Antony JacobApollo Munich Health InsuranceThe Indian industry is looking at the upcoming Union Budget 2017-2018 with a keen sense of hope and confidence that the government will aid all businesses to grow to augment the country’s economic growth. The government is expected to launch a universal health insurance scheme this year. We hope that the government develops this as a non-taxable service, to enable the scheme to grow exponentially, resulting in a rapid boost for the penetration levels. A tax free scheme would encourage all those people who have yet to enter the health insurance market, to consider investing in the scheme to avail of quality healthcare.Another hope we have for this year’s union budget is the move to reduce service tax/GST on health insurance services to benefit those seeking to purchase health insurance in the upcoming fiscal. The 15% service tax levied in last year’s Budget has been a deterrent to those considering the purchase of health … [Read more...] about Budget 2017: Health insurers should be exempted from MAT provisions
Indian insurance act
A Finance Ministry press release in Jan 2018 read: “The resolution instruments presently available under the respective legislations are limited, and so is guidance on the process leading up to the resolution . . . RBI can effect change in bank management, or impose moratorium and recommend mandatory mergers. In the case of a bank, typically either of the two methods of resolution has been used, that is, amalgamation or merger of a weak bank with another bank; or winding up of the bank. Other resolution instruments are not available . . . The FRDI Bill will replace the existing resolution regime by providing a comprehensive resolution regime that will help ensure that, in the rare event of failure of a financial service provider, there is a system of quick, orderly and efficient resolution in favour of depositors.” … [Read more...] about Yes Bank and LVB cases: Are bail-ins preferred by the RBI in its rescue acts?
The IRDAI also released its own set of telemedicine-related advisory in June. You can get your doctor’s consultation fee reimbursed even if the discussion has taken place over the phone, video call or online. However, this does not mean that you can send your routine doctor’s consultation bills to your health insurer. Regular health policies do not cover such outpatient department (OPD) expenses. But if you were hospitalised and have had to consult your doctor, whether physically or virtually, for follow-ups, such expenses will be paid for up to 30-90 days as part of post-hospitalisation. … [Read more...] about Coming soon: A digital health card that would have all your medical records
In the bid notice, the Department of Investment and Public Asset Management (DIPAM) said LIC needs to develop an Indian Embedded Value (IEV) reporting framework for necessary disclosures for the proposed Initial Public Offering (IPO). Embedded value is a common valuation measure used to estimate the consolidated value of shareholders' interest in an insurance company. … [Read more...] about Finance Minister invites bids from actuarial firms for valuing LIC ahead of IPO
Last but not least, as health insurance awareness is one of the key problems in increasing penetration across the country, we wish that the Government would build a budget for marketing programs, which would enhance the need for Indians to get covered under health plans. This initiative found immense favour last year with IRDA and the insurance council with support from all the insurance companies. A budgetary allocation this year would make it far more effective and efficient. … [Read more...] about Union Budget 2015: More tax sops can promote healthcare, says Apollo Munich