The Insurance Regulatory and Development Authority (IRDA) issued a basic circular on health insurance on Wednesday. In this, the insurance regulator clarified that the insurance company will have to decide on allowing cashless treatment within one hour of the request. IRDA said in a statement that 55 circulars already issued on health insurance products have been repealed. This is an important step towards strengthening the empowerment of policyholders and promoting inclusive health insurance.

Insurance companies will have to decide on treatment permission within 1 hour of the request and settle the claim within 3 hours. These three hours will start when the hospital informs them for the claim. Also, this circular states that the policyholder does not need to provide any documents to prove the claim. According to the circular, this work will have to be completed by the insurer and TPA in coordination with the hospital.

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The insurance regulator said, “The circular brings together the entitlements in health insurance policy available to policyholders/prospects at one place for their easy reference and also emphasises on measures to provide seamless, faster claim experience to policyholders purchasing health insurance and to ensure enhanced service standards in the health insurance sector.”

It states that insurance companies will provide a wide range of options to suit the affordability of the policyholders by offering a variety of insurance products for all ages, regions, medical conditions/all types of hospitals and health care providers by providing ‘products/add-ons/riders’. It also mentions the Customer Information Sheet (CIS), which is provided by the insurance company with every insurance document.

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Government schemes are the best option for safe investment. If you are also planning to invest in the new year, then LIC is a better option for you. Today we are telling you about a wonderful scheme of LIC in which you will get bumper profits. There are many specialties in this scheme, let us know in detail.

What is LIC’s superhit plan?

The specialty of LIC is that it is the name of a special policy that follows the rules of Insurance Regulatory and Development Authority of India i.e. IRDA – LIC Jeevan Pragati Plan. In this, the government helps you in many ways. In this you also get risk cover. Not only this, you will also get death benefit in this, which increases every 5 years. This amount depends on how long your policy has been active. This policy can be started from the age of 12 years. Under this scheme you have to invest for 20 years. In this, investors will have to invest Rs 200 per day every day. Whereas in this scheme, the maximum age of investment in this is 45 years.

Know the specialty of the policy

– On the death of the policyholder for 5 years, 100 percent of the Basic Sum Assured will be paid.
– 125% will be paid on the death of the policyholder between 6 years and 10 years of the policy, 150% between 11 and 15 years and 200% between 16 and 20 years.
– Accident benefit and disability rider benefit will also be available.
– The investor will get Rs 28 lakh if ​​the Jeevan Pragati plan is a maturity benefit.

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Insurance Regulatory and Development Authority ( IRDAI ) and Pension Regulatory and Development Authority ( PFRDA ) have agreed to simplify the process of issuing annuity to NPS subscribers . Now this will be done using only one withdrawal form . This means that NPS subscribers will not have to fill a separate proposal form in order to opt for annuity. IRDAI has made this announcement for annuity products through a circular.

this is the current system

Currently NPS pensioners have to submit a ‘detailed’ exit form to PFRDA at the time of withdrawal. Once they have decided on their preferred annuity plan, they should completely fill the proposal form provided by the insurance companies.

According to a PFRDA circular dated November 14, 2022, the benefits accruing to its subscribers and stakeholders have multiplied manifold with the combined action of the two financial regulators.

Now there will be these benefits

• Getting annuity has become easier and it will take less time to issue
• Parallel processing of lump sum payment and release of annuity
• Payment of retirement income by way of annuity immediately after the subscriber retires and ensuring regular income for the retiree
• Easy old age income support
• Ease of working for relevant stakeholders

Where will the form be uploaded

According to the PFRDA circular dated November 14, 2022, a completely filled exit form along with all necessary documents including KYC will have to be uploaded to the respective CRA system while requesting the exit.

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