming Bima Manthan, industry expects it to be a power packed one as a lot of crucial issues, which were tabled during the last Bima Manthan are the jobs on progress and need to be reviewed along with new issues.
Such some issues are- availability of affordable insurance products for each segment of the society, the adoption of technology, leveraging the India Stack, updates on the State Insurance Plan, and the movement towards principle based regulatory architecture.
Also, Narendra Modi led NDA government has identified insurance reforms, like composite license, 100 per cent FDI and allowing Captive insurance, high on its first 100-days agenda if it returns to power.
The IRDAI has to prepare industry’s wish-list, which have to be submitted to the ministry of finance soon.
The IRDAI will also like to chalk out special programmes for the industry on the occasion of its silver jubilee year that has started on Apr 19th.
Earlier, during the month, the IRDAI chief had also met a few CEOs in Mumbai to take stock of the game changing moves like Bima Sugam and Cashless Everywhere and they can now be further discussed in the larger forum of Bima Manthan.
The IRDAI will also discuss with the industry leaders about its plan to launch a nationwide awareness campaign about the industry to increase the insurance penetration.
With a unanimous consensus emphasising the paramount importance of prioritising insurance awareness, the IRDAI has already invited media agencies to handle its multi-media and multi-lingual campaigns across India to achieve last mile coverage through media.
The pitch, currently being evaluated in Hyderabad, involves an budget of over Rs 30 crores and the winning agency will be awarded a three year mandate.
Intention of IRDAI & GOI are very clear towards augmenting penetration of coverage. Now it is on the part of the industry to find out means & formulate ease for acceptance at all level. Lowering of coverage premium & consideration of exclusive IT rebate for life insurance investment may trigger interest across all levels.
Thanks.
This is a very good step from regulator and insurance community to join together for discussion Action & conclusion , such collaboration steps will surely help for positive growth in insurance
Appropriately, we can leverage the insurance penetrations’ from all categories of citizens with hassle free access and with zero complaints. Also, return on investment should be clarified by the insurer.
Blatantly, intermediary benefits or commissions taken as granted.
Few insurer intermediaries are paying openly and violating IRDAI Sec 56. 47, 40 also.
Yes, its true that Insurance Companies are most relying tricks & tactics even if there is visible genuineness in claims & other admissible benefits.
It must be looked into by IRDAI.
Govt must be genuine, govt must treat citizens and should have a public first policy, IRDAI should instruct all health insurance companies to approve or consider approved for claims of policies which are sold online or website sale,or agent sale ,they should not reject claims, or all health insurance companies should issue policies only after medical checkups with their doctors or approved hospitals, public or customers should not loose their hard earned money trusting them, at the time of claims they may reject and entire premium plus trust invalided , because of tricks and tactics,??
Yes, its true that Insurance Companies are most relying tricks & tactics even if there is visible genuineness in claims & other admissible benefits.
It must be looked into by IRDAI.
Even after 2 months of submission of resignation & notice of premature closure of Policies ,an Insurance company has not accepted the resignation and refunded the premium paid as per rules of the Company. Not disclosing the name of the Co for companies interest and start acceptance of resignation & payment of paid premium of closed Policies as per companies rules.
Implementing a standardized uniform Treatment Tariff Card, similar to that of CGHS for all hospitals – empanelled or un-empaneled – accross India under the control of a separate Health Regulator, is the need of the hour. This measure will undoubtedly complement any reform that the Insurance Regulator might put in place for the benefit of the policyholder. Right now, all good measures taken is stonewalled by ever rising treatment costs leading to alarming claims ratio.
Govt spending public money for all unlimited health care facilities to railway employees including their ancillary units employees, which is really wasting our hard earned money on them. But we public don’t have any free health care facilities, they all should be brought under corporate health insurance system, limit the expenses and they have to also bear the cost, because they are very highly paid with lot of life long benefits,
Govt is not giving free health care facilities to all including senior citizens,,, on this case, govt must encourage maximum possible private health insurance companies, abolish GST, abolish agent commission system, let companies sell directly by online or website, after a medical checkup with their Dr or approved hospital, govt should give preferences for them ,
The insurance Companies still need many reformation to be customer friendly. Many Companies entertaining & providing agent code to some unethical agents who cheat the customers in some and other ways. That act of mis-selling of insurance products by them brings bad reputation to the entire industry.
Reliance Nippon Insurance Company Ltd. even after provided with all the proofs still ignores the complaints and stand with the mischievous agents. as a proof I can cite the Policies like – 54295926 & 54321775. Another Company Bharti Axa Life with the Policy 5038530985 of R.Mishra, my friend, also being cheated by these unholy agents on behalf of the company. These companies even violate the basic guidelines prescribed by IRDAI. I have all proofs with me.
The Pro Sales Company Ltd agents are engaged in many frauds & cheating the common man by telemarketing. I am also a victim. I have proofs too. But the companies are not taking action against them.
I can share some telephone numbers of these tele-marketing online fraud agents who bring bad reputations to Some companies and robbing the common innocent man in name of IRDAI & Bima Lokpal. The mobile numbers given below must be thoroughly investigated and action must be initiated against them.
The Phone number are :- 8743878191, 9871206213, 9355446457 & 9818868153.
The above tele agents have looted me over Rs 12 lakhs from me and by complaining it at respective companies & Hon’ble Ombudsman some cases has been settled.
So its my sincere request to the highest authorities that steps must be taken to stop this kind of mis-seling, fraud and harassment.
Action deemed proper must be initiated against these unfair practitioners to save the reputation of such a big industry.
Regards
Bhimsen Sahoo, Odisha
9407888353
Mail id -bhimsensahoo91@gmail. com
Health insurance companies should not link agent commission on every renewal,, why we have to pay everytime,, it is really waste,, system is wrong, senior citizens has to pay huge premium for health insurance, on that govt charging mercilessly GST also, plus we have to pay commission, Health insurance companies must sell directly also, online or by their website,,apart from that agent brought client or customers let them pay one-time, system must be revamped, simply we can’t pay commission,
Bima Manthan should device some mechanism to check errant, monopolistic working of big corporate hospitals which are looting the customers as well as insurance companies.There should be some Control on these hospitals against unethical trade practices.
Department of Health should streamline hospital network system, nowadays all hospitals , anywhere in the country are ‘Multi speciality hospital 😆😆, they charge a huge, govt must list out requirements for multi speciality hospitals and other general hospitals, there should be a difference, what you told us correct,
Industry needs to understand and analyze why life insurance coverage count (no of policies)) not increasing but average ticket size is increasing. Thankfully, some of the insurers recognizing sum assured as an important parameterin their business presentations
GST on health insurance should be minimum. 18% GST is too restrictive.