LATEST IRDAI GUIDELINE FOR KYC FOR HEALTH, MOTOR & OTHER INSURANCE POLICIES.

The Insurance Regulatory and Development Authority of India (IRDAI) mandated KYC (know your customer) to buy or renew health, Auto and other insurance policies available in India on August 2022. This new guideline has been in effect since January 1st.

Before, policyholders had the option to get their KYC completed on a voluntary basis, but now that it is required by a recent IRDAI guideline, insurers must do so before selling and renewing policies to both new and existing customers. Due to the fact that insurance companies have access to their clients’ complete information, this change will result in a process that is much quicker, safer, and more seamless.

Let’s examine the reason why IRDAI made KYC mandatory for health insurance.

The Insurance Regulatory and Development Authority of India (IRDAI) has made KYC mandatory to defend insurance companies from fraudulent practices like money laundering.

Knowing your customer (KYC) helps a business gain a clear understanding of its clients and make a more accurate assessment of whether they are real and will continue to be dependable when using its insurance services. According to the risk percentage, it aids in classifying customers. Insurance companies can make better decisions in the long run when it comes to meeting customer needs if they have access to detailed information. Additionally, it speeds up and streamlines the processes for purchasing, renewing, and resolving claims.

To better understand how KYC assists insurance companies in determining the customer’s risk percentage: let’s look at an example.

Assume a policyholder works in a chemical manufacturing plant; chemicals are toxic and highly flammable, so there is a higher risk of illness due to excessive chemical exposure than someone working in the cooperative sector. We get detailed customer information with KYC, which helps with better categorization in terms of low, medium, and high risk of getting sick.

List of accepted KYC methods:

• Aadhar-based KYC ( Online Authentication process)
• KYC Based on Aadhar Card ( Offline Authentication Process)
• Digital KYC in line with PML rule (Prevention of Money Laundering)
• Video-based identification procedure (VBIP)
• The KYC Identifier provided by CKYCR (Central KYC Registry)
• Official valid documents (OVDs), such as a passport, a driver’s licence, evidence of ownership of an Aadhaar number, voter identification cards issued by the Election Commission of India, job cards issued by NREGA attested by state government officials, letters issued by the National Population Register containing demographic information, or any other document, are notified by the central government following review by the IRDAI.
• Form 60/Pan Cards

List of KYC documents required for health insurance customers:

• Passport
• Driving License
• Evidence of ownership of an Aadhar number
• Voter identification cards issued by the Election Commission of India
• Job cards issued by NREGA attested by state government officials
• Letters issued by the National Population Register containing demographic information.
• Or any other document, are notified by the central government following review by the IRDAI.

Insurance companies are required to follow the KYC procedure in accordance with the IRDAI’s guidelines, which are as follows:

• The insurer should make every effort to confirm the true identity of a customer.
• Implement a successful process to distinguish between new and existing clients.
• Verify that no fictitious or anonymous names have been provided by any insurance plan.
• Confirm the client’s name, address, and most recent photo.
• If the address is different from the one listed on the Aadhar card, “Self declaration” is necessary. The Aadhar card will be used as evidence of identity and address.
• Ask customers for OVDs (Official Valid Documents) if aadhar authentication is not possible because of age, illness, or injury.
• Gather customer details from agents, intermediaries, and relevant sources.
• Verify that the insurance premium does not differ significantly from the customer’s income.
• The customer has the option to submit a suspicious transaction report (STR) to the Financial Intelligence Unit-India if the insurer is unsatisfied with the customer’s claimed identity or translation (FIU-IND)
• If the customer is a legal person, take the necessary steps to locate the customer and the legal owner.
• Cross-check and adequately confirm the identity and authorization of the person claiming to act on behalf of a judicial person.
• Use a variety of documents to identify and confirm the judicial person’s legal standing.
• If the customer is a politically exposed person (PEP), the insurer must consult with senior management before making such proposals.
• Insurers must carry out client due diligence in accordance with Rule 9 of the PML regulations.
• Insurers must carry out client due diligence in accordance with Rule 9 of the PML regulations.

Measures taken by insurance companies prior to conducting KYC for health insurance customers:

• Obtain PAN/Form 60 from clients.
• All necessary sources, including agents and intermediaries, should be contacted to gather detailed information about the customer.
• In accordance with Rule 9 of the PML regulations, insurers are also required to exercise client due diligence by performing KYC on both current and potential customers.
• Based on risk levels and the total amount of insurance coverage for a fiscal year, they must also continuously perform due diligence on customers.
• Do not enter into a contract with a client whose name appears on the UN Sanctions List, with Banned Parties, or with People Suspected of Having Terrorist or Terrorist Organizational Links.
• If the customer is a politically exposed person (PEP), the insurer must seek approval from senior management before making such proposals.

 Conclusion:

The Insurance Regulatory and Development Authority of India (IRDAI) has mandated KYC for buying and renewing general insurance, including health insurance. The article explains how to conduct KYC for new and existing customers, as well as the safety measures that insurance companies must take before conducting KYC on health insurance customers. Go through the article to learn the list of documents needed for KYC, and keep it handy when purchasing or renewing a health insurance policy.

Better your mental health by adding and subtracting a few habits in your Daily Routine.

Mental health is still considered a taboo subject, but the fact that many influential people are talking about undergoing therapy is piquing the interest of young people to learn more about it and raise awareness.

While thinking about how to improve your mental health is important, we should also give serious consideration to whether or not your mental health is in good shape.

Let’s examine the scientific definition of mental health before learning about methods for enhancing it. According to WHO , “Mental health is a state of mental well-being that enables people to cope with the stresses of life, realize their abilities, learn well and work well, and contribute to their community. It is an integral component of health and well-being that underpins our individual and collective abilities to make decisions, build relationships and shape the world we live in. Mental health is a basic human right. And it is crucial to personal, community, and socio-economic development. “

We have read numerous articles on the subject of how to improve your mental health, including two, five, ten, twenty, and fifty different methods. However, very few explore deeper into the significance, science, facts, and human experience after taking those measures. As a result, we’ve narrowed it down to 5 ways that, in 99.9% of cases, will both improve your mental health and your general quality of life.

Overthink less meditate more!

Have you heard the phrase, “Meditation is the best medicine? ”If not, give it a shot. Do not rush; instead, sit down in a comfortable position. It must be comfortable, to begin with otherwise you will be distracted the entire time. Consider taking back support if necessary. No rules…!

For a relaxing experience, choose a quiet place to sit or turn on some relaxing music. Other options are the sound of birds chirping or water trickling. Just enter your preferences to find a wide range of options across numerous platforms.

Observe how you are feeling while taking regular breaths. This aids in monitoring what is happening within. After spending some time with those ideas, exhale deeply and let them go.

Bringing breathing back to normal Observe how you feel right now, then dig further into that idea to see if there is any confusion, insecurity, envy, hurt, disappointment, grief, an unresolved question, or anything else that is causing you to overthink and feel a certain way.

The key is to be completely honest with yourself and not feel bad about it. We don’t have to be perfect; nobody is. Deepen your breathing, then release that emotion. If the thought lingers, continue inhaling and exhaling until the memory begins to fade.

Now, just be. Feel the wind, listen to the music, and take note of how you’re seated. If your mind is still racing, pay attention to it. Give that thought your full attention if you find yourself thinking about it repeatedly. Examine whether it makes sense or offers some kind of theory or logic; if so, great, you have an idea; if not, take a big breath and let it go.

Meditation is more than merely pausing a thought for 10 minutes and inhaling and expelling a deep breath. When you meditate, you can examine your inner self, mend any wounds there, and find serenity. If you’re just starting, watch some guided meditation videos first. It will help you get the hang of how to do it. Keep your schedule steady; if its 10 minutes each day, do it every day. If your strategy is solid, you’ll see the change right away.

Build a Routine and stick to it!

Most people who struggle with mental health difficulties have disrupted routines. Indulging in poor eating habits, staying up late, lounging around, increased screen time, and numerous other factors.

A person who has even one or two unhealthy habits has a higher possibility of having all of the above since one habit might lead to another. A person with a routine can experience depression, but they cannot remain in it for very long, according to a medical study.

Several studies have shown that developing and sticking to a routine not only improves your mental health but also helps you manage stress, reduce substance abuse, alleviate bipolar disorder, and anxiety, promote healthy habits, and combat burnout.

How do you establish a routine?

Building a routine all at once is neither practical nor permanent. For example, say you want to make specific adjustments in your lifestyle, such as getting up in the morning, eating well, spending time with family, and so on, all at once. It’s possible, but only for a day or at the most for a week, and that too is a responsibility.

A stronger routine isn’t built that way. Add one change at a time. For example, if your priority is to get up on time, focus on that for a week or two, and then, if your body is comfortable with staying consistent, introduce the next step.

Additionally, you don’t need to be flawless every day because maintaining a schedule can be challenging on some days.

If that happens, you can always take a break and try again the following day. If you acquire this attitude, it’s guaranteed that every day will bring something new and interesting, and you’ll have plenty of time to get things done.

Weight training: Look Good Feel Good

Weightlifting, commonly referred to as strength or resistance exercise, aids in muscle growth but more importantly, it releases feel-good hormones.

According to a study, lifting heavy weights releases the body’s natural levels of the feel-good hormones dopamine, serotonin, oxytocin, and endorphins, as well as dopamine, which is also linked to learning, memory, and motor system function (a component of the nervous system that controls voluntary movement). Endorphins are the body’s natural painkiller.

Let’s explore some of the many advantages of weight training:

Boosts creativity, memory, productivity, attention, self-confidence (when you change the appearance of your body, you know it’s due to your hard work, which boosts self-confidence and a lot of mental strength), positive self-talk, better body image, boost mind and body connection, and brain capacity regardless of where your mental health journey began. According to professional research.

It removes mental fog, enhances concentration, reduces stress, and teaches the brain (when you hold a posture until your muscles give out, you know you can do anything! which reflects in your regular activities.) If you conduct the training among others, you will develop social connections too.

Eat clean 4 Days a week

Eat healthy at least four days a week; there is a difference between eating healthy and dieting. By “clean eating,” we mean eating nutritious, home-cooked food that is well-balanced and contains the recommended amounts of carbs, protein, fiber, and vitamins. The ideal diet includes the right amounts of micro and macronutrients for your body and mind to grow.

Pre Breakfast – 2 glasses of water, Coconut water, Amla aloe vera juice, soaked nuts

Breakfast – Vermicelli, Oats, Poha, Besan chilla, Eggs

Lunch – 2 wheat Roti, any vegetable (rajma, chole, paneer, spinach, tofu), lassi, salad

Evening snack – Chana chat, Roasted makhana with tea or coffee

Dinner – 2 roti, paneer, sauteed mixed veggies, dal

Post dinner – Haldi milk

The meal plan above is simply an example; there is no requirement that you follow it exactly. You should always experiment with your diet to see whether it improves your day-to-day mood and activities or has a negative impact. Keep in mind that because our bodies are so varied from one another, something that may be beneficial to you may be harmful to my body. As a result, always pay attention to what you are eating and how it affects your body.

Since our bodies are formed of protein, it is advised to consume a high-protein diet. However, in actual human experience, each body reacts differently to protein, and for some people, it might cause bloating or gastric discomfort.

Nutritionists recommend including some protein in your meals since it helps your body’s muscles grow and stay healthy. However, bodybuilders need more protein than an average person who engages in typical activities. If your daily routine involves high-intensity work, your body may respond differently than someone who engages in low to moderate-intensity activities.

The easiest approach to determine how much protein your body needs is to speak with a nutritionist and follow their advice rather than relying just on what you read or see online.

Nature – Your Best therapist

When nothing makes sense, take a walk in nature. You have no idea how everything changes the instant you step out of your house, if not! Simply be present where you are and look around, notice people, plants, animals, and whatever else is there, and leave your phone at home.

Why? Since you might receive a crucial call and pick up despite your best efforts to avoid doing so. Although you are in nature, because you are not present in the moment, you will not enjoy the soothing sense that generally follows time spent in nature.

Be honest about how much time you or your child spends in front of screens each day. Today’s generation experiences mental health issues more frequently than folks from the 1980s and the early 1990s.

Modern technology could promise to make your life simpler, but in reality, it leads to a paralyzed style of living, as this global trend of urban living forces us to spend more time indoors than outdoors. Humans frequently forget that we are a byproduct of nature, and hence exposure to nature has numerous benefits such as enhanced mood, improved focus, reduced stress, and a lower chance of mental disorders. So, when things get tough, call on Mother Nature’s healing power.

Even spending time with animals might help you feel calmer. Nature can be your finest therapist or companion. To make your life worth living, make a conscious effort to spend at least 30 minutes outside.

Research shows, those who are more in tune with nature feel positive emotions like joy, relaxation, creativity, and concentration and have incredibly low risks of suffering from poor mental health, depression, or anxiety.

pre and post-hospitalization coverage, maternity benefit, PCOD/PCOS!

If we compare the chances of developing a severe illness between men and women, women’s health insurance is just as crucial as men’s insurance, if not more so. With this idea in mind, insurance providers created a special “health insurance plan for women in India” to address their medical requirements and, to a certain extent, provide coverage connected to pregnancy.

This plan is intended to provide financial protection for women’s health in a medical emergency and cover illnesses that females are more likely to contract over their lives.

In the past, women’s insurance coverage was limited to family floater plans or range as a dependent under a husband’s health insurance. However, today, women are reemerging like a phoenix in every industry and are covered by both group and individual insurance.

When choosing insurance for women, it would be wiser to purchase a comprehensive coverage plan that includes coverage for illnesses that affect women.

Why health insurance is important for women?

As women get older, they have a higher chance of developing a sickness or a deficiency. Numerous factors, including stress, low bone density, fluctuating blood pressure, and conditions connected to pregnancy, can contribute to the cause. The combination of stress and an inactive lifestyle causes hormonal imbalance in women’s bodies, which becomes the cause of PCOD and PCOS.

We are all aware that a woman’s body changes frequently, and this undoubtedly throws off her bodily functions, making her more vulnerable to health problems as she ages. They have a high chance of developing serious illnesses like breast cancer, osteoporosis, osteoarthritis, diabetes, hypertension, and immune or bone disorders.

If we consider pregnancy as an example, this is provided to women during their pregnancy period in accordance with the Maternity Benefit Act of 1961. This law safeguards women’s employment during pregnancy and ensures that they receive their daily pay without deductions so they can take the necessary rest and care of themselves and their unborn child without worrying about their employment or pay.

The paid maternity leave benefit that was previously provided to a woman was for 6 weeks prior to the expected delivery date, but now, in accordance with the Maternity Benefit Act of 1961, the number of weeks has been increased to 26 weeks.

why? Simply, to protect the mother’s health and of her child. While both men and women can care for a child, only women are biologically capable of giving birth to and breastfeeding a child.

Through a variety of ways, maternity insurance protects against risks to women’s health associated with pregnancy. As a result of the unique physiological demands posed by pregnancy and childbirth, this is essential for maintaining good health.

Longer maternity breaks are linked to fewer premature births, less maternal depression, and decreased prenatal, infant, and child mortality, as per the studies. Additionally, longer nursing periods are linked to longer maternity absences, which benefit children’s development and health. You get a detailed analysis of maternity benefits’ importance through the https://mprp.itcilo.org/allegati/en/m3.pdf Pdf study.

Still, a significant number of pregnant women experience serious illnesses. According to the findings of a large-scale poll carried out throughout India, the majority of the female respondents said they experienced menstrual issues. In the respondents, menstrual issues like pain, irregularity, and excessive flow diminished as they aged. The following stats are sourced from www.statista.com a high authority website.

Let’s look at the “journals.lww.com” statistics of low bone density rates in women compared with men in India.

There are countless studies that show how important women’s health is and how females are vital in our nation’s economic development and decrease of poverty. Our top objective should be to have a health insurance plan that is specifically for women with maximum coverage.

Top Women’s Health Insurance Plan In India 2022

Let’s now examine the advantages that the women’s health insurance plan in India provides:

Cancer coverage: Cancer is a serious sickness for which the insured is provided with a guaranteed sum insured as soon as the listed illness is identified. It covers conditions including breast cancer, ovarian cancer, cervical cancer, uterine cancer, paralysis, burns, etc.

Congenital disorder: Up to 50% of the total sum insured is covered for congenital disorders, often known as birth defects. The ailment may manifest prior to birth or may be discovered after or during delivery.

Cashless hospitalization: The network hospital and the insurance provider will make the payment in the case of cashless hospitalization.

Recovery period cover: The time period during which a patient is recovering from a condition is referred to as the recovery phase. Many people overlook their right to claim the same thing due to ignorance.

Post-hospitalization: After being discharged from the hospital, any costs associated with subsequent treatment for the same condition are covered.

Coverage for job loss: In the event that a working woman loses her job 3 months after receiving a diagnosis of illness. They are presented with a special sum of money.

Cosmetic surgery: It provides financial assistance for surgeries required as a result of unintentional injuries.

Income tax benefit: This health insurance’s premiums are not deductible and have income tax benefits under Income Tax Act Section 80D.