There have been reports that The New India Assurance Company Limited (TNIACL) has increased mediclaim policy premiums for senior citizens aged 60 years and above, and who have paid premium for 15 to 20 years without making claim. In this regard, please provide following information:
1. When was the last time that TNIACL changed its medical policy premiums?
2. Has TNIACL raised any medical policy premiums in 2017? If so, by what percent or range of percent has the premium been increased? Does the policy apply to all policy holders or any particular category? Provide documentation including corporate communications, letters to policy holders or any internal documents that clarify this question.
3. What is the process by which TNIACL makes a decision to change premiums? Is it solely within the discretion of management or does the board of directors also need to approve an increase or decrease? Provide copies of the companies charter documents that cover this point.
4.Did the board of directors of TNIACL formally approve a premium increase in 2016 or 2017? When was the last time that the board of directors approved a premium increase?
5. Without disclosing information that may disadvantage TNIACL in the market, provide the justification for increasing the mediclaim policy premium. Please provide clear copies and other documents related to this.
6. Enumerate there any laws or regulations which impose limits on policy premium changes by TNIACL? Conversely, which act gives the company authority to take this decision. Please provide clear copies of the orders/circulars which will clarify the above asked points.