Any unexpected expense can disturb the finely-balanced budget of middle-class individual. That's when a motor insurance policy comes as a saviour
Aslam Hunani presents some of the frequently asked questions about health insurance in India.
The eighth Budget of Finance Minister Nirmala Sitharaman continued to focus on 'GYAN' (Garib, Youth, Annadata, Nari) to maintain a consistent and coherent strategy initiated over the years in pursuing the government's vision for Viksit Bharat. The approach, characterised by incremental yet impactful steps, aims to create a compounding effect over time.
While the likely intensity of the third wave is still a matter of debate, wisdom lies in being financially prepared for it, advises Bindisha Sarang.
Under the standard fire and special perils policy, everything is excluded other than whatever is named specifically in the cover. Removal restriction on an all-risk policy will also result in greater adoption of loss of profit insurance, which is a critical risk for any company. Insurance companies are likely to offer value-added services like a replacement car in case of a car breakdown and full compensation (without any depreciation) if the car is damaged.
Vehicles are depreciating assets and lose their value over time.
It is important to preserve copies of benefit illustration and product features.
United Progressive Alliance-led government proposed lenders as insurance brokers; new FM not too keen, say insurers.
According to analysts, this is the highest premium paid by a foreign insurer to a domestic partner.
The Pradhan Mantri Jan Dhan Yojana will provide accident insurance of Rs 100,000 to all people who open bank accounts under this scheme.
You will be much better off buying the required plans directly from life and general insurers, experts tell Chirag Madia
Adopting overly aggressive strategies without considering risk could lead to significant losses during the next downturn.
Since no insurance companies share data on their claims with each other, the finance ministry and Irdai suspect that a lot of the resultant claims are duplicates.
The Bill will come up for discussion in the upcoming winter session of the Parliament.
With the lockdown being eased gradually, providing more and more digital solutions, for service delivery and procurement of new policies, is what the corporation is focussing on.
After the second wave of the pandemic, general and health insurers have seen a fall in their outgo of Covid-related health claims. In the July-September quarter (Q2 of FY22), insurers settled a little over Rs 5,000 crore worth of Covid health claims. This is 35 per cent lower than the Rs 7,700 crore worth of claims they settled in Q1, sources said.
If the sum assured is less than 10 times premium, the proceeds will be taxed.
Join us for an online chat with health insurance expert Anil Rego between 2 pm and 3 pm on Thursday, February 15.
Roopam Asthana, CEO and whole-time director, Liberty General Insurance Ltd, will answer your queries on HEALTH insurance and AUTO insurance.
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.
Many senior citizens 'underestimate the impact of inflation, taxation, health-related expenses, and the heavy premium they will have to pay on health insurance.'
The Nepal earthquake has driven home the importance of home insurance. What are the factors you need to keep in mind before insuring your property? Indrani Roy offers a checklist.
Under the new model, the surplus distribution in the participating policyholders' fund has been modified to 90:10 in a phased manner, wherein 90 per cent will go to policyholders and 10 per cent to shareholders. Further, 100 per cent of the surplus generated out of the non-participating business will be available for distribution to all shareholders.
At a closed-door meeting with global investors, the largest asset manager in the country boasted of its nearly Rs 37 trillion assets under management (AUM) - 16.6 times that managed by the second-largest insurer SBI Life. The numbers are as of March 31, 2021. The assets of LIC are 1.2 times the net assets of the entire Indian mutual fund industry, which had AUM of Rs 31.43 trillion as of March 31, 2021 (about Rs 37.3 trillion until November this year). The standalone assets that LIC manages are equal to 18.7 per cent of India's GDP and worth more than gross domestic product (GDP) of the UAE, Bangladesh, Malaysia, Singapore, Hong Kong, South Africa, New Zealand, and Pakistan.
Operating margins have been the primary driver of corporate earnings in India in recent quarters, despite revenue growth suffering from weak consumer demand. Companies across sectors have reported a sharp improvement in earnings before interest, tax, depreciation, and amortisation (Ebitda) margins over the past two years, benefiting from lower commodity and energy prices. Higher margins more than compensated for slower revenue growth, resulting in double-digit growth in net profit for five consecutive quarters.
There is discrimination against women in insurance cover. As a flood of insurance companies tap the capital markets with public issues, there is however, hardly any reference to this asymmetry. Subhomoy Bhattacharjee reports
Insurance penetration in India at 3.9%, below world average.
The decline in LIC's share price makes it the biggest wealth destroyer among IPOs which hit the market after COVID-19 took hold globally in 2020.
The next time you buy a householder's insurance policy, you could be paying premiums that are 35 to 50 per cent lower. This is the result of the de-tariffing or lifting of price controls on insurance policies from January this year.
Child insurance plans can be broadly classified into two types: unit linked and traditional.
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.
Investing in a Unit Linked Insurance Plan increases your life cover and also helps you save tax, says Vivek Jain.
These products contribute almost 20 per cent to the total premium collection of life insurers.
Mahavir Chopra tells you what to check before you choose a diabetes insurance plan.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Life Insurance Corporation of India (LIC) declared disappointing results in Q1FY24. While it reported a net profit of Rs 9,540 crore in Q1FY24, this was attributable to the transfer of Rs 7,490 crore from non-participating (non-par) products to shareholders' accounts due to the accretion on available solvency margin. In operational terms, annualised premium equivalent (APE) declined and value of new business (VNB) margin was flat. But the medium-term prospects may be better.
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