Bharti Axa General Insurance on Tuesday launched an add-on insurance product for car owners, which will provide them full purchase price of the vehicle for the first two years, in case of theft or loss.
Having got the regulatory clearance to offer add-on insurance policies, non-life insurers are now preparing to launch the same in the coming weeks. Some of the insurers have said, however, that they need some time to launch these products. They say that, unlike commercial products which can be launched straight away, products meant for retail consumers need a certain level of preparation before they are ready for sale.
While a company spokesperson said Bharti would either dilute its stake or exit the venture, the fund house is trying to rope in a bank to strengthen its distribution network. In addition, an asset management venture is seen to have closer links with banks, which are looking to offer a wide range of financial products.
Insurance intermediaries who receive disproportionately high commissions are likely to see a decline in their payouts, post the new Insurance Amendment Bill. The new Bill gives the Insurance Regulatory & Development Authority of India (Irdai) the power to disgorge unlawful gains made by insurers and intermediaries as well as the right to limit commissions paid to intermediaries.
While investments are typically reviewed annually, risk cover is often left unchanged for years.
World's largest insurer AXA on Wednesday tied up with India's leading telecom company Bharti Enterprises for entering the life insurance business in India.
Bharti AXA General Insurance has introduced four new add-on covers under its motor insurance portfolio, which will be available with the company's existing product -- SmartDrive Private Car Policy. The company has launched Hospital Cash, Medical Expenses, Ambulance Charges Cover and Depreciation Cover.
The company received a fresh equity infusion in 2012-13.
Young investors with a higher risk appetite are better off with a combination of term insurance and equity funds.
The Insurance Regulatory and Development Authority of India's (Irdai's) decision to allow insurers to hedge risks through equity derivatives will help them manage market volatility and protect policyholder returns. However, this move is unlikely to alter their investment strategies.
Visa and 20 insurance companies in India have joined forces to make paying life and general insurance premiums "faster and easier" through a range of new payment options for Visa cardholders
Bharti Retail launched its first mall, The Pavilion, in Ludhiana.
Public general insurance companies to collaborate for speedy settlement of claims
Mannapuram Finance, Mahindra and Bharti Axa are some of the firms known to have bought office spaces worth more than Rs 100 crore
The GST to be implemented from April 1, 2016, will increase the premiums.
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.
Some insurance companies offer zone-based pricing.
Cyber crimes caused by the insured's employees also get covered under the policy but would exclude the actual perpetrator.
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.
Apart from rail mishaps, the coverage would take care of terrorist attacks and accidental fall of a passenger from a train and normal accidents, riots, robbery and dacoity
First-time buyers advised to take offline route, so are those looking for specific feature or higher cover.
Younger people, who usually have a longer investment horizon which allows them to handle the interim volatility, may go for them.
Bharti will move FIPB soon for increasing Axa's stake to 49%
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
As monsoon picks up, be ready to drive through water-logged areas and mushy roads. Since motor accidents typically see a rise during rains, motor claims also move up.
It will bring in more transparency and reduce mis-selling
Customers should be fully aware of what their policy covers and should follow claim procedures meticulously, says Sanjay Kumar Singh.
If you are diagnosed with a critical disease, then its treatment would be very expensive and may require intensive care and hospitalisation which your comprehensive insurance plan may not cover. In such type of cases you have to pay the cost of the whole treatment.
Many people struggle to claim or liquidate investments and insurance policies due to procedural issues.
The industry's reactions to the Budget have been mixed.
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