While proposals for covers in volatile markets aren't denied, premiums are much higher - by as much as 100-600%
The change in policy for the three companies, from listing to merger, shows the level of discomfort within the government about their ability to take on the expanded load for insurance coverage with their current financial strength, including the massive premium and claim settlement cover under the proposed universal health coverage plan announced in Budget 2018.
Whether in cricket or business, Kohli continues to play the long game.
Moving to a new company means losing out on continuity benefits
In 2023-2024, 95 scheduled commercial banks received over 10 million complaints from their customers. The process of KYC at many banks has become 'HYC' -- harass your customer, points out Tamal Bandyopadhyay.
If you have questions related to online insurance frauds, then Piyush Ranjan, chief technology officer, Coverfox Insurance, will answer your queries.
Public sector general insurance employees across the country began a two-day strike on Wednesday demanding wage revision, pending since Aug 2002 and resumption of promotion exercise, which was stopped last year.
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.
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.
IndusInd International Holdings chairman Ashok Hinduja on Tuesday announced the acquisition of Reliance Capital, completing the three-year-long resolution process of the debt-ridden company. IndusInd International Holdings Ltd (IIHL) has transferred the bid amount to the escrow account of the lender, and the takeover of the management from the Administrator will happen on Wednesday.
There is discrimination against women in insurance cover. As a flood of insurance companies tap the capital markets with public issues, there is however, hardly any reference to this asymmetry. Subhomoy Bhattacharjee reports
It is similar to top-up health insurance plan, but provides for one or more claims cumulatively crossing the threshold limit.
Unlike other health insurance policies, which mostly covers hospitalisation expenses alone, the specialised cover is likely to include the cost of treatment during quarantine and payment of cash for incidental expenses.
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.
The Supreme Court of India has reprimanded the central government for failing to implement a cashless treatment scheme for road accident victims. The court expressed its concern over the delay in formulating the scheme, which is designed to provide immediate medical care to accident victims within the crucial "golden hour." The court highlighted that despite a statutory provision requiring the scheme's implementation, the government has not taken any action, prompting the court to intervene. The court also criticized the General Insurance Council (GIC) for raising objections to the scheme and delaying its implementation. The court has now directed the government to notify the scheme within a week and has scheduled a hearing on the matter for May 13.
Many other companies have expressed intent of diluting stakes.
'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?'
Hurdles such as approvals for repair and fixed rates can make the process time-consuming.
India is likely to count among the top three life insurance and 15 general insurance markets in the world by 2020. However, private insurance companies are to be find a way to operate profitably.
The Pradhan Mantri Jan Dhan Yojana will provide accident insurance of Rs 100,000 to all people who open bank accounts under this scheme.
This could impact their books in the third quarter of the current financial year.
Firms in which IP is critical, such as pharma and research and knowledge-based organisations, were taking the lead in seeking cyber covers to protect their computer systems from hack attacks
The removal of tariffs would result in health insurance becoming the second-largest business for general insurance companies over the next three years.The health insurance premium which stood at Rs 675 crore in 2001-2002 has risen to Rs 3,200 crore by March 31, 2007.
After the Chennai floods, insurance companies had got 50,000 claims worth Rs 4,800 crore.
The film hits theatres tomorrow, July 25.
'Some buyers get carried away by festival offers and purchase higher variants or larger vehicles than they truly need, which impacts running cost and long-term affordability.'
Expanding investigation into allegedly wrongful claims of input tax credit by insurance companies, the tax authorities are probing a section of automobile dealers who have supposedly generated fake invoices without providing any service, which is a punishable offence under goods and services tax (GST) law. The authorities are learnt to have questioned the car dealers to explain the services they provided general insurance companies. The investigators suspect car dealers pitched for insurance schemes that give them commissions in excess of those insurance regulations permit.
Insurance advisors suggest you read the fine print first, as there are a host of exclusions which will enable insurers to turn down claims. But the money lost will not be covered. Insurance will be restricted to the replacement cost of a lost or stolen wallet, personal papers and the credit and debit cards in the wallet. There will be no cover for cheques, tickets or fraudulent charges on the lost or stolen cards and any other identity theft-related costs.
The main concern among industry and market experts is that the governance in these companies needs to be strengthened and the focus on social insurance has to come down.
About 70,000 employees of public sector general insurance companies would go on a one-day strike on December 21 in protest against the proposed increase in foreign direct investment cap, outsourcing of jobs and to press for early settlement of their
Roopam Asthana, CEO and whole-time director, Liberty General Insurance Ltd, answers your queries on HEALTH and AUTO insurance.
Diktat to four general insurance companies says 'avoid competition' in any corporate or group account
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
Cyber crimes caused by the insured's employees also get covered under the policy but would exclude the actual perpetrator.
NPCI calls bids to cover all e-payment transactions where consumer followed procedure; both state and private insurers show interest.
Move to strengthen market share and become more profitable.
