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.
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
'Our pet insurance policy is similar to the health insurance for humans.'
'Check every SMS you get. Many people ignore them.' 'Remember if there is an activity in your account, your financial institution will send you an SMS, not a WhatsApp message.'
'Exit the car and call for your vehicle to be towed.'
It will help in reducing the turnaround time.
For insurance intermediaries like brokers, insurance repositories, third-party administrators, etc, 100 per cent FDI may be permitted.
Sanjib Jha, CEO, Coverfox Insurance Broking, answers your health insurance related queries.
Educate yourself about your car insurance policy's terms and conditions before buying or renewing it, suggests Animesh Das, head of product strategy, ACKO General Insurance.
Low margins and cash crunch have resulted in job cuts and a decline in the insurance industry. A policy roadblock is making it worse.
The Reserve Bank said overseas investors, including FPIs and NRIs, can invest up to 26 per cent in insurance and allied activities through the automatic route.
Vehicles are depreciating assets and lose their value over time.
Flooding this monsoon underscores the need to buy home insurance, says Tarun Mathur.
Finance Minister Nirmala Sitharaman in his Budget speech said that India's FDI inflows in 2018-19 grew by 6 per cent to $64.37 billion.
Irda to raise provisioning norms to 163-213 per cent.
It is highly effective as compared to other policies that companies sell and saves the buyer from many hassles.
Annual premiums do not exceed what you readily shell out for an OTT subscription.
In order to improve the quality of service rendered by third-party administrators, a committee formed by the Insurance Regulatory and Development Authority has recommended that general insurers should hire at least two agencies to execute back office jobs for settlement of health insurance claims. In addition, to improve the coverage and quality of services provided by TPAs, the panel has suggested that the minimum capital requirement should be doubled.
Use no-claim bonus, online discounts or negotiate hard to get it reduced.
When you purchase a two-wheeler, the dealer usually takes care of the hassles of registering the vehicle and getting it insured. However, you should know the types of insurance policies available and the features of the policies.
To make the driving experience less worrisome, it's important to make the car's cover more comprehensive.
The ruling Mahayuti alliance in Maharashtra is heavily banking upon a six to 10 per cent shift in voters -- mostly women -- in its favour to return to power with anywhere between 160 and 170 assembly seats, say four MLAs belonging to Eknath Shinde's Shiv Sena.
Leading public sector general insurers have mooted the idea for a regulator to standardise the costs of medical treatment across the country.
'As the city grows, so do its fire incidents.'
While the four general insurers will have equal stake in the TPA, Life Insurance Corporation and General Insurance Corporation might hold a less stake.
The proposal for listing public general insurers had come up in 2007.
There are instances where the insurance company will not pay out claims... Beware!
When compared to a one-year insurance, here's why it makes sense to buy a three-year policy
Insurance Regulatory and Development Authority expects decline in premium rates of fire, engineering and motor own damage covers once insurers are given the freedom to price these businesses from 2007.
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.
'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.'
Expect premiums to go up or introduction of a co-pay option for third-party damage
Though exposure draft proposed 35-60% hike, Irda raised it only 19%.
What stood out in his 15-year journey as a member of the political executive at the Centre was his glowing record as India's most successful and effective finance minister. Both as prime minister and finance minister, he understood the importance of gradualism, except when the economy or the polity was in a crisis.
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
The regulator has made it mandatory for insurers to have a minimum percentage of motor third-party business underwritten.
Financial performance, tax issues to be discussed on June 13 meeting.
'Online aggregators offer discounts of 70% to 75%.' 'At a car dealership, the discount is usually in the range of 30% to 35%.'
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