September 2023

Missing out one biscuit in a packet cost ₹1 lakh to FMCG major ITC. A Chennai-based consumer forum directed ITC Limited to pay ₹1 lakh for packing one biscuit less in a 16-biscuit “Sun Feast Marie Light” pack. A Chennai-based resident bought ‘Sun Feast Marie Light’ biscuits to feed stray dogs. To his surprise, he found one biscuit less in the packets. When he went to ask for an explanation from the local store, his queries were left unanswered. Later, he approached ITC for an explanation. However, the company didn’t respond properly, reported Times of India in its report. The event dates back to two years ago, when P Dillibabu of MMDA Mathur, in Chennai, bought two biscuit packets from a retail store in Manali to feed stray animals in December 2021. He found only fifteen biscuits in one of the packets. The wrapper mentioned 16 biscuits in its packaging, but it had only 15 biscuits, according to TOI. ITC cheated the public of over ₹29 lakh every day In his complaint, he pointed out how the FMCG major cheated the public over ₹29 lakh every day by providing one biscuit less than mentioned in the biscuit packaging. P Dillibabu mentioned that the cost of each biscuit is ₹.75. Manufacturers produce around ₹50 lakh packets a day. On this basis, back-of-the-envelope calculations would suggest that the firm cheated the public of over ₹29 lakh every day, reported TOI citing the complaint filed by Dillibabu. In response, the company said that the biscuits in the wrapper are sold only based on their weight and not on the number of biscuits. The mentioned net weight of the biscuit packet was said to be 76 grams. On weighing biscuit packets it was found that all unwrapped biscuit packets only contained 74 grams. In this way, ITC’s defense of the complaint was also turned down. At last, the consumer court ordered ITC to pay ₹1 lakh to Dillibabu as compensation for adopting unfair trade practices. It also ordered the company to discontinue sales of the particular batch of biscuits. 6 Sep, 2023 Source : Livemint

mumbai: Holding the developers of the World One project in ‘Upper Worli’ (Lower Parel) liable for unfair trade practice in promoting a project without the requisite statutory approvals and of deficiency in service for a four-year delay in offering possession, the National Consumer Disputes Redressal Commission (NCDRC) has ordered a refund of around Rs 33 crore for three flat buyer with 12% interest, with Rs 13 crore being the maximum payout. The project was promoted as “an iconic residential building comprising 117 floors and the tallest residential building in the world with several unique and premier features”. Construction was stalled around the 80th floor as the Airports Authority of India (AAI) did not give an NOC. In 2017, Premlata Garg (got Rs 13-cr payout), who had bought a three-bedroom flat measuring 2,044 sq ft in ‘The World Towers, Upper Worli’, approached the commission against Shreeniwas Cotton Mills Ltd (now merged and incorporated as Macrotech Developers Limited) and The Lodha Group. It was submitted that while the flat was bought in 2014, possession was to be received in 2015 and was delayed. The commission also pronounced orders with respect to other flat purchasers in the same project. While Mukesh Kumar Gupta will receive a refund Rs 10.3 crore with 12% interest, Agwarwal is to be paid Rs 9.8 crore with a similar interest. In a common order, the commission quoted the developers as denying the claims of the flat purchasers and submitting that the complainant was not entitled for refund since as per clause of the ATS (agreement to sell), the flat purchasers were required to terminate the agreement within 90 days of the expiry of the grace period, failing which it was deemed that they had accepted the revised date of possession. The commission, however, said, “Considering that the likelihood of legal offer of possession is remote in view of the absence of the requisite NOC for the proposed height of the building, seeking refund with compensation for delay is not unjustified”. It also said that as “allottees in a premier, iconic project the complainants cannot be compelled to accept possession and are entitled to seek refund of the money deposited”. The commission said that no document has been brought on record to explain why the construction of the building was stalled at the 80th floor or why the occupation certificate was available for up to 43 floors only. “In view of there not being any approval regarding the number of floors to be constructed because of the AAI’s NOC not being available and the offer of possession on the basis of a part occupation certificate which as per the ATS gives no legal right to the complainants, it cannot be disputed that the complainants were not within their rights to seek refund of their money with interest by way of compensation along with other reliefs,” the commission said. The developers had submitted that the flat buyer had not indicated the clause in the agreement relating to “factors beyond control of the opposite party” which included “… any notice, order, rule, notification of the Government or any other public or competent authority or of the court”. They submitted that the non-receipt of the NOC from the civil aviation department for height clearance fell under this clause. However, the commission said that this was not a sudden or unforeseen event, but was in their knowledge since the inception of the project as the NOC was not available to execute a 117-storey building. “Unfair trade practice and deficiency in service are writ large on the opposite party,” the commission said. 10 Sep, 2023 Source : THE TIMES OF INDIA

Union minister of state for consumer affairs Ashwini Choubey and RSS chief Mohan Bhagwat jointly inaugurated a programme to mark the golden jubilee year of the All India Grahak Panchayat at Seva Sadhna Vikas Kendra in Samalkha, Panipat, on Saturday The government is taking initiatives to protect consumer interest from false propaganda and misleading advertisements, said Union minister of state for consumer affairs Ashwini Choubey during the inauguration of a programme to mark the golden jubilee year of the All India Grahak Panchayat at Seva Sadhna Vikas Kendra in Samalkha, Panipat, on Saturday. The union minister and RSS chief Mohan Bhagwat jointly inaugurated the programme. Speaking on the occasion, the Union minister said the government has introduced an initiative wherein several products are being provided to the consumers at their doorsteps by directly procuring from the farmers. If this initiative gets succeeds this will be expanded to the entire country. He said providing the best quality products without causing any harm to nature is the top priority of the government. Mohan Bhagwat said the All India Grahak Panchayat is the only organisation in the country that works to address the grievances of the consumers. He said that such organisations should keep reviewing their work. Around 800 officials of the organisation and 400 people from different parts of the country participated in the programme. 10 Sep, 2023 Source : Hindustan Times

The lawsuit is among several private and state civil actions that accuse Amazon of business practices violating either consumer protection laws or antitrust provisions. Amazon.com must face a prospective consumer class action in Seattle federal court accusing the online retail giant of a price-fixing scheme that has artificially inflated prices for numerous goods on its platform, a judge ruled on Thursday. US District Judge John Chun in a 24-page order said the plaintiffs in the lawsuit, five residents of California and Maryland who said they regularly shop using Amazon’s website, could advance their claims challenging Amazon’s pricing policies. The consumer plaintiffs, Chun wrote, “allege the type of conduct that antitrust law is intended to prevent.” The ruling means the plaintiffs can pursue the merits of their claims, and Amazon will have a chance later to argue that the facts do not support any wrongdoing. A spokesperson for Amazon and lawyers defending the company in the litigation did not immediately respond to requests for comment on Thursday. An attorney for the plaintiffs, Steve Berman, said they were “thrilled by the order” and look forward to prosecuting the case. The lawsuit is among several private and state civil actions that accuse Amazon of business practices violating either consumer protection laws or antitrust provisions. The ruling comes as the US Federal Trade Commission is weighing a lawsuit against Amazon. The consumers’ lawsuit filed in July 2022 challenged Amazon’s “minimum margin agreements” with its merchandise suppliers. The plaintiffs alleged those deals have prohibited non-Amazon retailers from selling the same product elsewhere for a lower price. In their motion to dismiss the case, Amazon’s attorneys argued consumers lacked any power to sue over the company’s agreements with its wholesale suppliers. They also defended the agreements as “lawful and procompetitive price negotiations.” Chun ruled that the consumers could proceed with the case since they bought Amazon items that had prices allegedly affected by the company’s supplier deals. The plaintiffs’ complaint sufficiently alleged conduct that, if proven true, “results in reduced consumer choices and an increase in prices of products bought by consumers,” Chun wrote. The plaintiffs are seeking nationwide class-action status and triple damage under US antitrust law. 10 Sep, 2023 Source : Retail.com

The government will explore direct overseas listing of Indian firms on the London Stock Exchange (LSE)  only after a plan for overseas listing of domestic firms in the GIFT International Financial Services Centre (IFSC) in Gujarat is implemented, finance minister Nirmala Sitharaman said on Monday. The minister’s comments came during the meet with the UK Chancellor of the Exchequer Jeremy Hunt at the 12th annual India-UK Economic Financial Dialogue here on Monday. “We are looking at listing commencing with the IFSC. So, once that is done, we may look at moving further and that’s why you heard the chancellor saying that soon after that it is for India to consider listing in London. So, at this stage, we have said very clearly, we are looking at listing in IFSC first,” Sitharaman said. Buzzing stocks to watch: Praj, SJVN, Adani Enterprises, Schaeffler Hunt earlier said: “We are particularly pleased to have made a big step forward with the first confirmation by India that it will explore the LSE as an international destination for the direct listing of Indian companies.” Sitharaman said the UK has expressed willingness to further expand its footprint in the Gift City IFSC and foster a robust fintech partnership. The International Financial Services Centres Authority (IFSCA), the regulator for IFSCs, is looking to operationalise the framework for direct listing of companies on IFSC exchanges by end-2023. In July, Sitharaman had announced direct listing of Indian companies in GIFT IFSC. An Indian firm listing on the bourses in IFSC is comparable to listing on an international exchange like the New York Stock Exchange or the LSE. Currently, Indian companies are not allowed to list directly on overseas exchanges as per regulations. However, listed Indian companies can use American Depository Receipts (ADR) or Global Depository Receipts (GDR) to make their shares accessible to overseas investors or list debt instruments on overseas exchanges. Overseas listing treatment to firms listing in GIFT IFSC would help the Indian firms take advantage of lenient tax rules for the offshore facility. The IFSC is being groomed by the government to make it an international financial hub on the lines of London that could act as a catalyst in attracting foreign investors to Indian corporates which are gaining global prominence and need a large pool of capital from the worldwide. Both Hunt and Sitharaman said their countries are trying to expedite discussions that would lead to signing the Free Trade Agreement (FTA) and Bilateral Investment Treaty (BIT) as soon as possible. “We can really support each other’s plans to strengthen the relationship and the way the next step of this is a comprehensive FTA and Bilateral Investment Treaty,” Hunt said. The much-awaited trade and investment pact with the UK looked to face further delays, going by the statements of Prime Minister Narendra Modi and British prime minister Rishi Sunak after their bilateral meeting on the sidelines of G20 here. Sunak said he was confident a deal with India could be secured but cautioned “there was still hard work to do.” Investment agreement, rules of origin and intellectual property rights are some of the issues that are proving to be contentious ones in the negotiations. From the Indian side, the demand for easier visas for professionals is seeing some resistance from the UK. “Today, we have also launched the UK India Infrastructure Financing Bridge. It is a collaborative venture co-led by the Niti Aayog and the City of London Corporation for harnessing collective expertise in planning and implementing major infrastructure projects,” she said. Hunt said even though London is the world’s second largest financial services centre, majority of asset managers there don’t invest in India. “So there is a huge opportunity, we are looking at changes to the way our pension and insurance funds regulated because there is a strong desire on their part to invest more in productive assets and we have huge pool of capital that are ready to be harnessed,” Hunt said. 12 Sep, 2023 Source : FINANCIAL EXPRESS

The conjunctivitis endemic situation has been reported in all the 11 districts of the state, with Aizawl district recording the largest number of cases at 1,574, followed by 143 cases in Serchhip district. Aizawl: At least 2,059 people in Mizoram have been infected with conjunctivitis, also known as ‘eye flu’, in August, senior official of the National Programme for Control of Blindness & Visual Impairment (NPCBVI) said on Thursday. The NPCBVI state programme officer, Dr Biaksiami, told TOI that 20 per cent to 30 per cent of people being examined at the out-patient department in different government healthcare facilities were having complaints with their eyes. The conjunctivitis endemic situation has been reported in all the 11 districts of the state, with Aizawl district recording the largest number of cases at 1,574, followed by 143 cases in Serchhip district, said Biaksiami. She said there were no reports of conjunctivitis infection cases in Mizoram in July when some of the neighbouring states have reported the endemic situation. “A few cases of conjunctivitis were treated at the civil hospital in the first week of August and were thought to be isolated cases. However, the number of people, especially children, being sufering from eye flu increased from the following weeks,” she said. She added that the NPCBVI issued appeals to the public to consult doctors if they have eye probems, which resulted in a large number of people thronging the hospitals to consult doctors. 1 Sep, 2023 Source : Healthworld.com from The Economic Times

The scheme allows treatment at discounted rates in private hospitals. The initiative was started in 2010. Even COVID and mucormycosis are covered in the plan. Meanwhile, activists said the scheme should be scrutinised first. A system should be in place to curb issuance of unauthorised cards in the first stage itself. Pune: The maximum income limit for beneficiaries has been increased under the Urban Poor Health Scheme and more citizens in the civic limits will soon be able to benefit from it. “The state government has allowed us to increase the income limits. A proposal regarding it has been tabled before the standing committee. After the approval is granted, more citizens will be eligible to apply for the scheme,” said a senior official of the Pune Municipal Corporation (PMC). Currently, only those with an annual income of Rs1 lakh can take advantage of the programme. After the new proposal is approved, anybody with Rs1.6 lakh income per annum can avail the benefit from it. The scheme allows treatment at discounted rates in private hospitals. The initiative was started in 2010. Even COVID and mucormycosis are covered in the plan. Meanwhile, activists said the scheme should be scrutinised first. A system should be in place to curb issuance of unauthorised cards in the first stage itself. On an average, Rs30 crore is annually spent to keep the scheme running and the expense is likely to go up by around Rs20 crore, while nearly 1 lakh citizens benefit from the scheme every year and it is likely to double after the income limit goes up. Government and private hospitals under PMC limits are empanelled under the scheme and provide 50 per cent waiver in bills to members of the scheme. The remaining amount is paid by PMC to the hospital. According to the city based health activists, though the decision to increase the limits is a much welcome move, the civic administration should make absolutely sure that genuine beneficiaries get the facilities. “Document scrutiny should be strict, and random audits and sudden checks are a must,” said Abhijit More, a health activist. The PMC has planned to digitise the scheme to reduce mismanagement and malpractice in this programme. 1 Sep, 2023 Source : Healthworld.com from The Economic Times

Families with income up to Rs 3 lakh will have to pay an annual premium of Rs 1,500 to get a health card and nearly eight lakh citizens will be issued the health cards under the scheme. Chandigarh: Haryana’s health department will run an ‘Ayushman Bhava’ special campaign from September 1 to December 31 with an aim to achieve comprehensive coverage of the health scheme across the state. The four-month-long campaign will reach out to every household and involve the entire populace, said Chief Secretary Sanjeev Kaushal while presiding over a meeting here on Thursday to discuss the ‘Ayushman Bhava’ campaign. Kaushal said under the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB-PMJAY) families with annual income up to Rs 1.8 lakh will be provided free health cards. Families with income up to Rs 3 lakh will have to pay an annual premium of Rs 1,500 to get a health card, he added. Kaushal, as per an official statement, said nearly eight lakh citizens will be issued the health cards under the scheme. Moreover, the village-level gram sabhas will be organised to raise awareness about health, hygiene and nutrition. The chief secretary said Ayushman Fairs will be hosted at the health and wellness centres every Saturday and Sunday during the run of the campaign. These fairs will offer healthcare services related to diabetes, blood pressure, cancer, oral and cervical health, tuberculosis, leprosy, infectious diseases, maternal and child health, immunisation, and eye examinations. Medical colleges will also conduct Ayushman Fairs at all community health centres on a weekly basis, he added. The chief secretary said the health check-ups will be conducted for all children from birth to 18 years of age in the Anganwadi centres and government schools. Highlighting the Seva Pakhwada programme, he outlined its implementation across all health centres, including health and wellness centres, community health centres, hospitals and medical colleges in the state. The chief secretary said the initiative will emphasise cleanliness and seek cooperation from the anganwadi centres, accredited social health activist workers, gram panchayats, and also other government departments. 12 Aug, 2023 Source : Healthworld.com from The Economic Times

Every morning, thousands of construction workers in Qatar start their day by soaking their uniforms in water made by British startup Techniche UK, which brands them as StayQool suits. Constructed from an outer layer of specially designed mesh, plus a waterproof inside layer, the suits absorb and remove heat through evaporation. Every morning, thousands of construction workers in Qatar start their day by soaking their uniforms in water. The two-minute ritual kickstarts an important process: When the workers are toiling outside — often at summer temperatures above 120F (48C) — their uniforms can cool skin temperature by as much as 8C (14F), for up to seven hours. The uniforms are made by British startup Techniche UK, which brands them as StayQool suits. Constructed from an outer layer of specially designed mesh, plus a waterproof inside layer, the suits absorb and remove heat through evaporation. They’re also adjustable: Workers can add or remove a cooling collar or wrist cuff as needed. Techniche isn’t alone in seeing opportunity in apparel designed to beat the heat. With 2023 on track to be the hottest year on record, a number of startups are exploring new technologies and textiles for keeping people cool. In the US, work is underway to commercialize wearable technology that mimics air-conditioning, while scientists in China are working on highly reflective fabric. With more heat and more heat waves expected in the years ahead, cooling is becoming a holy grail for garment makers. “As climate change pushes temperatures in extreme directions, demand from consumers for cooling apparel is also increasing at a faster pace,” says Sophie Bakalar, a partner at venture firm Collaborative Fund, which invests in climate-friendly apparel startups. “This trend is likely to continue as the Global South industrializes further and consumers have greater disposable income to spend on comfort.” Extreme heat isn’t just inconvenient — it’s bad for human health, and the economy. Heat stress is particularly dangerous for children and the elderly, and can exacerbate existing medical conditions. Productivity also takes a hit. In 2021, heat exposure nixed 470 million potential labor hours globally in agriculture, construction, manufacturing and the service industry, according to data compiled by The Lancet. In the US, President Joe Biden has said heat waves cost the country $100 billion annually. Research shows that heat waves are likely to become more frequent in coming decades. For companies like Techniche, that’s a recipe for growth. Today, the startup sells vests, hats, neck bands and other garments with built-in cooling technology to companies and individual customers in nearly 30 countries. Last year, it booked revenue of almost £7 million ($8.8 million), compared with £150,000 in 2014, when Techniche launched cooling baseball caps as its first commercial product. “The market is growing enormously,” says co-founder and managing director James Russell. The company is now developing a cooling vest that will come equipped with smart sensors capable of monitoring workers’ biometrics and predicting when they might be at risk of heat stress. It’s also working on gear that can absorb heat using phase-change materials, originally developed by NASA to help astronauts maintain a consistent body temperature in space. On the other side of the world from Techniche’s London office, Renkun Chen, a professor of University of California at San Diego, is working on the same problem. Except Chen is leveraging his background in mechanical engineering to design clothes that come with air-conditioning. Just as conventional air-conditioning units keep a space cool by transferring heat outside of it, Chen has crafted palm-sized thermoelectric devices that react to a preferred temperature set by the user. The devices are powered by rechargeable lithium-ion batteries, and are small and flexible enough to be embedded in clothing. They offer a maximum reduction in skin temperature of 10C. “Our climate has already changed and this is irreversible,” Chen says. While cutting carbon emissions is vital, he says, “we also have to find ways to adapt to it, as more extremely hot days will surely come.” Chen says his research team has already partnered with a California-based startup to commercialize the technology. They still need to develop an automated production line that can manufacture the thermoelectric devices at scale, which would lower production costs from several thousand dollars for one shirt to closer to $200. In China, researchers from Zhejiang University, Huazhong University of Science and Technology and several other institutes are taking another approach: clothes that reflect solar heat. The scientists manipulated the structure of polyester using nanomaterials and a redesigned weaving technique, resulting in a material that reflects roughly 90% of the sun’s rays, according to a 2021 study published in Science. A conventional white cotton shirt reflects about 60% of sunlight. The reflective polyester also radiates more infrared energy than regular fabrics, which reduces body temperature. According to the study, the material can stay as much as 5C cooler than midday ambient air temperatures, and as much as 10C cooler at night. While their work has yet to be commercialized, the study’s authors noted that their polyester is “readily compatible” with making garments. Blistering summers have fueled innovations across a wide array of consumer products and wearables. Tokyo-based Kuchofuku Co. has developed a fan-equipped baby carrier, while another Japanese manufacturer, A-Mec Co., makes a cooling vest for dogs. Even with the variety of approaches, most of these cooling solutions face similar limitations, says Bakalar at Collaborative Fund. The biggest of those is price, which will have to come down to make high-tech cooling gear accessible and appealing. Even at a production cost of $200 per shirt, Chen’s AC clothes would be prohibitively expensive for most. Russell says Techniche’s cooling suit is priced comparably to mid-end gear worn by construction workers in the US and Europe, but costs more than four times as much as similar workwear in the developing world. Some cooling clothes come with other trade-offs. To work for eight hours, Chen’s AC gear is embedded with roughly 1.5 kilograms (3.3 pounds) of electronic components. Techniche’s cooling vest is

In a bid to make it easier for thousands of health insurance policyholders, the insurance regulator has proposed to make customer information sheets (CIS) simple and easy to understand. A customer information sheet gives you a glance at the key policy details in a summarised format. Usually, the insurer provides a customer information sheet with the policy at the time of purchase and renewal of the policy. Now, the Insurance Regulatory and Development Authority of India (IRDAI) has suggested changing the existing format of the customer information sheet. “To ensure that the health insurance policy information is provided in a simple and easily understandable language, it is proposed to revisit the customer information sheet,” the insurance regulator mentioned in a draft proposal dated August 30, 2023. “Typically, the policy document is rather lengthy, and policyholders must carefully examine crucial information. However, policyholders will be able to obtain facts like as exclusions, waiting periods, financial limits of coverage, and claim procedures in very simple words in this overhauled customer information sheet,” said Rakesh Goyal, Director of Probus Insurance Broker. If finalised, it will further help policyholders understand the complex terms and procedures related to their health insurance policies better, said Abhishek Kumar, a SEBI-registered investment adviser and Founder of SahajMoney.com. Let’s take a look at the key changes in the proposed customer information sheet of health insurance policies. The new format of customer information sheet will ensure that policyholders receive all of the basic information regarding the coverage. “The proposed CIS format is simple, and conversational in nature,” said Bhaskar Nerurkar, Head, Health Insurance Administration, Bajaj Allianz General Insurance. Health insurance: Type of policy and sum insured At present, the customer information sheet does not mention some critical information that the insurance company will need to add if the draft proposal is accepted in the current form. According to the proposed format, the customer information sheet will have a few new sections such as what type of policy it is — indemnity, benefit, or both, added Kumar. Further, the CIS will have to specify the sum insured amount under individual as well as family floater policies, he mentioned. Health insurance: Financial limits of the coverage The proposed customer information sheet has merged some of the previous sections such as payment basis and loss sharing under a new section, financial limits of the policy, added Kumar. The new CIS further breaks down the complex terms of a health insurance policy including sub-limit, co-payment, and deductible, and mentions them in straightforward language, barring jargon or technical terms. This is how the customer information sheet will look as per IRDAI proposal Health insurance claim settlement turnaround time The proposed customer information sheet will contain the details of procedures that have to be followed for cashless service as well as for reimbursement of claims including pre- and post-hospitalisation. The format, according to the IRDAI proposal will be as follows: Turn Around Time (TAT) for claims settlement: XX Further, the insurer has to provide the details/web link for the following: i) Network Hospital details ii) Helpline number iii) Downloading/getting claim form This information aims to speed up your health insurance claims, say experts. “IRDAI’s proposal to amend the CIS, or customer information sheet, is definitely a customer friendly move. It will provide policyholders with a quick, convenient guide about their policy will also provide a hassle-free experience at the time of hospitalisation, as they will not have to deal with voluminous policy documents. Additionally, this simple-to-follow and uniformly formatted customer information sheet will help policyholders understand policy clauses, any restrictions, sub-limits, claim procedures, and requirements with sheer ease,” said Amit Chhabra, Chief Business Officer – Health and Travel Insurance, Policybazaar.com. Health insurance: Contact of grievance redressal officer The customer information sheet will include the contact details of the company’s grievance redressal officers and IRDAI-appointed ombudsman offices. Thus, health insurance customers can easily raise their complaints if they have any grievances. Health insurance: Free look period, how to port your insurance There will be a separate column about things a health insurance customer needs to know. It will specify the free look period (you may cancel the policy within xx days if you do not want it) and the process, policy migration and portability (the process for migration and portability at the time of renewal) and clauses of policy renewal (except on grounds of fraud, moral hazard or misrepresentation or non-cooperation, renewal of your policy will not be denied, provided the policy is not withdrawn). When compared to the existing CIS, the proposed format seems easier and simpler to understand. “It remains a great way for customers to understand the terms and conditions of the product they intend to purchase and brings in greater transparency,” Nerukar added. “The regulator aims to distill the intricacies of insurance features and terms into an easily understandable format, essentially encapsulating the idea of enabling informed decision-making. It provides consumers with the assurance required to navigate the intricate realm of health insurance effectively,” says Amrit Singh, Co-Founder and CRO, Loop, a healthcare startup. Health insurance: Disclose pre-existing diseases, know your obligations While purchasing a policy, you also have a few responsibilities. You must disclose all your pre-existing diseases and conditions to an insurer before buying a policy. Do note that hiding your pre-existing conditions will be termed as fraud and it will affect your claim settlement. IRDAI has also asked the insurer to mention other material information that a policyholder needs to disclose during the policy period. Further, the insurer must provide an online link to where the product-related documents including the customer information sheet are available on the website of the company. “With easy digital access proposed in the exposure draft, it would be easier for customers to understand product-related information,” Nerukar mentioned. 6 Sep, 2023 Source : The Economic Times