Mediclaim: IRDAI Fines Reliance General Insurance for Not Paying Directly to Insured
IRDAI (Insurance Regulatory and Development Authority of India) has imposed a Rs5-lakh penalty on Reliance General for not making direct payments on health insurance claims to policyholders and routing them through third-party administrators (TPAs).
 
IRDAI said that it is in violation of the norms on standardisation of health insurance. IRDAI’s norms provide for payment to network providers and settlement of claims of policyholders by making direct payments to them and integrating their banking platform with the network provider or the insured. A TPA is not allowed to settle claims on behalf of the insurer.

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Retirement: Mutual Funds Line Up Retirement Plans
Encouraged by tax incentives for investment in retirement schemes floated by mutual funds (MFs), several fund houses, including IDBI MF, Birla Sun Life MF, DSP Blackrock MF, Axis MF and SBI MF, have approached Securities and Exchange Board of India (SEBI) to launch retirement-linked MFs.
 
Reliance Capital Asset Management Company had taken government approval for the first-ever equity-oriented pension scheme, in December 2014, giving tax benefits to investors.
 
Retirement funds floated by fund houses have been given tax benefits in line with pension funds, to attract long-term domestic savings into the equity market in the Finance Act 2015.
 
Earlier, only insurance companies were allowed to offer pension products with tax incentives. Investments in these schemes are eligible for a deduction under Section 80 C of Income-Tax Act up to a limit of Rs1.5 lakh.

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Other Insurance: Baggage Insurance for Train Passengers
The Indian Railway Catering and Tourism Corporation (IRCTC) plans to offer ‘baggage insurance’ from New India Assurance for train passengers. A passenger can claim the insurance money in case of loss or theft of baggage. Goods, like laptop and mobile phone, will also be covered as part of the package. The premium will depend on the length of the journey and the class of travel.
 

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