The Hon'ble Prime Minister has launched the Scheme of free cashless hospitalisation for citizens of the country under PM JAY.
When the members aged 70 and above among our LIC pensioners start availing the free hospitalisation benefit upto Rs 5 lks, naturally, the claims for this segment of beneficiries for New India is bound to come down substantially and this is the segment which will contribute for the largest proportion of claims.And major proportion of the claims in this segment will be less than Rs 5 lks.
So it is necessary for LIC and the New India Assurance Company to rework the estimates of likely claim amount and reduce the Mediclaim premium accordingly.It may be necessary for LIC to adjust the monthly recoveries of premium from the next month onwards upto March 2025.For the next financial year also, the effect of the newly launched should be factored while renewing the scheme with revised premiums.
All the pensioners' Associations need to immediately take it up with the LIC Management for causing a review of the Group Mediclaim Premium rates immediately.
C H Mahadevan
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