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17.94 Lakh COVID Related Health Insurance Claims Settled

A high-level Inter-Ministerial Committee (IMC) constituted to study the issues related to virtual currencies and propose specific actions to be taken in the matter, recommended in its report that all private cryptocurrencies, except any cryptocurrency issued by the State, be prohibited in India.

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As many as 17.94 lakh COVID-related health insurance claims amounting to Rs 21,837 crore were settled in about last 15 months till July 15, 2021.

In a written reply to the Lok Sabha, Minister of State for Finance Bhagwat Karad said health insurance claims are settled by insurers as per terms and conditions of the health insurance policy contract.

Since the onset of the pandemic, Insurance Regulatory and Development Authority of India (IRDAI) has taken several steps for speedy settlement of COVID-related health insurance claims.

'... 17.94 lakh COVID related claims, amounting to Rs 21,837 crore, have been settled between 1.4.2020 and 15.7.2021,' Karad said.

Meanwhile, replying to a question on cryptocurrency trading, Minister of State for Finance Pankaj Chaudhary said currently, all entities regulated by RBI have been advised to carry out customer due diligence process in line with regulations governing standards for KYC, Anti Money Laundering, Combating of Financing of Terrorism (CFT) and obligations of regulated entities under PMLA.

PMLA here refers to Prevention of Money Laundering Act and KYC stands for know your customer.

The entities have also been advised to ensure compliance with relevant provisions under FEMA for overseas remittances.

In Budget 2018-19, it was announced that the government does not consider cryptocurrencies legal tender or coin and will take all measures to eliminate use of these cryptoassets in financing illegitimate activities or as part of the payments system.

A high-level Inter-Ministerial Committee (IMC) constituted to study the issues related to virtual currencies and propose specific actions to be taken in the matter, recommended in its report that all private cryptocurrencies, except any cryptocurrency issued by the State, be prohibited in India.

The government would take a decision on the recommendations of the IMC and the legislative proposal, if any, would be introduced in Parliament following the due process, Chaudhary said. 

(PTI)


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