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.
The unprecedented rise in Covid-19 infections in the country, which many are terming as the second wave, has also resulted in a rise in Covid-related claims for general and health insurance companies as hospitalisations have gone up. The insurers have received more than a million Covid-related claims as of April, 2021. According to the data compiled by General Insurance Council, the reported claims total 1.014 million, amounting to more than Rs 14,800 crore.
TDS on health insurance claim payments reimbursed to hospitals should be NIL
The road transport ministry has allowed cab aggregators to charge up to two times the base fare during peak hours, as against 1.5 times earlier, while for non-peak hours the fare has to be a minimum of 50 per cent of the base fare.
The AAP chief stressed the need for an increase in healthcare spending, suggesting a rise to 10 percent of the GDP, along with the removal of taxes on health insurance premiums.
All employees should supplement the employer-sponsored health cover with a personal cover.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
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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
Prime Minister Narendra Modi asserted on Tuesday that India's water will no longer flow outside the country but will be utilized in the nation's interest, a statement seemingly directed at Pakistan following his government's decision to put the Indus Waters Treaty in abeyance after the Pahalgam terror attack. Addressing the ABP Network's 'India@2047' Summit, Modi emphasized his government's focus on interlinking rivers, noting that water used to be a source of conflict among states, before alluding to India's stance against Pakistan while discussing water. He highlighted the finalization of the India-UK free trade agreement as a historic milestone and underscored the importance of prioritizing national interest for achieving objectives and realizing the country's potential. Modi highlighted the country's growth and development under his government's rule, emphasizing its focus on welfare schemes and digitalization. He reiterated his government's commitment to 'Nation First' and pointed to the recent reforms undertaken, including the new Waqf law and the ban on triple talaq, which he said were aimed at benefiting the marginalized sections of society.
Many senior citizens 'underestimate the impact of inflation, taxation, health-related expenses, and the heavy premium they will have to pay on health insurance.'
Chief Minister-designate Rekha Gupta and her Council of Ministers will take oath at the Ramlila Maidan on Thursday afternoon in the presence of Prime Minister Narendra Modi, marking a return of the BJP in Delhi after 26 years.
The finance ministry has asked state-run general insurers to increase premiums on health insurance, motor and other policies, and refrain from undercutting each other to get new business.
Pvt life insurers are planning to foray into health covers, with standalone health insurance policies.
In numerous instances, family members are unaware of an insurance policy's existence, let alone its details.
Over 25 crore workers across India are set to strike against new labour codes and privatisation, potentially disrupting banking, postal, and other essential services.
Atishi, a former Delhi Chief Minister and AAP leader, accused the newly formed BJP government of failing to fulfill Prime Minister Narendra Modi's promise of providing financial assistance to women under the Mahila Samridhi Yojana. She questioned why the scheme, which promised Rs 2,500 to each woman in Delhi, was not passed at the first cabinet meeting.
India currently performs around 6,00,000 to 7,00,000 laser-assisted in situ keratomileusis (Lasik) and refractive procedures a year, and the uptake is accelerating.
The South Korean government is inviting applications for fully funded Seoul Tech Scholarships 2025.
More than 25 crore workers engaged in sectors ranging from banking, insurance, postal to coal mining, highway and construction are expected to go on a nationwide general strike on Wednesday, potentially disrupting services across the country. A forum of 10 central trade unions and their associates has called for a general strike or 'Bharat Bandh' to "oppose the anti-worker, anti-farmer and anti-national pro-corporate policies of the government".
Most customers still don't understand this concept and are unable to benefit from it.
Typically, an individual buys a health cover between Rs 3 lakh and Rs 5 lakh.
The four public sector general insurance companies -- New India Assurance, United India Insurance, Oriental Insurance, and National Insurance Company -- have lost 800 basis points (bps) in market share in last five years to their private counterparts, the data from the Insurance Regulatory and Development Authority (Irdai) revealed. In 2018-19, the four had a cumulative market share of 40.04 per cent, with New India Assurance having a market share of 14 per cent and United India Insurance with a market share of 9.63 per cent. But, gradually in the past five years, these state-backed firms have lost their market share to private sector players, due to the declining health of their business.
While buying health policies, customers should reveal any pre-existing diseases. This is the only way to ensure that the insurer does not reject claims.
India's macroeconomic health is in a "relative goldilocks situation", and although the risk of higher landed oil prices, due to insurance cost surges and closure of choke points due to the brief Israel-Iran war, has receded, it is "too soon to sound the 'all clear' for the rest of the year", the Finance Ministry said on Friday.
The 25-35 age group is the most active online in buying non-life insurance products.
'There is more expansion in the industry happening in retail lines, so we will continue to focus on those lines.'
Notably, four portfolio companies-- Agnikul, ePlane, CynLr, and GalaxEye -- of deep-tech investor Speciale Invest made it to the list.
Irdai on Friday extended the 'use and file' procedure for the most of the life insurance products, thereby allowing insurers to launch new products without prior approval of the regulator. This comes days after Insurance Regulatory and Development Authority of India (Irdai) extending similar relaxations to health insurance products as well as general insurance covers. In a press release, Irdai said that in its continuous endeavour towards the reform agenda taken up towards having a fully insured India, it has extended the 'use and file' procedure for most of the life insurance products.
Do you know the most common exclusions in a mediclaim plan? Or, why your base premium keeps increasing over a period of time?
'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.'
Though COVID-19 will wreak more damage to the finances of the Indian population, the insurance sector is unlikely to get hurt.
To add to the worry of the insurers, non-Covid claims, which were muted in the initial months of the pandemic, have also picked up pace and are more or less at pre-Covid levels.
Mahavir Chopra explains the pitfalls one may face after buying a day care insurance policy
Insurance behemoth Life Insurance Corporation of India (LIC) is the fourth largest insurer in the world, according to a ranking based on life and accident & health reserves of companies in 2022 by S&P Global Market Intelligence. The state-owned insurer is ranked after Allianz SE, China Life Insurance Company, and Nippon Life Insurance Company. According to the report, LIC's reserves stood at $503.7 billion. Germany's Allianz SE ($750.20 billion), China Life Insurance Company ($616.90 billion) and Nippon Life Insurance Company ($536.80 billion) are the top three insurance companies in the world.
Roopam Asthana, CEO and whole-time director, Liberty General Insurance Ltd, will answer your queries on HEALTH insurance and AUTO insurance.
The primary market will remain abuzz with more than half a dozen companies, including Hyundai Motor India, Swiggy, and NTPC Green Energy, lined up initial public offerings over the next two months to raise around Rs 60,000 crore, merchant bankers said. Apart from these three firms, Afcons Infrastructure, Waaree Energies, Niva Bupa Health Insurance, One Mobikwik Systems, and Garuda Construction are among the companies planning to launch initial public offerings (IPOs) during October-November, they added. Together, these firms are looking to raise Rs 60,000 crore through their IPOs.
It is your duty to be responsible to your health and start saving and investing early in a suitable health insurance, says Naval Goel
Insurers say they will have to study the available data to work out by how much premiums will have to go up to be able to cover mental illnesses as well
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