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Tag: insurance policy

  • Good News For Senior citizens: Health Insurance Now Available For Individuals Over 65 | Personal Finance News

    New Delhi: Starting from April 1, 2024, The Insurance Regulatory and Development Authority of India (IRDAI) has removed the age cap on health insurance policies, ANI reported. Previously, the purchase of new insurance policies was limited to the age of 65. But after the recent changes which came into effect from April 1, 2024 individuals of any age can now purchase new health insurance policies.

    “Insurers shall ensure that they offer health insurance products to cater to all age groups. Insurers may design products specifically for senior citizens, students, children, maternity, and any other group as specified by the Competent Authority” stated a notification issued by the IRDAI. (Also Read: How Much Return Will You Get By Investing In SBI’s FDs? Check Here)

    IRDAI has also directed health insurance providers to offer customized policies for specific groups like senior citizens and set up dedicated channels to address their claims and concerns. (Also Read: ICICI Bank Revises Service Charges For Savings Accounts: Check New Rates And Effective Date)

    “It’s a welcome change since it now opens Avenue for people above 65 to seek health cover. Insurers based on their Board approved Underwriting guidelines can cover people above 65. The coverage is subject to offer and acceptance between the Insured and Insurer based on affordability for the senior citizens and viability for Insurers.” according to an expert in the industry.

    The insurers after the recent notification have been restricted from denying to issue policies to individuals who are suffering with severe medical conditions such as cancer, AIDS, renal or heart failure.

    As per the notification, IRDAI has reduced the waiting period of health insurance from 48 months to 36 months. All pre-existing conditions must be covered after a 26 month period regardless of whether the policyholder disclosed them initially or not, according to the insurance regulator.

    Insurance companies are prohibited from offering indemnity-based health policies which cover hospital expenses. They are only allowed to offer benefit-based policies instead of indemnity-based health policies. This will provide fixed costs when a covered disease occurs.

  • Cyber ​​Crime: One and a part crores cheated via retired officer to get 25 lakhs of insurance plans, 16 contributors arrested

    Noida: Cyber ​​Mobile and Noida Police have arrested 16 contributors of a gang who cheated within the title of insurance plans agreement. 10 girls also are incorporated on this gang. Police have recovered 16 mobiles, a pc and Rs 1.5 lakh in money from the ownership of the arrested accused. The accused had defrauded a retired officer of Rs 1.5 crore. The police is investigating the felony historical past of the entire accused.

    Further DCP Ranvijay Singh mentioned that the accused, who have been stuck from the retired officer of NTPC, had cheated one crore 62 lakh rupees. The officer had given the grievance of the fraud with him within the police station-113. And then a case of dishonest was once registered on Would possibly 25. Since then the police was once on the lookout for the accused. The arrested accused had given them the pretext of having again Rs 25 lakh of the insurance plans. In reality, the officer had were given a coverage completed. In go back for which he had given 25 lakh rupees to the corporate. The stuck Nilesh cheated him one by one of Rs one crore 62 lakh.

    The accused had opened a pretend name middle in Bhopra space of ​​Ghaziabad. At the side of this, faux sims have been used to cheat other people. Insurance coverage insurance policies whose installments weren’t deposited. They used to cheat other people at the pretext of having them again and different advantages. Sonu Kumar was once operating this gang. The stuck Nilesh had cheated one crore 62 lakhs.

    Police arrested them
    Sonu Kumar and Nilesh, citizens of Mitnagar, Delhi, and Nilesh, citizens of Gokalpuri, Rohit Kataria, citizens of Loni, Ghaziabad, Sanjana, Anjali and Shruti and Mohini, citizens of Bhopra, Ashwani Kumar, citizens of Panchavati, Ajay Kumar, citizens of Ballabhgarh, Haryana, Sandhya, citizens of Harsh Vihar, citizens of Nand Nagari, Delhi Kesar and Chanchal Gupta, Priyanka resident of Jahangirpur and Barkha resident of Ghaziabad were arrested. Excluding this, Rahul, a resident of Mandoli Street in Delhi and Sanjana, a resident of Harsh Vihar, have additionally been arrested.