Fair trade regulator CCI on Monday approved HDFC Bank's acquisition of 4.99 per cent shareholding in HDFC ERGO General Insurance Company. In June, HDFC Bank had said its board has given approval to buy more than 3.55 crore shares in group firm HDFC ERGO General Insurance Company for over Rs 1,906 crore from the parent company Housing Development Finance Corporation (HDFC).
In HDFC Life, the company has to pare 1.43 per cent, and in HDFC Ergo, it has to pare only 0.58 per cent.
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.
Even as non-life insurers reported muted premium growth in October, standalone health insurers saw a robust 38 per cent year-on-year (Y-o-Y) surge. This growth was driven by pent-up demand in the retail health insurance segment.
The Insurance Regulatory and Development Authority of India (Irdai) has asked at least 10 general and life insurance companies to submit a detailed road map for their listing strategies by the end of this month, according to multiple sources with direct knowledge of the matter. "The regulator met four life and six general insurers last month and asked them to provide their listing strategies by the end of February," said one of the sources.
With mobile data getting cheaper, insurers are introducing technologies that eases buying and lodging claims.
The merged entity will have a combined market share of 6.4 per cent in the non-life insurance industry with 308 branches in the country. The deal is subject to regulatory approvals and the entire process is expected to be completed in nine months.
A home insurance policy covers damage from earthquakes, fires, explosions, floods, landslides, cyclones, storms, aircraft damage, and acts of terrorism.
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
HDFC Bank on Tuesday said RBI has given approval to the group to acquire up to 9.5 per cent stake each in six lenders, including ICICI Bank and Axis Bank.
Do not get repair work started without informing the insurer as the latter like to carry out end-to-end verification of damages and documents before approving a claim.
Not a single Indian insurance company offers a comprehensive anti-cybercrime policy for the corporate sector. In India there are few takers for cybercrime insurance primarily because of the high cost vis-a-vis their exposure. These policies are of a high value and, on request from a few brokers, are customised for banks. Cybercrime policies in the US cover e-theft, denial or impairment of e-service, e-communication, e-vandalism, e-threat and fraudulent e-signatures.
Having an agent can help in the case of older consumers with pre-existing diseases or if there is a break in policy. Otherwise, online is cheaper and there is help, too
Before heading abroad, ensure your travel insurance policy offers all essential coverage and has an adequate sum insured.
Purchase health insurance early while you are disease-free. 'It might become very difficult to get a comprehensive health cover for someone who has already had cancer.'
These plans are suited for individuals and families with regular OPD needs -- those managing chronic illnesses and families with young children or elderly members.
Hurdles such as approvals for repair and fixed rates can make the process time-consuming.
The regulatory changes brought in by the insurance regulator and the amendments proposed to the Insurance Act by the Centre may herald a new dawn for the sector in India. This may result in insurers bringing out more consumer-led products, top honchos of general insurance companies of the country concurred at the Business Standard BFSI Insight Summit 2022.
The average ticket size of retail health insurance in India has increased by nearly 48 per cent over 6 years due to elevated medical inflation and increased demand for higher coverage policies among policyholders. According to data by online insurance broker PolicyBazaar, the average ticket size of retail health insurance in India has increased to Rs 26,533 so far in FY24, up 48.22 per cent from Rs 17,900 in FY19.
Expect premiums to go up or introduction of a co-pay option for third-party damage
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
Customers frequently sign without reading the terms and conditions, resulting in a poor understanding of coverage, and eventually leading to partial payouts
Under the scheme, which seeks to open 75 million accounts by January 26, 2015, an accident insurance cover of Rs 100,000 is provided with every RuPay debit card offered by the National Payments Corporation of India.
Rakesh Kaul, CDO, Edelweiss General Insurance, answers your health insurance queries.
The total income during the period rose to Rs 8,482.85 crore (Rs 84.82 billion), from Rs 7,388.51 crore (Rs 73.88 billion) in the same period a year ago.
In a mixed bag for HDFC Bank ahead of the parent HDFC's merger with itself, the Reserve Bank of India has declined to make exceptions on certain aspects, and has offered some leeway on others. The country's largest private sector lender, which is aiming to conclude the merger with the home finance major by July, had written to the central bank seeking certain forbearances after announcing the $40-billion merger in April last year. In an exchange filing this evening, HDFC Bank said it received a response from RBI on Thursday and also said that there are a few pending issues.
The Reserve Bank of India is likely to take a call on the relaxations sought by HDFC Bank in relation to the merger, as the date of merger draws closer, sources said. The HDFC twins, which announced their decision to merge in April last year, received National Company Law Tribunal's (NCLT's) approval recently - a key milestone to close the deal in due time. The management of both the entities had said that it will take 15-18 months for the merger.
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.
Life insurance companies assert that the blockchain being created has strict protocols to leave no room for manipulation and exploitation, or unauthorised use of customer data and personal information.
If you are a frequent traveller, then you should opt for a multi-trip travel plan because it works out to be cheaper.
General, life insurers with 8 & 10 yrs in biz, respectively, may have to list
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.
rediffGURU Jinal Mehta answers readers' financial planning and health insurance queries
To educate customers on the modus operandi of financial fraudsters and share inputs on safe banking habits, banks are now coming up with awareness campaigns aimed at preventing customers from falling into the trap of fraudsters.
Consider a combination of a base policy and a super top-up policy.
Buy comprehensive motor insurance policy to guard against natural calamities.
Annual premiums do not exceed what you readily shell out for an OTT subscription.
'If you want it to grow well and serve the true needs of the economy, it needs a lot of freedom and flexibility, which comes in terms of the reform objective set by the regulator.'
'An in-house contest encourages employees to share yoga and well-being practices with their families.'
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