Last year, FDI cap in insurance was hiked to 49%
Insurance companies have worked over the years to simplify their claim settlement process
In the Union Budget for Financial Year 2023-24 (FY24), Finance Minister Nirmala Sitharaman had held forth on the need for better governance and investor protection in the banking sector. She had proposed certain amendments to the Reserve Bank of India Act (RBI Act), 1934; the Banking Regulation Act (BR Act), 1949; and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970.
Last week, the Pension Fund Regulatory Development Authority (PFRDA) appointed State Bank of India, UTI Mutual Fund and the Life Insurance Corporation as fund managers for the schemes to manage the corpus that has accumulated since the NPS was launched in January 1, 2004. At present, the NPS is restricted to all central government employees who have been recruited after January 1, 2004.
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.
All costs relating to room, boarding, nursing expenses, medical consultation including telemedicine, consumables such as PPE kits and intensive care unit will be covered under the policy. It will also include the cost of treatment for any other co-morbidities, including pre-existing comorbid conditions along with the treatment for Covid-19.
The insurance sector is seeking clarity on the 'Indian management control' clause.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
At its heart, the issue is more than compliance. It is the risk of possible breakdown of a strong nexus between insurance firms and motor car dealers that makes the business the top earner for the former.
The Burman family, which runs Dabur Group, has denied any involvement or role in an illegal cricket-betting app as alleged by the Mumbai police in a complaint filed last week. The family said vested interests were behind the police complaint and they wanted to scuttle their (Dabur's) move to acquire Religare Enterprises, a financial services company. "We have not received any formal communication on any such FIR
Unlike other health insurance policies, which mostly covers hospitalisation expenses alone, the specialised cover is likely to include the cost of treatment during quarantine and payment of cash for incidental expenses.
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Prior RBI permission a hurdle, given its views; business interest needs to be clearer.
Life Insurance Corporation of India chairman S B Mathur on Monday said the corporation had no intention to pick up strategic stake in UTI Bank or in any other bank.
To plug claims mismanagement, the Insurance Regulatory and Development Authority of India (Irdai) is bringing reforms in the mediclaim segment.
Experts suggest that it's best to go for the bundled product that has only one-year own damage cover.
As a result of the mass state-led scheme, the processes in the health insurance market could get simplified over time and become uniform
According to Insurance Regulatory and Development Authority recommendations, a uniform grace period of 30 days is extended for annual, half-yearly and quarterly renewals, and 15 days for monthly renewals.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
Amitabh Chaudhry, who will now head the merged entity, will manage assets under management of about Rs 1.10 lakh crore and an employee base of 23,620 after the completion of the deal
Insurers have eased the documentation process to file claims so that they can be settled faster
The Parliamentary Standing Committee on Finance's meeting comes against the backdrop of CBI probing the Saradha scam in which thousands of crores or rupees of gullible investors were allegedly swindled.
The regulator has made it mandatory for insurers to have a minimum percentage of motor third-party business underwritten.
The mutual fund (MF) industry has seen a fair number of new entrants in the last 10 years but none of them have proved to be much of a challenge for the larger players. The list of top 20 fund houses, which manage over 90 per cent of the industry's total assets, continues to be dominated by players who have been in the business for more than a decade. Bajaj Finserv MF may change that, say experts.
After opening close to 1,500 branches in 2022-23, HDFC Bank, the country's largest private sector lender, will continue expanding its branch network at the same speed in the current financial year. The lender says branch expansion is crucial for deposit mobilisation. As of March 31, 2023, HDFC Bank had 7,821 branches, up from 6,342 a year ago.
'Because it is the only public sector company in this sector, currently.'
At present, the EPFO is mandated to invest 20-45 per cent of its incremental funds - of around Rs 1.5 trillion - in debt-related instruments.
Raise the amount of life cover you own if your liabilities and responsibilities have increased during the year, says Arvind A Rao.
LIC is on board after tying up with all five insurance repositories; 1,50,000 e-Insurance Accounts opened across India till date.
Naval Goel of PolicyX answers some important questions before buying insurance policies
Sanjay Kumar Singh draws up a mediclaim policy checklist.
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.
Irdai's push will make insurance cheaper for consumers and enable a consolidated view of all policies.
Dahiya's first internet-based venture to sell insurance failed, but he was convinced digital was the future
While that may be easy, what is not easy is to buy the policy that is right for you
The proposal for listing public general insurers had come up in 2007.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
HDFC Bank expects to amalgamate its home loan major parent HDFC into itself by September next year, a top official said on Friday. Both HDFC and HDFC Bank held general meetings on Friday to seek shareholder approvals for what is billed as the largest merger in Indian corporate history at over $40 billion. At the time of announcing the merger on April 4 this year, the entities had said the merger will take 12-18 months.
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.
The Insurance penetration in India is very low at 3.9 per cent.
