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Ayushman Bharat scheme: Why senior citizens over 70 need separate health insurance covers despite PM-JAY
Money Control
·
10m ago
Medial
The government of India has extended the Ayushman Bharat-PM-JAY health insurance scheme to include senior citizens over the age of 70, regardless of income levels. While this move is seen as a boon for those who cannot afford or obtain health insurance due to pre-existing conditions, it is not meant to replace independent health covers. The government's scheme may have limitations, such as treatment being limited to empanelled hospitals and long waiting times, whereas independent covers offer higher coverage limits and access to a wider range of treatments. Therefore, it is advisable for senior citizens to maintain their independent health insurance policies in addition to the government scheme.
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Care.fi raises Rs 6 Cr debt round from RevX
Entrackr
·
2m ago
Medial
Healthcare-focused fintech startup Care.fi has raised Rs 6 crore in debt funding from RevX. The proceeds will be used to strengthen its operations around the Ayushman Bharat scheme, which now covers over 550 million beneficiaries and includes more than 29,000 empanelled hospitals as of June 2024. Founded by Sidak Singh and Vikrant Agrawal, Care.fi provides tech-enabled financial solutions to healthcare providers. The startup claims to have disbursed over Rs 800 crore to more than 100 hospitals and secured an NBFC license within two years of its inception. Care.fi plans to use its backend operations expertise to support faster claim settlements and improve hospital cash flow management as the scheme becomes more centralized.
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Modalities being worked out for gig workers' PM-JAY coverage: Expenditure Secretary
YourStory
·
5m ago
Medial
The Indian Finance Ministry, alongside the Labour Department, is developing a scheme to extend PM Jan Arogya Yojana (PM-JAY) healthcare coverage to approximately one crore gig workers. Announced in the Budget speech by Finance Minister Nirmala Sitharaman, gig workers will gain identity cards and be registered on the e-Shram portal. Details of the scheme and its cost-sharing between Centre and states are being finalized. PM-JAY provides health coverage of Rs 5 lakh per family annually.
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SBI launches new term deposit scheme ‘Amrit Vrishti’ with tenure of 444 days
Money Control
·
1y ago
Medial
State Bank of India has launched a new term deposit scheme called "Amrit Vrishti" that offers an attractive interest rate of 7.25% per annum on a deposit of 444 days. The scheme is available for both domestic and non-resident Indian customers until March 31, 2025. Senior citizens will receive a higher interest rate of 7.75%. Interested individuals can invest through various channels including SBI branches, YONO SBI, and SBI internet banking. The launch of this scheme reflects SBI's commitment to providing customers with opportunities to grow their wealth.
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Gujarat Doctor Offers Free Monthly Medicines to 10,000 Seniors, Advocates Discounted Healthcare for All
VCCircle
·
1y ago
Medial
Dr. Milind Ghael, a doctor in Gujarat, is providing free monthly medicines to 10,000 senior citizens. Additionally, he offers a 50% discount on medicines for patients of all ages. His non-profit organization, "Akhand Bharat Akhand Healthcare Foundation," aims to make healthcare accessible and affordable for all, particularly vulnerable groups like seniors. Dr. Ghael's initiative, the "Bharat Social Security Number," digitizes the healthcare system, allowing individuals and organizations to register and access various services. He plans to expand his work nationally and bring discounted healthcare to more people.
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Insurance regulator IRDAI abolishes age restriction on health insurance product
Money Control
·
1y ago
Medial
The Insurance Regulatory and Development Authority of India (IRDAI) has removed the age limit of 65 years for individuals purchasing health insurance policies in order to foster a more inclusive healthcare ecosystem. Under the new guidelines, insurers are required to offer health insurance products for all age groups and cannot refuse coverage based on pre-existing medical conditions. Additionally, insurers can offer premium payment in instalments and there is no limit on coverage for AYUSH treatments. The regulation also aims to provide a specialized channel for handling claims and complaints from senior citizens.
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Nitin Gadkari writes to FM, seeks withdrawal of 18% GST on life, medical insurance premiums
Money Control
·
11m ago
Medial
Road, transport, and highways minister Nitin Gadkari has written to finance minister Nirmala Sitharaman, requesting the removal of the 18% GST on life and medical insurance premiums. Gadkari argues that taxing these premiums is burdensome for senior citizens and hinders the growth of the sector. Both life and medical insurance premiums currently attract an 18% GST. The request was made in response to a memorandum submitted by the Nagpur Divisional Life Insurance Corporation Employees Union. The next meeting of the GST Council is expected to take place in August.
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India outstanding destination for investment in mobility sector: PM Modi
YourStory
·
6m ago
Medial
Prime Minister Narendra Modi highlighted India's potential as a prime destination for investment in the mobility sector during the Bharat Mobility Global Expo 2025. Emphasizing green technology and the 'Make in India' initiative, Modi underscored the government's support for innovation in EVs, hydrogen, and biofuels. He also noted the success of the PLI scheme, job creation, and infrastructure development. Modi encouraged investment in India's automotive industry, predicting significant growth in sales and exports.
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GST Council to deliberate on taxation of insurance premium, report on online gaming
YourStory
·
10m ago
Medial
The GST Council is set to discuss several issues, such as taxation of insurance premiums and rate rationalisation, during its meeting. The fitment committee is expected to present a report on the GST levied on life, health, and reinsurance premiums. The council will decide on reducing the tax burden on health insurance and potentially exempt certain individuals, such as senior citizens. There will also be discussions on the GST cut on life insurance premiums. Furthermore, the council will receive a status report on online gaming, including the revenue implications of the GST imposed on the sector.
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5 Things to know on PM Modi and Bill Gates' discussion on India’s digital revolution
Livemint
·
1y ago
Medial
In a conversation between Bill Gates and Prime Minister Narendra Modi, several key takeaways emerged. India's digital revolution was emphasized, with a focus on making technology accessible to all citizens and avoiding monopolies. Modi also highlighted initiatives to empower women with technology, such as the 'Namo Drone Didi' scheme. The integration of AI in governance was discussed, as well as the need to address challenges like deepfake technology. Additionally, Modi spoke about India's progress in renewable energy and the Green Hydrogen project.
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Invest Wise | Should you invest in the National Pension System?
Money Control
·
1y ago
Medial
The National Pension Scheme (NPS) is a retirement investment option available to all Indian citizens between 18 and 70 years old. It has two tiers, with Tier 1 being a permanent retirement account and Tier 2 being a voluntary account. NPS offers the opportunity to invest in four asset classes, providing flexibility and potential for market-linked returns. The scheme is low cost, portable across employment, tax efficient, transparent, and allows for optimum returns. Additionally, NPS offers unique features such as flexibility in choosing fund managers, tax-efficient systematic withdrawals, and a choice of annuities. However, it is recommended to not put all your retirement funds solely in NPS to ensure liquidity when needed.
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