Affordable health premiums must for insured: Mukherjee

Highlights need for effective grievance redressal system for policy holders


Geetanjali Minhas | September 2, 2010

Underlining the challenges faced by proliferation of private players in the insurance sector, finance minister Pranab Mukherjee has said there is a need for affordable premiums for health insurance seekers. He was addressing a gathering at the Global Insurance Summit organised by Assocham in Mumbai on Wednesday.

“Financial inclusion especially of the semi-urban and poor population of the country is a challenge for insurance industry and micro insurance is an essential component of financial inclusion package,” he said. 

He said the insurance industry should be prepared to deal with any kinds of catastrophic losses when it comes to insuring against natural disasters. “The insurance companies should concentrate on exploring the world reinsurance markets so that the impact of heavy losses can be mitigated.”

Also highlighting the need to refurbish underwriting skills he said, “underwriting skills which got lost with the introduction of tariffs in the general insurance business have to be brought back to the non-life industry and for that insurance companies need to improve employee productivity through continuous professional development, in-house training programmes , advanced level training etc.

Mukherjee said companies must use advanced technologies to save costs and extend maximum outreach.
He also highlighted the need for an effective grievance redresssal system for policy holders. “While ombudsmen provide a dispute redressal mechanism, it is essential that the insurers themselves institute in-house grievance redressal mechanism where the policy holder is the centre of attention.”

The IRDA has set up a toll-free number for the same. Especially in the area of ULIP’s IRDA has come up with a number of regulations and guidelines.



Other News

Lost in Transmission: Why calls ‘drop’, what can be done about it

Random call drops across cellular networks has been a major nuisance for consumers. Despite the advent of technologies like 4G, 5G and users upgrading their phones, they continue face the same old problem of call drops. Earlier, with 2G, calling was the primary service from the mobile telephony firms, howe

India’s Semiconductor Mission takes giant leap

The union cabinet on Thursday approved the establishment of three semiconductor units under ‘Development of Semiconductors and Display Manufacturing Ecosystems in India’. Involving a total investment of nearly Rs 1.26 lakh crore, the three units  -- two in Gujarat, one in Assam – wil

Mumbai Airport: Less congestion, fewer delays, says MoCA

Mumbai is one of busiest airports in India, handling a large volume of domestic and international flights including military, non-scheduled and general aviation flights. Mumbai`s Chhatrapati Shivaji Maharaj International Airport (CSMIA) has two intersecting runways which cannot be operated

“900 tenders worth Rs 150 crore?” For ward-level works: BMC

BrihanMumbai municipal corporation is floating nearly 900 tenders worth of Rs 150 crore in the next 10 days, but that is only for ward-level civic works, the BMC clarified on Monday, reacting to reports in a section of media.    “Since there are 25 wards in BMC, it involves m

Elections 2024: Banks, post offices to chip in for voter education

In a first-of-its-kind initiative, Election Commission of India (ECI) on Monday signed a memorandum of understanding (MoU) with two prominent organisations, the Indian Banks’ Association (IBA) and the Department of Posts (DoP), to amplify its voter outreach and awareness efforts ahead of the forthcom

Charming tales of the Snakeman’s early years

Snakes, Drugs and Rock ’N’ Roll: My Early Years By Romulus Whitaker with Janaki Lenin HarperCollins, 400 pages, Rs 699

Visionary Talk: Amitabh Gupta, Pune Police Commissioner with Kailashnath Adhikari, MD, Governance Now


Current Issue


Facebook Twitter Google Plus Linkedin Subscribe Newsletter