Thanks for the replies,
All the members who have been denied policy should take such denials
in writing or in e-communication.
Well on my part, i have moved the application and waiting for the
denial. It would be fun clearing the grey area.
@Rajesh,
I was not denied any policy by LIC 2 years back neither i was charged
extra premium. DO let me know if anyone requires guidance on this
part.
Also i am pasting insurance rural regulations issued by IRDA in which
if you may see in explanations clause )G), regulation takes a
reference to the 1995 equal opportunity act and include people with
disability in the ambit.
XRCVC has researched and dug up these regulations for us.
--- --- ---
THE GAZETTE OF INDIA
EXTRAORDINARY
PART III- Section 4
PUBLISHED BY AUTHORITY
No.231] NEW DELHI, THURSDAY, OCTOBER 17, 2002/ASVINA 25,
1924
INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY
NOTIFICATION
New Delhi, the 16th October , 2002
INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY (OBLIGATIONS OF
INSURERS TO RURAL SOCIAL SECTORS) REGULATIONS, 2002
In exercise of the powers conferred by section 32C read with section
32B of the Insurance Act, 1938, (4 of 1938), the Authority, in
consultation with the Insurance Advisory Committee, hereby makes the
following regulations to substitute the Insurance Regulatory and
Development Authority (Obligations of Insurers to Rural Social
Sectors) Regulations, 2000, namely: -
Short title and commencement. ---- (1) These regulations may be called
the Insurance Regulatory and Development Authority (Obligations of
Insurers to Rural or Social Sectors) Regulations, 2002.
(2) They shall come into force from the date of their publication in
the Official Gazette.
2. Definitions. -- In these regulations, unless the context otherwise
requires -
(a) "Act" means the Insurance Act, 1938 (4 of 1938);
(b) "Authority" means the Insurance Regulatory and Development
Authority established under the provisions of section 3 of the
Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);
(c) "Rural sector" shall mean any place as per the latest census
which meets the following criteria--
(i) a population of less than five thousand;
(ii) a density of population of less than four hundred per square
kilometer; and
(iii) more than twenty five per cent of the male working population is
engaged in agricultural pursuits.
Explanation :-
The categories of workers falling under agricultural pursuits are as
under:
(i) Cultivators;
(ii) Agricultural labourers
(iii) Workers in livestock, forestry, fishing, hunting and
plantations, orchards and allied activities.
(d) "Social sector" includes unorganised sector, informal sector,
economically vulnerable or backward classes and other categories of
persons, both in rural and urban areas;
(e) "Unorganised sector" includes self-employed workers such as
agricultural labourers, bidi workers, brick kiln workers, carpenters,
cobblers, construction workers, fishermen, hamals, handicraft
artisans, handloom and khadi workers, lady tailors, leather and
tannery workers, papad makers, powerloom workers, physically
handicapped self-employed persons, primary milk producers, rickshaw
pullers, safai karmacharis, salt growers, seri culture workers,
sugarcane cutters, tendu leaf collectors, toddy tappers, vegetable
vendors, washerwomen, working women in hills, or such other categories
of persons.,
(f) "economically vulnerable or backward classes" means persons who
live below the poverty line;
(g) "other categories of persons" includes persons with disability as
defined in the Persons with Disabilities (Equal Opportunities,
Protection of Rights, and Full Participation) Act, 1995 and who may
not be gainfully employed; and also includes guardians who need
insurance to protect spastic persons or persons with disability;
(h) "informal sector" includes small scale, self-employed workers
typically at a low level of organisation and technology, with the
primary objective of generating employment and income, with
heterogeneous activities like retail trade, transport, repair and
maintenance, construction, personal and domestic services and
manufacturing, with the work mostly labour intensive, having often
unwritten and informal employer-employee relationship;
(i) All words and expressions used herein and not defined herein but
defined in the Insurance Act, 1938 (4 of 1938), or in the Insurance
Regulatory and Development Authority Act, 1999 (41 of 1999), shall
have the meanings respectively assigned to them in those Acts.
3. Obligations.--- Every insurer, who begins to carry on insurance
business after the commencement of the Insurance Regulatory and
Development Authority Act, 1999 (41 of 1999), shall, for the purposes
of sections 32B and 32C of the Act, ensure that he undertakes the
following obligations, during the first five financial years,
pertaining to the persons in---
(a) rural sector,
(i) in respect of a life insurer, --
(I) seven per cent in the first financial year;
(II) nine per cent in the second financial year;
(III) Twelve per cent in the third financial year;
(IV) Fourteen per cent in the fourth financial year;
(V) Sixteen per cent in the fifth year;
of total policies written direct in that year;
(ii) in respect of a general insurer,--
(I) two per cent in the first financial year;
(II) three per cent in the second financial year;
(III) five per cent there after,
of total gross premium income written direct in that year.
(b) social sector, in respect of all insurers, --
(I) five thousand lives in the first financial year;
(II) seven thousand five hundred lives in the second financial
year;
(III) ten thousand lives in the third financial year;
(IV) fifteen thousand lives in the fourth financial year;
(V) twenty thousand lives in the fifth year;
Provided that in the first financial year, where the period of
operation is less than twelve months, proportionate percentage or
number of lives, as the case may be, shall be undertaken.
Provided further that, in case of a general insurer, the obligations
specified shall include insurance for crops.
Provided further that the Authority may normally, once in every five
years, prescribe or revise the obligations as specified in this
Regulation.
4. Obligations of existing insurers.--- (1) The obligations of
existing insurers as on the date of commencement of IRDA Act shall be
decided by the Authority after consultation with them and the quantum
of insurance business to be done shall not be less than what has been
recorded by them for the accounting year ended 31st March, 2002.
(2) The Authority shall review such quantum of insurance business
periodically and give directions to the insurers for achieving the
specified targets.
N. RANGACHARY
Chairman
On 3/22/14, Ekinath Khedekar <ekin...@gmail.com> wrote:
Dear Legal experts,
I have got a sanction for a home loan, which can be covered through
various insurance providers amongst which includes Indiafirst.
If you take such insurance cover, your heirs do not have to pay the
home loan liability in case of your death.
But in my case though the Indiafirst executive is cooperative, he is
not sure of my application going through.
Thus, any circular by I R D A or other financial regulators may be
handy where disabled have been insisted to be covered.
SO please share any such regulations or any other guidance in same
regard is appreciated.
You can mail me any document on
ekin...@gmail.com
or directly contact me
Thanks
--
--- --- ---
"The waves breaking on the surface draw all the attention,
But it is the current beneath the water that determines your
direction..."
--
--- --- ---
"The waves breaking on the surface draw all the attention,
But it is the current beneath the water that determines your
direction..."
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