The non-life insurance industry has received over 1 million Covid-related claims in the first quarter of the current fiscal year (Q1FY22), higher than in the entire FY21, indicating the severity of the second wave of the pandemic. According to the General Insurance Council data, which is not publicly available, non-life insurers have received 1.22 million Covid-related claims so far in FY22 and have settled 944,573 of those worth Rs 9,178 crore. In comparison, they had received 986,366 Covid claims in FY21 and settled 849,034.
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.
Buying medical insurance? Make sure that you know what you are getting and what you are not.
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.
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.
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.
>You can buy a life insurance policy for someone else only if you have an insurable interest or expect financial loss from that person's death, points out Tarun Chugh, MD and CEO, Bajaj Allianz Life Insurance, answering insurance questions.
The solutions developed by the company cover a broad spectrum, including helping recruiter's gauge the behavioural profiles of candidates during virtual job interviews and assisting in real-time translation in vernacular languages, among others.
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.
'If we wait to invest only after the economy recovers fully, it might be too late,' advises Vivek Jain, business unit head-investments, Policybazaar.com.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
Install blockers to prevent falling prey to cryptojacking.
LIC identifies the problems well, but what the markets will watch is how nimble it is with the solutions.
From July 10, when it was launched till August 7, 1,087,030 lives have been covered under Corona Kavach through 648,276 policies with premium of Rs 182 crore and sum assured for Rs 42,956 crore. In addition, 186,347 lives have been covered under Corona Rakshak through 156,695 policies with premium of Rs 25.5 crore and sum assured for Rs 3,293 crore, an Irdai official said.
Irdai to allow 12 minor changes including expansion of critical illness and day care procedure lists, premium payment in instalments, change sum assured, etc.
The Left parties, Janata Dal (United), and two other Opposition members on the committee opposed raising the foreign direct investment limit in the insurance sector from 26 per cent to 49 per cent.
Once the child is 90 days old, parents must add her to the family health floater cover, suggests Sanjay Kumar Singh.
The size of the Indian financial services market could touch around $340 billion in the next few years.
It will carry out most banking operations like accepting deposits but can't advance loans or issue credit cards.
The online channel has only been successful in making inroads in metro cities.
Parts of electric cars are costlier and repairing often means replacing an entire system, which drives insurance premium rates up.
Seven students were made international offers.
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.
Expect premiums to go up or introduction of a co-pay option for third-party damage
Anik Jain, founder and CEO at Symbo, will answer your questions on insurance -- life, health, motor, travel, etc -- on a weekly basis.
Given the fiercely competitive political environment, observers naturally associated an element of appeasement with the Shinde government's move, Shyam G Menon points out.
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.
Staying healthy can reduce your next premium. Through wellness programmes, policyholders can get discounts ranging from 8 per cent to 30 per cent.
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.
It might be a cheaper option, but lack of clarity is choking its growth
If the sum assured is less than 10 times premium, the proceeds will be taxed.
Buy comprehensive motor insurance policy to guard against natural calamities.
To plug claims mismanagement, the Insurance Regulatory and Development Authority of India (Irdai) is bringing reforms in the mediclaim segment.
'The major worry for everyone using Internet-linked devices today is whether the latest download on his smartphone or laptop is a bait from a digital hacker who is out to secure access to his hard-earned money,' notes T A Ramalingam, chief technical officer, Bajaj Allianz General Insurance.
Penalty for unapproved policy changes allegedly reduced from Rs 17,500 crore to Rs 20 lakh
Penalty for unapproved policy changes allegedly reduced from Rs 17,500 crore to Rs 20 lakh
Don't panic if your car is stolen because your insurer is liable to pay the full amount as compensation, but you need to keep in mind that your claim should be genuine because most of the insurers try to avoid such claims, says Harjot Singh Narula
The smartphone has become our buddy and we owe it a good insurance policy to ensure it's protected at all times, says Naval Goel
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