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.
The proposed portable health insurance policy, earlier to be sold only to those between 18 years and 40 years, is to now cover individuals from three months to 65 years. The product, which has been in the works for over a year, has been cleared by the General Insurance Council, the industry lobby, which will approach the regulator to approve the product.
'Apart from providing you with the ability to withstand escalating medical expenses, a dedicated financial plan for health will also ensure financial independence in old age,' advises Arun Thukral, MD & CEO, Axis Securities.
Do you know the most common exclusions in a mediclaim plan? Or, why your base premium keeps increasing over a period of time?
The first and most important check you must run is to see if you have adequate life cover.
Cross-check key documents, maximise your deductions, avoid errors, and ensure you get your refund smoothly.
Officials said the government is keen to conform to the convention of the Union Budget for 2026-2027 being presented on February 1 despite it falling on a Sunday in 2026.
Ask rediffGURU and PF expert Nitin Narkhede your mutual fund and personal finance-related questions.
It acts as an additional health safeguard in case your basic insurance plan is not enough to take care of your medical bills
Across all sectors, the future of work depends on adaptability.
The Group of Ministers (GoM) on goods and services tax (GST) rate rationalisation, which convened in Goa on Wednesday, reviewed the GST rates for over 100 items, including textiles, handloom goods, agricultural products, fertilisers, and educational materials. However, no consensus was reached on any of the items, with further discussions scheduled for next month in Delhi.
It is likely health insurance premiums may actually fall, at least for the individual segment
When faced with a medical emergency, you pay cash or use your credit card, instead of asking why the hospital is not accepting your cashless medical insurance.
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.
K G Krishnamoorthy Rao, managing director and CEO, Future Generali India Insurance, answers insurance queries.
Wipro's clients currently include over 100 US payers, healthcare providers, and public health agencies.
'In diabetes remission, you go below a 6.5 HbA1c without medication.' 'And this happens only when you lose 10 to 15 per cent of your body weight with a good amount of lifestyle and dietary changes, exercise and sometimes medication.' 'You have to be able to sustain your HBA1C below 6.5 for at least a year without medication to say that the patient is in remission.'
'Covid-related claims were almost 2.5 times the normal claims size.'
Roopam Asthana, CEO and whole-time director, Liberty General Insurance Ltd, will answer your queries on HEALTH insurance and AUTO insurance.
These policies can help you protect against the risk of financial loss.
There are a number of sections under the Income-Tax Act that give additional tax benefits on medical insurance premium.
The Enforcement Directorate on Friday withdrew its summons to a senior lawyer for reportedly giving legal advice in a case after the Supreme Court Advocates on Record Association (SCAORA) wrote to the chief justice of India for taking note of the action.
Sanjib Jha, CEO, Coverfox Insurance Broking, answers your health insurance related queries.
If you are a frequent traveller, then you should opt for a multi-trip travel plan because it works out to be cheaper.
Under Section 80D, you can avail of deduction on payment made towards preventive health check-ups.
The Insurance Regulatory and Development Authority has clarified that only the premium collected for providing health cover in the case of unit-linked health insurance policies will be eligible for tax benefits.
'I am very happy to see that the work is starting to bear some fruit now.'
Chaudhary also said that 66 per cent of government-sponsored health insurance schemes in the country are being run by the central government. "When the COVID-19 pandemic started, a decision was made for sale of all medicines at the GST rate between 5 and 12 per cent and the GST rate for COVID-19 related medicines and instruments has been reduced to five per cent," he said during the Question Hour.
Over 53 lakh poor families are expected to avail the health insurance cover provided under this scheme, reports Sharat Pradhan
In numerous instances, family members are unaware of an insurance policy's existence, let alone its details.
'Our pet insurance policy is similar to the health insurance for humans.'
The Economic Survey 2009-10 on Thursday made out a strong case for liberalising foreign direct investment policies for health insurance, rural banking and higher education, stating FDI can boost trade in services.
Moving to a new company means losing out on continuity benefits
Foreign direct investment and capital market are two major sources of capital in any industry.
The government's move to cut GST on medicines and medical devices while exempting lifesaving drugs from the levy is a bold step that will bring direct relief to patients and families while significantly reducing financial strain on them, pharmaceuticals and healthcare industry players said on Thursday.
Maternity expenses can be high, with the costs covering everything from prenatal visits to the hospital delivery charges and post-natal care but choosing the right maternity cover can help overcome these issues, says Bhaskar Nerurkar
The Supreme Court has initiated a suo motu case regarding investigation agencies summoning lawyers and will examine if they can be put to notice. The action follows the Enforcement Directorate summoning senior lawyers, which was condemned by bar associations.
A heated debate erupted in the Rajya Sabha over the ongoing strike by ASHA workers in Kerala, with Congress and CPI(M) MPs trading accusations over responsibility for addressing their demands for a higher honorarium and post-retirement benefits. Congress MP Jebi Mather alleged that both the Kerala government and the Union government had ignored the workers' pleas, while CPI(M) MP John Brittas countered by claiming Kerala provides the highest honorarium to ASHA workers. The debate also saw demands for an AIIMS in Kerala and a hike in MBBS seats, as well as concerns over maternal health, elderly care, and mental health in India.
'Last year (FY21), we had about 1 million intimated claims for Covid.' 'This year (FY22), in six months, we got about 1.6 million claims.'
