India has a huge untapped population which doesn't have facilities for financial aid and insurance, and it is perhaps plausible to look at the option of having niche players catering to smaller sectors akin to non-banks and microfinance institutions in lending, said Rakesh Joshi, member (Finance & Investment), Insurance Regulatory and Development Authority of India (Irdai). Speaking at the Business Standard BFSI Insight Summit, Joshi said, "Today, most of our insurance companies operate at a national level. There is arguably a case for having differentiated operations, which cater to niche sectors the same way we have non-banking financial companies (NBFC) and microfinance institutions in lending." "The capital requirement for niche players may not be as large as those having national ambitions. "Enabling these niche players, which require lower capital, will enhance the penetration in areas which hitherto had not seen traction from large players," he said.
It will allow more transparency in policies and flexibility in premium payment, besides improving processing of claims.
Experts have been talking about the perils of being uninsured or underinsured.
Sanjib Jha, CEO, Coverfox Insurance Broking, answers your health insurance related queries.
'It is difficult to write business internationally, without an 'A-' rating. It becomes more expensive.'
Roopam Asthana, CEO and whole-time director, Liberty General Insurance Ltd, answers your queries about HEALTH insurance and AUTO insurance.
Pulling up insurers for lack of consistency in pricing critical illness products, the insurance regulator IRDA has directed insurance companies to stick to one standard data and eventually build a database of incidence of diseases and death rates.
'It is a good match for those aged 25-30, who have just started working and need a basic product.'
The pandemic should force you to take a hard look at the downside risks that could jeopardise your finances.
The GST to be implemented from April 1, 2016, will increase the premiums.
'Pay Rs. 30 and insure free treatment up to Rs. 30,000.' That is the latest slogan of the Manmohan Singh government, which has provided such a unique insurance cover to those below the poverty line (BPL) for the first time in the history of the country.
While the benefits offered by the new-generation products are alluring, choose a plan that offers features you may actually need in the future
Most policies have a 30-90 days waiting period, during which you will not be able to claim any hospitalisation expense, except in case of accidents.
The regulator has put a cap on the business a bank can get from a single insurer.
This solution will help improve access to health benefits for 24,000 members on its L.A. Care Covered plan offered through the Covered California health insurance marketplace, Infosys said in a statement.
The ruling coalition, which survived the confidence vote in Parliament on Tuesday, is aiming to cover 60 million households (or about 300 million people) across the country in the next five years under the Rashtriya Swasthya Bima Yojana, which it announced last year. Already, 300-odd patients insured under the scheme have availed of this facility in various listed hospitals in Delhi and Haryana.
'It is important to ensure that the person driving the car has a valid driving licence, is in a stable mental condition and is not under any heavy medication or influence of alcohol,' says K G Krishnamoorthy Rao, MD and CEO, Future Generali India Insurance.
'From our perspective, it will bring additional customers and from their perspective, it will get them younger customers.'
The Election Commission of India has announced that the Delhi Assembly elections will be held on February 5, 2023, with the counting of votes scheduled for February 8. The last date to file nominations is January 17, and the scrutiny of nominations will be done by January 18. Candidates can withdraw their nominations until January 20.
General, life insurers with 8 & 10 yrs in biz, respectively, may have to list
rediffGURU Jinal Mehta answers readers' financial planning and health insurance queries
Make sure you read the policy wording. Some policies cover pre-existing diseases while others don't. Many need a minimum 24-hour hospitalisation, advises Bindisha Sarang.
After the Chennai floods, insurance companies had got 50,000 claims worth Rs 4,800 crore.
After the Delhi high court's ruling, blanket exclusion of genetic disorders from coverage is likely to become a thing of the past.
The bulk of an investor's portfolio should be in shorter-duration funds of up to one year portfolio duration.
Director-General of World Health Organisation (WHO) Dr Tedros Ghebreyesus on Friday said though COVID-19 is no longer a health emergency for the world, it is still a 'global health threat' and a new variant of coronavirus is already under the scanner.
The change in policy for the three companies, from listing to merger, shows the level of discomfort within the government about their ability to take on the expanded load for insurance coverage with their current financial strength, including the massive premium and claim settlement cover under the proposed universal health coverage plan announced in Budget 2018.
Govt to harness Delhi's private hospitals to cover 3 lakh Delhiites falling under the poverty line.
Given the high cost of treating cancer and the reasonable premium rates at which these plans are available, one should opt for a cover at the earliest.
Apollo Hospitals Enterprise (APH) delivered an in-line performance for the April-June quarter of the financial year 2024-2025 (Q1FY25)with growth in the number of patients. AHLL (Apollo Health & Lifestyle), a subsidiary, posted sales growth and profitability. APH also reduced operational costs at Healthco.
Without them your financial security is at a huge risk...
It's an undeniable fact that after enactment of GST, buying insurance will become a little expensive impacting your term plans, health plans and motor insurance plans the most. But you should not ignore the importance of insuring your life, health, vehicle, says Harjot Singh Narula
Postpone the purchase of big-ticket consumer durable items, recreational spending on holidays, and other such expenses unless your financial position is very secure, advises Sarbajeet K Sen.
The doctors' bodies said that the two sides reached consensus during talks with the state government agreeing to keep private hospitals that have not availed land at subsidised rates or other benefits from it outside the ambit of the proposed law.
in the longer run, there is no substitute for a standard term, accident, and a comprehensive health cover, with adequate sum insured that will give you round-the-clock and year-after-year coverage.
This is the first "Green budget" of the government for effective containment of pollution in the city, the deputy chief minister said in the budget session of the assembly in the presence of Chief Minister Arvind Kejriwal.
The Reserve Bank said overseas investors, including FPIs and NRIs, can invest up to 26 per cent in insurance and allied activities through the automatic route.
This will be the first full-year Budget of the BJP-led National Democratic Alliance government since it came to power for a third consecutive term in July last year.
Dear Finance Minister, We don't expect magic, just a little understanding and some tax relief that feels like a real reward, not a bare minimum. A little extra fuel in our wallets could go a long way, pleads Vatsal Ramaiya
Adopting overly aggressive strategies without considering risk could lead to significant losses during the next downturn.
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