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.
Ask rediffGURU and PF and MF expert Janak Patel your mutual fund and personal finance-related questions.
The road transport ministry has allowed cab aggregators to charge up to two times the base fare during peak hours, as against 1.5 times earlier, while for non-peak hours the fare has to be a minimum of 50 per cent of the base fare.
While these two are important, there are other risks such as loan repayment and retirement that you need to insure.
If the cashless request is denied, the entire cost may need to be paid for planned treatments.
Yet another first week of December brought familiar scenes of rain, storm, flooding, power outages, and fallen trees. When Cyclone Michaung wreaked havoc, leading to the heaviest rainfall in 47 years in the city, residents of Chennai drew parallels to the devastating floods of 2015. However, initial data on insurance claims suggests that the impact this time may portray a more optimistic scenario.
Sanjib Jha, CEO, Coverfox Insurance Broking, answers your health insurance related queries.
Don't solely focus on tax-saving alone.
You can avail of tax deduction on expenses incurred on preventive health check-ups. This provision is beneficial to younger people who don't exhaust their Section 80D limit with their health insurance premium.
Sanjib Jha, CEO, Coverfox Insurance Broking, answers your health and auto insurance related queries.
Roopam Asthana, CEO and whole-time director, Liberty General Insurance Ltd, will answer your queries on HEALTH insurance and AUTO insurance.
Over 25 crore workers across India are set to strike against new labour codes and privatisation, potentially disrupting banking, postal, and other essential services.
Anik Jain, founder and CEO at Symbo, will answer your questions on insurance -- life, health, motor, travel, etc -- on a weekly basis.
Mahavir Chopra tells you what to check before you choose a diabetes insurance plan.
Non-life insurers can sell both, benefit-based and indemnity-based short-term health covers.
Those who have an insurance policy need to check its clauses to determine if it covers home care treatment, advises Bindisha Sarang.
Prime Minister Narendra Modi asserted on Tuesday that India's water will no longer flow outside the country but will be utilized in the nation's interest, a statement seemingly directed at Pakistan following his government's decision to put the Indus Waters Treaty in abeyance after the Pahalgam terror attack. Addressing the ABP Network's 'India@2047' Summit, Modi emphasized his government's focus on interlinking rivers, noting that water used to be a source of conflict among states, before alluding to India's stance against Pakistan while discussing water. He highlighted the finalization of the India-UK free trade agreement as a historic milestone and underscored the importance of prioritizing national interest for achieving objectives and realizing the country's potential. Modi highlighted the country's growth and development under his government's rule, emphasizing its focus on welfare schemes and digitalization. He reiterated his government's commitment to 'Nation First' and pointed to the recent reforms undertaken, including the new Waqf law and the ban on triple talaq, which he said were aimed at benefiting the marginalized sections of society.
The Group of Ministers (GoM) on goods and services tax (GST) rate rationalisation, which convened in Goa on Wednesday, reviewed the GST rates for over 100 items, including textiles, handloom goods, agricultural products, fertilisers, and educational materials. However, no consensus was reached on any of the items, with further discussions scheduled for next month in Delhi.
More than 25 crore workers engaged in sectors ranging from banking, insurance, postal to coal mining, highway and construction are expected to go on a nationwide general strike on Wednesday, potentially disrupting services across the country. A forum of 10 central trade unions and their associates has called for a general strike or 'Bharat Bandh' to "oppose the anti-worker, anti-farmer and anti-national pro-corporate policies of the government".
Sanjib Jha, CEO, Coverfox Insurance Broking answers your health insurance related queries.
Ahead of the Union Budget 2023, insurers are hoping that the Centre will act on their recommendations, which includes increasing the limit for tax deduction under 80D of the Income Tax Act. Also among them are issuance of long-term bonds, tax incentives for home insurance premiums, and a separate section to claim deduction for term-insurance premium, among others. These suggestions would help improve the penetration of insurance in the country.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
India's macroeconomic health is in a "relative goldilocks situation", and although the risk of higher landed oil prices, due to insurance cost surges and closure of choke points due to the brief Israel-Iran war, has receded, it is "too soon to sound the 'all clear' for the rest of the year", the Finance Ministry said on Friday.
Notably, four portfolio companies-- Agnikul, ePlane, CynLr, and GalaxEye -- of deep-tech investor Speciale Invest made it to the list.
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.
India currently performs around 6,00,000 to 7,00,000 laser-assisted in situ keratomileusis (Lasik) and refractive procedures a year, and the uptake is accelerating.
Although insurers feel loss ratios in the health segment may get impacted, and profitability will take a hit, capital erosion will not take place, at least for the large entities.
In its master circular on general insurance products, which takes immediate effect, Irdai specified, 'The customer may be required to submit only those documents directly related to claim settlement.'
Ask rediffGURU and PF and MF expert Janak Patel your mutual fund and personal finance-related questions.
Chief Minister-designate Rekha Gupta and her Council of Ministers will take oath at the Ramlila Maidan on Thursday afternoon in the presence of Prime Minister Narendra Modi, marking a return of the BJP in Delhi after 26 years.
A few points you must know before buying a health insurance plan for you and your family.
2.75 million of the 3 million Covid-related health claims were settled.
'I am very happy to see that the work is starting to bear some fruit now.'
French information technology (IT) and consulting services major Capgemini on Monday said it would acquire Mumbai-headquartered WNS for $3.3 billion in cash. This could be one of the largest merger & acquisition deals in the IT services and business process management sector.
Some of the suggested strategies include making thoughtful trade-offs between career choices and family responsibilities to avoid the guilt of not spending adequate time with elders and children at home; resisting the pressure to be a 'superwoman' by trying to manage everything alone; demanding, negotiating, and selecting jobs with flexible working hours; exploring work-from-home options; choosing an appropriate time for a career break; upskilling to re-enter the workforce after a break; and communicating openly with family members -- including spouse and in-laws -- about the support needed to grow professionally and the challenges faced at work, highlights N Ravichandran.
How do you provide health care to handloom weavers, who occupy among the poorest segments in the unorganised sector? There are 6.5 million of them scattered across the country and are not always fixed in their occupation.
Here's how you can avoid these claim rejections, says Mukesh Kumar, Executive Director, HDFC ERGO General Insurance Company
Ask rediffGURU and PF expert Nitin Narkhede your mutual fund and personal finance-related questions.
Atishi, a former Delhi Chief Minister and AAP leader, accused the newly formed BJP government of failing to fulfill Prime Minister Narendra Modi's promise of providing financial assistance to women under the Mahila Samridhi Yojana. She questioned why the scheme, which promised Rs 2,500 to each woman in Delhi, was not passed at the first cabinet meeting.
The South Korean government is inviting applications for fully funded Seoul Tech Scholarships 2025.
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