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Nirmala Sitharaman on Saturday held a review meeting with the heads of insurance companies through Video conferencing to review the progress made under the Pradhan Mantri Garib Kalyan Package (PMGKP) Insurance Scheme for health workers fighting Covid-19. The Finance Minister asked insurers accelerate the disbursement of pending claims under the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) during the pandemic and stressed the importance of streamlining the process and documentation requirements. During the review, Sitharaman observed that under the PMGKP scheme, a total of 419 claims have been paid till date, amounting to Rs 209.5 crore disbursed in the account of their nominees. ....
Read more about Low sum insured, sub-limits give rise to partial payouts: Experts on Business Standard. Supplement a policy with a substantial emergency corpus ....
Thursday, March 4, 2021 COVID-19 has left its indelible mark on the nation’s economy. As the pandemic continues, lawmakers in many jurisdictions are proposing legislation that would assist businesses in securing insurance coverage for COVID-19-related losses. In the face of insurers’ reflexive denials of coverage for claims arising out of business interruption losses due to COVID-19, legislators across the country have proposed bills, largely aimed at small businesses, that would, if necessary, override policy language that may potentially be used by insurers to deny coverage for COVID-19-related losses. 1 These bills have been met with strong opposition by the insurance industry, which argues that, if enacted, the bills would violate the Contract Clause of the U.S. Constitution. Faced with this opposition, Massachusetts lawmakers recently have joined a small number of jurisdictions considering a different approach to such legislation. ....
(Representative image) CHENNAI: Covid-19 survivors who seek to buy new health insurance could face hurdles in future claims if their ailments can be linked to the viral infection. With the coronavirus affecting different organs over time, future complications could be categorised as a ‘pre-existing’ condition by insurance companies. Insurers cover pre-existing diseases only after a ‘waiting period’, which varies from 2-5 years which is a standard clause in health policies. For example, a person with bronchial asthma and is admitted in the ICU for Covid-19, any lung condition will be endorsed as a pre-existing . No waiting for renewals after Covid ....