'ËĘ ÁflÁŸĸĘ∑§ •ı⁄U Áfl∑§Ę‚ Ž˝ĘÁœ∑§⁄UáĘ - IRDA

in the airc) The insurers who have been allottedthe State shall be referred as “LeadInsurers” in that State.d) The Life Insurance Council and theGeneral Insurance Council shall allotthe States by consensus to theinsurers.5. Tie up between life and non-lifeinsurers:(a) A Lead life insurer shall issue policiesunder this standard product and havea tie up with a Lead non-life insurer forthe benefit structure relating to“General” described below or a Leadnon-life insurer shall issue policiesunder this standard product and havea tie(3) Health Insurance(HI),(4) Health- Pre-hospitalisation (HPH),(5) Health- Post-hospitalisation (HPPH),(6) Critical illness (CI) covering cancer;stroke; kidney failure; first heart attackand major organ transplant,(7) A lump sum amount payable onmaturity.(ii) General:(1) Personal Accident- Partial andpermanent disability (PAPPD),(2) Health- Pre-hospitalisation (HPH),(3) Health- Hospitalisation (HH),(4) Health- Post-hospitalisation (HPPH),other verifiable monetary valuesserving as proxies to income ofinsured;(iii) Sum assured/insured will be linkedbetween lines of business by therelationship of 100% for death coverin Term life, 200% to 300% for PAPPD,25% to 50% for each of H and CI, 50%to 150% for FD, 10% to 30% for FA andFS.(iv) Each section such as PA, H or otherbenefits will be subject to thecombined limit of sum insureddefined for the section as determinedin (iii) above.7. Extension of cover to familymembers:up with a Lead life insurer for thebenefit structure relating to “Life”described below.(5) Critical illness (CI) covering cancer;stroke; kidney failure; first heart attackand major organ transplant,(a) The standard product may beextended to the family members atthe option of the insured.irda journal October 2012(b) The details of the tie up arrangementsbetween a life insurer and a non-lifeinsurer shall conform to provisionscontained in regulation 3 of the IRDA(Micro Insurance) Regulations, 2005.(c) Lead Insurers in the general/lifeinsurance business shall not deny tieupwith the Lead insurers in thelife/general insurance business, ifapproached, to meet the 75%requirement. However, other insurerswho wish to meet their 25%requirement in other States may havetie-ups with any other insurers andconform to provisions contained inregulation 3 of the IRDA (MicroInsurance) Regulations, 2005.6. Benefit structure:(a) Benefit structure: The benefitstructure shall include both lifeinsurance and general insurancecovers, as listed below.(i) Life:(1) Term life cover on death duringdefined term (TL),(2) Personal accident Partial andpermanent disability (PAPPD),(6) Fire- Dwelling (FD),(7) Fire- Assets, such as pump set,agricultural tools, farm machinery(FA),(8) Fire- Stock (including livestock) (FS).(b) Benefit options: There shall bemandatory covers in the Standardproduct with attached riders/add-onsas listed below:(i) Base Plan: This will include Term life, CI,& PAPPD as mandatory cover and theremaining covers referred in (a) maybe offered as riders/add-ons. Theminimum Sum assured for Term LifeCover shall be Rs.40000.(ii) Additional Plans: The cover offeredshall be the same as in the Base Plan,however, the sum assured optionsshall range from Rs.40000/- toRs.200000/-for the term life cover(c) Benefit levels:(i) Sum assured/ insured will be availablefrom Rs.40000/- to Rs.200000/- withmultiples of Rs.10000/-;(ii) Sum assured/insured to be offeredshall be in line with limits in the KCC or8. Period of cover and premiumpaying term:(a) The period of cover shall be offeredbetween 5 to 25 years in all cases ofindividual assurances/ insurancepolicies and one year grouprenewability covers may be offered togroups.(b) However, the general insures shalloffer the term as three years withcontinuous guaranteed renewabilitycondition for the subsequent threeyear periods. If the balance of period isless than three years, general insurersshall renew the policy only for suchbalance period and shall provide thepremium rates at the outset for thisbalance period of less than threeyears.(c) Continuous guaranteed renewabilityshall be subject the provisions of asstipulated in the IRDA (Protection ofPolicyholders’ Interest) Regulation,2002.(d) Premium paying term shall be equalto the period of cover and shall allowweekly/monthly/quarterly/halfyearly/yearlymodes.18