These plans are suited for individuals and families with regular OPD needs -- those managing chronic illnesses and families with young children or elderly members.
The Insurance Regulatory and Development Authority of India (Irdai) has asked at least 10 general and life insurance companies to submit a detailed road map for their listing strategies by the end of this month, according to multiple sources with direct knowledge of the matter. "The regulator met four life and six general insurers last month and asked them to provide their listing strategies by the end of February," said one of the sources.
Fair trade regulator CCI on Monday approved HDFC Bank's acquisition of 4.99 per cent shareholding in HDFC ERGO General Insurance Company. In June, HDFC Bank had said its board has given approval to buy more than 3.55 crore shares in group firm HDFC ERGO General Insurance Company for over Rs 1,906 crore from the parent company Housing Development Finance Corporation (HDFC).
A home insurance policy covers damage from earthquakes, fires, explosions, floods, landslides, cyclones, storms, aircraft damage, and acts of terrorism.
Purchase health insurance early while you are disease-free. 'It might become very difficult to get a comprehensive health cover for someone who has already had cancer.'
Do not get repair work started without informing the insurer as the latter like to carry out end-to-end verification of damages and documents before approving a claim.
Before heading abroad, ensure your travel insurance policy offers all essential coverage and has an adequate sum insured.
HDFC Bank on Tuesday said RBI has given approval to the group to acquire up to 9.5 per cent stake each in six lenders, including ICICI Bank and Axis Bank.
Customers frequently sign without reading the terms and conditions, resulting in a poor understanding of coverage, and eventually leading to partial payouts
Consider a combination of a base policy and a super top-up policy.
The average ticket size of retail health insurance in India has increased by nearly 48 per cent over 6 years due to elevated medical inflation and increased demand for higher coverage policies among policyholders. According to data by online insurance broker PolicyBazaar, the average ticket size of retail health insurance in India has increased to Rs 26,533 so far in FY24, up 48.22 per cent from Rs 17,900 in FY19.
Following are comments from economists at leading financial institutions, banks and rating agencies on the interim Budget:
A lot depends upon the crucial decision-making skills of the management. If you have any doubts about the management then you always have the choice of selling your shares or not buying stocks of those companies at all.
Having an agent can help in the case of older consumers with pre-existing diseases or if there is a break in policy. Otherwise, online is cheaper and there is help, too
Not a single Indian insurance company offers a comprehensive anti-cybercrime policy for the corporate sector. In India there are few takers for cybercrime insurance primarily because of the high cost vis-a-vis their exposure. These policies are of a high value and, on request from a few brokers, are customised for banks. Cybercrime policies in the US cover e-theft, denial or impairment of e-service, e-communication, e-vandalism, e-threat and fraudulent e-signatures.
The Reserve Bank of India is likely to take a call on the relaxations sought by HDFC Bank in relation to the merger, as the date of merger draws closer, sources said. The HDFC twins, which announced their decision to merge in April last year, received National Company Law Tribunal's (NCLT's) approval recently - a key milestone to close the deal in due time. The management of both the entities had said that it will take 15-18 months for the merger.
The regulatory changes brought in by the insurance regulator and the amendments proposed to the Insurance Act by the Centre may herald a new dawn for the sector in India. This may result in insurers bringing out more consumer-led products, top honchos of general insurance companies of the country concurred at the Business Standard BFSI Insight Summit 2022.
In a mixed bag for HDFC Bank ahead of the parent HDFC's merger with itself, the Reserve Bank of India has declined to make exceptions on certain aspects, and has offered some leeway on others. The country's largest private sector lender, which is aiming to conclude the merger with the home finance major by July, had written to the central bank seeking certain forbearances after announcing the $40-billion merger in April last year. In an exchange filing this evening, HDFC Bank said it received a response from RBI on Thursday and also said that there are a few pending issues.
To educate customers on the modus operandi of financial fraudsters and share inputs on safe banking habits, banks are now coming up with awareness campaigns aimed at preventing customers from falling into the trap of fraudsters.
In HDFC Life, the company has to pare 1.43 per cent, and in HDFC Ergo, it has to pare only 0.58 per cent.
As the world celebrated International Day of Persons with Disabilities (PwD) on December 3, corporate India has kept up with efforts to make workplaces more inclusive and accessible. Organisations across sectors are taking initiatives such as equipping offices with practical work tools like Braille-friendly and voice-enabled lifts and screen readers. While inclusion has gained pace, only 11.3 per cent (or 3.4 million out of 30 million) Indians with disabilities have jobs.
Housing Development Finance Corp (HDFC) chairman Deepak Parekh on Tuesday said that while the country's macroeconomic fundamentals remain strong and the recovery is in progress, the unpredictability of coronavirus will remain a key challenge. Owing to the second wave, the Indian economy is likely to mirror a similar trend seen in FY21, where the first half of the financial year is weaker and the second half is significantly stronger, he said. "I remain confident that India's macroeconomic fundamentals are strong. Recovery is underway," Parekh said while addressing the 44th annual general meeting of HDFC Ltd. He said, the country's forex reserves and foreign direct investment inflows have scaled record highs, the capital markets are also buoyant and agriculture growth is expected to remain strong with food grain production estimated at over 305 million tonnes.
'If you want it to grow well and serve the true needs of the economy, it needs a lot of freedom and flexibility, which comes in terms of the reform objective set by the regulator.'
The total income during the period rose to Rs 8,482.85 crore (Rs 84.82 billion), from Rs 7,388.51 crore (Rs 73.88 billion) in the same period a year ago.
Threats from IS militants, the Syrian conflict and the migrant crisis in Europe are some of the recent risks that have companies worried, says M Saraswathy.
The merged entity will have a combined market share of 6.4 per cent in the non-life insurance industry with 308 branches in the country. The deal is subject to regulatory approvals and the entire process is expected to be completed in nine months.
Life insurance companies assert that the blockchain being created has strict protocols to leave no room for manipulation and exploitation, or unauthorised use of customer data and personal information.
The amount for which free check-up is offered can be quite low, while in some policies it comes only after a considerable waiting period.
Expect premiums to go up or introduction of a co-pay option for third-party damage
If you are a frequent traveller, then you should opt for a multi-trip travel plan because it works out to be cheaper.
Hurdles such as approvals for repair and fixed rates can make the process time-consuming.
Buy comprehensive motor insurance policy to guard against natural calamities.
Health insurers incorporate conditions like Waiting Period in their offerings to prevent customers from taking undue advantage of a service that is essential.
Under the scheme, which seeks to open 75 million accounts by January 26, 2015, an accident insurance cover of Rs 100,000 is provided with every RuPay debit card offered by the National Payments Corporation of India.
Here's how you can avoid these claim rejections, says Mukesh Kumar, Executive Director, HDFC ERGO General Insurance Company
This insurance policy covers permanent total disablement, permanent partial disablement, temporary total disablement, accidental death and double indemnity for permanent total disability and accidental death
It is one piece of document that you should have alongside your travel tickets.
Any unexpected expense can disturb the finely-balanced budget of middle-class individual. That's when a motor insurance policy comes as a saviour
Mukesh Kumar, Executive Director, HDFC ERGO General Insurance Company Limited, talks about the many benefits of buying one
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