Consumer Issues
TRAI to review registration process for consumer advocacy

TRAI added that the organisation should have at least three years' experience in handling consumer complaints, advocating cause of consumers, research and survey on consumer issues to be eligible for registration

 
New Delhi: Telecom Regulatory Authority of India (TRAI) has said it will review the registration process for consumer advocacy groups to bring in more transparency and facilitate more effective communication with them, reports PTI.
 
Any organisation registered under Societies Registration Act 1860 or any other Act for promotion of education and protection of interest of consumers registered under Section 25 of the Companies Act 1956 would be eligible for registration, TRAI said in the draft 'Registration of Consumer Organisations Regulations 2012' said.
 
TRAI added that the organisation should have at least three years' experience in handling consumer complaints, advocating cause of consumers, research and survey on consumer issues to be eligible for registration.
 
It further said the organisation seeking registration have to submit an affidavit of it being non-profit and non-political as well as defining its role and obligations.
 
"The review of the existing framework for registration of consumer organisations has become necessary with a view to bring in more transparency in registration process and to facilitate close and effective interaction with consumer organisations," TRAI said.
 
It added that the renewal of registration of the organisations would depend on their performance.
 
At present, there are about 90 consumer advocacy groups registered with the Authority.
 
The last date for receiving comments from stakeholders is 10 December 2012.
 

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HDFC ERGO launches 'Health Suraksha Top Up' plan

HDFC ERGO's Health Suraksha Top Up plan provides additional sum insured to cover the medical expenses beyond a threshold limit of the existing health insurance plan to a customer

 
Mumbai: Private insurer HDFC ERGO General Insurance has launched a 'Health Suraksha Top Up' plan allowing a customer a larger sum insured limit at lower cost, reports PTI.
 
The policy comes into action once the sum insured of the existing policy is exhausted, giving an additional sum insured to cover the medical expenses beyond a threshold limit of the existing health insurance plan to a customer, HDFC ERGO General Insurance said in a release issued here.
 
The plan is available for sum insured options of Rs5 lakh, Rs7.50 lakh and Rs10 lakh.
 
"...People who have some health insurance cover may find it inadequate as they grow older or move into different life-stages. Health Suraksha Top Up is an ideal option for such cases," said Mukesh Kumar, the HDFC ERGO General Insurance Head - Strategic Planning, HR and Marketing.
 
"The customer will also have the option to choose between one year and two year policy tenure for individuals and family floater and avail tax benefit," he added.
 
The policy is aimed at salaried employees with an existing health policy, he said.
 
HDFC ERGO General Insurance is a 74:26 joint venture between country's premier housing finance institution HDFC and ERGO International AG, the primary insurance entity of Munich Re Group.
 

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Life insurer's premium mop-up drop 3.45% in April-October: IRDA

According to data release by IRDA, 23 private sector companies and LIC collected Rs53814.1 crore as  premiums during April-October 2012

 
New Delhi: Premium collected by life insurance companies dropped 3.45% in the April-October period due to various factors that are influencing the financial sector as a whole, reports PTI.
 
As per the data released by the Insurance Regulatory and Development Authority of India (IRDA), premiums collected by 23 private sector companies and lone state-owned Life Insurance Corp of India (LIC) totalled Rs53,814.09 crore during the period.
 
They together had collected Rs55,737.84 crore in the April-October 2011 period.
 
India's largest life insurer LIC reported a drop of 2.88% in its premium collection, while the decline in private companies was 5.07%.
 
LIC's premium collection stood at Rs40,069.84 crore in April-October as against Rs41,259 crore in the year-ago period.
 
Private insurers netted Rs13,744.25 crore as against Rs14,479 crore in the corresponding period of 2011-12.
 
Life insurance companies collect premium under four segments -- individual single, individual non-single, group single and group non-single.
 
Reliance Life's premium collection dropped by 14.78%, that of ICICI Prudential by about 6.9% and of HDFC Standard Life by approximately 5%.
 
Last week, the Finance Ministry had said in Parliament that the reasons for a negative growth in the premium collections are various factors that are influencing the financial sector as a whole.
 

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