Dear All,
I have addressed a letter by email to Chairman, IRDAI as follows.I also attach a copy of the circular dt 9/11/2017 issued by RBI to all the Scheduled Commercial Banks which has been published in Mr R K Sahni's blog.
Greetings.
C H Mahadevan
10/11/2017
To
Chairman,
Insurance Regulatory & Development Authority of India,
Hyderabad
Dear Sir,
Re: SERVICES TO SENIOR CITIZEN CUSTOMERS AND CUSTOMERS AGED MORE THAN 70 YEARS
Kindly find attached a copy of the circular dated 9/11/2017 issued by the Reserve Bank of India to all the Scheduled Commercial Banks in case it has already not come to your notice.
It will be observed therefrom that the Apex Bank has issued detailed instructions in respect of priority service to senior citizen customers and differently abled customers including visually impaired persons.
More importantly, the Bank has also issued instructions for "Doorstep Banking " for customers aged more than 70 years of age.
In insurance industry also, more particularly in life insurance companies, there may be a sizable number of senior citizens who are customers who have taken policies in their younger days and also senior citizen policyholders who have taken pension policies where the policy contracts may still be in operation. The senior citizen policyholders whose policies mature or some benefits payable under policies may need service from LIC .Many policyholders who have taken policies under Jeevan Suraksha Pension Plan and Jeevan Dhara Pension Plan from LIC of India receiving monthly pensions under such policies might have completed 70 years or more and Life Certificates are required by LIC during intervals of a few years for continued payment of pension especially after the guaranteed period .Such policyholders may require some help from LIC.
Similarly, there are health insurance policyholders in the general insurance companies who may be senior citizens and many of them may be aged more than 70 years .They may also need some special assistance from the insurers in the event of having to avail Cashless Hospitalisation benefit on account of in-patient treatment in hospitals in coordination with the Third Party Administrators. They may also need help for obtaining claim settlements for amounts spent by them for treatment/surgery in hospitals.
In addition to the above there are pensioners including family pensioners-who are internal customers- of LIC of India and public sector General Insurance companies a sizeable proportion of whom are aged more than 70 years .Many among them may be submitting their yearly Life Certificates in the physical form instead of a digital certificate. They will be very much helped if door step service is provided to them for submission of such certificates once in a year.
Besides, many a time, under the Group Mediclaim Scheme under which LIC Pensioners are covered, assistance is required by aged pensioners for obtaining TPA's E-cards, availing Cashless Hospitalisation in the event of admission in a hospital for treatment or surgery and also for claim settlement where medical expenses are claimed by way of reimbursement. Besides whenever the amount of insurance cover is increased they also need to submit their option forms if they wish to exercise the same for availing the increased cover.
Considering the above, it will be appreciated that the senior citizen insurance customers –including pensioners of the public sector insurance companies-are similarly placed as Bank customers and hence need similar priority treatment as directed by the Reserve Bank of India to the Scheduled Commercial Banks.
I therefore suggest that the Insurance Regulatory and Development Authority of India may issue suitable similar instructions to the Life Insurance Corporation of India , the public sector general insurers and the various private life and general insurers for priority service to senior citizen customers in general and those aged over 70 years in particular.
Thanking you,
C H Mahadevan
Executive Director (LIC)(Retd)
Camp:Columbus(OH)(USA)
