Page 7 - Insurance Times February 2022

Bipin Rawat and Brigadier LS Lidder lakh for partial disability of an account to get the business, said a source close
within hours after they lost their lives holder. to the development.
in a tragic helicopter crash in Coonoor. A source said Air India is insuring its
United India Insurance has settled Insurance cover likely for fleet by paying a premium of Rs. 118
group personal accident (GPA) claims traders under new policy crore in financial year 2021 on a
of deceased defence officials, including standalone basis as compared to Rs.
The Department for Promotion of In-
General Rawat and others, while NIA 158 crore paid in the previous financial
dustry and Internal Trade (DPIIT) will
paid the claim of Brigadier Ladder at year ending March 2020.
soon start public consultation for a
the shortest possible time, officials Government owned insurance compa-
national retail trade policy, which is
said. nies retain only one per cent of the
likely to include an insurance scheme
For UII, the crash victims were covered aimed at providing financial protection insurance premium and pass on the
under its State Bank of India (SBI) GPA against losses caused by theft, acci- rest of the premium and risk to an in-
Policy for account holders and all these dents or natural calamities. ternational consortium so as to de-risk
claims worth around Rs 30 lakh each their own books.
The policy will also spell out ways to
were settled in record time of 30 min-
utes on receipt of documents, a feat give traders access to low-cost finance, Soon, NatCat cover for
promote digital inclusion, and create
never heard of in the industry, sources microloan borrowers
necessary infrastructure to support
said. Life Insurance Corporation (LIC) is With India becoming one of the most
also in the process of settling the them, a senior government official climate risk-prone countries and the
told.
claims, said an official. frequency and severity of natural ca-
This is expected to offer relief espe-
Brigadier Lidder was covered under a tastrophe (NatCat) events increasing
cially to traditional traders, who are
policy issued by the Mumbai Large every year, which is impacting repay-
facing stiff competition from large e-
Corporate Broker Office-2, which cov- ment capabilities of borrowers of
ers defence personnel having salary commerce players. The former have microloans, and the micro lenders' as-
accused some of these foreignfunded set quality, the MicroFinance Institu-
accounts with Axis Bank. "NIA holds
behemoths of adopting illegal market tions' Network (MFIN) is planning to
our defence personnel on the highest
pedestal and this act of settlement of practices. The policy is being rolled out introduce an insurance product for
at a time when the government is look- borrowers to protect them against
claim is our way of offering deepest
ing to dilute a set of proposed rules such natural catastrophe events.
respects to the departed soul and sup-
port to the family," said Atul Sahai, that sought to tighten regulations in MFIN, which has applied for a pilot
the e-commerce space.
CMD, NIA. project to the Insurance Regulatory
and Development Authority of India
"UII settled the GPA claims of all the Tata AIG to vie for group's (IRDAI) under regulatory sandbox, has
decorated army and IAF officers includ-
ing CDS Bipin Rawat in record time airline insurance business now received the nod from to conduct
the project.
post the tragic helicopter crash. They Tata AIG General Insurance Company,
were all covered under our SBI GPA will join the race to provide insurance Cholamandalam MS General Insurance
Policy," said Satyajit Tripathy, CMD, cover for the Indian conglomerate's will provide insurance cover during the
pilot project. "The pilot will cover
UII. airlines, including Air India. Indian three-four districts in Odisha," said Alok
The SBI Defence Salary Package (DSP) state-owned companies presently pro- Misra, Chief Executive Officer and Di-
account is meant for the Indian de- vide insurance cover to the airlines and rector, MFIN. "We are now preparing
fence personnel of the Army, Navy, Air re-insure the assets with foreign firms. the field, training the staff, to make
Force, Indian Coast Guard, Assam AIG is already the biggest reinsurer for the client understand the nuances of
Rifles, Rashtriya Rifles (RR) and a Air India, counting among interna- the scheme. There are three or four
Group Accident Policy issued by the UII tional consortium providing cover to perils that will be covered, like cy-
for this package has provisions to pay the airline's 117-strong fleet. With its clones, typhoons, and drought; the
an insurance claim of Rs 30 lakh in case Indian partner now owning Air India cover will be parametric insurance in
of death or total disability and Rs 10 and Air India Express, it will make a bid nature," Misra said. T
The Insurance Times, February 2022 7