Only a small percentage of passengers who traveled on the trains involved in the June 2, 2023 accident in Odisha had availed of travel accident insurance while booking their tickets online on the IRCTC portal.
In order for life insurance customers to attain maximum benefits, it is crucial for the persistency ratio to be far higher than its current level, top executives of the industry said at the Business Standard BFSI Insight Summit on Thursday. The persistency ratio is a metric that measures the number of policyholders who continue paying renewal premium and is gauged at varying stages in the life of a policy. A higher persistency ratio is seen as an indicator of an insurance product that caters satisfactorily to the needs of a customer.
Did you know that your home insurance covers valuables in bank locker?
Ahead of the Union Budget 2023, insurers are hoping that the Centre will act on their recommendations, which includes increasing the limit for tax deduction under 80D of the Income Tax Act. Also among them are issuance of long-term bonds, tax incentives for home insurance premiums, and a separate section to claim deduction for term-insurance premium, among others. These suggestions would help improve the penetration of insurance in the country.
These products are extremely transparent and are the lowest charged products in the insurance space. The policyholder has to only pay the fund management charge. Hence, from the cost side, ULIPs are very competitive.
Typically, an individual buys a health cover between Rs 3 lakh and Rs 5 lakh.
Leading private life insurers HDFC Standard Life, Bajaj Allianz and Birla Sun Life top the list of firms against whom consumers have filed complaints with sectoral regulator Irda for indulging in unfair business practices.
Berkshire India will soon start selling life insurance products as a corporate agent of Bajaj Allianz Life Insurance.
With mobile data getting cheaper, insurers are introducing technologies that eases buying and lodging claims.
This recognition is a testimony of India's strong belief in promoting entrepreneurship
Insurers have introduced new profiling parameters such as marital status, income and even ownership of flat.
Here's a list of life insurance companies that have the maximum number of customer complaints against them in various categories such as claim disputes and unfair business practices.
Warren Buffett will meet with individuals that have bought insurance policies through his Indian venture Berkshireinsurance.com.
Hurdles such as approvals for repair and fixed rates can make the process time-consuming.
These are meant for students travelling abroad for further studies.
hree big players -- ICICI Lombard General Insurance Company, Bajaj Allianz General Insurance and Apollo Munich -- have launched policies in tie-ups with spas, gymnasiums, yoga institutes, diagnostic centres and health food retailers to offer discounts to customers on these services and products.
2.75 million of the 3 million Covid-related health claims were settled.
Buffett is not coming to only talk foreign direct investment in insurance and invest his billions in Indian equities.
Use no-claim bonus, online discounts or negotiate hard to get it reduced.
The revenue growth of 14-15 per cent was seen across the broad market, but due to margin pressure, earnings before interest and tax (Ebit) were flat or lower than estimates. Hence, the markets may remain range-bound in the short-term.
The revenue growth of 14-15 per cent was seen across the broad market, but due to margin pressure, earnings before interest and tax (Ebit) were flat or lower than estimates. Hence, the markets may remain range-bound in the short-term.
There are cash plans that cover for the cost of travelling to a hospital or keeping a relative with the patient.
Life insurers, on the prodding of global reinsurers, are set to hike premiums on term plans because rising mortality after the second wave of the pandemic has led to an increase in the number of settlements. Some will do so next month while others may wait till January. Global reinsurer Munich Re had nudged its insurance partners on the hike in September and insurers have been engaged in negotiations with the reinsurer on the amount of the increase. Term plan prices in India were among the lowest in the world for a long period but in the past couple of years, they have been increased a few times.
You need not shell out the big bucks to be pampered. Buy a health cover and enjoy luxury treatment at a spa, join a gymnasium or a yoga centre and get the necessary incentives that suit your budget.
Personal accident cover should be purchased by everyone, irrespective of age, occupation or health condition, as one does not know when an accident could occur, causing hardship to the family.
General insurers in India have started campaigns highlighting the benefits of buying a student's travel insurance in India, as opposed to buying one offered by the university abroad, says Tinesh Bhasin.
On scrutiny, Shield Plus has no special advantage over a fixed deposit.
After reporting low numbers in new business premium, life insurance companies are resorting to special initiatives to increase business from the rural segment, which they term as emerging markets.
The Federation of Automobile Dealers Association of India will soon launch a program for checking cars which are more than three years old across the country for Rs 500, liable to be reimbursed while going for insurance, a top official said on Thursday.
After reeling under losses for almost a decade, life insurance companies are now turning the tide. Four life insurers have, so far, posted profit, while three of them have brought down their losses.
With Covid-19 cases across the country rising rapidly once again, demand for health insurance products has spiked. Insurers are seeing an uptick in inquiries for such products and underwriting more premiums in the segment. Already, health insurance was growing at a rapid pace since the onset of the pandemic as awareness around risk had heightened among consumers. But the country recorded more than 600,000 Covid-19 cases in the past week, which is almost a six-fold rise than the previous week. Owing to this, the spike in demand for health insurance products is inevitable, experts said.
'Sectors that had been left out till now will also start participating in the rally.'
Public and private sector insurance companies are forming alliances to bid for state-run carrier Air-India's aviation cover worth $3.5 billion.
Twenty years after India's insurance sector was opened up, unshackling the control of state-owned companies, as many as 50 private players have set up shop. Along with their foreign partners, private players have brought about a sea change in the product offering, distribution and underwriting processes, and services levels. Yet, India's insurance penetration needle has not moved much.
Private insurers are planning to launch property title insurance covers in India soon. Foreign investment is therefore likely to enter the Indian real estate market.
Anil Dhirubhai Ambani Group's Reliance General Insurance has become the second largest non-life private insurer, toppling Bajaj Allianz, in terms of premium collections of Rs 221 crore (Rs 2.21 billion) in April.
Critical illness policies by life insurance companies provide a variety of combinations but have a complex fine print.
Riding on the success of Indian Idol 3, advertisers are queuing up for the fourth season of the show. Sony Entertainment Television, which will air Indian Idol 4 starting September 19 has sold over 85 per cent of the advertising inventory.
General, life insurers with 8 & 10 yrs in biz, respectively, may have to list
