Welcome to AIPEU, Group-C,AP Circle,Ongole

Friday, April 24, 2015

Insurance Cover to Disabled Persons

Insurance Cover to Disabled Persons
As per Insurance Regulatory and Development Authority of India (IRDAI) mentally challenged people get covered under medical insurance policies sold by Public Sector General Insurance Companies (PSGICs). Presently, the PSGICs provide mental illness cover to children if covered with or both parents simultaneously in the policy. Some PSGICs also provide mental illness cover to the persons under Employer-Employee Group Health Insurance Policies. While Life Insurance Risk coverage is offered to handicapped and mentally challenged persons by the life insurance companies (both public sector and private sector) based on their board approved underwriting policy, the disclosures made in the proposal form, every life insurance company will rate the persons to be insured from the point of view of risk assessment and underwriting as standard or sub-standard lives in order to determine acceptance of proposal and the premium to be charged. While there are no restrictions for providing insurance facilities to handicapped and mentally challenged persons, it is the professional decision of the insurance company based on their own risk bearing capacity and approach. There are no specific Regulations/Guidelines issued by the Authority in this regard.

The Government of India is implementing a scheme by name ‘NIRAMAYA’ through which the handicapped and mentally challenged persons are covered for medical treatment upto Rs. 1 lakh. Aam Admi Bima Yojana (AABY) is also a Government Social Security Scheme being administered through Life Insurance Corporation of India (LIC) that provides life/accident insurance protection to the rural and urban poor persons (including rural landless households) and people belonging to certain identified vocational groups. One such identified vocation is “Physically Handicapped Self-Employed Persons”.

IRDAI has also notified IRDA (Rural and Social Sector Obligations) 2002 mandating every insurer to cover the specified number of lives from the defined social sector market segment. Of the categories of lives that are defined as social sector lives, “other categories of persons” is one of the categories, which includes persons with disability as defined in the Persons with Disabilities (Equal Opportunities, Protection of Rights, and Full Participation) Act, 1995 and who may not be gainfully employed; and also includes guardians who need insurance to protect spastic persons or persons with disability.

This was stated by Shri Jayant Sinha, Minister of State in Ministry of Finance in written reply to a question in the Lok Sabha today.

*****

No comments:

Post a Comment

To Download Adobe Reader Please click the below link

All the PDF documents require adobe reader to open the documents.Please download and install adobe reader(Acrobat Reader) by clicking the link.Please read instructions care fully before downloading the adobe reader.All the orders are in pdf format.
If you download and install adobe reader then only you can able to view/print all these orders placed in our site.Thank you comrades.
http://get.adobe.com/reader/

DOPT issued a wonderfull order regarding Govt. servants covered by New Pension Scheme

According to this order Govt. Servants who appointed on or after 01/01/2004 will cover New Pension Scheme can get Provisional Pension according to Old Pension Scheme where Govt.Servant Died/Retired on medical invalidation.For details Please click this link to down load the order

http://persmin.gov.in/WriteData/CircularNotification/ScanDocument/Pension/NPS_05052009.pdf

Disclaimer

All efforts have been made to ensure accuracy of the content on this blog, the same should not be construed as a statement of law or used for any legal purposes.AIPEU Group-C, AP Circle accepts no responsibility in relation to the accuracy, completeness, usefulness or otherwise, of the contents.Users are advised to verify/check any information with the relevant departments/or other source(S), and to obtain any appropriate professional advice before acting on the information provided in the blog.