Now pay Rs 100 to change nom­i­nee

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Can­cel­la­tion or change in nom­i­na­tion in in­sur­ance poli­cies now comes at a cost – reg­u­la­tor In­sur­ance Reg­u­la­tory and Devel­op­ment Author­ity of In­dia (IRDA) has al­lowed life in­sur­ers to charge up to Rs 100 for any such mod­i­fi­ca­tion. For poli­cies ob­tained on­line, the fee is up to Rs 50. The IRDAI guide­lines for ‘Reg­is­ter­ing Can­cel­la­tion or Change of Nom­i­na­tion’ have come into ef­fect from 1 April 2015.

The In­sur­ance Act al­lows the holder of a life pol­icy to nom­i­nate on his own, while ef­fect­ing the pol­icy or any time be­fore it ma­tures, a per­son or per­sons to whom the money shall be paid in the event of his death.

“In re­spect of poli­cies other than those, the fee col­lected shall not ex­ceed Rs 100,” the IRDAI said in an or­der.

“No fee other than what has been pre­scribed shall be col­lected for reg­is­ter­ing a nom­i­na­tion ei­ther at the time of ef­fect­ing a pol­icy of life in­sur­ance or at any time there­after or to­wards any other ser­vices re­lat­ing to nom­i­na­tion,” the reg­u­la­tor added.

Pen­sion­ers to reg­is­ter Aad­haar num­bers with banks

All cen­tral gov­ern­ment pen­sion­ers should reg­is­ter their Aad­haar num­bers with banks in or­der to avoid any prob­lems faced by them in get­ting pen­sion, the Cen­tre has said.

“All the pen­sion­ers or fam­ily pen­sion­ers are ad­vised to get them­selves and their fam­ily mem­bers reg­is­tered for Aad­haar and fur­nish this in­for­ma­tion to the pen­sion-dis­burs­ing author­ity,” an or­der is­sued by Min­is­ter of Per­son­nel, Public Griev­ances and Pen­sions said. Fur­ther, banks by link­ing the Aad­haar num­ber with bank ac­counts and pen­sion pay­ment or­der (PPO) num­bers will en­sure au­then­tic­ity of pen­sion and other pay­ments, it said. As per the or­der, this ex­er­cise may be com­pleted at an early date so as to avoid in­con­ve­nience at the time of sub­mis­sion of life cer­tifi­cate in Novem­ber 2015.

The move is a part of ini­tia­tives be­ing taken by the Cen­tre to en­sure a has­sle-free dis­bur­sal of pen­sion to pen­sion­ers. Prime Min­is­ter Naren­dra Modi had in Novem­ber last year launched an Aad­haar-based bio­met­ric verification sys­tem, Jee­van Pra­maan, to en­able pen­sion­ers to sub­mit dig­i­tal life cer­tifi­cates on­line. It aims at sparing pen­sion­ers the trou­ble of vis­it­ing banks or any other pen­sion-dis­burs­ing agency for sub­mis­sion of life cer­tifi­cates. It is pos­si­ble to sub­mit the life cer­tifi­cate from per­sonal com­put­ers and lap­tops or by vis­it­ing a con­ve­niently lo­cated com­mon ser­vice cen­tre.

There are about 50 lakh cen­tral gov­ern­ment pen­sion­ers.

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