Senior Citizens Red Carpet Health Insurance Plan

Senior Citizens Red Carpet Health Insurance Plan

The optimum policy for seniors over 60 years of age with several advantages

Eligibility

Any person between 60 and 75 years of age at the time of entry can take this insurance policy.

Benefits

New Features:

Three additional Sum Insured Options namely Rs.15 lacs, Rs.20 lacs and Rs.25 lacs introduced

Policy is available for 1 / 2 / 3 year which can be renewed. Where the policy is issued for more than 1 year, the Sum Insured is for each year, without any carry over benefit thereof

Policy can be issued both on Individual and Floater Basis

Cataract limits revised

Outpatient consultation in network hospitals

Cost of Health Checkup

Hospitalisation Coverage:

Protects the insured for in patient hospitalisation expenses for a minimum of 24 hrs.These expenses include room rent,nursing and boarding charges, Surgeon, Anaesthetist, Medical Practitioner, Consultants, Specialist Fees,Cost of Medicines and Drugs upto the limits specified.

IRDAI Imposes Rs 1.11 Crore Penalty on PolicyBazaar

The insurance regulator has imposed a Rs 1.11 crore penalty on web aggregator Policybazaar for violation of regulations. Insurance Regulatory and Development Authority of India (IRDAI) said Policybazaar entered into a partnership with a non-insurance entity called 'Indian Health Organization by Aetna' (IHO) and offered incentives to its customers in violation of regulations.

"IRDAI Imposes Rs 1.11 Crore Penalty on PolicyBazaar"

IRDAI said incentives included complimentary wellness benefits for all new eligible customers and covered five OPD consultations, unlimited telemedicine consultations, unlimited second opinion services, as well as pharmacy discounts.

Further, the web aggregator also displayed the services offered by IHO on its website. This is a violation of regulations as these entities are not allowed to advertise products and services of other entities.

"Policybazaar entered into a partnership with ‘lndian Health Organization by Aetna’ and offered incentives to its customers in violation of regulations"

Policybazaar was also advertising on television that they would offer a 60 percent discount on the motor insurance policy, which IRDAI said leads towards promoting the products of particular insurers. However, the company clarified that they have removed the advertisement after concerns expressed by the regulator.

"As the leader in the online web aggregation space, Policybazaar is a web aggregator which other web aggregators and online distributors seek to become. This places tremendous responsibility on Policybazaar. In light of such expectations, Policybazaar was expected to act diligently and with utmost care and responsibility. Unfortunately, Policybazaar failed in complying with the Regulations," said IRDAI.

Policybazaar will be free to file an appeal with the Securities Appellate Tribunal against this order.

source:

http://www.parinitasharma.com/2019/08/29/irdai-imposes-rs-1-11-crore-penalty-on-policybazaar/

www.moneycontrol.com