rediffGURU Jinal Mehta answers readers' financial planning and health insurance queries
The four public sector general insurance companies -- New India Assurance, United India Insurance, Oriental Insurance, and National Insurance Company -- have lost 800 basis points (bps) in market share in last five years to their private counterparts, the data from the Insurance Regulatory and Development Authority (Irdai) revealed. In 2018-19, the four had a cumulative market share of 40.04 per cent, with New India Assurance having a market share of 14 per cent and United India Insurance with a market share of 9.63 per cent. But, gradually in the past five years, these state-backed firms have lost their market share to private sector players, due to the declining health of their business.
Then don't just sign the form and expect the insurance agent to do the rest. That can prove costly.
In numerous instances, family members are unaware of an insurance policy's existence, let alone its details.
At times, this stress reaches a tipping point, resulting in tragedy. 'Organisations need to empower their people managers to foster psychological safety, where employees feel seen, heard, and supported -- not just as professionals, but as people navigating the pressures of work and life.'
The first and most important check you must run is to see if you have adequate life cover.
Prime Minister Modi urged the people of the country to take pride in selling and buying indigenous goods.
The proposed portable health insurance policy, earlier to be sold only to those between 18 years and 40 years, is to now cover individuals from three months to 65 years. The product, which has been in the works for over a year, has been cleared by the General Insurance Council, the industry lobby, which will approach the regulator to approve the product.
Roopam Asthana, CEO and whole-time director, Liberty General Insurance Ltd, will answer your queries on HEALTH insurance and AUTO insurance.
'Apart from providing you with the ability to withstand escalating medical expenses, a dedicated financial plan for health will also ensure financial independence in old age,' advises Arun Thukral, MD & CEO, Axis Securities.
Ask rediffGURU and PF expert Nitin Narkhede your mutual fund and personal finance-related questions.
New lower GST rates kicked in from Monday, resulting in a slashing of prices of as many as 375 items ranging from toothpaste and shampoo to cars and television sets, a move seen as an attempt to boost consumption to cushion an economy facing tariff headwinds. Tax rates of 5, 12, 18, and 28 per cent have been clubbed into two rates of 5 per cent and 18 per cent, resulting in a reduced price of 99 per cent of daily use items.
Many senior citizens 'underestimate the impact of inflation, taxation, health-related expenses, and the heavy premium they will have to pay on health insurance.'
'Covid-related claims were almost 2.5 times the normal claims size.'
It acts as an additional health safeguard in case your basic insurance plan is not enough to take care of your medical bills
Sanjib Jha, CEO, Coverfox Insurance Broking, answers your health insurance related queries.
It is likely health insurance premiums may actually fall, at least for the individual segment
When faced with a medical emergency, you pay cash or use your credit card, instead of asking why the hospital is not accepting your cashless medical insurance.
'It is good for us if the JMM contests. That will divide the Opposition and give us the upper hand.'
K G Krishnamoorthy Rao, managing director and CEO, Future Generali India Insurance, answers insurance queries.
Wipro's clients currently include over 100 US payers, healthcare providers, and public health agencies.
Chaudhary also said that 66 per cent of government-sponsored health insurance schemes in the country are being run by the central government. "When the COVID-19 pandemic started, a decision was made for sale of all medicines at the GST rate between 5 and 12 per cent and the GST rate for COVID-19 related medicines and instruments has been reduced to five per cent," he said during the Question Hour.
Ask rediffGURU and PF and MF expert Janak Patel your mutual fund and personal finance-related questions.
Under Section 80D, you can avail of deduction on payment made towards preventive health check-ups.
rediffGURU Jinal Mehta answers readers' financial planning and health insurance queries
These policies can help you protect against the risk of financial loss.
The AAP chief stressed the need for an increase in healthcare spending, suggesting a rise to 10 percent of the GDP, along with the removal of taxes on health insurance premiums.
There are a number of sections under the Income-Tax Act that give additional tax benefits on medical insurance premium.
To ensure a glitch-free rollout of the next-generation GST with reduced rates and lesser slabs, Finance Minister Nirmala Sitharaman chaired three separate meetings to assess GSTN's preparedness and the time it would take to implement technological changes required in the software systems.
'As our per capita income increases and various demographic segments emerge, the need for various kinds of protection and risk covers will become even more explicit.'
If you are a frequent traveller, then you should opt for a multi-trip travel plan because it works out to be cheaper.
By choosing your study destination carefully, leveraging government schemes, comparing loan options, and adopting frugal living practices, Indian students can acquire global credentials without mortgaging their futures.
Insurance behemoth Life Insurance Corporation of India (LIC) is the fourth largest insurer in the world, according to a ranking based on life and accident & health reserves of companies in 2022 by S&P Global Market Intelligence. The state-owned insurer is ranked after Allianz SE, China Life Insurance Company, and Nippon Life Insurance Company. According to the report, LIC's reserves stood at $503.7 billion. Germany's Allianz SE ($750.20 billion), China Life Insurance Company ($616.90 billion) and Nippon Life Insurance Company ($536.80 billion) are the top three insurance companies in the world.
The Insurance Regulatory and Development Authority has clarified that only the premium collected for providing health cover in the case of unit-linked health insurance policies will be eligible for tax benefits.
'Our pet insurance policy is similar to the health insurance for humans.'
Over 53 lakh poor families are expected to avail the health insurance cover provided under this scheme, reports Sharat Pradhan
From managing expectations to bearing the high cost of the procedure, IVF treatments are a complex emotional journey that could strain your marital relationship, warns Dr Venkata Sujatha Vellanki, regional medical head and fertility specialist at Oasis Fertility.
Many high-profile IPOs in India since 2021 have destroyed investor wealth due to overvaluation, weak business models, and post-listing disinterest, turning 1 lakh investments into as little as 3,500.
Sanjib Jha, CEO, Coverfox Insurance Broking, lists 5 important things to look out for when buying a health insurance policy.
