Page 10 - Insurance Times March 2024

appropriate time this year, Vivek Joshi, ESIC extends medical ben-
Secretary, Department of Financial Attention Subscribers
Services in Finance Ministry, told in an efits for retired members Please renew your Subscription of The
interview. Joshi, however, noted no The Employees' State Insurance Corpo- Insurance Times Journal to receive
exact timeline can be given on this ration (ESIC) decided to extend medi- copy of the journal uninterruptedly.
front. cal benefits to superannuated insured
persons with relaxed norms. You can now pay by GPAY, Phonepe,
He was responding to a query on sta-
tus of the big reforms on the insurance The decision was taken at the 193rd Paytm, Amazon, ICICI Pay, BHIM UPI
sector that the Finance Ministry had meeting of ESIC under the chairman-
contemplated in the year 2022. ship of Union Minister Bhupender
Yadav, a labour ministry statement
Infact, DFS had exposed for public and
said.
stakeholder comments a set of pro-
posed amendments for both IRDAI Act The ESIC approved a proposal to provide
and Insurance Act and received slew of medical benefits to the insured super-
suggestions by December 15, 2022, annuating workers who went out of the
which was the last date for sending in ESI Scheme coverage due to exceeding
feedback. the wage ceiling, if the worker was
under insurable employment for at least
The proposed amendments to these
5 years before superannuation/ volun-
two laws are part of the Centre and
tary retirement, it stated.
IRDAI's overall efforts to enhance in-
surance penetration, encourage prod- The persons who were in the insurable
uct innovation and diversification so as employment for at least 5 years after
to achieve the goal of 'insurance for all' April 1, 2012 and superannuated/vol-
by 2047. untarily retired on or after April 1,
2017 with wages up to Rs 30,000 per
Since it has been over a year after the
stakeholder views had been received, month will be benefitted under the new
there is now lot of heightened discus- scheme.
sion in industry circles and among the To augment the service delivery
public on when the government in- mechanism in North-eastern states to
tends to implement these reforms fulfil the vision of Act East Policy of the
through amendments to the Insurance government, the ESIC relaxed the ex-
Act 1938 and IRDAI Act. isting norms for establishment of dis- Sashi Publications Easy Payment
pensaries, medical infrastructure/re-
With India slated to go in for general Modes :-
elections in the next few months, it is gional/sub regional offices in NE states i) UPI ID: SASHIBOOKS@KOTAK
unlikely these reforms will see light of including Sikkim. ii) GPAY: 9830171022@okbizaxis
the day till the polls are completed To promote holistic wellbeing of ESI iii) PAYTM: 9830171022@paytm
and a new government comes into of- beneficiaries, a new policy on AYUSH
fice (although there is high expectation 2023 in ESIC institutions was adopted iv) NEFT: Current A/C
of current dispensation returning back during the meeting. The policy details 402120110000327 of 'SASHI
for third term), an industry observer the establishment of Panchkarma, PUBLICATIONS PRIVATE
noted. Kshara Sutra and AYUSH units in ESIC LIMITED, Bank of India, VVK
hospitals. Road Branch., Kolkata, India,
Besides introduction of concept of
"composite insurance licence" and During the meeting, to strengthen the IFSC Code : BKID0004021
captive insurers, the reforms proposed infrastructure of medical care, ap- v) Credit Card:
in 2022 include allowing insurers to proval for acquisition of lands for con- www.sashipublications.com
distribute other financial products as struction of 100-bed hospitals each at For any query please call
specified by IRDAI and allowing ser- Udupi, Karnataka; Idukki, Kerala and 9073791022/9883398055
vices to insurers that are incidental or 150-bed hospital at Malerkotla, Punjab www.sashipublications.com
related to insurance business. was also accorded.

10 March 2024 The Insurance Times