Financial Daily from THE HINDU group of publications
Thursday, Feb 20, 2003
Financial Daily from THE HINDU group of publications Thursday, Feb 20, 2003 |
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Money & Banking
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General Insurance Design policies for AIDS patients: IRDA chief Our Bureau
`DESIGN HEALTH POLICIES FOR AIDS PATIENTS': ... (From left) Mr S. B. Mathur, Chairman, LIC, Mr N. Rangachary, Chairman, IRDA, Mr Y. K. Modi, Senior Vice-President, FICCI, and Dr. C. Rangarajan, Chairman, 12th Finance Commission, at the global conference of actuaries in the Capital on Wednesday.
NEW DELHI, Feb. 19 THE insurance industry should look at offering health policies to patients suffering from AIDS or other pre-existing diseases, Mr N. Rangachary, Chairman, Insurance Regulatory and Development Authority (IRDA), has said. Speaking at the 5th global conference of actuaries, he said that there was need to design insurance products in India to benefit AIDS patients on the lines of the policies available in South Africa. ``Certain stages of AIDS can be covered'' by health insurance, although it was not possible to cover all the patients, the IRDA Chairman explained to presspersons on the sidelines of the meet. The actuaries should come out with suitable products and a proper pricing mechanism, he said. On the absence of diverse health insurance products, the IRDA Chairman said that the problem in the availability of medical data was a limiting factor. ``We are very serious about developing a healthy atmosphere to which players will get attracted.'' The IRDA Chairman said the falling interest rates and the growing life expectancy posed a major challenge to the sector in the form of dwindling returns and higher payouts for settling claims. The IRDA also hoped that pension reforms would take off to ensure income security for the vast unorganised sector. ``IRDA had submitted a report on pension reforms to the Government in October 2001. The discussion is still on. But a decision will be taken soon,'' Mr Rangachary said. Later, the Twelfth Finance Commission Chairman, Dr C. Rangarajan, said with widening of economy, the demand for new type of insurance emerged. Pension needs of a segment having high assured income was different from that of an organised sector, and insurers should go for product innovation, he added. Life Insurance Corporation Chairman, Mr S.B. Mathur, said although one-fourth of the Indian population was insured, pension cover was still very low. LIC's premium income from pension schemes rose to Rs 2,560 crore last fiscal from Rs 562 crore in 2000-01 and Rs 200 crore in 1999-2000, he said
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