Banking
ICICI Lombard inks pact with Meghalaya for health insurance

ICICI Lombard General Insurance would provide all households in Meghalaya with a financial cover of up to Rs1.6 lakh per year to cover in patient services

 
Shillong: ICICI Lombard General Insurance has signed an agreement with Meghalaya government to roll out a comprehensive health insurance scheme in the state aimed at benefitting close to three million citizens, reports PTI.
 
The agreement was signed between ICICI Lombard Associate Vice President Pranab Sharma and Megha Health Insurance Scheme CEO MR Synrem, officials said.
 
Christened as Megha Health Insurance Scheme, it would provide all households in the state with a financial cover of up to Rs1.6 lakh per year to cover in patient services irrespective of all income groups, an official statement in this regard said.
 
Claiming that the health insurance scheme is among the first of its type across India, Synrem said it uses a common standard Rashtriya Swasthya Bima Yojna (RSBY) platform supported by the Ministry of Labour and Employment even as it expands the cover available under RSBY both in terms of universalizing the scheme across the entire population.
 
According to the government statement, the scheme provides an enhance cover of up to Rs1.6 lakh instead of Rs30,000 covered under the RSBY thereby providing cashless treatment of specified high cost and recurrent illnesses.
 
Meghalaya government stated that ICICI was selected as the insurer after rigorous and competitive bidding processes involving six other contenders and under careful advisory from the International Finance Corporation and the World Bank.
 
Officials said that the scheme will be integrated with the existing public health care system by empanelling public sector hospitals as well as private ones.
 

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SBI Life unveils 'Smart Income Protect' savings plan

SBI Life's Smart Income Protect plan offers regular income at the guaranteed rate of 11% of sum assured or paid sum assured for next 15 years after maturity

 
Mumbai: Private insurer SBI Life Insurance has launched a guaranteed traditional savings plan, Smart Income Protect, offering a tax-free regular income, reports PTI.
 
Smart Income Protect offers regular income at the guaranteed rate of 11% of sum assured or paid sum assured for next 15 years after maturity, SBI Life Insurance said in a release issued here.
 
It also offers life insurance cover, lump sum benefit at maturity and regular guaranteed payouts for 15 years, after maturity.
 
In the event of a policyholder's death, the sum assured is immediately payable to the nominee or legal heir as a lump sum, along with the bonuses, it said.
 
"The plan caters to a sizable Indian population, which is comfortable with no-risk savings products that offer guaranteed returns," SBI Life Managing Director and CEO Atanu Sen said.
 
Minimum age of entry to the policy is 8 years and maximum is 60 years. The minimum maturity age for the plan is 18 years, while the maximum maturity age is 65 years.
 
SBI Life Insurance is a joint venture between the State Bank of India and BNP Paribas Cardif, Euro Zone's leading Bank.
 

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SEBI drops charges on two persons in Bank of Rajasthan probe

SEBI said allegations of breach of certain relevant regulations by Kailash Nath Bhandari and...

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