Buy comprehensive motor insurance policy to guard against natural calamities.
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
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.
Irda to raise provisioning norms to 163-213 per cent.
Low margins and cash crunch have resulted in job cuts and a decline in the insurance industry. A policy roadblock is making it worse.
Though exposure draft proposed 35-60% hike, Irda raised it only 19%.
Don't panic if your car is stolen because your insurer is liable to pay the full amount as compensation, but you need to keep in mind that your claim should be genuine because most of the insurers try to avoid such claims, says Harjot Singh Narula
'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.'
'Exit the car and call for your vehicle to be towed.'
It is highly effective as compared to other policies that companies sell and saves the buyer from many hassles.
'Online aggregators offer discounts of 70% to 75%.' 'At a car dealership, the discount is usually in the range of 30% to 35%.'
Financial performance, tax issues to be discussed on June 13 meeting.
Bumper-to-bumper insurance cover for new vehicles will not be mandatory as suggested by the Madras high court in its order last month. Instead, the decision to make it mandatory or not will be left to the legislators and the parliament. On Monday, the court decided to modify its order, which had said that whenever a new vehicle is sold after 1.9.2021, it is mandatory for coverage of bumper-to-bumper insurance every year, in addition to covering the driver, passengers, and owner of the vehicle, for a period of five years.
Govt plans cap on third-party claims, three-year time limit for filing claims.
Have a question about insurance?
Passenger vehicle dispatches to dealers in India rose over two-fold last month on a low base of Covid-19-hit May last year. As per the Society of Indian Automobile Manufacturers (SIAM), passenger vehicle wholesales rose to 2,51,052 units last month as compared to 88,045 units in May 2021. The two-wheeler sales rose to 12,53,187 units in May as compared to 354,824 units in the year-ago period.
Here's how you can make buying insurance the cakewalk that it is, says Anit Jain
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The devastation caused by the current deluge has damaged hundreds and thousands of homes and vehicles.
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.
Multiple reasons accounted for the losses, including manpower crunch and lack of clarity on the merger of National, United and Oriental, reports Namrata Acharya.
A combination of add-on insurance covers can be helpful in managing finances and making life much easier, says Dhirendra Mahyavanshi
The artificial intelligence-based system aims to authorise cashless claims within 60-90 seconds and bring the turnaround time for investigations down to a one day, or even a few hours.
Govt could cut the GST rate payable every time someone buys a health insurance product; or it could also provide a larger income tax set off for those who buy a health insurance product
'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.
Inflow of more funds is likely to widen the reach of insurance and drive M&A activities in the sector where growth has stalled.
Owners of high-end vehicles should explore more options such as engine protection, invoice cover and plans that cover accessories, says Animesh Das.
The premium on insurance policies will get costlier by 3 per cent to 7 per cent, depending upon the rate fixed by the GST Council from April 1, 2017, says Harjot Singh Narula.
What has hit sentiment further is a draft proposal by the government to increase vehicle insurance premiums for financial year 2022-23 (FY23). Third-party motor insurance premiums have not been increased over the last two years and if this is approved, insurance costs for specific segments could rise by a fifth. The worst impacted is the 350cc and above two-wheeler segment, where premiums are up 21 per cent. Royal Enfield (Eicher Motor) is the market leader in the segment. The premiums in the 150-350cc two-wheeler category are also being inc
It will allow more transparency in policies and flexibility in premium payment, besides improving processing of claims.
After rise in duties, third-party motor insurance rates set to increase premiums 5 - 10 per cent.
Who pays for the loss if your underage teenager driving your car meets with an accident: you or your motor insurer?
Come December, India may have to re-evaluate purchases of Russian oil if a price cap on crude oil proposed by the US and the European Union (EU) comes into effect. That impacts nearly a quarter of India's oil purchases that come at a discount, helping limit marketing losses for India's state refiners and enabling New Delhi to manage inflation by freezing pump prices of motor fuels. In September, India imported 1 million barrels a day or 24 per cent of its overall imports from Russia, which became the biggest supplier of oil to India.
However, truckers have spared other vegetables, fruits, fuel and milk from the strike.
There will be higher charges for bank account-holders.
Opposition-ruled states of Kerala, Karnataka, and Tamil Nadu opposing the Bill as they fear losing some of their powers
Customers should be fully aware of what their policy covers and should follow claim procedures meticulously, says Sanjay Kumar Singh.
'Our automakers export 50 per cent of what they manufacture and once the policy comes into play, which is in the next 2-3 years, we would become a Rs 10 trillion industry.'
The Central Board of Direct Taxes is set to rationalise I-T rules.
The National Highways Authority of India will this year witness the highest ever growth out of the last decade. But Gadkari himself admits his biggest failure as India's roads minister has been his inability to curb loss of life in road accidents.
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