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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.

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Wednesday, April 22, 2015

GPF Interest rate 8.7%

PROVIDENT FUND INTEREST RATE 2015-16 FIXED AT 8.7%

MINISTRY OF FINANCE

            Government Decides to Fix Interest Rates at 8.7% for General Provident Fund(GPF) and other Similar Funds Including Special Deposit Scheme, 1975(SDS,1975) for Non-Government Provident, Superannuation and Gratuity Funds for the Financial Year 2015-16.

            It was decided by the Government to link the interest rates of State PFs (General Provident Fund and other similar funds) including Special Deposit Scheme, 1975 (SDS, 1975) for Non-Government Provident, Superannuation and Gratuity Funds for the FY 2015-16 to Public Provident Fund (PPF) rates. In pursuance of that decision, the Government has decided to fix the rates 8.7% per annum applicable to the following:-

·         The General Provident Fund (Central Services).
·         The Contributory Provident Fund (India).
·         The All India Service Provident Fund.
·         The State Railway Provident Fund.
·         The General Provident Fund (Defence Services).
·         The Indian Ordnance Provident Fund.
·         The Indian Ordnance Factories Workmen’s Provident Fund.
·         The Indian Naval Dockyard Workmen’s Provident Fund.
·         The Defence Services Officers Provident Fund.
·         The Armed Forces Personnel Provident Fund.
           
         The rate of interest is applicable to the above funds w.e.f. 1st April, 2015 and until further orders




Monday, April 20, 2015

30th biennial conference of Karimnagar Division held on 19/04/2015.

Sri. P.Krishna Reddy Elected as Secretary
Sri. B.Sathyanarayana Goud Elected as president
Glance pics of Conference :






















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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

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