Page 51 - The Insurance Times October 2024

women specific pension plans. Product innovation by subscription from any female member of the family could
insurers and awareness amongst women about their old help in creating a specific estate for females for their old
age needs could help elderly Indian women to live a age security. Moreover, the tax exemptions under the
dignified life in their grey years. scheme under tier I is currently EET, and the lunpsum/
Annuity products with special provisions of flexibility in pension when received is taxable. Tax exemption of the
premium payments, better interest rates and annuity pension amount would make it more acceptable.
options for women could be designed. Encashment of Benefits under National Widows Pension need to be
annuity options in case of critical illness specific to revised upwards as to meet the basic subsistence needs
women. Women intermediaries to create awareness for NPS-
Obligatory business from Women segment- Strict Special provision of NGOs, self help groups and other
regulations for the Insurers and obligatory business from agencies working for women welfare to work as
women segment as a part of corporate social Intermediaries for female subscribers could help in
responsibility can bring the women under the pension creating a vibrant system to reach this segment. In the
umbrella. absence of any women centric specific channel of
distribution, the National aim of inclusive growth in
National pension scheme needs publicity on a wider
financial sector remains a dream. There have been
canvas to create awareness through news papers,
some recent initiatives of the Insurance Regulator to
media, advertisements, hoardings and Internet for tech
appoint Bima Vahak (women) in the distribution of Bima
savvy public. Extensive campaigning is required in rural
Vistar product.
areas to create awareness through primary schools,
primary health care centres, banks and NGO's working
Bima Vahak which is a women centric intermediaries channel
in rural areas. Post offices could be used as point of
to outreach women in every Gram Panchayat and village.
presence for the scheme.
Bima Vahak are proposed to be deployed by the Insurers by
Government Subsidy for women in NPS - Government December 31.2024 to sell Bima Vistar products. Bima Vistar
initiative on contributory basis for female subscribers in product is designed by the regulator to provide cover for
NPS could help in incentivizing and creating awareness life , health, personal accident and property insurance only.
amongst females. If the scope of Bima Vahak is extended to provide women
centric pension plans , Bima Vahak could prove to be a boon
Special Tax incentive for women in Pension plans and
NPS - Tax rebate under section 80CCD(1B) has been for the millions of elderly women.
separately created from assessment year 2015-16 for
upto Rs 50,000/ for NPS subscribers. A further step on References:
the part of government for extra tax rebate in case of Various Sources.

Insurance company see 40%-80% drop in dengue claims

All insurance companies have witnessed a drop in claims from dengue patients across the city in Aug and Sept so far,
though this period usually sees a spike in hospitalisation for the vector-borne disease. From April 1 till Sept 22, insurance
companies recorded a 40%-80% drop in dengue claims in Bengal compared to that in the same period last year, the
highest in India.
A National Insurance Company official said last year, they got 1,183 claims from April to Sept 22, but the figure decreased
to 211 this year. Their pan-India applications decreased from 10,744 to 8,693. Other insurance firms, too, registered a
similar decline. Parthanil Ghosh, director and chief business officer, HDFC ERGO General Insurance Company, pointed
out they received 80% less insurance claim applications for malaria and dengue in Bengal than that last year. “Major
factors contributing to this decline in dengue hospitalisation is the late onset of monsoon this season and rain deficit,” he
said. HDFC ERGO furnished IMD data that confirmed a 40% rain deficit in Gangetic Bengal till Aug.
According to Bengal figures by ICICI Lombard, insurance applications for dengue hospitalisation came down by over
two-third of last year’s applications between April and the first week of Sept. While the company got 96 applications
till Aug-end in 2023, the figure was 26 this year.

46 October 2024 The Insurance Times