CEILING ON ESI MEDICAL REIMBURSEMENTS TO GO

Thiruvananthapuram: The ceiling on medical reimbursement to family members of workers covered under the ESI Scheme for treatment done outside ESI hospitals will be lifted.

Labour Minister P.K. Gurudasan said here on Monday that the Union government had approved a proposal of the State government in this regard. Besides, agreements would be signed with outside hospitals for direct reimbursement of bills. The ceiling was Rs.1 lakh for family members, while no ceiling was specified for the member of the Scheme (worker).

He said facilities at super-specialty hospitals of the ESI Corporation would be upgraded. Besides, more government, quasi-government and private hospitals would be enlisted to provide super-specialty services to patients referred by ESI dispensaries and hospitals. The Corporation had authorised the State Medical Commissioner to enter into an agreement with hospitals in this regard, and direct payment of bills.

Mr. Gurudasan said the proposed medical college under the ESI Corporation at Parippally in Kollam district was expected to start functioning from the next academic year. The Corporation had applied for the affiliation of the University of Kerala. The State government was in the process of issuing NOC to the college. He said the government had requested the Corporation that seats be reserved in the college for family members of workers covered under the ESI Scheme.

He said the Corporation had also completed a feasibility study for starting nursing schools in the State. The State government had sought opening of four schools (Ezhukone, Udhyogamandal, Peroorkada and Feroke).

He said hospital development committees were being formed at the ESI hospitals as per the decisions of the Corporation. These committees would be empowered to spend Rs.25 lakh to Rs.40 lakh for hospital development depending on the number of beds. Mr. Gurudasan said after the LDF government came to power, several steps had been taken to improve the infrastructure facilities under the ESI scheme.

Source: The Hindu

BOMBED OUT OF SLUMBER, AMC TO GET INSURANCE COVER FOR ITS BUSES

Ahmedabad: Ahmedabad has borne the brunt of both man-made and natural disasters in the recent past, taking a toll on both life and property. Over the years, the city has grown by leaps and bounds, adding public assets worth billions to its pride; a host of bridges, installations like pumping stations, water tanks, hospitals and other buildings to name a few. But curiously, none of these have an insurance cover against sabotage or damage due to terror attacks even as the threats loom larger than ever before.

Now, the Ahmedabad Municipal Corporation (AMC) is considering whether to provide an insurance cover to its much-hyped Bus Rapid Transit System (BRTS). AMC standing committee chairman Asit Vora said the general view that installations like bridges and other buildings do not require insurance cover is possibly because of the high premium involved, which often acts as a deterrent. "There has never been any insurance cover for all these structures and we do not see any need for it,” said Vora.

Incidentally, the civic body has also not gone for the insurance of its city buses because of the high premium involved. Also, it finds it convenient to pay compensation as and when accidents occur rather than pay the high premium regularly. But in view of the recent terror attack, the AMC is considering an insurance cover for the BRT installations in the city, said BRT in-charge D Thara.

As a matter of precaution, the civic authorities, with the help of the police, recently had the installations checked thoroughly, when it received threat calls, which later turned out be hoaxes. Insurance experts opine that the civic body is a government in itself and there is no need for it to get its installations insured. “The government is exempted from getting its assets insured … if work on some project is in progress, the contractor may go for the insurance of that project to cover the risk on investment,” said Ajay Dave, an insurance surveyor in the city.

He said the government has been in insurance cover activity to the extent of group insurance of persons like students in schools, employees and labourers under the social security schemes.

Source: The Indian Express

ICICI PRU, IIM-C TIE UP

ICICI Prudential Life Insurance has tied up with the Indian Institute of Management, Calcutta, (IIM-C) to launch a 10-month executive program in insurance and management. The graduates -- 80-100 in the first batch -- who are able to successfully complete the course will be offered frontline managerial posts at ICICI Prudential.

"We need a ready pool of talent and tying up with academic institutions is the way out," said Judhajit Das, chief, human resources, ICICI Prudential Life Insurance, the largest private life insurer in the country. "We play a pioneering role in designing courses to suit various industries. This program is designed to create a pool of talent for the life insurance industry," said Prof Saibal Chattopadhyay, dean, IIM-Calcutta.

The classes, to be held at IIM-C's Harrington Mansions address in the city, will begin from August. The selection process will include an aptitude test and group discussion followed by an interview. Once the student has cleared the process, s/he will be signed up for the program and will be handed an offer letter from ICICI Prudential on the first day of the program.

Prof Ashok Banerjee, architect of the course, said it took him almost a year to devise the program. "The non-residential program is divided into 21 courses over three terms. Each course shall have 30 hours of classroom teaching," he added. Ten members of the IIM faculty will be a part of the program.

Source: The Hindu Business Line

AVIVA LAUNCHES PENSION AND MONEY BACK PLAN

New Delhi: Private sector insurer Aviva Life Insurance on Monday launched traditional pension plan and money back plan with periodical lump-sum benefits. Secure Pension plan has been designed with the objective to encourage regular savings for policyholders and ensure pension during the retired life, Aviva told the media. The money back plan is the only product in the market with policy term options of 12, 15, 18 and 21 years, it said. Both polices are endowment with profit plans, it added. "We have had an extremely robust portfolio of unit-linked products and close to 95 per cent of our sales come from this segment. As we expand into tier 3 and 4 towns, we see an increased demand for traditional products with guaranteed returns," said Aviva India Managing Director Bert Paterson. Aviva Life Insurance is a 74:26 joint venture between Dabur and UK-based Aviva Plc with paid up capital to Rs 1,004.3 crores.

Source: PTI, The Economic Times, The Hindu Business Line

HDFC STANDARD LIFE LAUNCHES UNIT-LINKED WEALTH MAXIMISER PLUS

Mumbai: HDFC Standard Life on Monday said it has launched its Unit Linked Wealth Maximiser Plus, a single premium investment-cum-protection plan with a minimum premium of Rs 1 lakh. It offers flexibility of investing in five funds Money plus, Bond Opportunities, Large-cap, Mid-cap and Manager's fund. Its key features of the fund include an one-time investment at the start of the policy and cover till the age of 99-years, the media reported. HDFC Standard Life's Managing Director and CEO, Deepak Satwalekar said: "Wealth Maximiser Plus is the first unit- linked product in the Indian life insurance industry to offer the opportunity of investing in Manager's Fund, a fund that offers dynamic exposure between other equity and debt-type funds."

Source: PTI, The Economic Times, The Hindu Business Line