General Insurance Council Newsletter

Chairman's message Editor's connect Insurance in news Insurance Laws & policy Consumer Awareness Global Highlights Contact Us

Chairman's Message

Mr Tapan Singhel

Welcome to the October 2024 edition of our newsletter, which brings you the latest insights and developments in the insurance industry. This issue delves into importance of simplifying communication in the Indian insurance sector, consumer awareness articles on selecting the right health plan, and how modern insurance solutions are helping save costs. Also featured is an update on the new master circular from IRDAI benefiting life and health insurance policyholders and the DICGC’s introduction of Daava Soochak, a tool for depositors to track claim statuses. On the global front, learn about the Philippines’ new guidelines on institutional AML/CFT risk assessments and the challenges posed by property and health insurance costs to Australian retirees.

Enjoy the read, and Happy Wishes for Deepavali & Gurupurab !

Tapan Singhel MD & CEO
Bajaj Allianz General Insurance Company Ltd.
Chairman, GI Council

Editor's Connect Mr. Inderjeet Singh

Welcome to the 14th edition of the GI Council newsletter. This issue of the newsletter informs the readers about the IRDAI master circular from listing advantages for the policyholders of health. The issue also informs readers to about Daava Suchak by DICGC for depositors.

Joyous wishes as we celebrate Deepavali the festival of lights & Gurupurab , the birth anniversary of Guru Nanak

Inderjeet Singh
Secretary General
General Insurance Council

Editorial Team

Ms. Vasudha Rao
Ms. Pratibha Arvind Sarathy
Mr. Sharad V Taware

Insurance in news

How IRDAI's new master circular help life, health insurance policyholders

The Insurance Regulatory and Development Authority of India (IRDAI) issued a new master circular aimed at enhancing the protection of insurance policyholders' interests. This comprehensive circular introduces several updates and guidelines designed to improve transparency, ensure timely service, and better inform policyholders about their rights and the procedures surrounding insurance policies. Here’s a detailed breakdown of the key changes and what they mean for you as a policyholder.

DICGC introduces Daava Soochak for depositors to track claim status

The Deposit Insurance and Credit Guarantee Corporation (DICGC) has launched an online tool Daava Soochak for depositors to track their claim status. The DICGC's mandate since its inception has been the reimbursement of insured amounts to depositors of failed banks.Daava Soochak, a user-friendly online tool, is part of DICGC's ongoing commitment to improving the services provided for depositors. "Depositors can now track the status of their claims by entering their mobile number (registered with their bank) on the DICGC website," said DICGC, a wholly-owned subsidiary of the Reserve Bank of India (RBI).

Insurance Laws & policies

Why is simplifying communication necessary in the Indian insurance sectorThe Indian insurance sector is thriving and evolving, but understanding its offerings can still feel challenging for many. With the introduction of new products and shifting customer expectations, the need for clear and concise communication has never been more important. In an industry as essential as insurance, simplifying complex information is key to building awareness and trust.It's crucial that communicators recognise that insurance-specific language and technical terms can sometimes make policies harder to understand. By providing clear, straightforward information, we should aim to ensure that customers feel informed and confident in their decisions. Effective communication is vital in demystifying insurance, making it more accessible to all segments of society.

Case law The Consumer Disputes Redressal Commission Surat has ordered a general insurance company to settle the medical insurance claim of Rs 1.16 lakh that it had rejected on the grounds that the patient took treatment from his doctor son. Observing that apart from his son, a group of doctors, including super specialists, had treated the patient, it ordered the insurance company to settle the claim amount with 9 percent interest and pay Rs 3,000 for mental harassment and Rs 2,000 towards application expenses.The order was passed recently

Consumer Awareness

How Do Modern Health Insurance Plans Help You Save Costs?Health insurance helps you save costs by covering expensive medical treatments and offering preventive care services to keep you healthy and avoid major expenses. It provides financial protection against unexpected health issues, ensuring you receive timely medical attention without breaking the bank Our forefathers always said, “Health is Wealth” or “Jaan hai toh jahaan hai”. They emphasized on the importance of good health and encouraged taking timely precautions to secure one’s wellbeing. And rightly so, considering the dynamically evolving world that we are currently thriving in – health and financial stability are the pillars of a comfortable and peaceful life.

How to Choose a Health Insurance Plan that Fits Your Evolving NeedsA recent report by Apollo Hospitals, one of India's leading healthcare groups, paints a concerning picture of the nation's health. Released in April, the report dubbed India the “cancer capital of the world,” highlighting a worrying rise in cancer cases and other non-communicable diseases. The findings are stark: one in three Indians is pre-diabetic, two in three are pre-hypertensive, and one in ten battles depression. Chronic conditions such as cancer, diabetes, hypertension, cardiovascular diseases, and mental health disorders have become alarmingly common, reaching what the report calls "critical levels

Global Highlights

Philippines: Insurance regulator issues guidelines on institutional AML/CFT risk assessmentThe Philippine Insurance Commission (IC) has issued guidelines on the conduct of institutional risk assessment relating to anti-money laundering and combating the financing of terrorism (AML/CFT) by insurance entities to ensure that such a review is carried out comprehensively and uniformly.

Australia: Property and private health insurance aggravate retirees' living costs - Asia Insurance Review Retirees are grappling with rising costs for essential goods and services, seeing the cost of funding a comfortable retirement increase by 3.7% over the last 12 months, according to data released by the Association of Superannuation Funds of Australia (ASFA). The June quarter saw notable increases in home and vehicle insurance costs, as well as private health insurance prices.

General Insurance Council, Ground Floor, National Insurance Building, 12, Jamshedji Tata Road, Churchgate, Mumbai-400020, Maharashtra, India, gicouncil@gicouncil.in
https://www.gicouncil.in/
Disclaimer : Our newsletter endeavors to compile insurance information from various sources in the public domain. In respect of 3rd party articles/news items etc. reproduced, the GI Council accepts no responsibility for the accuracy/authenticity and completeness nor can be seen as endorsing the views/opinions expressed therein.