Anik Jain, founder and CEO at Symbo, will answer your questions on insurance -- life, health, motor, travel, etc -- on a weekly basis.
Mukesh Kumar, Executive Director, HDFC ERGO General Insurance Company Limited, talks about the many benefits of buying one
Global capability centres (GCCs) remained one of the major drivers of this huge spurt in demand for office spaces.
For the vehicle-owner, the overall cost of buying a car can go up by 2% to 3$%. For two-wheelers, the cost can rise by 1% to 1.5%
In the June quarter, growth in the segment stood at around 4 per cent, with premium collection at Rs 15,724 crore against Rs 15,074 crore in the same period of FY19. This was the lowest growth in the last five quarters, starting from Q1FY19.
Keep these things in mind as you head out into the monsoon rains to enjoy your drive and remain tension free
Roopam Asthana, CEO and whole-time director, Liberty General Insurance Ltd, answers your queries on HEALTH insurance and AUTO insurance.
The National Commission ruled that the insurance policy is deemed to be automatically transferred to the purchaser when the vehicle is registered in their name.
'There is more expansion in the industry happening in retail lines, so we will continue to focus on those lines.'
The Insurance Regulatory Development Authority of India (Irdai), the regulator for insurance companies, is set to allow the insurers to offer wellness programmes along with life insurance policies that can earn reward points for the policyholders. These reward points can be redeemed for getting a discount during renewal. The insurance regulator has circulated draft guidelines to insurance companies for feedback before issuing the final guidelines, as is the norm.
Health premiums have picked up again after a slight moderation in growth, taking the non-life insurance industry's growth to 22 per cent in November, and to almost 17 per cent so far this financial year. Health premiums grew by 22.54 per cent in the April-November period, driven largely by group health plans, which have seen good growth due to rationalisation of discounts in premiums caused by adverse claim ratios in prior periods, medical inflation, and enhanced coverage. Health premiums grew by 29 per cent in the same period last year.
Personal data like mobile numbers, PAN, addresses and pre-existing medical conditions of about 3.1 crore customers of Star Health Insurance is allegedly available on a website created by a hacker identified as xenZen. The hacker claimed that Star Health's Chief Information Security Officer (CISO) sold all the data and later tried to change the terms of their deal.
ICICI Lombard General Insurance Company reported financial improvement and optimistic commentary in Q4FY24. It reported 17 per cent year-on-year (YoY) growth in Gross Written Premium (GWP) and 115 bps improvement in the Combined Ratio (COR) in FY24, and improved COR guidance with COR going from 104.5 per cent in FY23 to 103.3 per cent in FY24, 102.4 per cent in FY25 and 102.0 per cent in FY26.
The Insurance Regulatory and Development Authority on Wednesday announced that it would lift pricing controls on motor insurance, along with other lines of business currently under tariff, with effect from January 1, 2007.
Compared to a third party insurance buying comprehensive insurance makes more sense, says Neeraj Gupta
About 60 per cent of Indian private insurers believe there has been a significant rise in insurance-related frauds, and as risks lurk there is an immediate need to consider a proactive fraud risk management framework, a Deloitte survey said on Thursday. Insurance companies in India have experienced a rise in fraud instances in life and health insurance, and increased digitisation, remote working post pandemic and weakened controls are key factors contributing to frauds, according to Deloitte's Insurance Fraud Survey 2023. "About 60 per cent of survey respondents believe that there has been a significant rise in fraud, while further 10 per cent experienced a marginal increase," the survey said.
The AAP chief stressed the need for an increase in healthcare spending, suggesting a rise to 10 percent of the GDP, along with the removal of taxes on health insurance premiums.
The Supreme Court has held that an insurance company cannot forego its liability to pay third party insurance on the ground that driver of the insured vehicle did not possess valid licence if the accident was caused by mechanical faults.
'If you want it to grow well and serve the true needs of the economy, it needs a lot of freedom and flexibility, which comes in terms of the reform objective set by the regulator.'
Messaging app Telegram has taken decisive action against bots that were reported for sharing sensitive data related to Star Health and Allied Insurance Company, and is actively keeping an eye on their re-emergence, a company statement said. "The bots reported to Telegram for sharing Star Health data were immediately removed and moderators are monitoring to prevent them from being recreated. "The sharing of private information on Telegram is expressly forbidden and such content is deleted whenever it is found," the statement said.
Irdai has proposed to increase the Motor Third Party premium rates for cars below 1000 cc to Rs 2,120 from the existing Rs 1,850 for the fiscal 2019-20.
Reliance General Insurance Company (RGIC), a subsidiary of Reliance Capital, finds itself in a bind as the Directorate General of GST Intelligence (DGGI) has issued multiple Show Cause Notices (SCNs) amounting to Rs 922.6 crore. This development comes at a time when Reliance Capital is currently undergoing a debt resolution under the National Company Law Tribunal (NCLT) process in which the Hinduja group has emerged the winner. The Hinduja acquisition is currently awaiting the Supreme Court's approval after the Torrent group, the winner of the first round, challenged the second auction conducted by the lenders of Reliance Capital.
Experts suggest that it's best to go for the bundled product that has only one-year own damage cover.
The BJP may win more seats in the February 5 assembly election, but not enough to trump AAP, notes Ramesh Menon.
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.
Here's how to get more out of the premium you pay
Insurance companies have raised the premium for cars and other vehicles by as much as Rs 2,000 beginning January 1.
ICICI Prudential Life Insurance Company (IPru) is struggling to generate growth in the value of new business (VNB). This is due to a combination of weak growth through the parent bank's channels, a shifting product mix in favour of unit-linked life insurance policies (ULIPS), and higher payouts to third-party channels. Leverage from current investments, a further reduction in contributions from ICICI Bank, and a pick-up in non-participating policies from the end of the year is key for this metric in the near to medium term.
The Union Cabinet on Wednesday gave its nod for amendments in the Insurance Act, paving way for 74 per cent foreign direct investment in the sector. Currently, the permissible FDI limit in the life and general insurance stands at 49 per cent with ownership and management control with Indian. According to sources, the Cabinet in its meeting has approval for amendments in the Insurance Act, 1938.
Regularly monitor your account for any suspicious activity. Keep your devices updated with the latest security patches to prevent vulnerabilities. Ensure the physical wallet you use is stored securely to avoid loss or theft.
Although the company has shown willingness to talk to its workers and accept their key demands, it is CITU that is causing a roadblock to a solution.
Logistics major Delhivery has had promising Q2FY25 results. The Q2FY25 consolidated revenue was Rs 2,190 crore (up 0.8 per cent quarter-on-quarter or Q-o-Q and 12.8 per cent year-on-year or Y-o-Y). Express parcel revenue was Rs 1,300 crore, (up 1.7 per cent Q-o-Q/7.3 per cent Y-o-Y) alongside better yield (+5 per cent Y-o-Y) in the segment.
While Air India Express is expected to get the full insured amount for the hull loss, it will have to pay compensation to the kin of the deceased and injured, according to applicable laws. The compensation will be paid from its liability cover.
Mukesh Kumar, Executive Director HDFC ERGO General Insurance Company, tells you how you can benefit by doing so
Feature for feature, bank FDs are indeed better than debt funds today, mainly thanks to Ms Sitharaman, notes Debashis Basu.
Go for it! Buying insurance online is a cost-effective way that will save you both money and time.
'Healthcare is not an industry.' 'The government is only encouraging insurance as they are not able to provide healthcare to people.' 'Opening new medical colleges is not what is needed.' 'You have to invest in public sector hospitals.' 'You cannot hand over healthcare to the private industry.'
While buying a policy a customer should make sure s/he reads the terms and conditions very well. That is important because whatever is in the policy determines what the company is liable to cover.
While Paytm (One97 Communications) is not completely past regulatory hurdles, its share price has gained in the last month or two. The Paytm handle migration is complete along with FDI clearance necessary for the Payment Aggregator (PA) license. UPI consumer data indicates stable market share, and expansion in partner networks in financial distribution. All this implies Paytm could be set to meet guidance of turning Adjusted Ebitda breakeven by Q4FY25 (ex of UPI-incentives).
Few insurance companies have launched new motor insurance policies which cover even depreciation and loss of driving license.
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