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- Insurance Companies Fined ₹8 Cr; 25,000 Gram Panchayats Get 100% Cover
New Delhi45 minutes ago
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The government has imposed a fine of about Rs 8 crore on 5 big companies like Reliance General Insurance, HDFC Life and SBI Life for wrongly selling policies and violating rules.
Along with this, to expand the scope of the insurance market, the government is now preparing to bring 25,000 gram panchayats under the insurance coverage.
Finance Minister Nirmala Sitharaman has said in the Rajya Sabha that any irregularities by insurance companies will not be ignored. The Insurance Regulator (IRDAI) is continuously taking action against such companies.
If policy is sold without consent or delay in claim, action will be taken
Sitharaman also gave a list of irregularities on which the government is keeping a close eye.
- Insurance without consent: If the policy is handed over without the consent of the customer, a penalty will be imposed.
- wrong information: Hiding features or making misleading claims while selling the policy.
- Delay in Claim: Delay in settlement of maturity claims or non-payment of interest will come under investigation.
- Misallocation of Premium: If the premium money is not accounted for properly, the regulator will take action.
Now Gram Panchayat will be the unit of insurance, focus on 25,000 villages
Now the government is adopting a new method to take insurance to the remote villages of the country. According to the new rules of insurance regulator IRDAI, now the reach of insurance will be measured on the basis of ‘Gram Panchayat’.
The Finance Minister said that this time 25,000 gram panchayats have been specially selected, where the scope of insurance will be increased. The real objective of the government is that 100% insurance facility should reach every village and every section of the society.
43.52 crore Ayushman cards were made in the country
The Finance Minister also presented written data on the status of health insurance in the country:
- Ayushman Bharat: By 28 February 2026, 43.52 crore Ayushman cards were made across the country.
- Individual Policy: About 6 crore people are covered through 2.51 crore individual policies.
- Group Insurance: 27.51 crore members are protected under 13.05 lakh group policies.
- ESIC और CGHS: ESIC covers 14.91 crore beneficiaries and CGHS covers about 43 lakh people (including pensioners).
People can complain directly on CPGRAMS portal
Nirmala Sitharaman appealed to the public not to remain silent if an insurance company does not follow the rules or harasses them. People can contact IRDAI directly or use the government grievance portal CPGRAMS. He assured that the regulator investigates every complaint systematically.
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