Many rules that impact the day-to-day life of citizens are going to change from today. These include changes in health insurance, motor vehicle rules, debit/credit card rules, among others.

Here are some of the changes that will be incorporated from today:

Health insurance policies become wider but expensive

The health insurance premiums are likely to increase from today on account of new standardized clauses which are aimed at making policies more inclusive, less complicated, and more attractive to customers. The amendments are as follows:

Coverage for the diseases which are excluded or are not covered in health insurance products so far will be implemented from today by all insurance companies.

The definition of pre-existing disease (PED) will be modified to cater to the needs and requirements of customers.

Insurance companies will not be able to deny health insurance coverage to modern treatment methods.

Insurance companies will not be able to reject a claim after completion of eight years of continuous coverage except for proven frauds and permanent exclusions.

Waiting period for lifestyle diseases like diabetes, hypertension, cardiac condition will be allowed only up to 90 days.

Insurance companies will not be able to deny claims for oral chemotherapy where chemo is covered and peritoneal dialysis where dialysis is covered subject to product design.

Telemedicine would be liable to get the required coverage under health insurance wherever medical consultation is allowed.

New debit/credit card rules

The Reserve Bank of India (RBI) has mandated all banks to introduce security features in all credit and debit cards from today. As per the mandate, credit and debit card users can register preferences (opt-in/opt-out of services; spending limits, etc.) for international transactions, online transactions, and contactless card transactions.

Users can switch on and off their debit and credit cards for any facility – ATM, NFC, POS, or eCommerce (card-not-present) transaction. A customer can also enable and disable the NFC (contactless) facility which currently has a limit of Rs 2,000 per day without a PIN

New motor vehicle rules

The IT services and electronic monitoring will lead to improved implementation of traffic rules in the country from today. As part of the changes, mobile phones can be used only for route navigation, in such a way that drivers don't lose their concentration while driving.

Vehicular documents that are validated electronically will not be demanded in physical form anymore. The details of licence disqualification will be updated chronologically on the portal. The record will be updated on the portal regularly. Not only would driver records be maintained electronically, but their behavior would be thoroughly monitored as well.

Tax collected at source (TCS) on remittances

TCS on liberalised remittances scheme will be levied over and above the remittance amount of Rs 7 lakh by a customer in a financial year and will be effective from today.

LPG connection will not be free

Under the Pradhan Mantri Ujjwala Yojana (PMUY), the process of getting a gas connection will not be free from today.

Home/car/personal loan rates may go down

The RBI has asked banks to link their retail and MSME loans to external interest rate benchmarks. This may likely make home, car, and personal loans cheaper.

First Published:Oct 1, 2020 12:44 PM IST