Digital Insurance Policy - Risky move

Major change will initiate from April 1 , 2024 in the field of Insurance.

The Insurance Regulatory and Development Authority of India (IRDAI) previously announced that digitisation of insurance policies will become mandatory from April 1, 2024. This mandate will apply to all insurance categories, encompassing life, health, and general insurance, requiring policies to be issued electronically.

If you decide to buy insurance after April 1, your insurer will issue the policy only in digital form. This is in line with the Insurance Regulatory and Development Authority of India’s Protection of Policyholders’ Interests regulations that make it mandatory for insurers to issue policies in dematerialised form. The regulator, insurers and other stakeholders say e-insurance will help policyholders and the entire insurance ecosystem.

Impact:

1. How the population who have less computer literacy will understand this move?
2. How to authenticate is the policy issued is from the Insurance company or a fake one? Even educated professionally qualified people do not check whether the digital copy is original.
3. Majority of the population do not understand dematerialize form?
4. If a person who is at lower section of service provider does he have the means to ensure the implication of this move? Was a survey carried out to understand what they need instead of imposing on them?
5. If some one earning INR 20000 and less per month has to compulsory open a email account and buy a smart phone?
6. What about people who do not have laptop / personal computer where will they save this digital copy?

This may result in a fraud in future as to how a fake digital insurance policy was issued to the people.

It appears following assumptions were made which appears to be incorrect:

1. This will be embraced like UPI.
2. This will be accepted like issue of shares in dematerialized format

Government has not stopped printing / circulation of physical currency in the economy unlike Insurance policy where future will be only digital in nature.

Insurance policy in digital copy needs lot of homework.

This should have done separately like policies issued to institutions should be in a digital copy compulsory and for retail the move should be more gradually over a period of time.

Tolerant Bharat (Sanatana Dharma)

Review of list of holidays vis-à-vis religion in Bharat.

Holiday list sourced from BSE Website for the year 2024.  

If one removes common holidays 4 mentioned above:

Screen Shot BSE website 29 March 2024

Screen Shot : Demography source (2022 Report on International Religious Freedom: India

OFFICE OF INTERNATIONAL RELIGIOUS FREEDOM)

Link: For report download

Celebrity Witness

Recently, Gus Schumacher a skier spoke in front of US Senator Kennedy on climate change and other matters endorsed by him.

A must watch video to understand how we should be careful in reacting to the statements issued by celebrity on subjects other than their domain knowledge.

Source: A I Mitra

Two fight in court and lawyer wins

 The only person who wins in legal tangle is lawyers.

Apple to pay $490 million to settle allegations that it misled investors about iPhone sales in China.

Apple vehemently denied Cook deceived investors about the iPhone’s sales in China between early November and early January. The Cupertino, California, company maintained that stance in the settlement documents, but said it decided to make the payment after more than four years of legal wrangling to avoid an “overly burdensome, expensive, and distracting” hassle.

Thousands of shareholders who bought Apple stock in late 2018 could be eligible for a piece of the settlement, which will be distributed from of a pool that will be less than $490 million after lawyers involved in the case are paid. The attorneys plan to seek up to one-fourth, or about $122 million, of the settlement.

Shawn Williams, a partner at Robbins Geller Rudman & Dowd representing the shareholders, called the settlement an "outstanding result" for the class.

Why Outstanding result:

Lawyers for the shareholders may seek fees of up to 25% of the settlement amount.

The legal fraternity will advise :

Focus on what you got and not on what we got?

And

Ensure for every small / negligent issues please go to Court?

You Fight We Win.

Insight on Vedic Science

Below speech by Dr Sucheta Paranjpe on Vedic Science (Marathi) is worth listening. 

Please spare time and listen.

Thanks Nithin Kamath

 An important twitter post by Zerodha founder Nithin Kamath:

There is saying in Malayalam Adhikam Ayya Amrutham Visham.

Politician vs Bureaucrat dialogue

In the below scene from movie Aajcha Divas Majha (2013 Marathi Cinema) the dialogue is worth listening to: