It is a significant step by the Insurance Regulatory and Development Authority of India (IRDAI) as now non-life insurance companies have to introduce health covers immediately that cater to these individuals.
New Jeevan Shanti Plan: Under the new plan, the policyholders would now earn rewards from Rs 3 to Rs 9.75 per Rs 1,000 of the purchasing price. The bonus will depend on the purchase price and selected deferment period.
This requirement applies to all individuals and entities purchasing insurance in India and is intended to ensure that insurance companies have accurate and up-to-date information about their policyholders.
Insurance experts say while the number is high, some of the common reasons for claim rejections were improper documents, unnecessary tests, and incidences where treatment was not according to the standard procedure prescribed by ICMR.
LIC new term insurance plans: As per the details provided by the company, both the plans are non-linked and non-participating plans, which means policyholders can pay fixed premiums and receive guaranteed returns.