Page 10 - Insurance Times December 2015 SAMPLE
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General Insurance Council Agriculture sector to get a new insurance scheme
to list out fraud suspects The government is planning to launch a special insurance cover for the benefit
of the agriculture sector, a top United India Insurance Com-
The General Insurance Council, an pany official said.
association of all non-life companies
in India, is putting up a database of A uniform package policy is being worked out for the benefit
suspected cheats and frauds which of farmers, which will cover crop, personal accident, health
will help companies to be more care- and agricultural implements; Milind Kharat, chairman and
ful when the suspect figures in an- managing director of United India Insurance, said.
other claim. The move comes at a
time when the council has got more The insurance companies are in discussion with the agriculture ministry with
powers as a self-regulatory organi- regards to formulating the policy, Kharat said. He also added that United India
zation (SRO) in keeping with the new Insurance will shortly introduce an exclusive insurance product for the benefit
legislation. of the SME sector.
The database is not of the estab- Future Generali launches policy applicable from DOB
lished fraudsters, instead it is when
to 100 years
the insurance
company has Future Generali India Insurance has unveiled a new insurance
reasonable policy that will provide cover from the day of birth to 100
doubt of an years with no restrictions on age. This product, 'Health To-
attempt to tal' will give comprehensive health cover with multiple fea-
fraud. The database would include tures and easy premium payment options. The policyholders
hospitals, auto garages and nursing will get wide benefits from hospitalization, ambulance facility alongside 50% cu-
homes where there is doubt of in- mulative bonus for every claim-free year.
flated or fake claims. This would also
include policyholders whose names Three New gold schemes to fish out gold from
turn up in multiple claims. households
"This is an entirely confidential list Prime Minister Narendra Modi re- Prime Minister also noted that India
that will be shared only among insur- cently launched three gold related has now surpassed China as the world's
ance companies. We are not even schemes - Gold Monetization Scheme, largest gold consumer. So far this year,
outsourcing this, but managing it Sovereign Gold Bond Scheme and In- India has purchased 562 tonnes of yel-
ourselves. The effort is underway and dia Gold Coins - that could further low metal, against China's 548 tonnes.
should be operational in a month or strengthen and transform the Indian Modi also launched a Website on the
two," said R. Chandrasekaran, sec- economy. schemes and distributed certificates of
retary general, General Insurance investments to six initial investors.
Council. Besides reducing the physical demand
for gold, the schemes would This is the first ever national
According to Chandrasekaran, the pave the way to better utili- gold coin minted in India with
council has got the capability to zation of nearly 20,000 the national emblem of
manage data in-house as it is al- tonnes idle gold lying with Ashok Chakra on one side and
ready doing a de-duplication of households and conserve Mahatma Gandhi's image
claims under the Pradhan Mantri forex resources through reduced reli- engraved on the other side. Modi de-
Suraksha Bima Yojana (PMSBY). ance on gold imports. scribed the launch of the India Gold
Coins, bearing the Ashok Chakra, as a
To avoid multiple claims, every Speaking on the occasion, Modi said matter of pride for the nation. He said
PMSBY claim is reported to a coun- people should take advantage of this people would no longer have to depend
cil database and checked for dupli- "golden opportunity" by making use of on foreign minted gold bullion or coins.
cation using 25 fields, including the schemes and help India march to
name, address and the FIR complaint a golden period. Modi said women will benefit the most
registering the accident. from these schemes. He also said that
Modi also said that India has no rea- gold has often been a source of women's
son to be described as a poor country empowerment in Indian society.
as it has 20,000 tonnes of gold. The
6 The Insurance Times, December 2015
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