Don’t Exclude Genetic
Disorders: Delhi HC
A
cting on the Delhi High Court’s directives to take a re-look
at the exclusions in insurance contracts, the Insurance
Regulatory and Development Authority of India (IRDAI) has
asked insurers not to list genetic disorders amongst the exclusions
in their health insurance policies. This is to ensure that insurance
companies do not reject claims on the basis of exclusions relating
to ‘Genetic Disorders’.
The Delhi HC held that the exclusionary clause of ‘Genetic
Disorders’ in insurance policies was too broad, ambiguous and
discriminatory, and that the exclusion violated Article 14 of the
Constitution of India. As per the Court’s directive, no claim in
respect of any existing health insurance policy is to be rejected on
these grounds. New lunches, too, will not exclude these disorders.
“Genetic disorders disclosed at the time of purchasing or at
the time of renewing our existing line of health products will be
covered, subject to underwriting review and other terms and
conditions of the policy,” said Sandeep Patel, MD and CEO of
Cigna TTK Health Insurance, while commenting on the insurance
regulator’s circular. “On acceptance of risk, coverage will be
provided subject to applicable waiting periods under the policy.
However, it will take some time for things to be put in place with
respect to the directives from the regulator,” he added.
Canara HSBC OBC Life
Offers Grief Support
P
rivate life insurer Canara HSBC Oriental Bank of
Commerce Life Insurance has launched a Bereavement
Support Programme (BSP) through which it hopes to offer
psychological counselling as well as financial and legal
advisory support to families of the deceased.
According to the company, the programme is designed
to help family members overcome the grief of losing a loved
one, through customised sessions by trained professionals.
The service is voluntary, and claimants can use it at their will,
the official release said.
Apart from this dedicated service, the company offers
customer care services through social media platforms,
web assist on its customer portal, premium payments,
service request processing over a call in real time, and SMS
communication in various regional languages.
ICICI Bank Launches
Instant Overdraft
Facility For MSMEs
Private sector major ICICI Bank has
announced the launch of an instant
overdraft facility for MSME (micro,
small and medium enterprise)
customers in a completely online
and paperless manner. ‘InstaOD’,
as it is called, enables a few lakh
prequalified current account
customers to instantly avail of the
facility without having to visit a
branch or submit documents.
The facility provides an overdraft
up to `15 lakh for a year through the
bank’s Internet and mobile banking
app. The application procedure
incorporates an additional level of
authentication in order to ensure
security for transactions.
“We believe this first-of-a-
kind proposition offers a unique
experience to our customers. With
the Indian economy on the upswing,
this convenient overdraft facility will
enable MSME companies to expand
their business with ease,” said Anup
Bagchi, Executive Director, ICICI
Bank. The bank has plans to reach
out to other banks’ customers
too.“ We’ve seen an encouraging
response to the facility within a
few days of its launch. We plan to
shortly introduce instant online
sanction for an overdraft facility for
MSME customers of other banks as
well,” he added.
www.outlookmoney.com April 2018 Outlook Money
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