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  • 1. Volume VI, No. 11 November 2008 Riders in Insurance - Enriching the Platter ’Ë◊Ê ÁflÁŸÿÊ◊∑§ •ı⁄U Áfl∑§Ê‚ ¬˝ÊÁœ∑§⁄UáÊ
  • 2. Editorial Board J. Hari Narayan C.R. Muralidharan S.V. Mony K.N. Bhandari Vepa Kamesam Ashvin Parekh Editor U. Jawaharlal Hindi Correspondent Sanjeev Kumar Jain Printed by Alapati Bapanna and published by J. Hari Narayan on behalf of Insurance Regulatory and Development Authority. Editor: U. Jawaharlal Printed at Kala Jyothi Process Ltd. (with design inputs from Wide Reach) 1-1-60/5, RTC Cross Roads Musheerabad, Hyderabad - 500 020 and published from Parisrama Bhavanam, III Floor 5-9-58/B, Basheer Bagh Hyderabad - 500 004 Phone: +91-40-66820964, 66789768 Fax: +91-40-66823334 e-mail: © 2007 Insurance Regulatory and Development Authority. Please reproduce with due permission. Unless explicitly stated, the information and views published in this Journal may not be construed as those of the Insurance Regulatory and Development Authority.
  • 3. From the Publisher H istorically, the preference for endowment Although a few riders were offered even during type of contracts in the Indian insurance the pre-liberalization period, the low levels of industry has been very conspicuous. For customer awareness resulted in none of them one thing, insurance has also been treated as an being popular except the accident benefit rider. investment avenue; and for another, the In more advanced insurance markets, riders play predominant tilt towards tangible benefits also such an important role that varying needs of the contributed to such a phenomenon. Although policyholder at different times can all be taken there were some pure insurance products in the care of by just one insurance policy. Risk form of term insurance, they were not very coverage can be altered in tune with the changing popular. In a domain which was devoid of milestones of one’s life; and this provides the competition, it did not matter a great deal. cushion for planning an entire insurance portfolio. However, with the opening up of the industry for It however presupposes a very high understanding private participation, a dire need was felt for a of the basic concepts of insurance contracts. wider range of products. While we still have a long way to go, it is good that a beginning has been made and various riders Further, the awareness levels of the public as are gaining popularity in the Indian insurance field. regards insurance have also been growing steadily and in such a scenario, the importance of the ‘Riders in Insurance Contracts’ is the focus of need for a wide repertoire of products needs no this issue of the Journal. While it is less risky for emphasis. This necessitated product innovation a life insurer to underwrite every individual’s by the insurers. But coming out with a product proposal before assuming the risk; group insurance for each of the needs is easier said than done. provides several answers in a large, populous An easier and a more viable alternative was the country like India, with diverse groups. The focus introduction of riders. Being optional for the of the next issue of the Journal will be on ‘Group policyholder, the riders provide great flexibility Insurance’. and have come to be regarded as customized solutions. Rather than buying a product for each of their needs, the policyholders can develop a wholesome portfolio by accessing the availability of riders. J. Hari Narayan
  • 4. The World of Riders F O C U S - Rajasekhar Mallela, Venkata Madhukar Kanagala and Purnananda Kumar Divakaruni 10 Riding on Health Insurance - Dr. Somil Nagpal and Richa N Gautam 14 Life Insurance 'Riders' - David Chandrasekharan 17 Being Cost Effective I S S U E - Sai Srinivas Dhulipala 21 When Riders Ride... - Gnanasundaram Krishnamurthy 24 Widening the Risk Coverage - Anuradha Sharma 28 Riders in Life Insurance - A.V. Rao 30 Statistics - Life Insurance 4 In the air 6 Vantage Point U. Jawaharlal 9 EußN˛oÁ| Ãz é§ãáÁı N˛Á ü§ãáå ∫Ááz≈ÆÁ™ ∆™Á| 39 FOLLOW THROUGH Áz ú‰jzTÁ - ƒ“y §‰jzTÁ §y™Á üu∆qm - 2020 41 ÃÏuYfiÁ uƒbƒzN˛∫ 34 Solvency for Insurers EÁF|.EÁ∫.gy.L. úu∫úfi 43 - Rajesh Khandelwal Statistics - Non-Life Insurance 45 Round up 46
  • 5. from the editor Customized Solutions in a Competitive Market T he hallmark of a competitive market in the financial services domain in general, and in insurance, in particular; is the availability of a large variety of innovative products. For ages, insurance has largely been treated as an instrument of long-term savings with a dash of tax incentives thrown in; and as long as insurance business remained within the purview of government controlled organizations, it did not matter a great deal. Further, as insurance itself remained a less-understood concept for the general masses, the availability of only a limited number of products never appealed as insufficient. However, with the opening up of the market and the formation of joint ventures with some of the leading global players, the absence of world-class products came to be seen conspicuously. A natural consequence of this phenomenon was the evolution of ‘riders’ or add-ons that add value to the base product. Several insurers leveraged the flexibility associated with the riders to come up with customized solutions for their clientele, rather than looking at the need for inventing a product for each of their needs. Riders result in some advantages for both the parties in an insurance contract. For insurers, they result in lessening their transaction costs and increasing their operational incomes. Further, by coming out with a large portfolio of solutions, they can enlarge their business volumes. However, they should be conscious at all times of the increased risk exposure on account of the rider-commitments. Some of the benefits for the policyholder are guaranteed insurability at advanced ages – a factor that takes care of the uncertainty of the future – and ensuring a wholesome package with just one policy. There are a few riders in more advanced markets that offer protection against fall in investment values as well, something that is very pertinent in times of financial turbulence – such as the present one. The progressive protection policies that are in vogue in some markets offer differing risk coverage in tune with the needs at various milestones of one’s life. Accessing all the advantages that riders provide presupposes that the insuring public is aware of the nuances; and in this regard, one needs to emphasize the role of the distributor in spreading the message. ‘Riders in Insurance Contracts’ is the focus of this issue of the Journal. Looking at the importance of this very topical issue, we have several articles that talk about the flavour of various riders existing in the insurance world. We open the issue with an article by a team of consultants at CSC – Mr. Rajasekhar Mallela, Mr. Venkata Madhukar Kanagala and Mr. Purnananda Kumar Divakaruni – that analyzes the benefits of various riders. Dr. Somil Nagpal and Ms. Richa N. Gautam talk about the value that riders can add to a basic health insurance policy and how it can add to lowering the overall costs. The next article by Mr. David Chandrasekharan discusses the genesis and the evolution of several riders in the Indian domain. Mr. Sai Srinivas Dhulipala emphasizes the cost-effective nature of the riders and how it can lead to a win-win deal for the insurer and the insured. In the next article by Mr. Gnanasundaram Krishnamurthy, you get to see the limited progress that riders have made in the Indian insurance domain and the need for consumer awareness for improvement in this area. Ms. Anuradha Sharma, in her article that follows, brings in the global experience in the usage of riders in insurance. In the last article of the issue focus, Mr. A.V. Rao gives a vivid account of various riders that are in operation both in the Indian and the global markets. In the follow-through section, we have an article by Mr. Rajesh Khandelwal that talks about the importance of solvency issues for an insurer and the challenges associated with progressive transition in this area. In a country with a large population and with low levels of financial literacy, group insurance can be the answer to a certain extent in increasing insurance penetration. The focus of the next issue of the Journal will be on ‘Group Insurance’. U. Jawaharlal
  • 6. Report Card:LIFE First Year Premium of Life Insurers for the Period Ended September, 2008 Sl Premium u/w (Rs. in Crores) No. of Policies / Schemes No. of lives covered under Group Schemes No. Insurer Sept, 08 Up to Sept, 08 Up to Sept, 07 Sept, 08 Up to Sept, 08 Up to Sept, 07 Sept, 08 Up to Sept, 08 Up to Sept, 07 1 Bajaj Allianz Individual Single Premium 26.38 166.26 242.22 6715 39310 40112 Individual Non-Single Premium 388.02 1792.59 2011.97 234467 1159628 1503901 Group Single Premium 0.41 1.36 5.89 0 0 0 5077 6150 4198 statistics - life insurance Group Non-Single Premium 13.87 56.15 11.02 91 311 137 1022781 2881200 374838 2 ING Vysya Individual Single Premium 1.97 16.38 8.53 233 1974 697 Individual Non-Single Premium 55.26 305.31 237.35 29358 165839 143770 Group Single Premium 1.90 8.65 0.85 0 1 0 1020 2565 168 Group Non-Single Premium 0.26 1.69 2.25 16 66 8 3453 29588 48246 3 Reliance Life Individual Single Premium 26.50 216.28 71.35 6238 53335 14681 Individual Non-Single Premium 309.93 1173.19 470.82 184902 710392 262830 Group Single Premium 23.30 67.22 97.95 12 17 41 9162 23738 57142 irda journal Group Non-Single Premium 0.78 16.42 10.19 25 154 119 41617 324582 176594 4 SBI Life 4 Individual Single Premium 42.23 287.22 379.42 7835 45584 53411 Individual Non-Single Premium 220.50 1086.72 606.53 62814 309604 199477 Group Single Premium 20.93 111.80 90.90 0 1 0 9689 54999 47449 Group Non-Single Premium 357.57 919.53 83.45 20 56 21 459759 1917379 210073 5 Tata AIG Individual Single Premium 2.86 24.45 13.71 568 5023 2007 Nov 2008 Individual Non-Single Premium 63.11 410.87 284.98 49982 307477 200609 Group Single Premium 2.48 19.97 32.44 0 7 0 5350 63212 201618 Group Non-Single Premium 10.82 38.91 20.90 6 44 28 41408 117488 115645 6 HDFC Standard Individual Single Premium 11.55 67.28 52.79 3431 27072 171116 Individual Non-Single Premium 353.86 1178.41 754.25 82150 371976 248516 Group Single Premium 6.03 46.00 28.05 14 69 65 18260 118517 66567 Group Non-Single Premium 2.79 13.27 33.28 1 5 20 212 13387 21129 7 ICICI Prudential Individual Single Premium 14.69 126.86 165.12 2608 22696 26124 Individual Non-Single Premium 493.98 2637.57 2157.07 228793 1262534 1072820 Group Single Premium 16.60 131.31 89.03 14 147 98 48605 352661 208735 Group Non-Single Premium 118.80 568.58 202.99 11 290 239 28852 466662 253615 8 Birla Sunlife Individual Single Premium 1.88 19.10 10.58 19920 75406 31251 Individual Non-Single Premium 215.01 1049.77 554.05 114866 404098 163276 Group Single Premium 3.06 8.89 1.95 1 3 3 9121 23237 2402 Group Non-Single Premium 51.91 96.55 30.03 19 88 63 24288 113291 58852 9 Aviva Individual Single Premium 3.06 9.96 9.69 408 1433 1446 Individual Non-Single Premium 53.90 319.95 358.46 30114 168802 147729 Group Single Premium 0.00 0.05 1.38 0 0 0 0 63 646 Group Non-Single Premium 2.91 11.82 17.41 7 36 76 67872 469066 337794 10 Kotak Mahindra Old Mutual Individual Single Premium 1.25 12.07 9.67 193 1417 1262 Individual Non-Single Premium 115.95 541.81 234.33 60296 287948 85675 Group Single Premium 3.79 18.38 10.09 0 4 1 11595 72442 83401 Group Non-Single Premium 5.19 21.61 22.91 37 185 106 40109 274456 225505
  • 7. 11 Max New York Individual Single Premium 21.88 125.98 97.10 1528 9210 6306 Individual Non-Single Premium 137.86 790.75 476.42 102951 567666 316945 Group Single Premium 0.67 7.13 0.00 0 10 0 0 187394 0 Group Non-Single Premium 0.93 13.23 20.09 26 272 207 9025 254703 295861 12 Met Life Individual Single Premium 0.57 3.17 11.78 256 1036 1831 Individual Non-Single Premium 95.66 419.39 203.43 24811 111857 76516 Group Single Premium 4.32 13.45 4.25 11 63 34 56132 170290 93342 Group Non-Single Premium 0.00 0.00 0.00 0 0 0 0 0 0 13 Sahara Life Individual Single Premium 4.35 22.84 12.27 1105 5867 3199 Individual Non-Single Premium 8.11 34.71 21.84 8179 39234 33814 Group Single Premium 0.00 0.00 0.00 0 0 0 0 0 0 Group Non-Single Premium 0.00 0.00 0.00 0 2 2 0 78 52 14 Shriram Life Individual Single Premium 9.33 93.48 57.85 1420 15525 11166 Individual Non-Single Premium 10.28 68.48 48.41 5105 34917 30167 Group Single Premium 0.00 0.00 0.02 0 0 1 0 0 1625 Group Non-Single Premium 0.24 0.24 0.00 2 2 1 10755 10755 571 15 Bharti Axa Life Individual Single Premium 0.46 3.27 0.48 108 759 45 Individual Non-Single Premium 25.24 111.19 18.24 16140 75747 17124 statistics - life insurance Group Single Premium 0.66 4.06 0.00 0 1 0 3950 19691 0 Group Non-Single Premium 0.00 0.00 0.00 0 0 0 0 0 0 16 Future Generali Life Individual Single Premium 0.25 0.68 53 144 Individual Non-Single Premium 2.31 7.93 2473 11225 Group Single Premium 0.00 0.00 0 0 0 0 Group Non-Single Premium 0.24 6.89 2 31 10309 211790 17 IDBI Fortis Life Individual Single Premium 9.10 49.57 2422 8005 Individual Non-Single Premium 8.70 62.15 2900 19399 Group Single Premium 0.00 0.00 0 0 0 0 irda journal Group Non-Single Premium 0.00 0.00 0 0 0 0 18 Canara HSBC OBC Life 5 Individual Single Premium 0.00 0.00 0 1 Individual Non-Single Premium 28.41 65.81 2901 6266 Group Single Premium 0.00 0.00 0 0 0 0 Group Non-Single Premium 0.00 0.00 0 0 0 0 19 Aegon Religare Individual Single Premium 0.04 0.08 7 12 Individual Non-Single Premium 2.16 3.11 2083 3403 Nov 2008 Group Single Premium 0.00 0.00 0 0 0 0 Group Non-Single Premium 0.00 0.00 0 0 0 0 20 DLF Pramerica# Individual Single Premium 0.00 0.00 0 0 Individual Non-Single Premium 0.05 0.05 62 62 Group Single Premium 0.00 0.00 0 0 0 0 Group Non-Single Premium 0.00 0.00 0 0 0 0 Private Total Individual Single Premium 178.34 1244.95 1142.56 55048 313809 364654 Individual Non-Single Premium 2588.30 12059.76 8438.16 1245347 6018074 4503169 Group Single Premium 84.15 438.28 362.80 52 323 243 177961 1094959 767293 Group Non-Single Premium 566.31 1764.90 454.52 263 1542 1027 1760440 7084425 2118775 21 LIC Individual Single Premium 1349.43 6082.36 7566.62 388343 1710712 2081317 Individual Non-Single Premium 1174.82 6900.09 11323.22 2051794 10763778 13803613 Group Single Premium 2207.21 6109.03 3871.65 2065 8563 10460 2754705 9951789 10233083 Group Non-Single Premium 0.00 0.00 0.00 0 0 0 0 0 0 Grand Total Individual Single Premium 1527.76 7327.31 8709.18 443391 2024521 2445971 Individual Non-Single Premium 3763.12 18959.85 19761.37 3297141 16781852 18306782 Group Single Premium 2291.36 6547.31 4234.45 2117 8886 10703 2932666 11046748 11000376 Group Non-Single Premium 566.31 1764.90 454.52 263 1542 1027 1760440 7084425 2118775 Note: 1.Cumulative premium / No.of policies upto the month is net of cancellations which may occur during the free look period. 2. Compiled on the basis of data submitted by the Insurance companies 3. # Started operations in September, 2008
  • 8. in the air CIRCULAR October 10, 2008 Circular No.15 IRDA/ORD/October 2008-10-10 To with copy marked to Mr. K Subrahmanyam, All CEOs of Insurers & Reinsurer Executive Director at and Mr. Suresh Mathur, Joint Director at indicating the following Re: Remittance of Agency / Corporate Agency fee details: At present, the fee for agency including corporate agency is 1. Reference of transfer (UTR Number) being paid by demand draft. The credit for the amount is given 2. Name of the Insurance Company in the portal on receipt of the demand draft in hard copy from 3. Name of the Official remitting the Amount the insurers. This procedure is slightly time consuming. As an 4. Name of the Transferor Bank & Branch improvement in the system, the insurers are required to follow 5. Amount Remitted the following procedure with regard to payments to IRDA towards 6. Purpose of Remittance replenishment of web wallet (for the purpose of issue, renewal 7. Date of Remittance of license and others). In future, we would require you to send such payment on Hereafter, you are requested to send the payment using Real annual basis after estimating the approximate number of licenses Time Gross Settlement (RTGS) for transferring the funds to the you would be generating in each financial year including following account of the Authority renewals. Bank of the Bank : Bank of India This circular supercedes all the circulars issued earlier in this Branch : Basheer Bagh, Hyderabad regard and comes into effect immediately. Account Number : 860120100001938 RTGS Code : BKID0008601 (K. Subrahmanyam) Executive Director (Admn) Once the remittance is done through RTGS, you are required to send an email to Mr. R K Sharma, Chief Accounts Officer at CIRCULAR October 17th, 2008 Circular No. 018/ IRDA/ORD/ October, 2008 TO Branch : Parishram Bhavan ALL CEOs of Insurers & Reinsurer Account Number : 30010694902 1FSC Code : SBIN0002769 Re: Remittance of renewal of Certificate of Registration fee - Regulation 20 of IRDA (Registration of companies) Regulations, Once, the remittance is done through RTGS, you are required 2000. [Please see section 3A of the Insurance Act, 1938] to send an email of pdf file (which contains signature of the officer) to Mr. R K Sharma, Chief Accounts Officer at At present, the fee for renewal is being paid by demand draft / with a copy marked to Mr. K Subrahmanyam, pay order along with application in Form IRDA/R5 for the renewal Executive Director at indicating the following of the certificate of registration in hard copy by the insurers. details : As an improvement in the system, the insurers are requested to follow the following procedure with regard to payment of the 1. Reference No. (UTR Number) renewal fee to IRDA. 2. Name of the Insurance Company 3. Registration Number (allotted by the IRDA) Hereafter, you are requested to send the payment using Real 4. Name of the Transfer Bank & Branch Time Gross Settlement (RTGS) for transferring the funds to the 5. Amount Remitted following account of the Authority. 6. Date of Remittance Name of the Bank : State Bank of India irda journal 6 Nov 2008
  • 9. in the air 7. Remittance for the financial year ended 31st March__ (Specify CAO, Insurance Regulatory and Development Authority, the year). Parishramabhavanam, Fateh Maidan Road, Basheer Bagh, 8. How the Amount Remitted has been determined (furnish Hyderabad, 500004 in this regard. details)? This circular supercedes all the circular issued earlier in this 9. Name and Signature of the Officer remitting the Amount regard and comes into effect immediately. Apart from the above, the application for renewal in Form IRDA/ (K. Subrahmanyam) R5 as prescribed in IRDA (Registration of Indian Insurance Executive Director (Admn) Companies) Regulations, 2000 should be sent separately to the CIRCULAR 11th Nov, 2008 Circular No. INV/CIR/020/2008-09 Re: IRDA (Investment) (4th Amendment) Regulations, 2008 - 8 Outsourcing of (Existing Circular Reg. Investment No. INV/CIR/031/2004-05 & To Function Circular No. INV/CIR/058/2004-05) All Insurers 9 Investment in (New Guideline MBS, PTC & SRs No. INV/GLN/009/2008-09) It may be recalled that IRDA vide Notification F.No. IRDA/Reg/5/ 47/2008 dated 30th Jul, 2008 published the 4th Amendment of Points A to F accordingly detail the changes under the respective Investment Regulations on 22nd Aug, 2008. Consequently the aspect of investment management. The revised instructions extant Guidelines / Circulars either require amendments / would supersede the extant requirements stipulated in Circulars/ clarifications to give effect to the following amended regulations Guidelines referred to therein. We further clarify that the points / changes. # 2, 3, 9 and 10 in Annexure II of Circular INV/CIR/008/2008-09 1 Category of (Existing Guideline dated 22nd Aug, 2008 are self explanatory and hence are not Investments No. INV/GLN/001/2003-04) covered now. 2 Market Value (Existing Guideline We also refer to Circular INV/CIR/008/2008-09 dated 22nd Aug, - for FORM-3A/ No. INV/GLN/003/2003-04) 2008 under Point # 1 Annexure II, where in IRDA had directed all FORM-3B insurers to file a compliance certificate of a Chartered 3 Investment in (Existing Circular Accountant [not later than 1st week of Jan, 2009] to the effect Venture Fund No. INV/CIR/007/2003-04) that Investment Risk Management Systems and Process [as per 4 Investment in (Existing Guideline Annexure III of the above referred Circular] are in place and are Mutual Funds No. INV/GLN/004/2003-04) working effectively. 5 Statement of (Existing Guideline The Institute of Chartered Accountants of India, in consultation Investment No. INV/GLN/005/2003-04) with IRDA, is in the process of issuing a technical guide to Reconciliation Chartered Accountants, to cover both Investment Operation 6 Equity Investment (Existing Circular and IT Systems. Insurers are advised to provide all the requisite through IPOs No. INV/CIR/046/2004-05) information to the Chartered Accountants to facilitate an objective assessment for finalizing the compliance certificate. 7 Investment in (Existing Circular Perpetual Bonds No. IRDA/INV/CIR/005/2006-07) (C R Muralidharan) Member irda journal 7 Nov 2008
  • 10. in the air CIRCULAR October 17th, 2008 Circular No. 019/IRDA/NL/F&U/Oct-08 To 2. Insurers are permitted to file add-on covers over and above CEOs of all General Insurance Companies the erstwhile tariff covers in fire, engineering, IAR and motor OD with appropriate additional premiums. 'Loss of use' and Re: File Use Guidelines for General Insurance Products - waiver of depreciation' under motor OD insurance are some Relaxation of Terms & Conditions of Coverages. examples. Insurer's attention drawn to Para '2' of the Authority's Circular 3. Insurers are permitted to extend engineering insurances to No.021/IRDA/F&U/SEP-08 dated 28th September 2006, which reads movable / portable equipments. as under: 4. Minimum TSI limit of Rs.100 crores under erstwhile IAR tariffs Insurers shall not vary the coverage, terms and conditions, are removed and insurers are permitted to file IAR products wordings, warranties, clauses and may file their proposals for for all industries including petrochemical industry. changes in cover, terms, wordings, etc 31 March 2008. In respect 5. Save as mentioned in (1), (3), and (4) above, insurers are not of products currently governed by tariffs, deductibles other permitted to abridge the scope of standard covers available than the deductibles set out in the unless permitted under under the erstwhile fire, engineering, IAR and motor (OD) current tariffs shall not be permitted before 31.03.2008. Covers tariffs, beyond the options permitted in the erstwhile tariffs. not permitted under tariffs should not be granted by way of 6. Revised products, subject to approvable under File & Use 'difference in conditions' in insurance hill 31.03.2008. Guidelines may be offered to the present policy holders on renewal. In other words, insurers are not permitted to cancel The Authority vide its circular no. 066/IRDA/F&U/Mar-08 dated existing insurances to replace them by the revised products. March 26, 2008 advised all insures to continue to use the However, insureds shall have the option to cancel their existing coverage, terms & conditions, wordings, warranties clauses and policies on short period scales and go in for the revised endorsements of the erstwhile tariff classes of business in fire, products. engineering, IAR and motor (OD) effective 1st January 2009. 7. While filing revisions, insures will also file projections of the 1. Insurers are permitted to file variations in deductibles from volumes and the expected profit margins to be generated those prescribed under the erstwhile fire, engineering, IAR from the revised products. and motor OD tariffs subject to written disclosures and acceptance by the insured prior to finalization of the (Prabodh Chander) insurance policy. Executive Director irda journal 8 Nov 2008
  • 11. vantage point Leveraging Group Strengths KEY FOR HIGHER PENETRATION IN A COUNTRY WHERE INSURANCE HAS TO BE SOLD, ONE FORM OF INSURANCE THAT CAN BE USED AS A STRONG MEDIUM TO INCREASE THE PENETRATION LEVELS IS GROUP INSURANCE’ OPINES U. JAWAHARLAL. T wo factors associated with a person feared can be totally warded off. One of In India, group insurance made a late start obtaining insurance are insurability the basic underwriting factors associated when some employers offered it as a and affordability. While both these with group insurance is that the group benefit to their employees during factors are extremely crucial, the second should be a subsisting one; and insurance the years immediately preceding inde- one plays a major role in a country like should only be incidental to it. By pendence. Even after that, the progress India where priorities are elsewhere. ensuring this, the ‘health’ of the group has not been very encouraging, owing In such a scenario, one dynamic concept can be taken for granted and the usual partially to the fact that the that could provide some plausible answers underwriting strengths fall in place remuneration for the distributors was not is ‘Group Insurance’. As the insurability automatically. Insurers also may insist on very high. The fact that the high levels of a certain minimum number of participants service associated with individual factor is applied to the group and not to in a group in order that any possibility of insurance are not required to be the individual, it brings a larger number anti-selection is kept at bay. rendered did not appeal to the of people under the umbrella; and being distributors. Of late, group insurance has cost-effective on account of group One limitation that group insurance been making a steady progress although dynamics, it also renders easier suffers from is that the employees, when we are yet to reach the levels that would affordability. It also assumes higher they attain superannuation, may be left without any insurance that would make otherwise put us on the list of importance in emerging markets in view it detrimental to their interests. However, forerunners. In a country with poor of the low levels of insurance education. by ensuring that they opt for voluntary penetration levels, group insurance can The emergence of group insurance, insurance during their working age, this work as a very dynamic medium to despite the foregoing advantages, was on problem can be overcome. Further, promote insurance among a larger a low-key and a few reservations that insurers may design products that number of people. were paraded were that it will affect the continue to offer risk coverage even after ‘Group Insurance’ will be the focus of progress of individual business and further the retirement of the individual, although the next issue of the Journal. There will that it dampens the spirit of proper at a higher price. Insurers should also look be articles from different practitioners selection. Group insurance acts as a at the possibility of offering group and others that will throw light on the strong supplement to individual insurance insurance products to employers on a finer aspects of this very important area and does not erode its potential. Further, layered basis – by offering varying risk of insurance. by taking certain precautionary coverage for different levels of measures, the adverse selection that is employees. The Dynamics of Group Insurance in the next issue... irda journal 9 Nov 2008
  • 12. issue focus The World of Riders ADDING VALUE RAJASEKHAR MALLELA, VENKATA MADHUKAR KANAGALA AND PURNANANDA KUMAR DIVAKARUNI COMMENT THAT RIDERS ADD A GREAT DEAL OF FLEXIBILITY FOR THE CLIENT AND AS A RESULT, THEY AFFORD THE EASE OF TAKING CARE OF ALL THEIR INSURANCE NEEDS; RATHER THAN HAVING TO BUY A POLICY FOR EACH. P roduct innovation is one of the because they do not include cost for • offer ease in serviceability of portfolio conspicuous developments in post inherent benefits that are not useful by insurance companies or advisors liberalization era of Indian • provide cost advantage because savings Today, with the availability of diverse insurance industry. Traditional off-the- in transaction costs are passed on to riders, customers have an opportunity to shelf products have given way to tailor- customers shop around for them and choose the made and market sensitive products that • provide flexibility in timing for increase best ones that can serve their present have been overwhelmingly appreciated by or decrease in protection and future needs. Table-1 below customers. Riders helped this transition describes some of the commonly known • provide flexibility to add or cease by garnishing the menu of products to riders and highlights the Unique Value benefit according to usability serve unique needs of customers. Proposition they can offer to customers. • help providing suitable and While the generic rider names are listed Rider is an additional coverage added to comprehensive protection for family here, it may be noted that they may be any insurance product to provide more christened differently by different • help easily manage insurance portfolio insurance protection. It can be added insurance companies. in terms of financing premium payments to the insured's coverage or can bring in other insureds such as spouse or children Table-1: UVP of Typical Riders too. Some type of riders help making life insurance policy a package of 'benefits' Rider Brief Description UVP a) Additional/Extended Coverages to suit every life event for an individual Term Adding term insurance a) Can be added to any plan such as or his family; while yet another type Riders coverage on insured endowment, ULIP provides protection to investment value under different plan b) Can be added at issue or later while of the policy. The terms 'Riders' and policy is in force c) With little additional cost, coverage can 'Benefits' are often interchangeable, but be increased manifold more importantly, both of them serve as d) Useful for customers with Housing Loan to get insurance coverage to the extent valuable add-ons to the base product. of outstanding mortgage loan From customers' perspective, riders have b) Contingent Benefits become part of their insurance solutions Accidental Pays additional amount a) Available as add-on for every product to as they provide great value additions as Death in the event of insured’s cover risk of accident Benefit death due to accident b) Low cost for a high benefit indicated below: Rider Waiver of In case of disability, a) Ensures that policy does not lapse in Riders Premium premiums on policy are the unfortunate event of Payor death in • enhance product configurability Rider waived case of children policies or insured’s own disability according to changing needs b) Proves promising addition for high • provide better economic value, premium policies irda journal 10 Nov 2008
  • 13. issue focus Disability Monthly/periodical a) Saves insured from possible financial rider renews every five years without Benefit benefits, typically as a hardship in case of permanent/ any need for satisfying insurability Rider percentage of Sum temporary loss of employment Assured, paid in the requirements on the insured. b) Premiums are waived event of disability Convertible Term riders provide In case of life assured’s a) Helps family in securing income during opportunity to insured to convert term Income Benefit death, claim proceeds the period of adjustment after death of insurance into any other form of Rider are paid in installments breadwinner insurance such as endowment or whole Critical Lump-sum or periodical a) Proves very useful for covering high cost life, again without the need for meeting Illness benefits are paid when treatment diseases like cancer, heart insurability requirements. Flexible Rider contracted with attack, and end stage renal diseases features include specified diseases b) Can be added to different types of policies renewal intervals of one, five or ten c) Investment value Protection years Investment If market returns are a) Provides much needed protection to Guarantee negative, then claim down-side risk of Unit Linked Insurance number of renewals like two renewals Riders value is guaranteed to Plans (ULIPs) every ten years the extent of total b) Customers can still have access to policy premiums paid renewal until insured reaches a values in case of high returns c) Available for Top-up premiums paid in ULIPs specified age d) Enhances customer confidence and option to terminate instead of encourages investments with peace of renewing or converting to any mind permanent insurance. • Coverage applicability to other lives in the family: Customers have Rider Diversity happening of certain events like An insurance product offered with a marriage or child birth. For example, variety of riders to choose from would for an insured of age 20, rider may be as much a treat to customers as a pizza provide this option at the ages 25, 30, served with one’s own choice of salads 35 and 40. This means, insured can and dressings. We can see a world of purchase more coverage on four choices for customers when we glance occasions at the respective ages, An insurance at various riders available in western without providing proof of insurability. insurance markets such as US and Canada. Generally, there will be a maximum limit product offered The diversity of their features described on number of times that such an option with a variety of here, will present us with an overview of is provided by insurer, and, on coverage riders to choose riders that can be made widely available amount that can be purchased at one from would be as and popularized for the benefit of time or all occasions put together. much a treat to customers in India. Applying this rider to Indian context, consider a GIR on Endowment policy at customers as a • Guaranteed Insurability: People tend to become less insurable as age advances age 20. This rider would help the pizza served with thus making it difficult to get a new insured to purchase coverage such as one’s own choice of policy. In this context, Guaranteed endowment or whole life at specified salads and ages – all without need for further Insurability Riders could be a useful dressings. addition to base product to allow an insurability checks. option to purchase additional coverages • Coverage Renewability & Convertibility: of any class without providing proof of Some riders guarantee renewability of insurability. Such options will be given coverage at defined intervals. For on insured’s specified ages or on example, a five year renewable term irda journal 11 Nov 2008
  • 14. issue focus convenience of providing insurance annuities. In this context, the coverage to spouse and children too customers can evaluate cost impact by adding term riders thus securing between two options of choosing complete protection to family. Spouse bundled product offered by insurers and Child Riders that are renewable and and their own assortment of coverages. convertible Term riders bring in several • Health Care Riders: Health care riders In order to afford other choices as discussed earlier. In like Long Term Care (LTC), provide more flexibility, case of insured’s death, riders on additional insured can be continued as periodical benefit payments for long customer may be individual coverages on respective lives. term rehabilitation or prolonged allowed to choose nursing care. We have Critical Illness • Coverage variability: Customers may their own riders available in India that cater to prefer to have increasing or decreasing financial needs of major medical assortment of death benefit over a period to suit their procedures for specified medical assurances and specific circumstances. Increasing/ conditions. And certain hospital annuities. Decreasing death benefit riders provide benefit riders provide a fixed amount such options to customers. On each of benefit for few days of policy anniversary or at specified hospitalization. LTC rider is an extension intervals, death benefit would increase of such benefits, possibly for longer or decrease by an amount specified at durations. Some enhanced features the outset. They do not call for include option to choose amount of insurability evidence for increases. Cost benefit, duration of benefit, benefit • tap huge market potential for growth of Living Adjustment (COLA) riders also amount linked to cost of living index. in premium income fall in this category. In this case, the • Investment Value Protection: • help spreading insurance coverage amount of addition to coverage will be in line with increase in chosen price Customers of ULIPs would have to pass • help improving persistency of policies index. With this adjustment in through rough weathers in stock • help field force by providing greater coverage, this rider ensures that the market climate. Various guarantees business opportunity original intended coverage does not offered on variable products such as Guaranteed Minimum Withdrawal • help shorten sales process for repeat lose its monetary value due to high Benefit, Guaranteed Minimum sales; closing the sale with existing inflation. Accumulation Benefit widely available customers is much easier than closing • Coverage Assortment: A Universal Life a sale with new customer in western markets as riders protect (UL) product can take another UL or a the investment value in the policy. • save policy administration transactions participating Paid up Addition (PUA) These riders would prove valuable costs from initial sale of riders through coverage as rider. Similarly, Variable additions to ULIPs purchases. their claims Universal Life can have a Renewable Term Rider. More generally, one class As more variety of riders become Service Delivery Mechanism available, there will be growing need to of insurance could be added as rider to another class of insurance, subject Gearing up for further product expansion strengthen service delivery mechanism to product design feasibility as per through riders seems to be a business for riders during their life cycle – from actuarial considerations. In India, we imperative for insurers. By making issue through claims. A high level check have only term riders that can be added available wider variety of riders and list of key aspects to ensure rider to other coverages such as Endowment, popularizing them, insurers not only marketing and serviceability readiness is Unit Linked or Pension products. In overwhelm customers but also - presented here: order to afford more flexibility, • satisfy product differentiation • Actuarial: Can explore the riders customer may be allowed to choose objective and stay current with available across the globe and customize their own assortment of assurances and competition for Indian environment. Design product irda journal 12 Nov 2008
  • 15. issue focus specifications and guidelines especially claims. It has to be evaluated by premiums for exemption under different to consider risks contributed by riders insurers if free look provision can be sections. Proper appropriation of due to additional protection and other made available for new riders added. premium and certificates of payment key aspects like moral hazard, insurable Policyholders must feel satisfied that for premiums and claims will be required interest and financial underwriting. they made a good economic choice to comply with the regulations. • Sales Training: To leverage on the with riders than buying independent Guidelines have to be established to flexibility brought in by riders, sales coverages for each need. In case of any handle these servicing needs. force requires special training. Advisors dissonance, they can consider making • Claims: Processing claims on the riders should be well equipped to plug in necessary changes to the contract needs special focus, because the policy riders that suit customer circumstances during free look period. is still active while a claim is processed and conveniences. They primarily need • Policy Servicing: Riders can be added on one part of the policy. Conventional to ensure that there is no overlap of at issue or later while policy is active. claim procedures would need revision benefits and that all the disparate Similarly, they may be ceased prior to to process specific type of claims on insurance needs are satisfactorily base coverage. Participating riders may riders. Operating guidelines and claims covered. They should be thoroughly need additional servicing in the form payment mechanism for Disability, trained in using illustration software in of requests for loans, withdrawals, premium waiver benefit, Long Term sales which readily assist customer non-forfeiture, lapses, revivals, Care, Cost of Living Adjustment need visualize the benefits of riders. surrenders and other coverage level to be established or enhanced as • Underwriting & Reinsurance: Riders transactions. A few other riders require appropriate. would call for additional check points sending notices and apply the options • Information Technology upgrades: in underwriting process especially in chosen by policyholders. Also, income Existing IT applications would need terms of insurability checks and tax regulations require categorizing great deal of upgrade and maintenance financial underwriting. Some riders may to support rider functionality. This be available at modified terms or may would position servicing staff to process not be available at all while a base customer requests effectively and help product can still be offered. For them realize the product benefits. example, accident benefit rider may be declined to a risky life but a base Conclusion The process of product may still be offered, on Traditionally, insurance has been serving modified terms though. Similarly, a gathering ‘Protection’ as well as ‘Savings’ needs of Spouse/Child rider would call for additional customers with a variety of products. insurability check on other lives too. requirements due Riders have facilitated packaging these For the purposes of financial to riders may need two elements to offer more beneficial and underwriting and reinsurance assessment, total sum at risk should to be refined so comprehensive solution to customers. It is a win-win situation when customers consider all rider coverages too. The that customer has a appreciate the nuances of product process of gathering additional pleasant and hassle configurability and insurers ensure requirements due to riders may need free experience in preparedness of their service delivery to be refined so that customer has a meeting them. mechanism. pleasant and hassle free experience in meeting them. • Policy Issue & Free Look: All the exclusions and clauses on account of riders have to be properly attached so The authors are Consultants at Computer Science Corporation. All implicit or as to avoid any inconvenience and explicit views expressed in this paper are unpleasant experience in case of of authors only and not of their employers. irda journal 13 Nov 2008
  • 16. issue focus Riding on Health Insurance MULTI-TIERED PROTECTION FOR COMPREHENSIVE COVERAGE DR. SOMIL NAGPAL AND RICHA N GAUTAM EMPHASIZE THAT LEVERAGING THE ADD-ONS AVAILABLE TO BASIC HEALTH INSURANCE POLICIES WOULD GO A LONG WAY IN ALLEVIATING THE DIFFICULTIES ASSOCIATED WITH HUGE HEALTH- RELATED EXPENSES IN THE INDIAN DOMAIN. W ith ever-increasing costs of could also be expenses on foreseeable interchangeably with health insurance. healthcare, newer and more events like maternity and infant care or These products protect individuals from expensive health technology the chronic ailment of a family member; the high expenditure they may need to and also the higher costs of newer and on unforeseeable events like generations of pharmaceuticals; bearing accidents and injuries. Plans have also to the financial dent of a major health be made to deal with the possible, but episode is becoming increasingly difficult often unpredictable, major illnesses Health related the world over, even for the relatively well- which may require substantial amounts expenses do have off individuals and countries. When this of money. Illnesses are, in fact, estimated the potential for expenditure arises in a context where to be impoverishing 2.2% of India’s we, as Indians, spend about 70% of all population every year3,4 and health related catastrophic health expenditure in the country from expenses do have the potential for effects on the our personal resources 1,2 , the catastrophic effects on the finances of finances of importance of adequate planning for individuals and their families; and hence individuals and health contingencies cannot be over- the importance of providing multi-tiered emphasized. protection for comprehensive health their families; and insurance coverage. hence the The various health-related expenses importance of which a person would need to provide Since the 1980s, when the product for could include the expenses on Mediclaim was introduced in India by the providing multi- episodes of minor ailments treated on four PSU insurers, health insurance tiered protection outpatient or domiciliary basis, the more products available in the Indian market for comprehensive serious ones of these could require have been dominated by hospitalization health insurance hospitalization which would ensure indemnity products, to the extent that substantially higher expenses. There the word Mediclaim was often used coverage. 1 Mahal A, Sakthivel S, Nagpal S. National Health Accounts for India. In: Rao Sujatha, editor. Financing and delivery of health care services in India. New Delhi: Ministry of Health and Family welfare, 2005: 256-263 2 Ministry of Health & Family Welfare. National Health Accounts, India. New Delhi: Government of India, 2006 3 Peters D, Yazbeck A, Sharma R, Ramana G, Pritchett L, Wagstaff A. Better Health Systems for India‘s poor. Washington: World Bank, 2002 4 van Doorslaer E, O’Donnell O, Rannan-Eliya RP, Samanathan A, Adhikari SR, Garg CC et al. Effect of payments for health care on poverty estimates in 11 countries in Asia: an analysis of household survey data. Lancet 2006 irda journal 14 Nov 2008
  • 17. issue focus incur in the event of a hospitalization and or there could be need for long term thus do take care of most such events of nursing care or home-based nursing. Such illnesses requiring higher amounts of expenses can thus be financially money. But there are limitations to what devastating to the household where such such products can cover, and a multi- The Personal a critical illness may occur. Availing of tiered approach to one’s health insurance Accident policies, Critical Illness Benefit products, which needs can provide a more comprehensive which can again be provide a lump sum amount on the protection. This article briefly discusses availed on a diagnosis of a critical illness, thus provides the supplementary covers (though some for a cushion against such expenses. of these may not yet be available as riders standalone basis or Critical illness benefit products, again, are to existing health insurance policies, but in a packaged available as standalone products or as could be available on a standalone basis) product with health riders to life and non-life policies, or as a which could be availed of by the insured insurance, are also a component of a packaged health in addition to his hospitalization indemnity insurance product; and provide for high useful supplement to policy, for enhancing the protection sum insured limits, ranging up to several available to him. the hospitalization lakh rupees of lump sum payout. Another indemnity products. product, the Cancer Insurance policy, There are now various products available protects from only the dread of cancer which provide a Daily Hospital Cash benefit and not from other critical illnesses, but which is in the form of a daily fixed is priced attractively for a high amount allowance which could be used to cover of coverage, and is on indemnity basis and the incidental costs associated with not as a lump sum payout. There are also hospitalization (such incidental costs products. They provide for features like Critical Illness Indemnity products which could include the travel and stay costs compensation for loss of wages, and even reimburse some of the costs due to of an attendant, for example). This is some outpatient coverage for accidents critical illnesses, rather than a lump sum available on a standalone basis, and also in addition to inpatient coverage, without payout, and are priced lower than benefit as an optional component of a packaged using the sum insured of the health policy. products for this reason. health insurance policy. The Hospital Cash The provision for a benefit payout in the products can also be considered useful event of death or permanent disablement For patients already suffering from to pay for expenses not covered under is also of value, especially as it comes at chronic diseases like Diabetes, products the hospitalization indemnity product. a small premium. Thus, an amount of are now available which are based on the Thus, for example, where the hospital Rs.1000 per year could buy a Rs.5 lakh PA disease management platform, and include indemnity product has a sub-limit on the cover which includes coverage for death, coverage for some medicines and regular room rent, this allowance could well be permanent disablement and temporary laboratory tests on OPD basis, in addition utilized to avail of a higher category room. disablement in addition to Medical to other coverage in the product. This Thus, at a nominal premium, this product benefits in the event of an accident. category of products on the platform for provides an allowance which is in addition management of a chronic disease may Dreaded diseases like cancer, heart to the indemnity claim and is unlinked to develop further in the days to come and attack, coma or major organ failure may expenditure incurred. Products with daily will be a useful supplement to the be quite infrequent, but are associated allowance ranging from Rs.100 to Rs.5000 hospitalization indemnity coverage for a with extremely high costs of healthcare; are already available in the market, which person who is affected with such a and such costs include a substantial can be availed as per the specific needs chronic ailment. component which would not be covered of the insured. under the hospitalization indemnity There are also riders now available, which, The Personal Accident policies, which can products. This could be due to exceeding for a fixed upfront premium, allow free again be availed on a standalone basis or of the sum insured due to the very high dental or OPD consultations from the in a packaged product with health costs involved, or there could be high provider network of the insurance insurance, are also a useful supplement outpatient (domiciliary) expenditure not company and thus cover dental to the hospitalization indemnity covered under hospitalization insurance, treatment or OPD treatment in a limited irda journal 15 Nov 2008
  • 18. issue focus exception of Personal Accident products, in health insurance, which has been only provide coverage in India. Thus, marketed by the public sector insurers when traveling out of India, yet another as ‘Bhavishya Arogya’. It is also a tier available for protection against health hospitalization product, but can be Health Insurance is a contingencies is Overseas Medical effectively used in younger ages (availing need which cannot Insurance plans, which are sometimes of tax advantages, too) to build up health be overlooked any packaged as Overseas Travel plans by protection for older age. It is also likely including other components like loss of that we see more savings-related more, and it is no baggage. The cost of unexpected medical products offering more innovations and wonder that it now treatment during an overseas visit can be options, in the days to come. constitutes the fastest very high and could indeed be beyond Health Insurance is a need which cannot growing segment of the means of the overseas traveler. Just be overlooked any more, and it is no to illustrate the difference in costs, an general insurance, wonder that it now constitutes the Ultrasound investigation which costs having grown 60% in Rs.300 to Rs.1000 in India, could cost a fastest growing segment of general 2007-08 alone. similar amount in dollars, in many western insurance, having grown 60% in 2007-08 alone. However, with increasing choices countries; while a physician consultation available in the market, the decision is itself may costs thousands of rupees. no longer whether to buy health Some countries even insist on having a insurance, but also as to which products valid medical insurance as part of the visa way. Although no medicines or to buy, and how to package the existing documentation. Although the sum insured investigations are covered in this rider, products for the best ‘fit’ with the is high by Indian standards (like USD it is one step towards coverage of protection needs of oneself. A multi-tiered 50,000 in many products), it is in line with OPD costs. approach, carefully choosing a the expected high costs in foreign travel, combination of hospitalization indemnity Another option now available are the top- but as the probability is low and the products with supplementary covers, up or high-deductible covers for duration of cover is short (often in days riders or additional policies, as discussed individuals (and families) who are already or weeks), it does not cost a fortune above to meet the specific needs of the covered for certain risks by their existing to buy. household, would lead to more insurers or employers. Such individuals Another product for health needs is what comprehensive protection against health can buy such top-up covers which is known as a Medical Savings Account eventualities. provide them coverage beyond the (MSA) or a Healthcare Savings Account. deductible chosen, which could be from MSAs are not a new concept amongst Rs.2 lakh to Rs.5 lakh per episode in the international health financing models; and various products currently available; and in fact, for over two decades in Dr. Somil Nagpal is Special Officer (Health the coverage of these products only Insurance), Insurance Regulatory and Singapore, and for over a decade in China, Development Authority. Mrs Richa N starts after this amount. These products Medical Savings Accounts have found wide Gautam was formerly a Chief Manager with are cost-effective and do not duplicate one of the private life insurers and is acceptance; and these are also the coverage already available, for presently Associate VP in a media operational in South Africa, US and many corporate. This article is contributed in example through employer-provided other countries5. While full-fledged MSAs their personal capacity and views provided group health insurance. herein do not reflect those of any are not yet available in India, we too have organizations to which they are currently All the above products, with the a little known form of an MSA-type model or previously affiliated. 5 Nagpal S, Gautam RN, Singh P. Medical Savings Accounts. In: Planning and Implementing Health Insurance Programmes in India - An Operational Guide. IPH/ WHO India. 2006 irda journal 16 Nov 2008
  • 19. issue focus Life Insurance 'Riders' IN TUNE WITH THE CHANGING TIMES DAVID CHANDRASEKHARAN WRITES THAT THE LEVERAGE THAT THE RIDERS IN A LIFE INSURANCE POLICY PROVIDE IS AKIN TO WHAT A CAR MANUFACTURER CUSTOMIZES A MODEL IN TUNE WITH THE DEMANDS OF THE BUYER. Introduction past years before the opening up of the Benefit’. But the thinking then fostered Riders, as the name itself suggests, come insurance sector. The word ‘Rider’ itself by the monopoly status of the insurer was riding ‘piggyback’ on the basic life is new in the Indian insurance industry. some what like ‘Henry Ford’s who is insurance product. The rider is an add We of course had a few add on features known to have told his customers that on benefit which enables a policy holder (what we now call riders) like double they can have their car in any colour of of life insurance to secure for himself an Accident Benefit, Extended Permanent their choice, as long as it was black! additional cover of his choice along with Disability Benefit and the‘ Premium Waiver Yes, we have to acknowledge that the the main life policy. credit for launching a number of new riders from day one into the Indian Life insurers today offer a number of Insurance market and giving them wide riders in our country and they come at publicity clearly goes to the new entrant. an additional cost. The policy holder can, The policy holder The state owned life insurer was of course by paying the appropriate premium, can, by paying the quick to follow suit and today all life choose one or more riders which he appropriate insurance companies in India offer more needs. The riders thus help a customer premium, choose or less the same riders and the Indian life of insurance to customize the plain vanilla life insurance product to some extent by one or more riders insurance customer is spoilt for choice adding on the riders which he requires. which he needs. as never before. The riders thus help Buying a life insurance product today has Riders Defined a customer of become some what like buying a car. Riders are special additions to the You choose the basic model that appeals insurance to standard policy provisions that confer to you and then ask for additional features customize the plain benefits to the policy holders which are you want that do not come as standard vanilla life not available in the basic policy contract. equipment and the dealer provides a insurance product These provisions, when rider benefit is model with the additional features at to some extent by made available, become part of the extra cost. The insurer today offers a adding on the contract. Insurers do not offer riders with wide variety of additional features like the all types of life insurance policies. riders which he car manufacturer and the additional All riders have costs, limitations and other features which are on offer are the riders requires. stipulations that should be met for the the customers of insurance can pick and relevant benefits to be made available by choose for a price. the insurer under the policy contract. However it was not quite like this in the The ‘Rider’ is somewhat similar in many irda journal 17 Nov 2008
  • 20. issue focus respects to the Institute Clauses attached number of critical illnesses covered and to a standard Marine Insurance policy for the premium varies from company to including additional covers. The extent, company, most insurers cover cancer, scope and duration of the cover are artery bypass, heart attack, kidney/renal indicated in the applicable clauses failure, major organ transplant and attached to the policy. paralytic stroke. The choice for the customer may therefore have to be made New Life Insurance Riders based on the number as well as nature of There are not many the diseases covered. Some companies takers for the As indicated earlier, even prior to the opening up of the insurance sector in do not offer this rider under term policies premium waiver the year 2000 the state owned Life while others do. Some insurers offer this benefit due benefit from inception while many have perhaps to the lack Insurance Corporation was offering the a waiting period. Generally once the following riders, (although they were not of awareness on rider claim is paid, the rider premium is called riders then): discontinued but the base policy will the part of the • Accidental Death Benefit Rider with continue. agents and the Extended Permanent Disability Rider insuring public. Major surgical assistance is also offered • Premium Waiver Benefit Rider. Of the by an insurer which covers a list of 43 two, the Accidental Benefit Rider with surgical procedures coming under Major, extended permanent disability was very Intermediate and Minor. However there popular and most commonly sold. With is a six-month waiting period from the increasing number of road inception for availing this benefit. accidents on our city roads one would Generally once the rider claim is paid, naturally expect a good number of the rider will terminate and the rider Along with the risk of premature death, claims coming up for both Accident premium is discontinued, but the basic permanent disability and the risk of Benefit as well as Permanent Disability policy continues. outliving our savings, all of us are also Benefit. However the actual experience exposed to the risk of being afflicted by An important point to highlight here is is otherwise: most of the accident dreaded diseases which can have this: Under a Mediclaim policy, minimum claims relate to Double Accident only. catastrophic consequences. To take care 24 hrs hospitalisation is generally insisted of this contingency should we go for There are not many takers for the upon and the insurer only reimburses the Health Insurance, Mediclaim or Critical premium waiver benefit due perhaps to cost of treatment fully or to the extent illness Rider with our main life policy, that the lack of awareness on the part of the permissible under the policy on is the point at issue. agents and the insuring public. In addition completion of the treatment. to the above two riders which all life Under a Health Insurance policy the In the case of claims under the critical insurers offer, today the following riders coverage available is no doubt more illness rider, the claim amount payable is are also made available by many of them. comprehensive but costly. You have Unit paid in one lump sum on the onset of the Linking also if you want. Cost-wise, the disease being established as provided for Critical Illness Rider critical illness rider cover may be the in the terms of the rider even in cases cheapest and the easiest to buy. But the This rider is added to a life insurance where the policy holder chooses not to present thinking appears to be that policy to provide financial protection to undertake any treatment. The premium Critical Illness rider together with the insured in the event of his contracting paid for this rider qualifies for tax Mediclaim may be the best option for any of the specified illnesses and is deduction under section 80 D of the many, the reason being the fact that in offered by all life insurers. While the I.T. Act. irda journal 18 Nov 2008
  • 21. issue focus many cases what Mediclaim pays may not customer is well advised to study the of the IRDA stipulation that the rider cover all hospitalization expenses. There exclusions to apprise himself of what is premium cannot exceed 30%of the basic will also be a host of incidental expenses covered and what is not before opting premium of the main policy, whereas in that the insured and his family may have for this rider from any one of the several markets abroad, the rider sum to incur which are not reimbursed. companies. assured may be up to 3 or even 5 times However Mediclaim payment supple- the death benefit of the main policy to mented by Critical Illness benefit (There Term Assurance Rider which it is attached. is no bar on claiming both) may perhaps Term Rider is an additional death cover be more than sufficient to cover all to a life insurance policy and provides a More New Riders expenses incurred during the treatment fixed amount of term assurance that is Now the question that arises is whether for the critical illness. Hence, if you added to the main policy for a specified we have enough of them or whether we already have cover under a group period of time. This rider thus provides could do with some more. In this context Mediclaim policy, you must seriously additional financial protection to the the following riders which are already consider ‘Critical Illness Rider’ as a buffer family of the insured person in the event available overseas may be welcome. to take care of your other expenses of his death. incidental to the treatment of the illness Accelerated Death Benefit but not covered under Mediclaim policy. Various life insurers offer this rider which Rider provides valuable additional cover at a This rider allows policyholders who are Exclusions very affordable cost which the insured diagnosed as terminally ill or those who Of course there are exclusions and more person pays as rider premium over and may need long term care; or others who, exclusion under this rider. Therefore the above the premium payable for the main by nature of their condition, may have policy. By availing a term assurance rider to spend the rest of their lives confined for a cover equal to the basic sum assured to a nursing home; to claim all or part of under the policy, you are able to raise the death benefit available under the the death benefit to double the insured policy on their own life when they are sum under the main policy. It is pertinent still alive. The policy holder is thus able By availing a term to point out here that in the case of to get some relief from the assurance rider for Accidental Death Benefit rider, double the insured amount becomes payable only in financial burden resulting from his inability a cover equal to the event of accidental death whereas to work and also to meet the rising cost the basic sum here, death benefit is doubled regardless of his health care. Death benefits payable assured under the of what the cause of death may be. There under the policy are reduced by any policy, you are able are thus two solid reasons why a amounts paid under their rider. to raise the death prospective customer should seriously This is a very good rider indeed to take benefit to double consider opting for this rider: he gets a care of the need of the terminally ill who the insured sum higher cover up to double the sum have policies in their own lives. They do assured at minimum additional cost; death under the main not have to depend financially on others benefit is doubled whatever be the cause policy. of death and not restricted only to or on charity to look after themselves in their last days. They can live in some accidental death. comfort with dignity till the end comes, In our country the maximum sum assured with the money the rider makes available. under the riders allowed by the insurers is generally equal to or less than the sum Guaranteed Insurability Rider assured under the main policy on account The Guaranteed Insurability rider gives the irda journal 19 Nov 2008
  • 22. issue focus right to the insured to avail of additional A perfect combination indeed to go with insurance subject to certain conditions yesterday’s darling of the insurers, the without further evidence of insurability. Ulip policy! Such coverage would be extremely valuable in cases where the policy holder Conclusion A ‘Fortune 500’ life has become uninsurable subsequent to So the next time you are considering insurer from U.S his taking the policy and cannot therefore secure any additional cover for himself. taking a life policy, ask your agent to offers a rider which This is a ‘must have’ rider you should take explain the various riders on offer and addresses the pick the one that offers an additional with your first policy. concerns of people cover you need. You will never regret who want life Rider that offers protection your decision. insurance death against downside in equities benefit and the market upside potential of This may be the need of the hour today and may be welcome in countries, the equities market including ours, going into a prolonged and but are concerned painful depression following the stock about potential market crash. downside in the A ‘Fortune 500’ life insurer from U.S offers long term a rider which addresses the concerns of people who want life insurance death benefit and the upside potential of the equities market but are concerned about The author is a retired Executive Director potential downside in the long term. of Life Insurance Corporation of India. We welcome consumer experiences. Tell us about the good and the bad you have gone through and your suggestions. Your insights are valuable to the industry. Help us see where we are going. Send your articles to: Editor, IRDA Journal, Insurance Regulatory and Development Authority, Parisrama Bhavanam, III Floor, 5-9-58/B, Basheerbagh, Hyderabad 500 004 or e-mail us at irda journal 20 Nov 2008
  • 23. issue focus Being Cost Effective RIDERS IN LIFE INSURANCE POLICIES SAI SRINIVAS DHULIPALA OBSERVES THAT RIDERS OFFER A HOST OF BENEFITS BOTH TO THE INSURER AS WELL AS THE INSURED; AND THUS HAVE COME TO BE ACCEPTED AS AN INTEGRAL COMPONENT OF LIFE INSURANCE BUSINESS. What Are Riders? independently of a basic policy. Each exhaustive. There are many more riders Rider has its own premium rate and is that are offered by life insurers in India Riders are additional benefits that a governed by separate policy conditions and in other markets. policyholder can opt for with a life and exclusions. insurance policy against a payment of an additional premium. They are always Riders commonly available in the market are: How do Riders work? attached to a basic life policy. They cannot be bought separately or • Term Rider - the rider sum assured is Riders can be used, for an additional cost, paid in case of death of a policyholder to meet the present and future insurance • Accidental Death Benefit - the rider sum needs of a policyholder. However, buying assured is paid in case of accidental a rider means paying an extra premium death of a policyholder for this supplementary benefit. • Accidental Total and Permanent Riders can be additional benefits or Riders can be used, Disability - the rider sum assured is paid accelerator benefits. Additional benefits for an additional in case of accidental total and are the benefits in addition to the basic cost, to meet the permanent disability of a policyholder life cover. Accelerator benefits accelerate present and future • Waiver of Premium on death – future the basic benefit. This means the basic insurance needs of premiums are waived in case of death benefit is reduced by the amount of a policyholder. of the proposer (this benefit is offered accelerated benefit claimed. For under children policies where future However, buying a example, if there is a base policy for premiums are waived in case of parent’s Rs.100,000 and an accelerated critical rider means paying death so that the policy on the child illness benefit is attached to it as a rider, an extra premium continues) then death benefit will come down to for this • Waiver of Premium on disability – future Rs.50,000 if a claim is made on critical supplementary premiums are waived in case of illness for Rs.50,000. When a claim for the benefit. disability of the policyholder benefits of a rider is made, it can result in the termination of the rider, while the • Critical Illness rider – the rider sum assured is paid in case of diagnosis of a original policy continues to insure the defined critical illness. policyholder as usual. In case the base policy lapses due to non payment of The above listed benefits are not premium, the rider benefits also lapse. irda journal 21 Nov 2008
  • 24. issue focus in the form of rider benefits rather than underwriting norms, the additional effort taking all those benefits as independent required in underwriting the benefit is policies. Another advantage of such an less as most of the information required arrangement comes in the form of the for underwriting is already collected for flexibility since riders can be added or underwriting the base policy. This means that the expenses incurred in It may be a smart cancelled anytime during the term of the policy as and when policyholder wants underwriting the rider benefit are less buy for a to do so depending on his / her need. than that of the expenses incurred in policyholder if he / underwriting the corresponding base she buys a basic benefit. benefit and opts Why cost effective? Another significant risk that can be low for term, accidental One may ask ‘why the premium on rider on riders is the ‘Anti Selection’ risk. Anti and health benefits benefit is less than the premium charged selection is the adverse impact on an in the form of rider on a corresponding benefit on a base insurer when risks are selected that have policy?’ benefits rather a higher chance of loss than that than taking all The premium is lower because rider contemplated by the applicable those benefits as premiums are not usually loaded for fixed insurance rate. In other words, independent expenses. Fixed expenses cover expense policyholder always has better information on his health than insurer. policies. to set up policies on the administrative system, sales/marketing costs to get And he/she selects against insurer by not providing all the known information on these riders on books for an insurance his/her status of health. This leads to company. From the insurance company’s inadequate charge of premium by insurer. perspective, the additional administrative And in case of riders, the main motive of costs, sales/marketing costs etc. incurred Riders are very specialized benefits. taking the policy is to buy the base cover on riders are minimal. They require appropriate and clear hence it can be argued that the anti definitions and exclusions. Generally, Riders have an advantage even from a sales selection risk associated with riders could insurers get this support from Reinsurers. point of view. Since rider benefits can be less. This may lead to better A significant portion of the risk arising out be added to the base policy any time experience and lower claim incidence, of these riders is usually reinsured due during the term of the policy, a company thereby reducing the claim outgo of the to the risky nature of these benefits. can sell new rider benefits directly to its insurer. existing clients for a relatively low The above factors could reduce the additional premium. This can be done Cost effective to policyholders through direct marketing channel of an expense loadings and estimated claim cost on a rider benefit thereby making From a policyholder’s perspective, riders insurer. Of course, there would be rider premiums relatively cheaper. are generally cost effective. The premium expenses in setting up and managing the for the rider benefit is likely to be lower direct marketing channel, but it can be than the corresponding premium charged argued that the marginal cost of selling Are riders less profitable to an if the same benefit is to be bought as a riders through this channel are less. insurer? part of the basic policy. Depending on the type of rider benefit, Another question that is asked is “While So, it may be a smart buy for a policyholder the additional underwriting requirement riders are less costly to a policyholder, if he/she buys a basic benefit and opts is also less. Though the underwriting of are they less profitable for an insurer?” for term, accidental and health benefits the benefit is done as per the normal There is no definite answer to this. irda journal 22 Nov 2008
  • 25. issue focus Insurers can have the same profit loadings the profits in terms of absolute numbers different individuals depending on the on mortality and expenses and get the are less. insurance need of that particular same profit margins. So, it can be argued individual. For example, all the accidental that companies are still getting the same Given the greater riskiness and riders can be combined and offered as profits with relatively lower effort. On the uncertainty associated with rider an Accident package. Similarly, other flip side, it is not unusual for insurers to benefits the insurer may need to packages like health package and disability price the base product more incorporate higher margins into the price. package are possible. competitively and try to make profits However, this need for higher margins is through higher margins in the riders e.g. reduced to an extent by reinsuring the Conclusion a very competitive term insurance product rider benefits with a reinsurance Rider benefits can be used to provide a with a high profit accidental rider. company. The reinsurance arrangement comprehensive cover to a policyholder However, the size of these rider premiums also helps in reducing the variability of from time to time. More rider benefits relative to basic premiums is less. Hence the insurer’s profit stream. Another can be added to a basic policy from time possible effect of a reinsurance to time depending on the need and some arrangement is a reduction in the insurer’s can be removed. Ideally, in theory, a single capital requirements. insurance policy can be used to meet all the varying insurance needs of a The flexibility – a key factor in policyholder over his/ her lifetime, with rider cover Insurers can have relatively less additional cost. The biggest advantage of a rider benefit the same profit is the flexibility that it brings to the The benefits described in this article and loadings on policyholder. In theory, there is a flexibility the flexibilities mentioned are all subject mortality and to opt in or out of the rider benefit any to regulatory restrictions. expenses and get time during the term of a life insurance the same profit policy. And this is really a big advantage to a policyholder. Further, some margins. companies may also allow policyholder to change the level of rider benefits during the policy term. The author is Senior Vice President, Future The other advantage of rider benefits is Generali Life Insurance Co. The views expressed in this article are personal and the possibility of packaging of benefits. not necessarily represent the views of his Different packages can be offered to employer or profession. irda journal 23 Nov 2008
  • 26. issue focus When Riders Ride... TOWARDS BETTER CUSTOMIZATION GNANASUNDARAM KRISHNAMURTHY AVERS THAT RIDERS INCREASE THE RISK COVERAGE FOR THE POLICYHOLDER AND THUS ACT AS VALUE ADDITIONS TO THE BASIC CONTRACTS. 2 9 th December 1999 was a hour, after prolonged, but not less always regarded as savings instruments, memorable day for the insurance protracted, deliberations at various levels; to be taken more particularly for saving industry in India. That was the day involving all the stakeholders. One of the income tax, by the middle class. However, on which the Insurance Regulatory and many expectations of the policymakers consumer organisations, who had been Development Authority got statutorily from the liberalised industry was that voicing their concern over non-availability established with a mandate to protect competition would pave way for product of pure term insurance policies, were the interests of the insurance innovation, giving the customers a wider pressing for introduction of such policyholders, regulate, promote and choice of products and prices. products, ostensibly for the benefit of ensure orderly growth of insurance the customers. It was also anticipated that there would industry in the liberalised environment, be increased customer focus leading to It is not as if term insurance was not which was till then a monopoly. The customisation of the products, which was available earlier. Short term Temporary insurance industry was opened up to conspicuous by its absence in the pre Assurance, Convertible Term Assurance competition to answer the need of the liberalised era. and Mortgage Redemption Assurance were A more articulated criticism of nationalised available. Further, as far back as 1986, scenario was that the small print in LIC’s Bima Sandesh was introduced, insurance policies was utilised to contest followed by Bima Kiran in 1994. However, A more articulated the claims that arose for payment. Nearly they were not pure term insurance criticism of a decade down the line, much water has policies as they provided maturity benefits nationalised flown under the bridge, the insurance in the form of return of premiums, keeping in view the psyche of the insuring scenario was that industry expanding the risk portfolio and addressing issues of concerned public, whom the concept of pure term the small print in customers. insurance did not go well with. insurance policies was utilised to A beginning was made in the life insurance Driven by the competition sensitivity, LIC sought to meet the aspirations of the contest the claims sector, towards fulfilling the expectations, by LIC, the public sector consumer organisations and the insuring that arose for life insurer, in anticipation of the product public half way, by introducing term payment. innovation that was to follow with the insurance benefit as an add on to the entry of private insurers. Pre- traditional policies. This they did through liberalisation life insurance products were Riders. irda journal 24 Nov 2008
  • 27. issue focus Riders are resorted to by the insurers to products but only a selected few find a offer additional benefits, for an extra place as additional benefits in a plan. premium. The basic cover is made more Some of the insurers offer additional attractive and useful with the additional covers offered by the riders and the income benefit through a rider, providing Some of the for payment of a percentage of rider sum customer gets a choice of such covers insurers offer assured till maturity of the policy, even he can opt for. The flexibility in this after settlement of basic sum assured on additional income arrangement enables the proponents to death. LIC has recently come out with benefit through a decide on the cover, depending upon their needs and willingness to pay the Congenital Disability benefit rider, rider, providing for extra premium. This also gives scope to exclusively for female lives, providing for payment of a the insurer to offer a customized cover. payment of 50 percent of rider sum percentage of rider assured, if the life assured gives birth to Riders can be dropped or new riders can sum assured till a child with a specified congenital be added during the term of the policy maturity of the disability. This is attached to a particular without entering into a new contract plan meant only for females, in which it policy, even after when the policyholder desires to rescind was built in earlier. Separation of this settlement of basic or add new coverage. The extra premium charged for riders does not affect the benefit through a rider has been done sum assured on cash value of the basic policy. to make it optional and reduce the death. premium under the basic plan. In the pre-liberalised era, most of the additional benefits, which are extended Riders play major role in offering now through riders in life insurance additional benefits under non-life additional add-on covers, over and above sector, found place in the standard basic insurance also. Some of the IMT the tariff covers. In Group Mediclaim policy itself. For example, provision for endorsements in Motor insurance are policies many riders such as waiver of Accident and Disability benefit was classic examples of riders in non life exclusion of preexisting diseases, waiver incorporated in the policy itself, with two insurance which matter for individuals, of waiting period, inclusion of maternity separate policy forms in use, one for the though many other endorsements are in benefit, dental cover, and OPD treatment policy without Accident and Disability the nature of restrictive clauses. are found to be quite attractive for benefit and the other for with Accident Extension of geographical area, personal individuals covered under the scheme. and Disability benefit. The latter policy accident covers, cover for lamps, tyres/ Similarly, riders in group personal forms were identified by a suffix ‘A’ to tubes, mudguards, electrical / ele- accident policies for extension of medical the form number and many a time it was ctronics fittings, CNG/LPG kit in Bi-fuel benefits, coverage for children’s left to the Audit and Inspection teams to system, legal liability, loss of accessories, education, vehicle/house modifications point out the policy issue in a wrong form. use of commercial types of vehicles for etc. are very useful. both commercial and private purposes, The most common riders presently in open air car parks, work away from In some of the non life policies, all the vogue in life insurance sector are for premises etc are extended by IMT endorsements and riders stand attached • Accidental Death and Disability Benefit endorsements in the nature of riders. to standard policy document and those • Premium Waiver Benefit Recently IRDA has permitted insurers to applicable only are indicated in the policy • Critical Illness benefit offer add on covers over and above tariff schedule. It goes without saying that a covers in fire, engineering IAR and Motor rider is a part and parcel of the policy • Term Assurance benefit OD with appropriate additional premium. document and has the same status of a This is not, however, to say that all the ‘Loss of Use’ and ‘Waiver of Depreciation’ policy condition for purposes of legal riders would be available under all the under Motor OD are examples of such validity, interpretation and effectiveness irda journal 25 Nov 2008
  • 28. issue focus product. The rider or riders attached While product innovation is the sine qua to a life policy shall bear the nature and non of a liberalised industry, uniformity character of the main policy, viz, of approach to basic tenets governing participating or non participating and coverage needs to be fostered and Contrary to the accordingly the life insurer shall make ensured. For example, in the Accident euphoria created provisions etc. in its books. and Disability Benefit Riders a limitation over the availability The foregoing paras vis-a-vis the prevalent is imposed by the insurers on the time span between the insured’s death or of low cost expectations before liberalisation of disability and the accident that caused insurance cover in insurance industry throw up a few it. This generally is 180 days and in the the form of Term questions. Contrary to the euphoria case of non life personal accident policies Assurance, the created over the availability of low cost it is extended up to 365 days. This leads insurance cover in the form of Term experience of to a situation where the benefit is Assurance, the experience of liberalised liberalised industry industry in regard to this form of cover is bestowed on the claimant under the policy of one insurer and denied under in regard to this not very different from that of the the policy of another insurer, although, form of cover is not nationalised era. The psyche of the the contingency giving rise to the claim very different from people does not appear to support Term is the same. There is, in fact, a case to that of the Assurance, either as a basic plan or do away with the time limit itself when it through riders. As late as April 2008, the nationalised era. is established that the insured died as a then Chairman of IRDA had remarked that result of an accident, as medical “the growth in the traditional insurance advancement has made it possible to products was primarily fuelled by the prolong the life functions and treatment inherent tendency of the middle class to is always administered with every effort save and simultaneously reduce the tax to save the life at any cost. burden. Risk cover was only incidental to the whole process. We have not got To recall the observations of an ex- of the contract. According to the IRDA out of this mindset as yet. The traditional Chairman of IRDA regarding legal (Protection of Policyholders’ Interests) products have now been replaced by the interpretations and quibbling, some of the Regulations 2002, both life and non-life unit linked policies in view of the positive insurers had interpreted the condition insurance policies and prospectus will developments in the stock market in the have to state the details of the riders ‘external, violent and visible’ in Accident last few years. As a result, pure risk attaching to the main policy. and Disability Benefit policies riders to products, providing adequate life cover the effect that the injury suffered should Reg 3(1) of the IRDA (Protection of at reasonable rates have not yet emerged be visible; and repudiated claims on Policyholders’ Interests) Regulations 2002 in the Indian insurance scene” [IRDA grounds on non-visible injury, they were also stipulates that the premium relatable Journal April 2008]. It should be noted put wise by the Insurance Ombudsmen to health related or critical illness riders that even when there are negative though. in the case of term or group products developments in the stock market shall not exceed 100 percent of premium resulting in drastic erosion of NAVs of unit The avowed objective of customisation under the basic product and all other linked funds, the insurers are pushing unit through riders calls for regulatory support riders put together shall be subject to a linked policies only, with the lure that in the matter of product design and ceiling of 30 percent of the premium of more units would be available on pricing. In this connection Reg 3(1) of the basic product. Further, any benefit investment and blue chips are available IRDA (Protection of Policyholders’ arising under each of the riders shall not at much cheaper price, which would lead Interests). Regulations 2002 appears to exceed the sum assured under the basic to huge gains when the market looks up. need a relook. While the first part irda journal 26 Nov 2008
  • 29. issue focus appears common for the whole industry, (except health related or critical illness this area. Interaction with some of the the contents in regard to riders apply riders in term or group products) shall marketing officials indicates lukewarm only to the life insurance industry. The not exceed 30 per cent of the premium response to the riders from the insuring proviso prescribes that the benefit of the basic product stands in the way of public. Popularity wise, Accident and amount under riders shall be subject to customisation, in that multiple riders Disability benefit rider on the life side and Sec 2(11) of Insurance Act 1938, which cannot be offered to a willing and needy IMT endorsements on the non life side refers to life insurance business. The customer when the rider premiums are somewhat in the forefront. There is explanation to Sec 3(1) also speaks of life exceed 30 percent of the premium of the no gainsaying that much needs to be done insurance. The provision in the section base policy. The concern of IRDA is in this respect, if the dream of policy that premium for all riders put together understandable as rider premium does not makers (which paved the way for opening count for surrender value and in case of up of insurance industry) in regard to premature closure, no benefit out of rider innovative products, customization and premiums would be available to the easier settlement of claims is to come policyholder. However, the situation true. This calls for sprucing up of the under non life policies which are yearly marketing mix of the riders by the With more and more contracts, is not different and hence a insurance companies. willing life insurance customer need not international be denied multiple riders only on this experience being ground. now made available With more and more international to the industry, the experience being now made available to arena of riders could the industry, the arena of riders could be expanded to be expanded to include disability caused include disability by sickness, terminal illness, long term caused by sickness, care, family insurance, progressive terminal illness, long protection on happenings of term care, family contingencies like marriage, child birth etc. which are available overseas. There insurance, is also scope to extend the riders under progressive group health/accident products to protection on individual health and personal accident happenings of insurance policies. Congenital Disability contingencies like Rider can be extended also to male marriage, child birth policyholders. etc. which are Though no published data in regard to available overseas. rider premiums collected by insurers is available, one gets the impression that The author is ex-Chairman, Life Insurance nothing substantial has been achieved in Corporation of India. irda journal 27 Nov 2008
  • 30. issue focus Widening the Risk Coverage RIDERS IN INSURANCE CONTRACTS ANURADHA SHARMA ASSERTS THAT RIDERS ADD A LOT OF VALUE TO THE BASE CONTRACTS, AT A LESSER EXPENSE AND HENCE TURN OUT TO BE ECONOMIC OPTIONS. R iders are the special provisions with home owners and long term care solution as they provide additional attached to the insurance policy policy which add the overall value of the coverage at minimal cost. to provide additional benefits to policy. The policy owner has to evaluate Computer Insurance the policyholders. Riders can be added the cost benefit analysis of the riders as to variety of insurance products such as their addition can increase the cost of The technological advances have created life insurance, home insurance policy and the policy. a plethora of technical products which long term health care insurance. make our lives interesting. The WebTV, The riders attached with the home owners scanners, tape drivers and other home Home owner coverage and long term care policy: office equipments can be efficiently are the examples of the insurance policies protected with the help of rider attached where efficient choice of riders increase Scheduled personal property to the main policy. the usefulness of the policy. Presented endorsement Insurance policies are designed to provide Workers Compensation below are examples of the riders attached We in our daily life hire people to assist limited coverage to the personal in various chores. The gardener, the baby property. Jewelry is usually covered up sitter, the lawn mower are a few examples to a certain amount but any other of people coming to our house which can individual items are covered only for a be treated as employees in insurance particular amount which could be less jargon. In case of some mishap to any of than actual value of the property. The gardener, the the employees, the workers compensation In case of property in excess of the protects the individual and helps to over baby sitter, the lawn stated amount of coverage, a rider can ride the storm. mower are a few be added to the insurance policy to cover examples of people Similar to home owner insurance, the the additional value of these items. The long term care insurance polices which coming to our house cost is usually determined on a “per were stand alone policies earlier have now which can be treated thousand” dollar basis. Expensive items riders attached to increase the should be covered with insurance as employees in attractiveness to buyers. There are policies with no limited cover. insurance jargon. essentially two types of riders: Theft Coverage protection Acceleration rider endorsement This rider accelerates the payments of Most insurance policies have limited death payment to policyholder to pay the coverage for protection against thefts medical bills in case of long term care. and burglaries. The riders are good The death benefit then gets reduced by irda journal 28 Nov 2008
  • 31. issue focus the same amount which was used for long The medical insurance is an expensive The ever increasing term care expenses. In some cases, if product therefore caution must be medical costs have long term care is very lengthy, this death exercised while considering all the increased the visibility benefit can be totally depleted. The ever options before buying the policies. The increasing medical costs have increased most cost effective way is to invest the of these riders and the visibility of these riders and they prove money into suitable insurance product they prove very useful very useful not only in long term care at relatively young age which reduces the not only in long term but in terminal illnesses where massive cost and increases the option to carefully care but in terminal medical payouts can be possible with the evaluate various policies. illnesses where accelerated death benefit rider. massive medical The Extension Rider payouts can be The rider extends the scope of long term possible with the care coverage beyond the death benefit. This rider can allow withdrawing money accelerated death The author is Lecturer, Dept. of from policy even after all the death benefit rider. benefit has been depleted. Accounting and Finance, University Of Limerick, Ireland. irda journal 29 Nov 2008
  • 32. issue focus Riders in Life Insurance ECONOMICAL AND UTILITARIAN A.V. RAO WRITES THAT GETTING TO KNOW WHAT RIDERS AN INDIVIDUAL NEEDS IN ORDER TO MAKE HIS OR HER INSURANCE PORTFOLIO WHOLESOME, IS OF THE ESSENCE. L ife insurance tackles numerous limit the coverage set down by the policy. Another advantage is that in case your needs at different stages of human Riders can be blended - for an additional health state declines with increasing age, life. With increased income and a cost - according to the present and you will be able to apply for extra much higher standard of living, it becomes future insurance needs of the insured. coverage without giving any evidence of crucial to maintain the most suitable However, buying a rider means paying an insurability. Sometimes this rider may also insurance protection for the insurer and extra premium for this supplementary provide a renewal of your base policy at his/her family. benefit. Generally, this premium is low the end of its term without medical because relatively little underwriting is checkups. This rider may end at a certain Riders are to insurance policies what required. When a claim for the benefits age. toppings are to pizzas. They let you further customize your insurance cover of a rider is made, it can result in the to suit your changing needs. Using riders, termination of the rider, while the original you can get benefits over and above those policy continues to insure as usual. The offered by your basic plan. The amount insurance coverage, premium rates, terms you pay for these is small when you and conditions of riders may differ from consider that you would otherwise have one insurer to another. had to buy a completely new cover and Riders can be The most common types of riders available pay a lot more. To cut premium costs, it blended - for an in the national / international insurance is always a good idea to get a rider at additional cost - market are: economical rates. Riders provide several according to the kinds of insurance protection. • Guaranteed Insurability Rider (Renewal Provision) present and future What is a Rider? This rider allows you to purchase insurance needs of As per the IRDA (Actuarial and Abstract) additional insurance coverage along the insured. Regulations, 2000 “Riders” or “Rider with your base policy in the stated benefits” means add-on benefits, which period without the need for further are in addition to the basic benefits under medical examination. This rider is most a policy, i.e. riders are the additional beneficial when there has been a benefits that can be bought and added significant change in your life to a basic insurance policy. circumstances, such as the birth of These options allow the insured to your child, marriage or an increase in increase his/her insurance coverage or your income. irda journal 30 Nov 2008
  • 33. issue focus • Spouse Insurance Rider diagnosed with a terminal illness that As the name suggests, this rider offers will considerably shorten the insured’s term insurance for your spouse for an lifespan. On the whole, insurers may additional premium. advance 25% to 40% of the death benefit of the base policy to the insured. At • Accidental Death or Double Indemnity this juncture, you need to know that Rider After the child insurance companies may subtract the This rider pays out an additional amount amount you receive, plus interest, from of death benefit if the insured dies as attains maturity, what your beneficiaries may receive on a result of an accident. Normally, the the term plan can your death. additional benefit paid out upon death be converted into This may eventually reduce the death due to an accident is equivalent to the permanent benefit under the policy. Most often, face amount of the original policy, insurance with a small amount of premium or, in some which doubles the benefit. Therefore, upon death due to accidental bodily coverage cases, no premium is charged for this rider. Different insurers come out with injury, the insured’s family gets twice multiplying up to different versions of the definition of the amount of the policy. That is why five times the ‘terminal illnesses,’ so check what the this rider is called a double indemnity original face rider has to offer before opting for it. rider. amount without Just make sure that you understand the • Child Term Rider the need for restrictions on this rider, as many This rider provides a death benefit in insurance companies limit the meaning medical exams. case a child dies before a specified age. of the word ‘accident.’ If you are the After the child attains maturity, the sole income provider for your family, term plan can be converted into this rider is ideal for you, because the permanent insurance with coverage double benefit will take good care of multiplying up to five times the original your surviving family’s expenses in your face amount without the need for absence. medical exams. from one insurer to another, so you • Waiver of Premium Rider need to be aware of the terms and • Long-Term Care Rider conditions of this rider. Under this rider, the future premiums In the event that the insured’s bad are waived off if the insured becomes • Family Income Benefit Rider health compels him or her to stay at a permanently disabled or loses his or her nursing home or receive home care, this In case the insured dies, this rider will income as a result of injury or illness rider offers monthly payments. Although provide a steady flow of income to prior to a specified age. Disability of long term care insurance can be bought family members. When buying this rider, the main bread-earner can have the individually, insurance companies also you need to determine the number of most crippling effect on a family. In offer riders that take care of your long- years your family is going to receive this these circumstances, this rider exempts term care costs. income benefit. The merit of having this the insured from paying the premium rider is obvious: In case of death, the due on the base policy until he or she • Return of Premium Rider surviving family will face fewer financial is ready to work again. The main aim of this rider is to give back difficulties thanks to the regular This rider can be valuable, particularly monthly income from the rider. most of the premium that you put into when the premium on your policy is your policy. Under this rider, you have quite high. Without this rider, you are • Accelerated Death Benefit Rider to pay a marginal premium, and at the at risk of lapsing. Here the definition An insured person can use the death end of the term, your premiums are of the term ‘totally disabled’ may vary benefits under this rider if he or she is returned back in full. In the event of irda journal 31 Nov 2008
  • 34. issue focus death, your beneficiaries will receive Today, almost 80 per cent of all policies conditions to check overzealous the paid premium amount. Insurers sell sold carry at least one rider. Why are they insurance agents from selling riders this rider with many variations, so verify so popular? The main reason is that riders without rhyme or reason. Some of the phrasing of the rider before you offer high value at a low cost, and they these are: buy. offer extra protection without your • The allowable rider or riders on the having to take a second policy. But the product shall be clearly spelt out with • Critical Illness Rider low cost is the chief attraction. As the regard to their scope of benefits Critical Illness Riders cover illnesses such premium for the rider goes completely as heart attack, stroke, cancer, surgery • In no case, the premium relatable to towards the cost of the risk cover rather to coronary arteries. The policyholder health related or critical illness riders than towards savings, the premiums on is paid the sum assured if he contracts in the case of term or group products riders tend to be lower than that for the any of the specified illnesses under the shall exceed 100% of premium under the basic policy. Moreover, the administrative rider. But note that the life insured basic product cost on policies goes down when a base would need to survive the specified policy is maintained along with a rider • All other riders put together shall be illness at least 30 days from the date of cover. It’s a perfect value-for-money subject to ceiling of 30% of the premium diagnosis to be eligible for this Rider match that both insurers and customers of the basic product benefit. The policy along with all the riders (to the extent of the Rider Sum look out for. • Any benefit arising under each of the Assured) is then terminated. But your riders shall not exceed the sum assured Though riders are great value for money, base policy would continue and you under the basic product provided that one must understand exactly what he/ would have to continue to pay the benefit amount under riders shall she is getting for that price. For instance, premiums on it. be subject to section 2(11) of the critical illness on a unit-linked policy is Besides the above, there are lots of other Insurance Act, 1938 i.e. the rider or treated differently. After the claim on the riders on the market. riders attached to a life policy shall bear rider is admitted, the basic policy may the nature and character of the main either get terminated or can continue policy depending on the nature of the rider that is offered (accelerated or normal). In the • An insurer or its agent or other accelerated version, the basic policy intermediary shall provide all material terminates with the admission of the claim information in respect of a proposed while in the normal critical illness version, cover to the prospect to enable the the benefits under the basic policy prospect to decide on the best cover continue till the end of the term as long that would be in his or her interest. Riders offer high as the premiums are paid and the policy value at a low cost, is active. Further, as per “Sales Illustrations - Life and they offer Insurance Business: Standards of Practices”- Every insurer carrying on life extra protection Riders are not complex, but choosing the right one can prove difficult. This is insurance business shall ensure that an without your because of the wide choice on offer; extension to a life policy in the form of having to take a each insurer offers at least three variants, rider shall not be made compulsory at any second policy. and agents try to get you to take as many time during the term of the policy. as allowed. As with any financial product, it is However, the Insurance Regulatory and recommended that you take insurance Development Authority (IRDA) through (particularly term covers) at an early stage “Protection of Policyholders’ interests in life. In fact, analysts suggest that Regulations” have introduced certain customers buy critical illness riders at an irda journal 32 Nov 2008
  • 35. issue focus premium even after the rider has come Section 80C on premium contribution of into force. up to Rs.1 lakh. Health and critical illness riders get section 80D benefits up to a So, how do you decide what maximum of Rs.10,000. All rider benefits rider to take? when coming into effect (claims) are exempt from tax under Section 10(10D). Critical illness and Accident benefit riders and possibly accident benefit health riders like critical illness are a must, Conclusion and other riders can be attached based riders are usually Buying insurance can be complicated and on individual preference. Most insurers preferred with say more or less the same. With ever- confusing, but understanding the protection or increasing healthcare costs, critical provisions of your insurance policy is your savings plans, illness and healthcare riders are essential, responsibility. Your insurer may not give you the liberty to modify your insurance while term riders even if you already have a stand-alone policy according to your individual needs, medical insurance cover. Critical illness are preferred with but riders empower you with much- and accident benefit riders are usually savings and preferred with protection or savings needed control over your ever-changing pension policies. plans, while term riders are preferred life situations. with savings and pension policies. Obviously, then, taking riders along with your life insurance policy is a good idea. It is economical to attach a term rider to You not only enhance your life cover, you an endowment or money back policy and can actually customise it to suit your increase the value of cover rather than needs if you carefully study and select buy a separate term cover, which may the right riders. But always remember, early age to get the benefit of availability prove to be expensive. Such a mix and “While riders are important, they are and lower cost. But no matter what your match approach can build a strong and essentially add-ons to the life insurance age, riders like accident death and healthy insurance portfolio for you and policy. The life covers should take disability benefit are worth the money. cover you for a wide range of risks. precedence and be treated as the core The right time for an individual to consider And, unlike medical insurance, which necessity.” taking life insurance policy is, in fact, also often is in the form of reimbursement for the right time for him to consider riders. what you have spent; riders come into Essentially, that’s when he starts earning play the moment the medical condition and he has liabilities or dependants. It is it is covered for is detected. This way better to add accident death cover and even if you have a medical insurance plan, critical illness riders to his insurance plan the rider can help you with additional to increase the risk cover. When one financial support when you need it the reaches middle age, one should opt for most. When you decide on the rider, also riders like waiver of premium and a critical try and get the maximum cover possible. illness cover as well. If you are buying insurance as a means to In standard medical covers, you have to save regularly, an endowment product is take a fresh policy once you make a claim ideal; but pay a little extra for a term or a health condition is detected. And rider as well, so that you are not left that fresh policy invariably comes with a stranded in an emergency. loaded premium. This is where it makes The author is Deputy Director (Actuarial), sense to take a medical rider. The base Tax benefits - All riders (other than health IRDA. The opinions and viewpoints and critical illness) get benefits under expressed in the article are personal. policy on a rider retains the same irda journal 33 Nov 2008
  • 36. follow through Solvency for Insurers ISSUES AND CHALLENGES RAJESH KHANDELWAL ARGUES THAT NEW STANDARDS OF SOLVENCY ARE AN AMALGAM OF INTERNATIONAL BEST PRACTICES; AND CALL FOR INTRODUCTION OF ADVANCED RISK MANAGEMENT SYSTEM WITH WIDER APPLICATION THROUGHOUT THE ORGANIZATION. T he last decade has witnessed major multiple compliance regimes, which can changes in the financial sector - lead to capital inefficiencies. We New insurance companies, new therefore welcome today's proposal for financial institutions, new instruments, group supervision, which provides a pivotal new window of opportunities and along role for the home supervisor to determine Fundamentally, with all this, new challenges. Solvency is group capital requirements. The local solvency is not just a unique opportunity to create a modern, supervisor will still play an important role about capital rules: future-proof insurance supervision in the assessment of local risks and will framework, for the benefit of policy- it should also also benefit from the greater holders, insurance companies and the understanding of how those risks fit the provide behavioral wider economy. overall group risk profile. incentives for good Fundamentally, solvency is not just about risk management About Solvency II capital rules: it should also provide • Insurers need to be able to meet their and provide a basis behavioral incentives for good risk commitments to policyholders at all for group management and provide a basis for group supervision across the globe. times, even in the case of unforeseen supervision across losses. To ensure this, European Union the globe. The capital requirements should reflect (EU) legislation has defined minimum not only the risks in an insurance solvency requirements and standards company's business, but also how these of prudential supervision. interact with other risks and the mitigation applied by the management. For • The Solvency I rules, which were is based on three pillars derived from multinational groups, it's vital that the developed in the 1970s, are too simple Basel II: capital requirements reflect the for today's complex financial services o Pillar I - Risk-based capital complete picture, including the world. Most importantly, regulation requirements: Solvency II will impose spreading of risk. Diversification of risk is needs to be aligned with insurers' new quantitative capital require- one of the fundamental principles of modern risk management techniques. ments. If an insurer's resources fall insurance and transcends corporate legal To address this, some Member States below the solvency capital structures. have advanced at national level and requirement (SCR), the supervisory added requirements, resulting in a With the emergence of large Pan-World authority will be able to impose patchwork of rules across the EU. players, insurance groups operating corrective measures. Below the across the globe face the burden of • The Commission's Solvency II proposal minimum requirement (MCR) irda journal 34 Nov 2008
  • 37. follow through threshold, the supervisor can decide supervisors will be able to participate Profitability: Competition among insurers to close the company to new in the decision-making, including the and huge implementation cost may also business. The SCR can be calculated approval of internal models used by the impact profitability for smaller insurance with a (relatively simple) Standard group. companies. Approach or a company's own (more Risk Management Architecture: The new sophisticated) internal model. Objectives of Solvency II standards are an amalgam of international o Pillar II - Supervisory review of internal The objective of the recommendation of best practices and call for introduction risk management: Supervisory Solvency II is that the insurance companies of advanced risk management system with authorities will not only assess should be more risk-sensitive than wider application throughout the whether an insurer holds sufficient hitherto in their investment activity and organization. It would be a daunting task capital but also the quality of its risk derive the benefit from lesser capital to create the required level of management which also covers engagement for high quality risks. In technological architecture and human interest rate risk, liquidity risk, addition , Solvency II recognises the skill across the institution. business risk, strategic risk and operational risks arising out of the day- reputation risk. For instance, Rating Requirement: Although there are to-day running of insurance company in underwriting strategy claims a few credit rating agencies in India, the the form of service quality shortcomings, management and reinsurance cover level of rating penetration is very low. non-adherence to policy and procedures, will be taken into account. Further, rating is a lagging indicator of staff malfeasances, and so on; the capital the risk and the agencies have poor track o Pillar III - Transparency to aid market charge for which is linked to operational record in this respect. There is a discipline: So that the market itself income through a multiplier to be given possibility of rating blackmail through also brings in a quot;disciplinary effectquot; by the regulator based on its assessment unsolicited rating. Moreover rating in India on corporate management and of the quality of insurance company's is restricted to issues and not issuers. transparency, Solvency II will define operational instructions, style of Encouraging rating of issuers would be a principles for the disclosure of functioning, control of top management challenge. information to policyholders, and audit quality. There is a lot of merit investors, rating agencies and other in Solvency II recommendations and there interested parties. can be no doubt that implementation of • The directive will be adopted in the the same will improve the stability and framework of the Lamfalussy procedure strength of the insurance sector. and is expected to be fully implemented around 2011. Issues and Challenges While there is no second opinion The insurance • Group supervision: Solvency II will streamline group supervision and should regarding the purpose, necessity and companies should usefulness of the proposed Solvency II allow groups to manage their risks and be more risk- norms - the techniques and methods their capital more efficiently. The draft suggested would pose considerable sensitive than directive clarifies the respective roles implementation challenges for the hitherto in their of the group and local solo supervisors and calls for greater co-operation insurance companies especially in a investment activity developing country like India. among European supervisors. The group and derive the supervisor would be responsible for Capital Requirement: The new norms will benefit from lesser ensuring that the group has eligible almost invariably increase SCR for all capital to meet its Solvency Capital capital insurers across the board. Although SCR Requirements. The group supervisor may go down due to adoption of more engagement for would be required to liaise with the risk sensitive models - such advantage will high quality risks. solo supervisor in fulfilling his/her role be more than offset by additional capital of assessing the appropriate capital charge for operational risk and increased requirement for the group. Solo capital requirement for market risk. irda journal 35 Nov 2008
  • 38. follow through historical database, which is a time inclusion and the need for having an consuming process and may require initial efficient delivery mechanism, the solvency support from the supervisor. norms applicable to these entities have been maintained at varying levels of Incentive to Remain Unrated: In case of stringency. At the same time, unrated sovereigns, banks and implementation of Solvency II requires corporates, the prescribed risk weight is Solvency II 100%, whereas in case of those entities much more preparation and poses several challenges for both the insurance proposals with lowest rating, the risk weight is 150%. companies as well as the supervisors. The underscore the This may create incentive for the category insurance companies would require to of counterparties, which anticipate lower interaction meet the minimum requirements relating rating to remain unrated. between sound risk to the internal ratings at the outset and Supervisory Framework: Implementation on an ongoing basis, such as those relating management of Solvency II norms will prove a to the design of the rating system, practices and challenging task for the insurance operations, controls, corporate corporate good supervisors as well. Given the paucity of governance and estimation and validation governance. supervisory resources, there is a need of risk components: Probability of Defaults to reorient the resource deployment (PD) for both foundation and Advanced strategy. Supervisory cadre has to be IRB, loss Given Default (LGD) and Exposure properly trained for understanding of At Default (EAD) for Advanced IRB. Insurers critical issues for risk profiling of should have minimum PD data for five supervised entities and validating and years and LGD and EAD data for seven guiding development of complex IRB years. The manpower skills, the IT (Internal Rating Based) models. infrastructure and MIS at the insurer’s Choice of Alternative Approaches: The new framework provides for alternative Corporate Governance Issues: Solvency end would have to be upgraded approaches for computation of SCR of II proposals underscore the interaction substantially. The supervisors would various risks. However, competitive between sound risk management require developing skills in validation and advantage of IRB (Internal Rating Based) practices and corporate good back testing of models. approach may lead to domination of this governance. The insurance company’s With the focus on regulation and risk approach among insurance companies. board of directors has the responsibility management in the Solvency II framework Insurers adopting IRB approach will be for setting the basic tolerance levels for gaining prominence, the post Solvency II more sensitive than those adopting various types of risk. It should also ensure era will belong to the insurance standardized approach. This may result that management establishes a framework companies who manage their risks in high-risk assets flowing to insurance for assessing the risks, develop a system effectively. The insurance companies with companies on standardized approach, as to relate risk to the company’s capital proper risk management systems would they would require lesser capital for these levels and establish a method for not only gain competitive advantage by assets than insurance companies on IRB monitoring compliance with internal way of lower regulatory capital charge approach. Hence, the system as a whole policies. but also add value to the policy holders, may maintain lower capital than warranted shareholders and stakeholders by and become more vulnerable. It is to be properly pricing their services, adequate Conclusion considered whether in our quest for provisioning and maintaining a robust The policy approach to Solvency II in India perfect standards, we have lost the only financial health. is such that external perception about universally accepted standard. India conforming to best international Absence of Historical Database: standards remains positive. Taking into Computation of probability of default, loss account the size, complexity of given default, migration mapping and operations and relevance to the financial The author is an industry expert and a supervisory validation require creation of sector, need to ensure greater financial market analyst. irda journal 36 Nov 2008
  • 39. ¬˝∑§Ê‡Ê∑ ∑§Ê§‚¥Œ‡Ê Lz uo“ÁuÃN˛ øú Ãz ßÁ∫oyÆ §y™Á G˘ÁzT ™ı LlgÁz™ıb üN˛Á∫ Nz˛ ÃÊuƒtÁ N˛Áz üÁznÃÁ“å tzåÁ ü™ÏQ ∫“Á “{@ EãÆ YyÁı ™ı §y™Á N˛Áz LN˛ uåƒz∆ uƒN˛¡ú Nz˛ øú ™ı tzQÁ Áoz sz@ T¿Á“N˛Áı N˛Áz ÁTøN˛oÁ Nz˛ uå©å Ào∫ Nz˛ N˛Á∫m LN˛ tÏV|båÁ ¬Áß N˛Áz ZÁzg N˛∫ EãÆ N˛ÁzF| ∫ÁF|g∫ üYu¬o å“Î “Áz ÃN˛Á@ EuáN˛ GëÁo §y™Á §ÁÁ∫Áı ™ı ∫ÁF|g∫ §“Ïo TÆÁ “{, osÁ NÏ˛Z EãÆ Nz˛ u¬L ™ÏPÆ ^ÏN˛Áƒ Àú∆| ÆÁzSÆ ™“nƒúÓm| ßÓu™N˛Á uåßÁoz “¯@ Áz úÁ¬ÃyVÁ∫N˛ N˛y EÁƒ≈ÆN˛oÁ ¬ÁßÁı N˛y o∫¢˛ ∫“Á “{@ uÃåz Fà VbåÁƒwo ™ı ÆÁzTtÁå N˛Áz uƒußëÁ Ã™Æ ™ı úÓ∫Á N˛∫oy “{@ osÁ Nz˛ƒ¬ LN˛ §y™Á utÆÁ “{ ƒ{Ãz NÏ˛Z ∆ÏÚ §y™Á GnúÁt b™| §y™Á Nz˛ øú ™ı “{ úÁ¬Ãy Nz˛ ˚Á∫Á uN˛Ãy √ÆuO˛ Nz˛ yƒå ™ı §t¬oz “ÏL ™y¬ ƒ“ [ÆÁtÁ üYu¬o å“Î “{@ Gà üqzfi ™ı Áz üuoÀúáÁ| Nz˛ úns∫Áı Nz˛ EåÏÃÁ∫ ÁzuQ™ EÁƒ∫m N˛Áz §t¬Á Á uƒu“å “{ Æ“ EuáN˛ ™“nƒ å“Î ∫QoÁ@ u¢˛∫ ßy §y™Á qzfi ÃN˛oÁ “{ EÁ{∫ Æ“ éúÓm| §y™Á úÁzb|¢˛Ázu¬ÆÁz Nz˛ u¬L Nz ˛ uåu üuoßÁuTÆÁı Nz ˛ u¬L QÏ ¬ åz N˛Á˛ N˛Á∫m EÁÃÁå uƒN˛¡ú Gú¬£á N˛∫ƒÁoÁ “{ osÁ FÃNz˛ u¬L ÃPo˛EÁƒ≈ÆN˛oÁ uƒÀowo üN˛Á∫ Nz˛ GnúÁtÁı Nz˛ u¬L EåÏ߃ EÁƒ≈ÆN˛ øú Ãz GÄÁ tz| N˛y §y™Á ÃÊuƒtÁ N˛Áz Ù^åz N˛y N˛y TF| “{@ EÁƒ≈ÆN˛oÁ “{, §N˛y “™ı Eßy N˛Á¢˛y EÁTz ÁåÁ “{@ Æ“ EÁTz, åoÁ N˛y §y™Á Nz˛ üuo ÁTøN˛oÁ oyƒ¿oÁ Ãz §‰j EXZÁ “{ N˛y LN˛ ∆ÏϪƒÁo N˛y TF| “{ osÁ uƒußëÁ ∫ÁF|g∫ ∫“y “{@ LzÃz úu∫tw…Æ ™ı uƒÀowo ∫ÊTúb¬ üN˛Á∫ Nz˛ GnúÁtÁı ßÁ∫oyÆ §y™Á qzfi ™ı üY¬å úÁ ∫“z “¯@ ú∫ §¬ utÆÁ ÁåÁ YÁu“Æz@ uÃåz §y™ÁN˛oÁ| Nz˛ u¬L å|¬ Nz˛ Fà EÊN˛ N˛Á Nz˛ã¸ u§ãtÓ <<§y™Á ÃÊuƒtÁ ™ı ∫ÁF|g∫>> GnúÁt åƒüƒo|å N˛Áz ø∫y §åÁÆÁ “{@ ¬zuN˛å ünÆzN˛ “{@ uN˛Ãy ßy yƒå §y™ÁN˛oÁ| Nz˛ u¬L ÁzuQ™ ¬zåz Ãz EÁƒ≈ÆN˛oÁ Nz˛ u¬L GnúÁt N˛Á EÁTz EÁåz N˛y EúzqÁ ú“¬z ünÆzN˛ √ÆuO˛To üÀoÁƒ N˛Áz ÁååÁ N˛™ ÁzuQ™ N˛∫åÁ EÁÃÁå “{@ LN˛ Ã∫¬ osÁ EuáN˛ twu…bTÁzY∫ “Ázoz úÓm| “ÁzTÁ@ Ùӓ §y™Á §w“o øú Ãz åÃÊPÆÁ ƒÁ¬z ßÁ∫o uƒN˛¡ú ∫ÁF|g∫ N˛Áz ÃÁ™åz ¬ÁåÁ “{, Áz úÁ¬ÃyáÁ∫N˛ Nz˛ tz∆ ™ı N˛F| G ∫ üÀoÏo N˛∫oÁ “{, uÙı uƒuƒá Ùӓ “{@ u¬L LN˛ uƒN˛¡ú “ÁzTÁ@ ∫ÁF|g∫ ƒw“o o∫¬oÁ Gú¬£á å|¬ Nz˛ ET¬z EÊN˛ N˛Á Nz˛ã¸ u§ãtÏ <<ÃÁ™Óu“N˛ §y™Á>> N˛∫ƒÁoz “¯ osÁ T¿Á“N˛ Nz˛ ÙÁáÁå Nz˛ øú ™ı ÃÁ™åz EÁÆz “ÁzTÁ@ “¯, GÃNz˛ uƒú∫yo § ünÆzN˛ EÁƒ≈ÆN˛oÁ Nz˛ u¬L LN˛ GnúÁt Q∫ytÁ ÁoÁ “{@ úÁ¬ÃyáÁ∫N˛ LN˛ eyN˛eÁN˛ úÁzb|¢˛Ázu¬ÆÁz Gú¬£á ∫ÁF|g∫ N˛y ™tt Ãz §åÁ ÃN˛oÁ “{@ z. “u∫ åÁ∫ÁÆm •äÿˇÊ ƒ{Ãz NÏ˛Z ∫ÁF|g∫ GtÁu∫N˛∫m Ãz úÓƒ| Nz˛ N˛Á¬ ™ı ßy utÆz irda journal 37 Nov 2008
  • 40. “ ŒÎÁc≈U ∑§ÙáÊ EÁF|.L.EÁF|.Là ƒo|™Áå uƒu Æ ÃÊN˛b N˛Áz uåN˛boÁ Ãz tzQ ∫“Á “{ osÁ ƒ“ FÃNz˛ u¬L üuo§Ú “{ N˛y Fà ™Áåƒ N˛ÁÆ| ™ı úÁe újÁ ÁL@ »y u™Yz ¬ °¬z ™ y EÁF|.L.EÁF|.LÃ, EÜÆq N˛ÁÆ|N˛Á∫y Ãu™uo NÏ˛Z qzfiÁı N˛Áz “™ı tzQåz N˛y EÁƒ≈ÆN˛oÁ “{ uÙz ∆Áu™¬ “{ GnúÁt Nz˛ u¬L ÀƒXZ ¬z§¬ osÁ ™§Óo EåÏNÓ˛¬ EÁƒ≈ÆN˛oÁLÊ uÃÃz Æ“ ÃÏuåu≥Áo “Áz ÃNz˛ N˛y T{∫ EåÏNÓ˛¬ GnúÁtÁı N˛Áz EuoÃʃztå∆y¬ uåƒz∆N˛Áı N˛Áz å §zYÁ ÁL@ »y “ıT Àƒy uN˛b ü§ãá uåtz∆N˛, uÃÊTúÓ∫ N˛y ™Ázåzbu∫ÊT LsÁzu∫by Euåu≥Áo Ã™Æ ™ı §y™Á EÁƒ∫m ™ı §t¬Áƒ üoÁz™N˛ “Áz ÃN˛oÁ “{ ¡t ™ı u¬L TL uåm|Æ T{∫ Eúzuqo úu∫mÁ™ tz ÃN˛oz “¯@ ÃÏ»y Ãıgy ü{T∫ N˛åÃÁà Nz˛ §y™Á N˛™y∆å∫ osÁ Lå L EÁF| Ãy Nz˛ EÜÆq EÁÀb~zu¬ÆÁ ™ı LN˛ uƒu Æ √ƃÀsÁ “{ Áz EÁÀb~zu¬Æå N˛y ™§Óoy N˛Áz §oÁoy “{ EÁ{∫ EÁÀb~zu¬ÆåÁı N˛Áz uƒæÁÁà “Áz ÃN˛oÁ “{ Gå ÃÊTeåÁı ú∫ uåN˛Á L úy EÁ∫ L uƒuåÆu™o N˛∫oy “{@ »y Ázå L¢˛ ¬zN˛∫ EÜÆq, EÁÀb~zu¬Æå üÏgı∆¬ uƒuåÆÁ™N˛ üÁuáN˛∫m (L úy EÁ∫ L) ƒo|™Áå ™ı FÀ¬Áu™N˛ uƒ Nz˛ uƒÀoÁ∫ osÁ uƒN˛Áà Nz˛ úu∫mÁ™Àƒøú E§ Æ“ åÆy éúu ÆÁı Nz˛ uåƒz∆ ƒT| Nz˛ u¬L √ƃ“Ás| §å TÆÁ “{ osÁ √ƃÃÁÆ Nz˛ u¬L LN˛ üuoÀúáÁ| üN˛Á∫ N˛Á N˛ÁÆ|@ gÁ zby EO˛∫ Ey Tƒå|∫, §¯N˛ uåTÁ∫Á, ™¬zu∆ÆÁ EÁT ¬TÁåz Nz˛ Ã™Æ EuSå∆Á™N˛ ˚Á∫Á ¡t Ãz ¡t EÁT ú∫ uå™Êfim §z∆N˛ ø∫y “{ Æ“ ßy EÁƒ≈ÆN˛ “{ uN˛ LzÃÁ jÁ}YÁ o{ÆÁ∫ uN˛ÆÁ ÁL N˛y ßuƒ…Æ ™ı LzÃy “Ázåz ƒÁ¬y VbåÁEÁzÊ N˛Áz uå™Êfim uN˛ÆÁ Á ÃNz˛ (ßÓ™Êg¬yÆ uƒu Æ ÃÊN˛b)@ gÁ oN˛Á¢Ó ˛ ™y ÃÁbÁz N˛™y∆å∫, uƒu Æ ÃzƒÁ LıÃy, ÁúÁå irda journal 38 Nov 2008 ”
  • 41. EußN˛oÁ| EußN˛oÁ| Ãz é§ãáÁı N˛Á ü§ãáå ∫Ááz≈ÆÁ™ ∆™Á| N˛“oz “¯ uN˛ uN˛Ãy ßy ÃÊÀsÁ Nz˛ uƒN˛Áà Nz˛ uúL EußN˛oÁ|é§ãá ü§ãáå EÁƒ≈ÆN˛ “{@ §z“o∫, EbÓb osÁ üz∫mÁtÁÆy EußN˛oÁ| uƒ úmå ™ı é§ãáÁı N˛Áz N˛Á¢˛y ™“nƒ utÆÁ ÁoÁ “{@ qzfi ™ı uƒúmå N˛∫åz ƒÁ¬Áı N˛y √ƃÃÁÆ EußN˛oÁ|EÁzÊ ˚Á∫Á Eu|o uN˛ÆÁ ÁoÁ “{@ N˛∫y§ 70 üut∆o úÁ}u¬Ãy ÃzƒÁ GÃy Nz˛ ˚Á∫Á - é§ãá ü§ãáå “zoÏ ßÓu™N˛Á EnÆão ™“nƒúÓm| “Ázoy “{ MÆÁıuN˛ Æz å- éúëÁ N˛y Áoy “{@ Eo: Ã|sÁ GuYo “ÁzTÁ uN˛ • §z“o∫ u“o ¬Áß osÁ uåÆ™å N˛y √ƃÀsÁ ™Áåà ™ı ÃÊÀsÁ N˛Á ƒÁÀouƒN˛ üuouåuánƒ N˛∫oz ünÆzN˛ EußN˛oÁ| N˛y uåT™ Nz˛ üuo uå…eÁ LƒÊ • ƒo|™Áå ™ı §z“o∫ é§ãáÁı ™ı §ÁáN˛ uåÆ™, “¯@ FåNz˛ N˛ÁÆ|-N˛¬Áú, EÁYÁ∫-uƒYÁ∫ osÁ ßÁƒ- ¬TÁƒ “Áz@ LzÃÁ EußN˛oÁ| Eúåz ™ı uåu“o ¬flÆÁı GúuåÆ™ osÁ Gú§ãáÁı N˛Á ÆsÁz u Yo ßÊuT™Á ÃÊÀsÁ N˛y Zuƒ, üTuo osÁ üÃÁ∫ N˛Áz LƒÊ tÁuÆnƒÁı N˛Áz úÓ∫Á N˛∫åz Nz˛ üuo Ùuú|o “ÁzoÁ ÃÊ∆Ázáå,ÙÁúå osÁ üuoÀsÁúå@ uåáÁ|u∫o N˛∫oz “¯@ FåN˛y TuouƒuáÆÁ} N˛Á¢˛y “t “{ osÁ √ƃÃÁÆ TÏmƒ ÁÆÏO˛ “ÁzoÁ “{ EsÁ|o • é§uãáo uƒN˛Áà EuáN˛Á∫y osÁ EãÆ GXYo∫ oN˛ ÃÊPÆÁ Nz˛ FåNz˛ ÃÁs é§ãáÁı Ãz üßÁuƒo o·ÆÁı N˛Áz uZúÁåz N˛y éßÁƒåÁ ƒ úÁ}u¬Ãy ¬{õÃz∆å uƒúmå EuáN˛Áu∫ÆÁı N˛y EußN˛ÁoÁ| Nz˛ ÃÁs osÁ uåÆÊufio “Ázoy “{@ FÃu¬Æz uƒúmå ÃÊÀsÁå ãÆÓåo™ ÆÁ ∆ÓãÆ “ÁzoÁ “{@ uåÆ™å ™yubÊT LƒÊ ÃʃÁt@ Eúåz Ã{¡Ã™zå Nz˛ ÃÁs uå∫ão∫ oÁ∫o©ÆoÁ §åÁÆz uåT™ N˛Áz GÃN˛Á √ƃÃÁÆ oϬåÁn™N˛ øú Ãz ∫QåÁ YÁ“oy “{ oÁuN˛ FåN˛Á ™åÁz§¬ Ãt{ƒ ¬ÁßtÁÆy “ÁzoÁ “{@ Æ“ ßy EåÏ߃ uN˛ÆÁ TÆÁ “{ HÂYÁ ∫“z@ uN˛ úÏ∫Áåz EußN˛oÁ|EÁzÊ Nz˛ N˛Á™ N˛Á N˛y MƒÁu¬by ßÁ∫oyÆ yƒå §y™Á uåT™ √ƃÃÁuÆN˛ ÃzƒÁ üÁÆ: G ™ osÁ ¬ÁTo EúzqÁNw˛o ãÆÓå “Ázoy “{@ ÃÊÀsÁå “{@ Æ“ yƒå §y™Á GnúÁtÁı N˛Á uƒúmå ∆ÁQÁ N˛u™|ÆÁı Ãz GåNz˛ Ãʧãá üÁÆ: EXZz “Ázoz N˛∫oÁ “{ uåN˛y EÁƒ≈ÆN˛oÁ ünÆqo: ™“ÃÓà “{@ Eo: EußN˛∫m ÃÊ∫qm EußN˛oÁ| Nz˛ ÃÁs- ÆáÁuú EußN˛oÁ| Nz˛ å“Î “Ázoy “{@ Eo: FåN˛Á uƒúmå ub¬ “ÁzoÁ ÃÁs uåT™ Nz˛ u“o ™ı ßy “{@ Æ“ EußN˛oÁ| “{@ Fà Ããtß| ™ı EußN˛oÁ| uåT™ Ãʧãá uƒ∆z  é§ãá ü§ãáå Nz˛ ü™ÏQ ¬flÆÁı ™ı Ãz LN˛ “{@ N˛ÁÆÁz˙ N˛Á uåÀoÁ∫m ™“nƒ ∫Qoz “{@ EußN˛oÁ| Ãz oÁ∫o©ÆoÁ §åÁÆz ÆáÁuú EußN˛oÁ| Nz˛ N˛ÁÆÁz˙ N˛Á uåÀoÁ∫m ú“¬z ú“¬z N˛y EúzqÁ ∫Qåz Nz˛ u¬Æz ÃÁ™ÁuÆN˛ ƒ uå∫ão∫ ™Ï¬ÁN˛Áo, N˛y EúzqÁ ∆yV¿oÁ, u∆…boÁ LƒÊ ÓoÁ Ãz “Áz úfiÁYÁ∫ osÁ bz¬y¢˛ÁzuåN˛ ƒÁoÁ| N˛y EÁƒ≈ÆN˛oÁ ∫“Á “{ uN˛ãoÏ N˛ÁÆ| N˛ÁÆ| éútÁå osÁ üz∫mÁ N˛Á ∆yV¿oÁ, u∆…boÁ LƒÊ “Ázoy “{@ EußN˛oÁ|EÁzÊ N˛Áz ÃuN¿˛Æ ÓÆÁzT, ™ÁT|- N˛Á¢˛y EßÁƒ “{@ FÃNz˛ ÃÁs Æ“ ßy Óy “{ uN˛ ÓoÁ Ãz “Áz ∫“Á “{ t∆|å, üz∫mÁtÁÆy √ƃ“Á∫, √ƃÃÁuÆN˛ Ãq™oÁ EußN˛oÁ| Nz˛ N˛ÁÆÁz˙ N˛y ƒÁÀouƒN˛ á∫Áo¬ ú∫ osÁ ÙÁáÁå ütÁå N˛∫åÁ uåT™ N˛Á å{uoN˛ uN˛ãoÏ N˛ÁÆ| N˛ÁÆ| N˛ueåÁÆy tÏø“oÁ osÁ ub¬oÁ Nz˛ é§ãá ™ı osÁ úz∆zTo tÁuÆnƒ “{@ Få ÙÀo N˛ÁÆ|N˛¬ÁúÁı EãÆ uåT™-åÁı ™ı ÁTøN˛oÁ §jy “{ uN˛ãoÏ Fà éútÁå osÁ üz∫mÁ osÁ üÆÁÃÁı N˛Áz EußN˛oÁ| - é§ãá ü§ãáå N˛Á qzfi ™ı N˛Á¢˛y ÁTøN˛oÁ LƒÊ ú∫ÁåÏßÓuo Eúzuqo åÁ™ utÆÁ Á ÃN˛oÁ “{@ N˛Á N˛Á¢˛y EßÁƒ “{@ “{@ “™ı Àú…b øú Ãz Ù^åÁ YÁu“L Nz˛ “™Á∫z uåT™ N˛Áz Eúåz T¿Á“N˛Áı Nz˛ ÃÁs-ÃÁs EußN˛oÁ| ßÁƒ osÁ ßÁ Á ünÆq / LƒÊ EünÆq øú Ãz N˛Áz ßy Eúåz ÃÁs tyV|N˛Á¬ oN˛ §åÁÆz ∫Qåz EußN˛oÁ| N˛y N˛ÁÆ|q™oÁ ƒ ™åÁz§¬ N˛Áz üßÁuƒo N˛y EÁƒ≈ÆN˛oÁ “{@ uåT™ N˛Á ¬TßT úÓ∫Á åƒ- N˛∫oz “{@ irda journal 39 Nov 2008
  • 42. EußN˛oÁ| • ∆ÁQÁ ™ı uå∫ão∫ EÁåz “zoÏ EußN˛oÁ| N˛Áz NÏ˛∆¬, F|™ÁåtÁ∫, ÃtßÁƒy, ™wtÏßÁ y osÁ üzu∫o N˛∫åÁ@ LN˛ EåÏ™Áå Nz˛ ™ÏoÁu§N˛ N˛∫y§ ÓÆÁz T ú∫N˛ tw u …bN˛Áz m ƒÁ¬z EußN˛oÁ| E Áz Ê YÁ¬yà üuo∆o EußN˛oÁ| ƒ | ™ı tÁz - YÁ∫ N˛Áz Ãßy Ãz ÓÆÁzT, é™Áå osÁ üÁznÃÁ“å §Á∫ “y ∆ÁQÁ EÁoz “¯@ ƒuN˛ §z“o∫ EußN˛∫m u™¬oÁ “{@ LƒÊ √ƃÃÁÆ N˛ÁÆ| “zoÏ EußN˛oÁ| N˛Áz üuo Æ“ Àú…b “{ uN˛ Æ“ Àú…b “{ uN˛ EußN˛oÁ| ÃÊoÏu…b Nz˛ u§åÁ ÃõoÁ“ LN˛ §Á∫ ∆ÁQÁ N˛ÁÆÁ|¬Æ Eƒ≈Æ EÁåÁ EußN˛oÁ| ÃÊoÏu…b Nz˛ T¿Á“N˛ ÃãoÏu…b å“Î N˛y Á ÃN˛oy “{@ T¿Á“N˛ YÁu“L@ • EußN˛oÁ| N˛Á √ƃÃÁuÆN˛ LƒÊ √ÆuO˛ uƒN˛Áà u§åÁ T¿Á“N˛ ÃãoÏu…b é§ãá ü§ãáå N˛Á üs™ Euão™ ÃÁzúÁå EußN˛oÁ|- é§ãá ü§ãáå ú∫ EÁáÁu∫o “{@ N˛∫åÁ@ å“Î N˛y Á ÃN˛oy • EußN˛oÁ| Nz˛ u“o ¬ÁßÁı N˛Á ßÏToÁå osÁ üuoÀúáÁ|n™N˛ úu∫ƒz∆ ™ı EußN˛oÁ| Nz˛ tÁuÆnƒ GÃNz˛ úÁu¬Ãy áÁ∫N˛Áı Nz˛ úÁu¬Ãy é§ãáy “{@ LƒÊ ßÓu™N˛Á ™ı ƒwuÚ “Áz ∫“y “{ FåN˛Áz úÓ∫Á N˛∫åz N˛ÁÆÁz˙ N˛Áz ÆsÁ∆yV¿ éúëÁ N˛∫ÁåÁ@ EußN˛oÁ| Nz˛ u¬Æz GÃz üßÁƒy LƒÊ ÃuN¿˛Æ ÓÆÁzT N˛y N˛Áz M¬§ ÃtÀÆoÁ osÁ EãÆ GXY ¬flÆÁı N˛Áz “™z∆Á EÁƒ≈ÆN˛oÁ ∫“zTy@ úÓ∫Á N˛∫åz Nz˛ u¬Æz üzu∫o N˛∫åÁ oÁuN˛ GÃN˛y EÁÆ osÁ üuo…eÁ §jz, uåT™ Ãz GÃN˛Á uåu≥Áo øú Ãz Eãoo: N˛“Á Á ÃN˛oÁ “{ ÏgÁƒ Àƒo: üz∫mÁ Ãz ßy §jz@ ........ • ∆ÁQÁ N˛u™|ÆÁı ˚Á∫Á EußN˛oÁ| Nz˛ ÃÁs é™Áå Få üÆÁÃÁı N˛y T“åoÁ, üßÁƒ∆y¬oÁ osÁ åN˛ LƒÊ ú∫ÁåÏßÓuo - úÓƒ|N˛ osÁ T¿Á“N˛, uƒN˛uÃo N˛∫z EÁ{∫ ∫Q ÃNz˛, Áz úu∫mÁ™Ázã™ÏQy §åÁÆz Áåz N˛y EÁƒ≈ÆN˛oÁ “{@ u™fi, é§ãáy Nz˛ ÃÁ™åz GÃÃz ÃToÁ úÓƒ|N˛ N˛©úåy tÓ Ã ∫Áı Ãz [ÆÁtÁ ÃÊ o Ï … b Fà üN˛Á∫ “™ å Nz˛ƒ¬ EußN˛oÁ| N˛Á √ÆÁƒÃÁuÆN˛ √ƃ“Á∫ N˛∫åÁ@ EußN˛oÁ| @ uƒN˛Áà N˛∫ ÃN˛oz “{ §u¡N˛ tz∆ Nz˛ N˛Ázåz-N˛Ázåz ™ı • EußN˛oÁ| N˛Áz GuYo ™ÁT| t∆|å, ÓÆÁzT LƒÊ ÃÏtwj ÃÊÀsÁå Nz˛ Ào©ß Tjoz “{@ EußN˛oÁ| - TÁÆz Æ∆Áz T Áå, N˛∫z é™Áå osÁ üÁYÁ∫, üz∫mÁ ütÁå N˛∫åÁ@ é§ãá ü§ãáå N˛Á¢˛y “t oN˛ GßÆúqyÆ “{ GÃy N˛Á üuoÀúáÁ| , Fuo“Áà LƒÊ • EußN˛oÁ| Nz˛ N˛ÁÆÁz˙ N˛y ÙÁ osÁ úu∫ƒÁ∫ osÁ <<ÓÆÁzT ¬zåz Nz˛ u¬Æz ÓÆÁzT tyuÆz>> N˛y åoÁ@@ Nz˛ u“oÁo| ™“ Á N˛y ú“YÁå osÁ L“ÃÁà EƒáÁ∫mÁ ú∫ EÁáÁu∫o “{@ EußN˛oÁ| uåT™ Nz˛ N˛∫Áåz “zoÏ üYÁ∫ Nz˛ u¬Æz uåT™ ˚Á∫Á √ƃÀsÁ@ ƒo|™Áå üÁƒáÁåÁı Nz˛ EãoT|o §y™ÁáÁ∫N˛Áı N˛Áz • EußN˛oÁ| N˛Áz LN˛ ™“Áå ÃÊÀsÁå Ãz Ïgz “Ázåz ÆsÁ Ãʩ߃ EuáN˛o™ u“o¬Áß osÁ ÃÏuƒáÁ Nz˛ TÁ{∫ƒ N˛Á L“ÃÁà N˛∫ÁåÁ@ Gú¬£á N˛∫ÁÆı uN˛ãoÏ uåT™ N˛Áz N˛ÁzF| åÏN˛ÃÁå å “Ázåz tı@ uåT™ Nz˛ EXZz N˛ÁÆÁz˙ ƒ ÃN˛Á∫Án™N˛ GO˛ ÃÏ^Áƒ tzåz N˛Á EÁ∆Æ Æ“ N˛tÁuú å“Î “{ úqÁı N˛Áz å™Áåà Nz˛ ÜÆÁå ™ı ¬ÁÆz osÁ uåT™ uN˛ uåT™ LzÃz üÆÁà å“Î N˛∫ ∫“Á “{@ ƒÀoÏo: N˛y Zuƒ, ÃʃÚ|å “zoÏ osÁ Ãʩ߃ üÆÁà N˛∫ı@ uåT™ åz EußN˛oÁ| N˛Áz üz∫mÁ osÁ ™åÁz§¬ LzÃz üÆÁà N˛∫åz ƒÁ¬z EußN˛oÁ| N˛Áz N˛™|YÁ∫y ¬zQN˛ ü. EuáN˛Á∫y, ßÁ.y.§y.uåT™, ütÁå N˛∫åz Nz˛ u¬Æz N˛Á¢˛y üÆÁà uN˛Æz “{ uN˛ãoÏ ∆ÁQÁ N˛ÁÆÁ|¬Æ-1 ™z∫e §“Ïo ÓÆÁzT N˛∫oz “¯@ ÀƒXZ Zuƒ, √ƃ“Á∫ irda journal 40 Nov 2008
  • 43. üu∆qm Áz ú‰jzTÁ - ƒ“y §‰jzTÁ §y™Á üu∆qm - 2020 ÃÏuYfiÁ uƒbƒzN˛∫ N˛“oz “¯ üu∆qm åz “™z∆Á ÃÁzåz N˛y ut∆Á ty “{ uà ú∫ ™ÁNz˛|ubÊT åz ÃÊT ß∫z EÁ{∫ §y™Á N˛Áz å-uüÆ §åÁÆÁ@ ü u∆qm LƒÊ u∆qÁ uN˛Ãy ßy uƒ Æ Nz˛ uƒN˛Áà N˛Á EußëÁ EÊT “{@ §y™Á ßy EÁoz “{@ N˛ÁzF| EßF|-Eßy N˛Á}¬z Ãz uƒN˛¬z “¯ oÁz N˛ÁzF| ÃzƒÁuåƒwu Nz˛ §Át §y™Á ™ı N˛ÁÆ|o∫ “¯@ ÃÁu“nÆ u¬QÁ TÆÁ “{ uã“Áåz §y™Á N˛y úu∫qÁLÊ N˛ßy útÁzëÁuo Nz˛ u¬L E ym| N˛y sÎ Gã“ı rÁå FÃÃz EZÓoÁ å“Î “{@ Áu“∫ “{ E¬T-E¬T ƒT| ƒ uƒußëÁ úu∫ƒz∆ Ãz ütÁå N˛y úÁfioÁ u™¬y@ E§ ¬TßT 8 ƒ | §yo §y™Á üu∆qm ßy uƒußëÁ Y∫mÁı Ãz TÏ∫Á “{@ o{ÆÁ∫ Fà Ùӓ N˛Áz GÃ Ã™Æ ut∆Á ozåÁ EÃÊ߃ YÏNz˛ “{@ “Á} EÁ Ãz 100 ƒ | §y™Á N˛Á EuÀonƒ Ãyu™o oÁz å“Î ú∫ N˛ueå ø∫ s@ u¢˛∫ ßy üu∆qm åz sÁ ƒ“y üu∆qm N˛y EÁƒ≈ÆN˛oÁ N˛Á ßy ™“nƒ Eúåy T“ N˛ßy EÁƒ≈ÆN˛oÁ Nz˛ EÁáÁ∫ ú∫ EÁFLFå ƒ Áz˙ ™ı üu∆qm Nz˛ tÁ{∫ ú∫ å“Î sÁ@ ∫Á…b~yÆN˛∫m Nz˛ úÓƒ| N˛y úu∫uÀsuoÆÁı ™ı §åÁ “y ¬y sy@ å∫ gÁ¬oz “¯ 245 §y™Á NÊ˛úuåÆÁ} N˛ÁÆ|∫o sy ú∫ãoÏ FåNz˛ ™ÁNz˛|ubÊT EÁ{∫ b~zuåÊT ˚Êt o§ ßy sÁ EÁ{∫ Eßy • 100VÊbÁı N˛y EuåƒÁÆ| Eƒuá Ãz VbN˛∫ N˛ÁÆ| Àƒøú åz ÃÁ™ÁãÆ √ÆuO˛ N˛Áz tÓ∫ “y ∫QÁ@ ßy “{@ üu∆qm åz “™z∆Á ÃÁzåz N˛y ut∆Á ty “{ üu∆qm 50 VÊbÁı oN˛ Ãyu™o ∫“ TÆÁ “{@ N˛F| üN˛∫m sz uÙı √ÆuO˛ åz ú{ÃÁ Á™Á uN˛ÆÁ uà ú∫ ™ÁNz˛|ubÊT åz ÃÊT ß∫z EÁ{∫ §y™Á N˛Áz • ¬ÁFÃıà åƒyN˛∫m Nz˛ u¬L EÁƒ≈ÆN˛ üu∆qm ú∫ãoÏ §y™Á NÊ˛úåy “y EuÀonƒ ™ı å“Î ∫“y@ å-uüÆ §åÁÆÁ@ ú∫ EÁ ßy N˛ÁzF| ÃÁu“nÆ å“Î “{@ ∫Á…b~yÆN˛∫m Nz˛ §Át “Á} §y™Á N˛Áz LN˛ uƒu∆…b • ú∫yqÁ G ym| N˛∫åz Nz˛ §Át §y™Á ™ı N˛ÁÆ| u¢˛∫ EÁÆÁ ƒo|™Áå tÁ{∫ “Á} ƒ{æÁyN˛∫m Nz˛ Y¬oz Àƒøú u™¬Á ƒ“y §ÓÊt-§ÓÊt Ãz ÃÊuYo §y™Á N˛Áz  40 NÊ˛úuåÆÁ} N˛ÁÆ|∫o “¯@ N˛F| EãÆ ßy tÀoN˛ tz åz ∫Á…b~ Nz˛ uƒN˛Áà ™ı EúåÁ ÆÁzTtÁå §QÓ§y ∫“y “¯ EÁ{∫ EåÏ™Áå Æ“ “{ uN˛ EÁåz §Á¬z ƒ Áz˙ uåßÁÆÁ@ Æ“y ƒ“ tÁ{∫ sÁ § §y™Á åz ÃÁ™ÁãÆ ™ı Æ“ ÃÊPÆÁ 250 oN˛ ú“ÏÂYzTy@ Áu“∫ “{ uN˛ √ÆuO˛ Nz˛ ™å ™ı Eúåz u¬L T“ §åÁF|@ FÃÃz üu∆qm N˛y EÁƒ≈ÆN˛oÁ EÁ{∫ §‰jzTy MÆÁıuN˛ tz∆ ß∫ ™ı ÃÊÀsÁå EúåÁ üÃÁ∫ ¢{˛¬Áåz N˛y twu…b Ãz §y™Á EußN˛oÁ| üuoÀúáÁ| §‰jzTy@ FÃNz˛ u¬L √ƃuÀso üu∆qm uåÆÏO˛ “ÏL@ ú∫ãoÏ §y™Á Nz˛ üuo twu…bN˛Ázm u¢˛∫ EÁƒ≈ÆN˛ “ÁzTÁ@ “Á¬ÁuN˛ §y™Á uƒuåÆÁ™N˛ LƒÊ QϬ TÆı “{ EÁ{∫ E§ ßy NÏ˛Z LzÃÁ “y sÁ uN˛ §y™Á ™wnÆÏ Nz˛ §Át N˛Á™ uƒN˛Áà üuáN˛∫m Nz˛ ÀsÁuúo “Ázåz ú∫ üu∆qm N˛ÁzF| ßy √ÆuO˛ EÁoÁ “{@ EußN˛oÁ|EÁzÊ åz √ÆuO˛To üßÁƒ Ãz Fà N˛Áz LN˛ uåu≥Áo Àƒøú u™¬Á “{ osÁ Fà N˛ÁåÓå N˛ÁÆ| N˛Áz Tuo ty@ EÁ™ åoÁ N˛y EÁƒ≈ÆN˛oåÏÃÁ∫ åz §y™Á üu∆qm N˛Á jÁÊYÁ T‰jÁ “{ EÁ{∫ §y™Á Nz˛ üu∆qm ¬zåz Nz˛ §Át åÆz åÆz GnúÁtÁı N˛y ÃÊ∫YåÁ “ÏF|@ E§ üu∆qm ™“nƒúÓm| ú“¬ÓEÁzÊ N˛Áz ÃÓYy§Ú ßy uN˛ÆÁ “{@ tz∆ uåáÁ|u∫o ú∫yqÁ ™ı Nz˛ ™“nƒ N˛y EÁz∫ Ãßy N˛Á ÜÆÁå sÁ@ ß∫ ™ı ÃÊÀsÁå QϬ TÆı “{ EÁ{∫ E§ N˛ÁzF| ßy √ÆuO˛ üu∆qm ¬zåz Nz˛ §Át uåáÁ|u∫o ú∫yqÁ ™ı G ym| “ÁzN˛∫ “y §y™Á úÓm|oÆÁ ßÁ∫oyÆ “{ MÆÁıuN˛ uà o∫“ “™Á∫z tz∆ ™ı uƒuƒáoÁ “{ eyN˛ GÃy o∫“ §y™Á G ym| “ÁzN˛∫ “y ¬ÁFÃıà ¬z ÃN˛oÁ “{@ ¬ÁFÃıà ¬z ÃN˛oÁ “{@ ™ı N˛ÁÆ|∫o EußN˛oÁ| ßy ußëÁ-ußëÁ úu∫ƒz∆ Ãz EÁ{∫ FÃNz˛ u¬L LN˛ ™Á“Á{¬ §å YÏN˛Á “{@ irda journal 41 Nov 2008
  • 44. üu∆qm N˛∫åz ƒÁ¬z EußN˛oÁ|EÁzÊ N˛Á üuo∆o 10 üuo∆o úÁ}u¬ÃyáÁ∫N˛ N˛y å∫ Ãz uƒN¿˛Æ Ãz ßy N˛™ “{@ EƒáÁ∫mÁ • ÆÓu¬ú õ¬Áå ¬ÁzN˛uüÆ oÁz “ÏL “{ ú∫ãoÏ Ã“y • ÃzƒÁuåƒwu EƒáÁ∫mÁ ™ÁÆåÁı ™ı Fã“ı uƒN¿˛Æ N˛∫åz N˛Á üu∆qm §y™Á uå∫Êo∫ • Ã™Æ úÓƒ| ÃzƒÁuåƒwu N˛y EƒáÁ∫mÁ Ãyu™o “{ ∆ÁÆt FÃyu¬L úÁ}u¬ÃyáÁ∫N˛Áı N˛y úu∫ƒo|å N˛Á qzfi • Ã™Æ úÓƒ| ÃzƒÁuåƒwu -EÁåÊttÁÆN˛ ÃzƒÁuåƒwu u∆N˛ÁÆoı §joy Á ∫“y “{@ • N˛u∫Æ∫ EÁ{∫ §y™Á • ™Ó¬ üu∆qm Nz˛ §Át üu∆qm ¬zåz ƒÁ¬z “{ FÃu¬L • √ƃÃÁÆ üÁuõoÆÁı N˛y uå∫Êo∫oÁ N˛y EƒáÁ∫mÁ EußN˛oÁ|EÁzÊ N˛y ÃÊPÆÁ å Nz˛ §∫Á§∫ “{@ üu∆qm N˛Á qzfi • u∆qÁ EÁ{∫ §y™Á • üu∆qm Nz˛ u¬L Gú¬£á ÃÁu“nÆ ™ı ü«Áí- • uƒƒÁ“ EÁ{∫ §y™Á G ∫ ωg TL “{@ EÃyu™o “{@ • ÀƒÁÀ·Æ EÁ{∫ §y™Á • M¬Áà ø™ üu∆qm Nz˛ E¬ÁƒÁ EÁ}å-¬ÁFå • §y™Á uúoÁ N˛y ßÓu™N˛Á ™ı üu∆qm ÃÊÀsÁå Y¬ ∫“z “¯@ Flb∫åzb Nz˛ • §y™Á u™fi N˛y ßÓu™N˛Á ™ı ™ÁÜÆ™ Ãz ty Áåz ƒÁ¬y Fà b~zuåÊT ™zÊ Eßy • §y™Á ™ı ÃÓYåÁ üÁz˘ÁzuTN˛y N˛Á GúÆÁzT ßy ∫YåÁn™N˛oÁ Nz˛ u¬L §“Ïo T“ “{@ • úÁ}u¬ÃyáÁ∫N˛ Nz˛ u¬L √ƃuÀso üu∆qm N˛Á • üu∆qm ÃÊÀsÁå §y™Á G˘ÁzT Nz˛ uƒN˛Áà ™ı uƒN¿˛Æ ú≥ÁÁo üu∆qm EÁƒ≈ÆN˛oÁ N˛ÁzF| úÁeÆN¿˛™ å“Î “{@ ™“nƒúÓm| ßÓu™N˛Á uåßÁLTı@ • ütÁå ÃzƒÁLÊ - GuYo ÃzƒÁLÊ • ßÁ∫oyÆ úu∫ƒz∆ ú∫ EÁáÁu∫o ÃÁu“nÆ Gú¬£á • üuoÆÁzuToÁn™N˛ GnúÁt üu∆qm N˛y ™ÁÊT §‰j • ÃzƒÁEÁzÊ Nz˛ ˚Á∫Á uƒN¿˛Æ å“Î “{@ ÁLTy@ • úu∫uYo T¿Á“N˛ Nz˛ ÃÁs §ÁoYyo • üu∆qm Ãz uƒYÁ∫ úÚuo ™ı Eßy üßÁƒ • §y™Á NÊ˛úuåÆÁı N˛y ÃzPÆÁ §‰jzTy uÃÃz §y™Á • u∫N˛Ázg| ü§Êáå - EÁƒ≈ÆN˛oÁ EÁ{∫ ™“nƒ EÁåÁ §ÁN˛y “{@ ÆÁzSÆoÁ üÁõo uN˛L “ÏL ¬ÁzTÁı N˛y ™ÁÊT §‰jzTy@ • üu∆qm N˛y §¿ÂÁugÊT, ™ÜÆÀsÁı N˛y GnúÁtN˛oÁ ÃÁ}°b NÏ˛∆¬oÁ üu∆»m Æ“ ÃÓYy EÁ{∫ ßy uƒÀowwo “Áz ÃN˛oy “{@ EÁú ßy EÁ{∫ üu∆qm ÃʧÊuáo “ÁzTı@ ÃÁzY ∫“z “ÁıTz MÆÁ Ãßy Yyı åN˛Á∫Án™N˛ “{@ • üu∆qm u§¬NÏ˛¬ å“Î üu∆qm åz ú“¬Á Y∫m úÁ∫ N˛∫ • uƒYÁ∫Áı N˛Á uƒN˛Áà §y™Á ìÁ“N˛Á∫ Nz˛ uN¿˛ÆÁN˛¬Áú Nz˛ u¬L • oåÁƒ N˛Áz ^z¬åÁ u¬ÆÁ “{ EÁ{∫ ƒ“ “{ Fà ut∆Á ™ı ÃÁzYåz N˛y ™ÏPÆ u§ãtÏ ÁTøN˛oÁ ET∫ ÁTøN˛oÁ uå∫Êo∫ ∫“y oÁz • oåÁƒ - LN˛ ÃN˛Á∫Án™N˛ ÆÊfi • GnúÁt EÁáÁu∫o (NÊ˛úåy Nz˛ N˛™ ™ı) • ÃÊüz m NÏ˛∆¬oÁ 2020 ™ı §y™Á üu∆qm N˛Á úu∫tw≈Æ MÆÁ Fà • GnúÁt úu∫YÆ • Ã™Æ ü§Êáå üN˛Á∫ “ÁzTÁ@ • GnúÁt uƒ≈¬z m • ¬flÆ uåáÁ|∫m • GnúÁt üÀoÏuoN˛∫m • ÃN˛Á∫Án™N˛oÁ N˛y ∆uO˛ 2020 ™ı §y™Á üu∆qm úu∫tw≈Æ • EÁƒ≈ÆN˛oÁ Nz˛ ÃÁs GnúÁt N˛Á u™¬Áå • Eúåz EÁúN˛Áz Eußüzu∫o ∫QåÁ • §y™Á ™ÜÆÀsÁı ™ı úz∆zƒ∫ üƒwu N˛Á “ÁzåÁ §“Ïo • GnúÁt uƒúmå ú“¬Ó “y EÁƒ≈ÆN˛ “ÁzTÁ@ • §y™Á uƒN¿˛Æ EÁáÁu∫o • uƒN¿˛Æ Nz˛ ú≈YÁo ÃzƒÁEÁzÊ ™ı uå…eÁ ø∫y §y™Á uå∫Êo∫ úu∫ƒo|å N˛Á qzfi “{ FÃu¬L üu∆qm • Eúu∫uYo T¿Á“N˛ N˛Áz jÊÓjåÁ N˛Á qzfi EÃyu™o “{@ Æ“ uåu≥Áo “{ uN˛ §y™Á “ÁzTy@ • <<åÁ>> N˛Á Es| Ù^åÁ 2020 ™ı LN˛ ÃÏ√ƃuÀso jÊT Ãz üÀoÏo “ÁzTÁ • §y™Á ÆÁzSÆoÁ N˛Á ™“nƒ §‰jTÁ Áz uN˛ üÆÁzTn™N˛ z • Eúu∫uYo T¿Á“N˛ Nz˛ ÃÁs §ÁoYyo N˛∫åÁ √ƃ“Á∫ Nz˛ ÃÁs “ÁzTy@ EÁ{∫ <<Áz ú‰jzTÁ - ƒ“y §‰jzTÁ>> Nz˛ oÊfi ú∫ N˛ÁÆ| • úÁzÀbN˛Ág| ˚Á∫Á uƒN¿˛Æ N˛∫åz ƒÁ¬z EußN˛oÁ| “y Fà qzfi ú∫ ∫Á N˛∫ıTz@ • uN˛Ãy uƒ∆z  uƒ Æ ™ı uƒ∆zz roÁ ø∫y “ÁzTy • §y™Á ™ı úÁzÀbN˛Ág| N˛Á üÆÁzT {Ãz úı∆å ÆÁzåÁL, ÀƒÁÀ·Æ §y™Á EÁƒ≈ÆN˛oÁ • F|-§y™Á uƒN¿˛Æ N˛Á uåáÁ|∫m, ÃÊúu ü§Êáå@ ¬zuQN˛Á FÊ∆∫à “ÁGÃ, ßÁzúÁ¬ Ãz Ï ı irda journal 42 Nov 2008
  • 45. úu∫úfi EÁF|.EÁ∫.gy.L. úu∫úfi EÁF|.EÁ∫.gy.L. ˚Á∫Á utåÁÊN˛ 6 EMbÓ§∫ 2008 N˛Áz uå™í úfi Á∫y uN˛ÆÁ “{@ Fà úfi N˛Á u“ãty ™ı EåσÁt üÀoÏo “{@ FÙı uN˛Ãy ßy o∫“ N˛y N˛™y Nz˛ u¬L FÃNz˛ EÊT¿y ™ı utÆz TÆz o·Æ N˛Áz ÃÊtuß|o N˛∫ı@ à ßy uüÆ, EußN˛oÁ| üu∆qm ÃÊÀsÁå N˛y ™ÁãÆoÁ ™ı úÊyNw˛o §y™ÁN˛oÁ|EÁzÊ Nz˛ GnúÁt EÁ{∫ Eúåy GúÆÁzTy ÃzƒÁLÊ úÁ}u¬ÃyáÁ∫N˛ oN˛ ú“ÓÂYÁ ÃNı˛@ EÁ{∫ ™ÁãÆoÁEÁzÊ N˛Á åƒyåyN˛∫m Æ“ uå™í u¬uQo ú{∫Á åÊ 4 N˛y ∆o| Ãz é§uãáo “{ { à Á “™åz åoÁ EÁ{ ∫ 1. ™z∫z EuáN˛Á∫ qzfi Nz˛ EÊoT|o, ™¯ Gú∫ÁzO˛ úÁ}u¬ÃyáÁ∫N˛Áı N˛y EÁz∫ Ãz N˛F| u∆N˛ÁÆozı üÁõo uƒ Æ ™ı LN˛ ÃÓYåÁ úfi Á∫y N˛∫ ∫“Á “ÓÂ@ N˛y “{ uN˛ Gã“ı GuYo ìÁ“ ütÁå å“Î N˛y ™¯ Gú∫ÁzO˛ åÁ{N˛∫∆Á“y 2. Æ“ ÃÓYåÁ úfi, FÃz Á∫y N˛∫åz N˛y uous Ãz, Á ∫“y “{@ FÃÃz ƒz Eúåy EÁƒ≈ÆN˛oÁåÏÃÁ∫ Ãz u§¡NÏ˛¬ EüÃëÁ “Ó@ Nz˛ƒ¬ EÁ}¢˛ ¬ÁFå EußN˛oÁ| üu∆qm ÃÊÀsÁå GnúÁt N˛Á YÆå å“Î N˛∫ úÁoz@ (§y™Á (Áz uN˛ ¢z˛N˛¡by ˚Á∫Á M¬Áà ø™ ™ı EÁƒztN˛Áı EÁƒ≈ÆN˛oÁLÊ EYÁåN˛ “ÏF| VbåÁEÁzÊ Ãz GnúëÁ {ÃÁ uN˛ ™¯ §“Ïo N˛Áz üu∆qm ütÁå N˛∫oz “¯) ú∫ ¬ÁTÓ “ÁzoÁ “{@ “Ázoy “{ {Ãz ™wnÆÏ, §y™Á∫y ÀƒÁÀ·Æ ÙÀÆÁLÊ, ÃÁ∫y u∆N˛ÁÆoı tzQ 3. ™¯ Gú∫ÁzO˛ åÁ{N˛∫∆Á“y Ãz u§¡NÏ˛¬ EüÃëÁ “ÓÂ@ ÃÊúu N˛y “Áuå EÁ{∫ Få VbåÁEÁzÊ Nz˛ N˛Á∫m √ÆuO˛ N˛Áz uƒ yÆ “Áuå GeÁåy ú‰goy “Áz EÁ{∫ ∫“Á “Ó, {Ãz (RTI  {ÃÁ uN˛ ™¯ §“Ïo ÃÁ∫y u∆N˛ÁÆoı tzQ ∫“Á “ÓÂ, {Ãz (RTI EuáuåÆ™ ™Á™¬z ßy “Á} üßÁuƒo Fã“ı “™ §y™ÁáÁ∫N˛ Nz˛ u“oÁı Nz˛ øú ™ı Eúåz EuáuåÆ™ ™Á™¬z ßy úqÁı åz üÁuáN˛∫m N˛Áz uåm|Æ N˛Áz YÏåÁ{oy ty) ut™ÁT ™ı ∫Qoz “{ EÁ{∫ Æ“ u∆N˛ÁÆoı üÀoÁuƒo “Á} üßÁuƒo úqÁı åz ¢˛Ázå N˛Á}¡Ã, ™{Ãz osÁ VIPs Ãz EåÏ™Áztå@ EußN˛oÁ| EÁ{∫ ¬ÁFÃıÃáÁ∫N˛ EußN˛oÁ| Nz˛ FÃu¬L ™{åz Ãßy EußN˛oÁ| üu∆qm ÃÊÀsÁå GuYo üu∆qm N˛y N˛™y Nz˛ N˛Á∫m GnúëÁ üÁuáN˛∫m N˛Áz uåm|Æ N˛Áz ÃÓuYo N˛∫åz N˛Á uå≥ÁÆ uN˛ÆÁ “{ uN˛ ™¯ “Ázoy “{@ §y™Á §ÁÁ∫ ™ıÁF|. “y Eúåz N˛Áz YÏåÁ{oy ty) Ãßy LzÃz ÃÊÀsÁåÁı N˛y ™ÁãÆoÁ 6 ™Á“ Ãz EXZz GnúÁt (§y™Á EußN˛oÁ|) N˛y GnúÁtN˛oÁ uƒÀoÁu∫o N˛∫oÁ “Ó uåNz˛ ÃÊÀsÁå N˛y ™ÁãÆoÁ Nz˛ u¬L u©™ztÁ∫ “{ EÁ{∫ åoÁ Nz˛ u“o N˛Áz N˛Á åƒyåyN˛∫m 31 utÃʧ∫ 2008 EÁ{∫ GÃÃz ÜÆÁå ∫Qoz “ÏL GåNz˛ Æ“ uN¿˛ÆÁN˛¬Áú ú“¬z Eúzuqo “{ (GtÁ“∫m Nz˛ u¬L, ET∫ EÁF|.EÁ∫.gy.L. ˚Á∫Á åN˛Á∫z å“Î Á ÃN˛oz@ÁF| N˛y ™ÁãÆoÁ N˛Á åƒyåyN˛∫m 4. “™ Fà ÃÓYåÁ úfi ú∫ sÁz‰gz Ã™Æ ™Ïu≈N˛¬ √ƃÀsÁ N˛Áz EÁ{∫ EuáN˛ uƒæÁÃåyÆ §åÁÆÁ 08.09.2008 N˛Áz Eúzuqo “{ oÁzÁF| Ãz (LN˛ ™“yåÁ) ™ı EÁ ∫“z “¯ Áz uN˛ÁF|. | Á ÃNz˛@ (Áz uN˛ §yu™o Nz˛ u“oÁı EÁ{∫ §y™Á FÃNz˛ uN¿˛ÆÁN˛¬Áú 07.03.2009 oN˛ YÁ¬Ó N˛y N˛ÁÆ|ümÁ¬y N˛Áz Ãßy Nz˛ u“oÁı N˛Á ÜÆÁå §ÁÁ∫ Nz˛ uƒN˛Áà Nz˛ u¬L üuo§Ú “Áz) Fà ∫Q ∫QoÁ “{ ƒ“ ßy EÁF|.EÁ∫.gy.L. Nz˛ ∫Qoz “ÏL Ã∫¬ N˛∫zTÁ osÁ üuN¿˛ÆÁ EuáN˛ÁÊ∆o GtΩtz≈Æ Ãz ÃßyÁF|. N˛Áz LN˛ ÃÊúÓm| “Àoqzú Nz˛ u§åÁ) oÁuN˛ÁF|. Eúåz ƒz§ EÁáÁu∫o “ÁzTy oÁuN˛ ÃßyÁF|. ƒz§ ÃÁFb ∫Qåy “Ázoy oÁuN˛ ƒz åoÁ Nz˛ üÆÁzTÁn™N˛ üu∆qm N˛Áz YÁ¬Ó ∫Qoz “ÏL N˛y ™ÁãÆoÁ EÁ{∫ GÃNz˛ åƒyåyN˛∫m N˛y üuN¿˛ÆÁ ÃÁs Eúåz ÃÊúN|˛ ÀsÁuúo N˛∫ ÃNı˛@ (Æ“Á} EußN˛oÁ| üu∆qm Nz˛ FXZÏN˛ √ÆuO˛ÆÁı N˛Áz N˛Áz ¬z N ˛∫ úÁ∫tu∆| o Á EÁ ÃNz ˛ @ oÁuN˛ åoÁ ™ı ƒz úÁ}u¬ÃyáÁ∫N˛ ∆Áu™¬ “z Áz uN˛ üu∆qm tı, uÃÃz uN˛ ƒ“ EÁF|.EÁ∫.gy.L. EÁF|.EÁ∫.gy.L. Nz˛ úzú∫ ƒN|˛ N˛Áz §YÁN˛∫ Eüu∆uqo EußN˛oÁ| Ãz üßÁuƒo “Áz@ Æ“ irda journal 43 Nov 2008
  • 46. úu∫úfi uN˛ Æ“ Ãßy üúfiyN˛∫m 31 EMbÓÓ§∫ 2008 üÀoÏo N˛y Áåy YÁu“L osÁÁF|. Nz˛ Nz˛ úÓƒ| ÃÊúÁuto uN˛ÆÁ ÁLTÁ@ EåÏÃÁ∫ ünÆzN˛ ™Á“ Nz˛ EÊo ™ı EußN˛oÁ| N˛y 5. Ãßy §y™ÁN˛oÁ|EÁzÊ Ãz EÁƒztå “{ uN˛ ƒz GåN˛y u∆N˛ÁÆoÁı N˛Á uƒ≈¬z m Fà o∫“ üÀoÏo N˛∫ı ƒz§ÃÁFb ú∫ÁF|. EÁ{∫ GÃÃz ÃʧuãáoÁF|. N˛Á åÁ™, úÓƒ| ™ı üu∆uqo uN˛L §y™ÁN˛oÁ| N˛Áz u∆N˛ÁÆoı u∆N˛ÁÆoÁı N˛Á £ÆÁ{∫Á ∫Qı F∫Nz˛ u¬L Gã“ı TL EußN˛oÁ|EÁzÊ N˛y ÃÊPÆÁ EußN˛oÁ| uåNz˛ Nz˛ u¬L GuYo N˛t™ åoÁ Ãz ƒz§ÃÁFb ™ı ÃÊúN|˛ ∫QåÁ YÁu“L uƒªÚ úÁ}u¬ÃyáÁ∫N˛ åz u∆N˛ÁÆo N˛y “{@ “Á} §y™Á EußN˛oÁ| EÁ{∫ÁF|. Nz˛ uƒªÚ §y™ÁN˛oÁ|EÁzÊ N˛Áz Eúåy ƒz§ÃÁFb ú∫ u∆N˛ÁÆoÁı GeÁåÁ YÁu“L uN˛ ƒz u∆N˛ÁÆoı úÊyNw˛o “ÁzTy EußN˛oÁ| Ãz Ãʧuãáo N˛Áz Óy jÊT Ãz gÁ¬åÁ YÁu“L@ §y™ÁN˛oÁ| N˛Áz EÁƒztN˛ N˛Áz §uƒ…Æ ™ı u∆N˛ÁÆoı “Áz ÃN˛oy “{ uN˛ (L) EußN˛oÁ| uå∫yqN˛ N˛ÁzÁF|. Nz˛ úÁà üu∆qm N˛y EÁƒ≈ÆN˛oÁåÏøú GnúÁt N˛Á YÆå N˛∫åz ™ı TÏmƒ Á ú∫Qåz Nz˛ u¬L ßzåÁ YÁu“L EÁ{∫ uƒ∆zÁF|. Nz˛ üÀoÁƒN˛ N˛y ™tt å“Î N˛∫oÁ (§y) uƒN¿˛Æ GÃNz˛ úu∫mÁ™ N˛Áz Eúåy ƒz§ÃÁFb ú∫ åoÁ úÁà üu∆uqo Nz˛ §Át EußN˛oÁ| ÃzƒÁLÊ ütÁå å“Î N˛∫oÁ Nz˛ u¬L gÁ¬ ÃN˛oz “¯@ §y™ÁN˛oÁ| N˛Áz úÓ∫y {Ãz (üÀoÁƒ Nz˛ ÙÆ, úÁ}u¬Ãy üúfi Nz˛ Á∫y üuN¿˛ÆÁ 31 EMbÁz§∫ 2008 oN˛ úÓ∫y N˛∫åy N˛∫ƒÁLTı EsƒÁ å“Î YÁu“L EÁ{∫ Fà Ãʧãá ™ı Á∫yN˛oÁ| N˛Áz “Ázåz EÁ{∫ üyu™Æ™ ßÏToÁå Nz˛ Ãʧãá ™ı osÁ §y™ÁN˛oÁ| EÁ{∫ EÁut) EÁ{∫ÁF|. Nz˛ uƒªÚ (Ãy) L by N˛Áz Fà e-mail ID ú∫ EÁF| N˛y Q∫Á§ ÃzƒÁÆı uÃNz˛ N˛Á∫m GåNz˛ ÃÓYåÁ tzåy “{@ EÁF|.EÁ∫.gy.L. N˛Áz EÁƒztN˛ (uã“Êz GåNz˛ ˚Á∫Á ú“¬z üu∆qm 6. EÁF|.EÁ∫.gy.L. Nz˛ é§uãáo √ÆuO˛ »y ÃÏ∫z∆ ÃÓuYo N˛∫åz Ãz ütÁå uN˛ÆÁ TÆÁ “{) §y™Á EußN˛oÁ| §åz “Áı ™ÁsÏ ∫ “{ @ GåN˛Á e-mail ID suresh@ (gy) EÁ{∫ EãÆ ™{b∫ Áz uN˛ÁF|. Nz˛ “{@ Ãʧuãáo N˛t™ ßy uƒªÚ “Áz@ Fà Ãʧãá ™ı §y™ÁN˛oÁ| N˛Áz ßy GeÁL Áåz YÁu“L@ÁF|. Nz˛ åÁ™ √ƃuÀso N˛∫åÁ YÁu“L@ úu∫YÆ úfi Á∫y uN˛L Áåz Ãz úÓƒ| §y™ÁN˛oÁ| N˛y EÁ{∫ Ãz EußN˛oÁ| N˛Áz LN˛ ü™Ám úfi Á∫y uN˛ÆÁ ÁåÁ YÁu“L uÃÃz EußN˛oÁ| ÃÊúN|˛ÁF|. N˛Áz üßÁuƒo EußN˛oÁ| Nz˛ úÁ}u¬ÃyáÁ∫N˛ N˛Áz GnúÁt uƒN¿˛Æ N˛∫oz Ã™Æ üu∆qm ™ı úu∫ƒo|å N˛∫åz N˛Á EƒÃ∫ ütÁå EúåÁ úu∫YÆ úfi üÀoÏo N˛∫ ÃNı˛@ §y™ÁN˛oÁ| N˛∫zTÁ FÃNz˛ E¬ÁƒÁ LbyEÁF| N˛Áz u∆N˛ÁÆoÁı N˛Áz u∆N˛ÁÆoı Nz˛ u¬L GuYo N˛t™ GeÁåÁ N˛Á uƒƒ∫m N˛Á gzbÁ ƒz§ÃÁFb ú∫ gÁ¬åz N˛Áz YÁu“L uN˛ ƒz EÁƒztN˛ N˛Áz §uƒ…Æ ™ı uƒ∆z  §Áz¬Á ÁLTÁ oÁuN˛ Ãßy Nz˛ u¬LÁF|.ÁF|. Nz˛ úÁà üu∆uqo N˛∫ƒÁLTı EsƒÁ Nz˛ N˛ÁÆ|N˛¬Áú úÁ∫tu∆|o “Áz ÃNı˛@ FÃy Nz˛ å“Î osÁ §y™ÁN˛oÁ| EÁ{∫ EÁF|.EÁ∫.gy.L. N˛Áz ÃÁs “yÁF|. N˛Áz Ãßy üúfiÁı N˛y ÃÁ}°b ÃÓuYo N˛∫åz Ãz Ãʧuãáo N˛t™ ßy GeÁL N˛Á}úy (ÀNz˛ãg N˛Á}úy) EÁF|.EÁ∫.gy.L. Nz˛ ÃÁ™åz Áåz YÁu“L@ §y™ÁN˛oÁ| N˛Áz Eúåy ÀƒÆÊ N˛y üÀoÏo N˛∫åy N˛y üÁs|åÁ “{ § ƒz Eúåy ƒz§ÃÁFb ™ı u∆N˛ÁÆoÁı N˛Á £ÆÁ{∫Á ünÆzN˛ ™Á“ üs™ ™ÁãÆoÁ EÁ{∫ ™ÁãÆoÁ N˛Á åƒyN˛∫m ™ı tzåÁ YÁu“L@ (EußN˛oÁ| Nz˛ uƒªÚ u∆N˛ÁÆo N˛∫ƒÁoz “¯@ Fã“Î üúfiÁı N˛Á LN˛ üuou¬uú Fà Fà üN˛Á∫ N˛∫ı - ™Á“ Nz˛ üs™ ™Á“ ™ı ÃÊPÆÁ, ÃÓYåÁ úfi Nz˛ Á∫yN˛oÁ| N˛Áz ßy ütÁå N˛y ™Á“ Nz˛ §yY ™ı üÁõo ÃÊPÆÁ, ™Á“ Nz˛ tÁ{∫Áå Æ“ úfi »y Nz˛ Ãϧ“™ãÆ™, LuMMÆÏubƒ ¿ ÁL@ Fà Ãʧãá ™ı EÁF|.EÁ∫.gy.L. ™tt GÚo N˛y ÃÊPÆÁ, EÁ{∫ ™Á“ Nz˛ EÊo ™ı ÃÊPÆÁ) gÁÆ∫zMb∫ (ü∆ÁÃå) ˚Á∫Á Á∫y uN˛ÆÁ TÆÁ N˛∫åz Nz˛ u¬L onú∫ “{ EÁ{∫ EúzqÁ N˛∫oÁ “{ÁF|. Nz˛ uƒªÚ FÃy o∫“ N˛y ÁåN˛Á∫y “{@ irda journal 44 Nov 2008
  • 47. statistics - non-life insurance Report Card: General GROSS PREMIUM UNDERWRITTEN FOR AND UP TO THE MONTH OF SEPTEMBER 2008 ( Crores) SEPTEMBER APRIL - SEPTEMBER GROWTH OVER THE INSURER CORRESPONDING PERIOD 2008-09 2007-08 2008-09 2007-08 OF PREVIOUS YEAR Royal Sundaram 67.04 52.69 388.99 320.87 21.23 Tata-AIG 59.16 53.94 497.27 413.10 20.38 Reliance General 146.00 138.48 986.22 946.44 4.20 IFFCO-Tokio 97.83 75.05 716.02 533.56 34.20 ICICI-lombard 271.45 262.84 1925.11 1726.59 11.50 Bajaj Allianz 212.78 176.01 1416.15 1122.51 26.16 HDFC ERGO General 28.08 14.34 143.36 112.03 27.96 Cholamandalam 53.22 40.09 358.33 266.51 34.45 Future Generali* 14.17 0.00 71.96 0.00 Universal Sompo # 0.08 0.00 1.14 0.00 Shriram General @ 5.53 0.00 7.01 0.00 Bharti AXA General @ 0.68 0.00 0.70 0.00 New India 441.32 469.40 2785.33 2663.40 4.58 National 346.24 287.87 2164.66 1954.58 10.75 United India 317.54 271.98 2092.84 1853.03 12.94 Oriental 292.21 282.72 2040.87 1989.39 2.59 PRIVATE TOTAL 955.33 813.45 6511.57 5441.62 19.66 PUBLIC TOTAL 1397.31 1311.97 9083.70 8460.40 7.37 GRAND TOTAL 2352.64 2125.42 15595.27 13902.02 12.18 SPECIALISED INSTITUTIONS: 1.Credit Insurance ECGC 63.97 55.09 347.22 313.24 10.85 2.Health Insurance Star Health & Allied Insurance 7.94 3.13 239.19 46.34 416.14 Apollo DKV* 3.16 0.00 13.14 0.00 Health Total 11.10 3.13 252.33 46.34 444.49 3.Agriculture Insurance AIC 165.94 111.92 379.86 351.74 7.99 Note: Compiled on the basis of data submitted by the Insurance companies * Commenced operations in November, 2007. # Commenced operations in February, 2008. @ Commenced operations in July, 2008. irda journal 45 Nov 2008
  • 48. round up The Institute of Actuaries of India (IAI) organized a seminar on ‘Current Issues in Life Assurance (CILA)’ on 29th and 30th August, 2008 in Mumbai. Mr. J. Hari Narayan Chairman, IRDA and Dr. R. Kannan Member (Actuary) IRDA seen at the inaugural session. Photograph shows Mr. G.N. Agarwal President, IAI felicitating Dr. Kannan irda journal 46 Nov 2008
  • 49. round up Mr. A.Venkateswara Rao Deputy Director (Actuarial) IRDA making a presentation at the seminar. Mr. S. Karthikeya Sharma Assistant Director (Actuarial) IRDA presenting his viewpoint. irda journal 47 Nov 2008
  • 50. SPREAD THE WORD... The above advertisement is issued by IRDA in the Public interest. Those wishing to publish it for spreading consumer awareness of Insurance may use this artwork for reproduction. irda journal 48 Nov 2008
  • 51. events 17 - 18 Nov 2008 Seminar on Information Security Risk Management Venue: Pune By National Insurance Academy, Pune 17 - 20 Nov 2008 KLIFF 2008 Venue: Kuala Lumpur By Kuala Lumpur Islamic Finance Forum 24 - 27 Nov 2008 East Asian Insurance Congress Venue: Hong Kong By EAIC, Japan 30 Nov - 1 Dec 2008 2nd Middle East Healthcare Insurance Conference Venue: UAE By Asia Insurance Review, Singapore 01 - 02 Dec 2008 Seminar on Emerging Liability Scenario Venue: Pune By National Insurance Academy, Pune 03 Dec 2008 FICCI's 12th Conference on Insurance Venue: New Delhi 'Doubling the Insurance Penetration' By FICCI, New Delhi 08 - 13 Dec 2008 Programme on Underwriting in Free Regime Venue: Pune By National Insurance Academy, Pune 15 - 16 Dec 2008 5th India Health Summit Venue: New Delhi 'Optimizing Healthcare Delivery in India' By Confederation of Indian Industry, New Delhi 22 - 24 Dec 2008 Workshop on Multiple Distribution Channel Management Venue: Pune By National Insurance Academy, Pune 25 - 27 Dec 2008 Workshop on Motor TP Claims Venue: Pune By National Insurance Academy, Pune
  • 52. RNI No: APBIL/2002/9589 “ view point The IAIS is following closely the current financial market crisis and is committed to incorporate lessons learned in its standard setting work. Mr Michel Flamée IAIS Executive Committee Chair Some areas we may need to review include clearer product labeling and stronger suitability requirements to ensure that unsuitable products are not sold to vulnerable investors Mr Heng Swee Keat Managing Director, Monetary Authority of Singapore Although changing your insurance coverage in uncertain times can be tempting, hasty decisions can have unintended consequences. Ms Sandy Praeger Kansas Insurance Commissioner & NAIC President Australia has a financial system of undoubted underlying strength and Australians can be confident in the financial institutions that APRA regulates. Mr John F. Laker Chairman, Australian Prudential Regulation Authority (APRA) With the recent evolution and expansion in Islamic finance, it has now emerged as a viable new asset class for investors; and a competitive form of financing for businesses. Dr Zeti Akhtar Aziz Governor, Bank Negara Malaysia While the work to extinguish the burning fire as soon as possible is of course necessary, it is also essential to put in place a framework to prevent the recurrence of the same kind of crisis (Global financial crisis). Dr Takafumi Sato Commissioner, Financial Services Agency, Japan ”