GIPSA Promotion Exam: IRDAI 2020 Circular For GIPSA PE 2021 (One-liners Part 3)
GIPSA One Liner : As we all know that Marine, Fire, ENGINEERING, AVIATION, Motor, HRM Part is playing a major role in any exam weather it will be GIPSA and Para 13.2 examinations. So here we are providing the Daily one liner for every upcoming exam . Daily one liner consist top study material in one line which is important for every insurance promotion exams.
IRDAI 2020 CIRCULAR ONE LINER
- Recent regulatory initiatives taken by IRDAI. insurers were permitted to change the base premium of health insurance upto +/- 5 per cent of originally approved premium rates.
- the Authority has identified for the year 2020-21, the following insurers as D-SIIs:
- Life Insurance Corporation of India;
- General Insurance Corporation of India; and
- The New India Assurance Co. Ltd
3. Domestic Systemically Important Insurers (D-SIIs) refer to insurers of such size, market importance and domestic and global inter connectedness whose distress or failure would cause a significant dislocation in the domestic financial system.
4.The Authority had issued a circular on 6th July, 2018 conveying the directive of the Hon’ble Supreme Court in WP(C) No.13029 of 1985 (M.C. Mehta Vs Union of India) to all General Insurance companies to ensure that the vehicle must have a valid PUC certificate at the time of renewal of motor vehicle insurance.
5.IRDAI stipulated to all general and health insurers to offer standard individual health insurance policy called “Arogya Sanjeevani” Policy to the public from 01.04.2020.
6.it is clarified that “Arogya Sanjeevani” policy, whether in individual or group form, also covers Covid – 19
7.Covid-specific standard health indemnity policy called “Corona Kavach” to the public with durations of 3 and a half, 6 and a half and 9 and a half months.
8.In case the group consists entirely of doctors, nurses or healthcare workers, a discount of 5% will also be available as a mark of recognition of their contribution in fighting the society’s battle against Covid-19.
9.As a gesture of acknowledgment of the contribution of healthcare sector in the nation’s fight with Covid-19, the insurance companies will provide a 5% discount in premium of “Corona Kavach” to doctors, nurses and other healthcare workers, in terms of the guidelines issued by IRDAI.
10. Key features of “Corona Kavach” are as under:
|Product Type||Available on Individual and Family Floater Basis|
|Type of Cover||1. Base Cover on Indemnity Basis- Covid Hospitalization cover
2. Optional Cover on Benefit Basis- Hospital Daily Cash
|Sum insured||Rs 50,000/- (Fifty Thousand) to 5,00,000/- (Five Lakh) (in the multiples of fifty thousand)|
|Waiting Period||15 days|
|Policy Period||Three and Half Months (3 ½ months), Six and Half Months(6 ½ months), Nine and Half Months (9 ½ months) including waiting period.|
|Eligibility||Policy can be availed by persons between the age of 18 to 65 years.
Policy can be availed for Self, spouse, Parents, Parents-in-law and Dependent Children up to 25 years of age.
|Hospitalization Expenses||Medical Expenses of Hospitalization on diagnosis of Covid shall be admissible|
|Pre Hospitalization Expenses||15 days|
|Post Hospitalization Expenses||30 days|
|Sub-limits||1. Home care treatment: Maximum upto 14 days per incident.
2. Ambulance Charges: Rs.2000/- per hospitalization.
3. Optional Cover of Hospital Daily Cash: 0.5% of Sum Insured per day subject to maximum of 15 days in a policy period for every insured member.
|Home Care Treatment Expenses||Cost of treatment incurred by the Insured person on availing treatment at home for Covid on positive diagnosis up to 14 days per incident, which in the normal course would require care and treatment at a hospital but is actually taken while confined at home.|
|Premium payment||Single Premium|
|For the purpose of this policy any set-up designated by the government as hospital for the treatment of Covid shall also be also considered as hospital.|
|Any co-morbid condition triggered due to Covid-19 shall be covered during the period of hospitalization.|
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