General, life insurers with 8 & 10 yrs in biz, respectively, may have to list
Staying healthy is good news for the insurance company as well since it implies lower claims. Insurance companies offer discounts anywhere between 8 And 30 per cent discount on premium.
Motor insurance claims will also come in, due to the extensive damage to vehicles.
Cyber insurance policies cover ransomware attacks and the ensuing damages, including ransom payments, data restoration costs, forensic and other first-party costs, and loss of profit due to business interruption.
Life insurers need applicants to abstain from tobacco for up to five years.
Core retail segments like motor and health continue to report strong growth of 19-20 per cent with competitive intensity still visible in the motor OD (owner driven) segment. Commercial lines reported muted growth. Group health remains a key driver. Among the listed companies, ICICI Lombard continues to trail in the motor section while Star Health has lost its Y-o-Y retail market share although its better on a sequential basis.
General insurance companies are likely to see a surge in demand for health insurance in the coming months due to falling air quality in the country. The health insurance segment has registered a strong growth after the pandemic due to higher awareness. In the first half of financial year 2023-24, the segment grew by 24.4 per cent to Rs 54,713.52 crore from Rs 43,981.54 crore in H1FY23, driving growth of the non-life insurance industry.
Typically, an individual buys a health cover between Rs 3 lakh and Rs 5 lakh.
If you are a frequent traveller, then you should opt for a multi-trip travel plan because it works out to be cheaper.
It is similar to top-up health insurance plan, but provides for one or more claims cumulatively crossing the threshold limit.
The mutual fund (MF) industry has seen a fair number of new entrants in the last 10 years but none of them have proved to be much of a challenge for the larger players. The list of top 20 fund houses, which manage over 90 per cent of the industry's total assets, continues to be dominated by players who have been in the business for more than a decade. Bajaj Finserv MF may change that, say experts.
The judgment from a five-judge Constitution bench, led by Chief Justice DY Chandrachud, offers clarity on licensing regulations and is expected to prevent insurance companies from rejecting claims based on the type of licence of drivers involved in accidents.
Annual premiums do not exceed what you readily shell out for an OTT subscription.
Did you know that your home insurance covers valuables in bank locker?
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
Buy comprehensive motor insurance policy to guard against natural calamities.
Health insurance policy-holders will be able to avail a discount on the premium payable if there were no claims made in the previous year, according to the circular released by the regulator.
Expect premiums to go up or introduction of a co-pay option for third-party damage
If your flight is cancelled or delayed or you miss one, a travel insurance policy can cover the costs at such times and help you book a new one.
Maternity coverage is a specific feature in health insurance policies that covers the medical expenses associated with childbirth and complications associated, if any.
Although insurers feel loss ratios in the health segment may get impacted, and profitability will take a hit, capital erosion will not take place, at least for the large entities.
Irdai had introduced two Covid specific products in the market - Corona Kavach and Corona Rakshak - that saw huge acceptance among the consumers as these products had lower premiums.
The rise in premiums could be in the range of 5-25 per cent, depending on the features that each insurance company adds on its products. Insurance firms have been given time till September 30 to include modifications mandated by the regulator.
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.
'They take care of the problem: How can I ensure my child's education and other goals are not compromised, even if I am not around?'
The Insurance Regulatory and Development Authority of India (IRDAI) has issued guidelines that will allow car dealers to become Motor Insurance Service Providers (MISP) and offer the policies of multiple general insurers, says Sanjay Kumar Singh.
Irdai to allow 12 minor changes including expansion of critical illness and day care procedure lists, premium payment in instalments, change sum assured, etc.
Cases linked to surgery among those considered.
Insurance companies are seeking a separate deduction limit of Rs 1 lakh for insurance premium payment under Section 80C of the Income Tax Act in the upcoming Union Budget to bring in more people under the ambit of insurance. The insurers also want reduction in the goods and services tax (GST) rate of 18 per cent currently applied on health insurance products to 5 per cent to make such products more affordable to common people. Finance Minister Nirmala Sitharaman will present the Union Budget for 2022-23 on February 1.
Buying medical insurance? Make sure that you know what you are getting and what you are not.
After the second wave of the pandemic, general and health insurers have seen a fall in their outgo of Covid-related health claims. In the July-September quarter (Q2 of FY22), insurers settled a little over Rs 5,000 crore worth of Covid health claims. This is 35 per cent lower than the Rs 7,700 crore worth of claims they settled in Q1, sources said.
Cyber crimes caused by the insured's employees also get covered under the policy but would exclude the actual perpetrator.
To plug claims mismanagement, the Insurance Regulatory and Development Authority of India (Irdai) is bringing reforms in the mediclaim segment.
Staying healthy can reduce your next premium. Through wellness programmes, policyholders can get discounts ranging from 8 per cent to 30 per cent.
German insurance giant Allianz is planning to widen base in India with foray in banking business through its unit Dresdner Bank, besides expanding its existing non-banking financial services.
IRDA's condition that treatment under AYUSH has to be at a government hospital or an institute recognised by the government makes insurance cover difficult.
Self-employed individuals often face hurdles in buying term insurance due to financial documentation that doesn't fully reflect their earnings. This complicates underwriting.
Insurance experts said since it may be difficult to set a tariff or fixed rates for Covid-19 treatment, an indicative rate chart has been proposed.
Banks and insurers are beginning to reward customers who show exemplary conduct with lower prices and penalise those who behave poorly by imposing higher costs.
All costs relating to room, boarding, nursing expenses, medical consultation including telemedicine, consumables such as PPE kits and intensive care unit will be covered under the policy. It will also include the cost of treatment for any other co-morbidities, including pre-existing comorbid conditions along with the treatment for Covid-19.
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