The revised ceiling will be within the Rs 10 lakh mark.
Currently, deposits of up to Rs 5 lakh are covered under the deposit-insurance scheme.
The Union Cabinet has approved a significant increase in the mandatory EPFO wage ceiling from Rs 15,000 to Rs 25,000 per month, a move expected to bring over 51 lakh additional employees under mandatory social security coverage.
The RBI seems to be acknowledging that all deposits are not equal -- a deposit with a lower run-off assumption is inherently more valuable than one that could disappear overnight, points out Tamal Bandyopadhyay.
The Maharashtra government has declared 265 out of 358 talukas as drought-affected, covering 74% of the state, due to significant rainfall deficit. This declaration activates 'Trigger-1' of the state's drought management framework, leading to the announcement of various relief measures for farmers and residents, including loan restructuring, revenue concessions, and provisions for water and fodder.
If you do not insulate your retirement corpus from the true cost of modern critical care, you don't have a retirement plan -- you have a fragile strategy waiting for an expensive medical emergency to break it
The best time to buy health insurance is when you don't think you need it.
List all unavoidable expenses such as rent, groceries, transportation, education and medical bills.
EPF wage ceiling rising to Rs 25,000 could increase employer statutory contributions by Rs 1,200 monthly per employee.
The decision assumes significance in the wake of a scam in the PMC Bank affecting lakhs of customers who are facing difficulties in withdrawing their money due to restrictions imposed by the Reserve Bank of India.
If a bank shuts down, every account holder it has will get back their money for a maximum limit of Rs 5 lakh. It was Rs 1 lakh before.
'Healthcare costs in India rise by 10 to 14% annually, causing treatment costs to double roughly every 5-7 years.'
State-owned Bank of Baroda (BoB) reported a 72 per cent year-on-year (Y-o-Y) drop in net profit to 1,278 crore for Q1FY27 due to a $600 million out-of-court settlement related to NMC Health Plc. In contrast, Bank of India (BoI) saw its net profit rise by 36.23 per cent Y-o-Y to 3,068 crore for the same quarter, driven by healthy loan growth and improved asset quality.
The Motor Accident Claims Tribunal (MACT) in Thane has awarded 47.28 lakh in compensation to a man who sustained severe injuries and physical disability after being struck by a speeding motorcycle in 2017.
Use these loans to meet emergency needs, and not to fund holidays or luxury purchases.
A strong demand was made in the Lok Sabha to eliminate online betting and gambling applications. YSRCP member Maddila Gurumoorthy urged the government to set up a dedicated task force to take action against betting and gambling apps. He also asked the government to draft regulations for such applications and launch awareness campaigns about the dangers of online betting. Other issues raised included deposit insurance coverage for bank depositors, representation of Scheduled Castes in the Kerala government, challenges faced by nurses, and the need for paramilitary forces in Jharkhand during upcoming Hindu festivals.
'Other sectors that manage the savings pools of Indians are giving tough competition to life insurance companies.'
The plea, filed by Delhi-based Bejon Kumar Misra, said the Centre and RBI should be directed to ensure complete insulation and insurance of the hard-earned deposited money of people in various co-operative banks, including nationalised banks, by enacting an appropriate measure of 100 per cent insurance coverage towards the deposited amount.
'Choose an FD tenure that provides a balance between returns and the horizon for which you can invest.'
EPF doesn't just build your retirement fund -- it also provides free life insurance up to Rs 7 lakh under the EDLI scheme.
'Having a separate healthcare corpus is extremely important even for those already covered by health insurance.'
Insurance coverage for deposits in non-banking finance companies is unlikely to be provided as Reserve Bank of India has expressed reservations over the move.
'The new ceiling will cover around 93 per cent of all deposit accounts, up from 90 per cent earlier,' notes Tamal Bandyopadhyay.
The most common mistake is investing without assessing suitability and long-term implications.
'The tragedy underscored 'serious and widespread' weaknesses in the EPFO's monitoring system and its ability to detect and act against defaulting establishments.'
One should avoid keeping excessive funds in one's savings account.
The Budget emphasises on capacity building and empowerment of marginalised sections of society including farmers.
Customers must sign the agreement promptly to avoid disruptions. They should read it thoroughly and understand their rights and obligations.
Banks offer a wide range of group insurance plans -- personal accident, health, hospital cash, home insurance, credit protection, and critical illness.
The Centre has increased the premium rates for its flagship insurance schemes, Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY), for the first time in seven years due to "long-standing adverse claims experience", and to make them economically viable. The premium for PMJJBY would increase from Rs 330 to Rs 436 a year effective June 1, and the PMSBY premium would rise from Rs 12 to Rs 20, the Ministry of Finance said in a statement. PMJJBY provides life insurance cover worth Rs 2 lakh to all account holders aged 18-50 years.
Sanjib Jha, CEO, Coverfox Insurance Broking, answers your health insurance related queries.
'As our per capita income increases and various demographic segments emerge, the need for various kinds of protection and risk covers will become even more explicit.'
A quick snapshot about the fundamentals of the concept of life insurance.
Reliance General Insurance Company (RGIC), a subsidiary of Reliance Capital, finds itself in a bind as the Directorate General of GST Intelligence (DGGI) has issued multiple Show Cause Notices (SCNs) amounting to Rs 922.6 crore. This development comes at a time when Reliance Capital is currently undergoing a debt resolution under the National Company Law Tribunal (NCLT) process in which the Hinduja group has emerged the winner. The Hinduja acquisition is currently awaiting the Supreme Court's approval after the Torrent group, the winner of the first round, challenged the second auction conducted by the lenders of Reliance Capital.
Health care costs are rising exponentially and most people are under-insured.
The bulk of an investor's portfolio should be in shorter-duration funds of up to one year portfolio duration.
'A mid-year review makes the end-of-year financial review manageable and less stressful.'
Any insurance policy cannot be treated as a 'buy and hold' strategy like one may want to do with their investments.
Naval Goel explains all that you wanted to know about life insurance but didn't know who to ask
It is important to know the right details about your insurance policies while avoiding these mistakes, says Harjot Singh Narula.
