The overall physical presence of life insurance companies in Tier-II and Tier-III cities increased in FY23 compared to a year ago period on account of the higher impetus given to financial inclusion by the government and insurance regulator, as well as recovery from the Covid-19 pandemic, according to the latest data released by the Insurance Regulatory and Development Authority of India (Irdai). It is the first time that there has been growth in the number of offices since the financial year 2019-20.
Universal health scheme on the cards; Spend on the sector likely to be raised.
While there has been a rise in obesity reduction surgeries, it may still take time before health insurance cover is made available for these.
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.
Insurance Regulatory and Development Authority also favoured portability in the health insurance space, a move that will pave the way for the consumers to switch from one insurer to the other for their mediclaim policies.
"Customers can only take the policy in totality. So it's important to understand the benefits offered under the existing health policy and to match those with the plan one wishes to port to," says Apollo Munich Health Insurance CEO Antony Jacob.
Most people do not know how to use it. At best, it provides tax benefit.
Insurance advisors say it is imperative to compare the features on offer before buying a policy. A careful perusal of wordings will highlight the policy clauses unfavourable for you.
Other proposals include grading of hospitals, expanding network.
Now that insurance companies are offering portability the one question uppermost in every mind is: Should one opt for it? While it is too early to provide an answer in black and white the best strategy policyholders could follow now is wait and watch, says Salil Dhawan.
The Central Bureau of Investigation on Wednesday conducted searches at the premises of Sunak Bali, who was an aide of Satya Pal Malik when he was the governor of Jammu and Kashmir, and 11 other locations in Delhi and Rajasthan in the alleged insurance scam case, officials said.
'Accidents are unpredictable, whether it's a mishap during Diwali, a fracture during travel, or a fall in the bathroom.'
Knowing the inclusions and exclusions of the insurance plan tells the coverage limit of your plan.
The government has proposed to encourage setting up of stand-alone health insurance companies, which could provide cover even for routine OPD treatment in hospitals and nursing homes without getting admitted.
New India Assurance, National Insurance and United India Insurance are following Oriental Insurance Company in raising health insurance premium rates by 50 to over 100 per cent.
In the past 10 years, over 500 PSB officers have died by suicide. When targets are overwhelming, senior management and customers are both impatient, and there is constant fear, not every banker has the resilience to survive and thrive, warns Tamal Bandyopadhyay.
Many of these are group products and don't get tax benefits; compare premiums and products, make sure they fulfil your needs.
Travel insurance policies do not generally cover adventurous or sporting activities such as bungee jumping, paragliding, mountain climbing, or white water rafting, which fall under hazardous activities.
'Splitting must result in tangible benefits for the customer, otherwise it will only mean more work for them in maintaining the policy and for their nominees.'
Sanjib Jha, CEO, Coverfox Insurance Broking, answers your health insurance related queries.
'For free supply of drugs and medicines itself, almost Rs 20,000 crores would be required.'
A sum insured of Rs 3 lakh to Rs 5 lakh may have been sufficient seven-eight years ago but would be inadequate today, especially for people living in metros, points out Sanjay Kumar Singh.
rediffGURU Jinal Mehta answers readers' financial planning and health insurance queries
Ask rediffGURU and PF expert Nitin Narkhede your mutual fund and personal finance-related questions.
The Central Bureau of Investigation has asked former Jammu and Kashmir governor Satya Pal Malik to answer certain queries in connection with an alleged insurance scam in the Union Territory, officials said on Friday.
Your entire contribution can go down the drain if policies are not renewed on time
The task force has favoured that Rashtriya Swasthya Bima Yojana should cover domestic workers, a Labour Ministry official said on Monday.
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.
'It must become faceless, just as the entire direct tax assessment system has already become fully online, without any human intervention in the normal course,' recommends A K Bhattacharya.
Do you think cashless medical insurance is quite helpful in countering an emergency? Or do hospitals behave as if the price for a patient without insurance is less than for a person with insurance?
The new draft guidelines issued by IRDAI proposes a minimum sum assured of Rs 50,000 and a maximum of Rs 5 lakh. A General Insurance Council official said the guidelines were still being worked on and would only be finalised next week.
'Health and motor insurance will continue to be our two most important segments'
Expenditure on health in India is at a global low of 1.2% of GDP.
Take a top-up or a standalone health cover; it will help you switch jobs and give larger coverage.
Take a top-up or a standalone health cover; it will help you switch jobs and give larger coverage.
The insurance regulator wants the removal of the minimum entry capital requirement of Rs 100 crore for setting up an insurance business in a bid to facilitate the entry of multiple players such as standalone micro insurers and niche players. Debasish Panda, chairman, Insurance Regulatory and Development Authority of India (Irdai), said it should be left to the regulator instead to decide what should be the entry fee for interested players, depending on the size of the business and operations. According to the current norms, insurers are required to have a minimum paid-up capital of Rs 100 crore.
'The kids are already used to this place. We go back and that's a different environment.' 'So, mentally, emotionally we are stressed.'
Chennai-born Indian-American businesswoman and musician Chandrika Tandon, 71, won a Grammy in the Best New Age, Ambient or Chant Album category for her album Triveni, a blend of ancient chants and world music, at the 2025 Grammys.
