About 60 per cent of Indian private insurers believe there has been a significant rise in insurance-related frauds, and as risks lurk there is an immediate need to consider a proactive fraud risk management framework, a Deloitte survey said on Thursday. Insurance companies in India have experienced a rise in fraud instances in life and health insurance, and increased digitisation, remote working post pandemic and weakened controls are key factors contributing to frauds, according to Deloitte's Insurance Fraud Survey 2023. "About 60 per cent of survey respondents believe that there has been a significant rise in fraud, while further 10 per cent experienced a marginal increase," the survey said.
How do you provide health care to handloom weavers, who occupy among the poorest segments in the unorganised sector? There are 6.5 million of them scattered across the country and are not always fixed in their occupation.
A crucial point anyone purchasing health insurance must heed is the need to declare PEDs.
Ask rediffGURU Reetika Sharma your insurance mutual fund and personal finance-related questions.
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.
Here's how you can avoid these claim rejections, says Mukesh Kumar, Executive Director, HDFC ERGO General Insurance Company
Sanjib Jha, CEO, Coverfox Insurance Broking, answers your health and auto insurance related queries.
Shares of information technology (IT) companies were in demand on Friday, with the National Stock Exchange's (NSE's) Nifty IT index rallying 3.3 per cent on . This came after Infosys reported steady sequential growth, driven by health care boost and large deal rampup in a seasonally weak quarter (Q3FY26).
The GST Council on Wednesday approved a two-tier rate structure of 5 and 18 per cent, which will be implemented from September 22.
Sanjib Jha, CEO, Coverfox Insurance Broking answers your health insurance related queries.
While investing in an effective health insurance plan, it is important to keep today's cost in the mind.
The rationalisation of goods and services tax (GST), announced on Wednesday, directly lowers the cost of everyday medical consumables, and also high-end therapies in oncology and rare diseases, helping reduce out-of-pocket patient expenditure and better adherence to medication.
2.75 million of the 3 million Covid-related health claims were settled.
Ahead of the Union Budget 2023, insurers are hoping that the Centre will act on their recommendations, which includes increasing the limit for tax deduction under 80D of the Income Tax Act. Also among them are issuance of long-term bonds, tax incentives for home insurance premiums, and a separate section to claim deduction for term-insurance premium, among others. These suggestions would help improve the penetration of insurance in the country.
The Rs 5 lakh free health insurance cover would benefit senior citizens of around 4.5 crore families. Eligible beneficiaries would be issued a new distinct card under the scheme, the government said.
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.
Self-employed individuals often face hurdles in buying term insurance due to financial documentation that doesn't fully reflect their earnings. This complicates underwriting.
Ask rediffGURU and PF and MF expert Janak Patel your mutual fund and personal finance-related questions.
Yet another first week of December brought familiar scenes of rain, storm, flooding, power outages, and fallen trees. When Cyclone Michaung wreaked havoc, leading to the heaviest rainfall in 47 years in the city, residents of Chennai drew parallels to the devastating floods of 2015. However, initial data on insurance claims suggests that the impact this time may portray a more optimistic scenario.
From appointment letters becoming mandatory to gig workers receiving social security to enhanced rights for women and contract labour, the changes reflect India's attempt to balance ease of doing business with stronger worker welfare.
Bear in mind that the amount you get paid depends on the stage at which cancer is detected, reveals Sanjay Kumar Singh.
Don't go for family floater plans; though convenient they cost you more.
Shares of healthcare services major Max Healthcare Institute have gained over 23 per cent since the start of this month and the stock crossed the Rs 1 trillion mark on September 24. On September 25, it closed 989.85 apiece at the NSE. The gains were cornered on the back of a strong outlook for the sector and aggressive expansion plans for the chain led by acquisitions and organic growth.
According to a parliamentary response by the Union health ministry in 2023, around 654,000 families in Delhi are eligible to enrol under the scheme.
Irdai has listed diseases that can't be excluded from health insurance policies, including neurodevelopmental disorders, mental illness problems, psychological disorders, genetic diseases, puberty- and menopause-related disorders.
Messaging app Telegram has taken decisive action against bots that were reported for sharing sensitive data related to Star Health and Allied Insurance Company, and is actively keeping an eye on their re-emergence, a company statement said. "The bots reported to Telegram for sharing Star Health data were immediately removed and moderators are monitoring to prevent them from being recreated. "The sharing of private information on Telegram is expressly forbidden and such content is deleted whenever it is found," the statement said.
The GST Council on Saturday postponed a decision on cutting tax rate on life and health insurance premiums, officials said. The 55th meeting of the GST Council, chaired by Union Finance Minister Nirmala Sitharaman and comprising state counterparts, decided that some more technicalities needed to be ironed out and tasked the GoM for further deliberations.
While the move may give a competitive edge over rivals like Bangladesh in the global market, several industry bodies raised concerns that many state governments may not implement it on the ground.
TDS on health insurance claim payments reimbursed to hospitals should be NIL
'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?'
The amount for which free check-up is offered can be quite low, while in some policies it comes only after a considerable waiting period.
Banks offer a wide range of group insurance plans -- personal accident, health, hospital cash, home insurance, credit protection, and critical illness.
Health insurance coverage should be hiked periodically to keep pace with medical inflation, or increase in healthcare costs.
Tamil Nadu plans parallel programme with unique user IDs
Have a query regarding health insurance or mediclaim policy? Maybe we can help. Drop us a line and our expert, Harsh Roongta, CEO of Apnapaisa.com, will answer it.
Soon standalone health insurance companies will be governed by separate regulations
Don't solely focus on tax-saving alone.
'Poverty eradication is a continuous process. There is no full stop to it.'
A fresh US executive order (EO) which seeks to bring down prices of prescription drugs in the country by up to 90 per cent -- on par with other developed nations -- will affect innovator companies, while sparing the Indian generic drug makers in the short term. US President Donald Trump signed the EO on Monday, directing the US Trade Representative and the Secretary of Commerce to act against foreign countries that "purposefully and unfairly undercut market prices", driving price hikes in the US.
Tough times don't last, but tough people -- and smart financial strategies - do, says Ramalingam Kalirajan
