With losses mounting in health insurance portfolio due to higher claims, Oriental Insurance Company is in the process of hiking premium rates for its Individual Mediclaim Policy by upto 30 per cent for people in the higher age group.
The interplay between domestic and foreign capital will shape India's equity markets.
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.
There is no reason for a child with no dependents to have insurance because insurance is put in place to provide for the child in the event of a parent's untimely death and not the other way around, says Amar Pandit.
Public general insurance companies to collaborate for speedy settlement of claims
Roopam Asthana, CEO and whole-time director, Liberty General Insurance Ltd, answers your queries about HEALTH insurance and AUTO insurance.
The apex consumer court has ordered Oriental Insurance Company to pay a total of over Rs 24 lakh (Rs 2.4 million) to a policy holder which suffered losses after the shares it held of different companies were allegedly stolen.
The NITI Aayog has recommended privatisation of state-owned insurer United India Insurance Company as the government aims to move ahead with its new public sector enterprise (PSE) policy for Atmanirbhar Bharat. The policy think tank has suggested that the public sector insurer be considered for privatisation in the banking, insurance and financial services sector, which has been classified as 'strategic' in the PSE policy, said an official. The policy proposes the "bare minimum" presence of government-owned companies in strategic sectors, and privatisation, merger or closure of remaining public sector undertakings (PSUs).
The Union Cabinet has approved amendments to the General Insurance Business (Nationalisation) Act, paving the way for privatisation of government-owned insurers. The amendments, approved by Cabinet, will remove the clause for the Centre to hold at least 51 per cent in public sector insurance companies at any given time. It will also have an enabling provision for the transfer of management control from the government to the potential buyer of the public sector insurance company. The finance ministry will move amendments to the insurance Act in the ongoing Parliament session.
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.
The Indian Institute of Modern Management, Pune invites applications for its two-year, full-time, job-oriented post-graduate diploma in management.
Though COVID-19 will wreak more damage to the finances of the Indian population, the insurance sector is unlikely to get hurt.
'Some part could be used for consumption purposes, and the rest could be used to meet important financial goals.' 'The split can be 30:70 to 50:50, depending on one's situation.'
rediffGURU Rohit Gupta, co-founder and COO of College Vidya, provides a list of competitive exams that can help you land a job in the public sector.
Apart from rail mishaps, the coverage would take care of terrorist attacks and accidental fall of a passenger from a train and normal accidents, riots, robbery and dacoity
Equity-focused schemes may perform better in a bull market, while debt-oriented ones may offer greater stability during volatile periods.
Move to strengthen market share and become more profitable.
'I have no idea about such a medal. Never got one,' says Surya Shekhar Ganguly, the national chess champion between 2003 and 2008.
The free pricing regime in the general insurance industry has come into force, with the Insurance Regulatory and Development Authority clearing all the revised rates filed by general insurers.
The Insurance penetration in India is very low at 3.9 per cent.
Sanjib Jha, CEO, Coverfox Insurance Broking, answers your health insurance related queries.
CAG said that Reliance Infocomm and Tata Tele Services Ltd have caused a loss of Rs 184 crore to 3 state-run insurance firms between 2002-05 on risk cover for mobile handsets and default payments.
The best way of going about it is going for term insurance. This product gives your life cover but no returns if you outlive the expiry date of policy.
The Bill will come up for discussion in the upcoming winter session of the Parliament.
The main concern among industry and market experts is that the governance in these companies needs to be strengthened and the focus on social insurance has to come down.
There are a number of steps taken that will leave more money in the hands of the taxpayers.
These include the reduction in tax rates under the new tax regime, increase in standard deduction, allowing tax collected at source to be adjusted against tax deducted at source from salaries, notes Harsh Roongta.
It is important to know all the relevant clauses that could impact you before signing on the dotted line.
According to the third batch of supplementary demands for grants tabled in the Lok Sabha, approval is being sought for gross additional expenditure of over Rs 1.58 lakh crore.
The government has not set up any committee to probe allegations a US short seller labelled against the Adani Group, but stock market regulator SEBI is investigating market allegations against the group, the Lok Sabha was informed on Monday. A separate investigation into imports of Indonesian coal by the conglomerate hasn't reached finality, Minister of State for Finance Pankaj Chaudhary said. Lok Sabha saw several questions being put by MPs to the government on the Adani issue, which were replied through written responses by the minister.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
Add a term plan with a child mutual fund for best results.
The Delhi High Court on Monday refused to stay the compensation award of Rs 14.17 crore (Rs 141.7 million), one of the highest ever by the Motor Accident Claims Tribunal, to the family of a rich businessman who died after his car collided with a punc
With at least three IPOs in the offing this year, stock market investors have a lot to look forward to.
