Flood insurance claims can be rejected or reduced if homeowners do not understand what their policy actually covers.
'Many policyholders do not understand that non-medical expenses, cosmetic treatments, and certain other procedures are not covered by health insurance policies.'
Insurers are bracing for claims worth nearly 5,000 crore from the recent floods in Gujarat, predominantly for property losses, though they do not foresee an increase in premiums within the competitive property insurance market.
Many claim disputes arise not because the insurer refuses to pay but because policyholders don't know the claim process, miss important documents or misunderstand what their policy covers.
Buyers should check their scope and triggers and whether they need such policies alongside their regular health insurance.
Property insurance premium rates are increasing by 25-30 per cent, primarily due to a reduction in discounts, following substantial claims from natural calamities like the Gujarat floods, which caused an estimated 5,000 crore in losses.
The Insurance Regulatory and Development Authority of India's (Irdai) recent actions against insurers for breaching expense of management (EoM) limits indicate a serious commitment to enforcing operating and distribution cost controls, according to industry experts.
If nominees pass away, distribution is governed by succession laws of insured's religion.
Protect your vehicle from the unpredictable monsoon season by understanding essential motor insurance add-ons like Engine Protect and Zero Depreciation, crucial for covering damages from floods, waterlogging, and preventing costly out-of-pocket expenses.
The National Health Authority (NHA) is promoting the National Health Claims Exchange (NHCX) to standardise and simplify health insurance claims processing in India, aiming for a seamless and reliable digital infrastructure similar to UPI.
The claims will include three kinds of liabilities: Damage to the aircraft; loss of lives who were aboard the aircraft; including the crew members; and third-party liability because of loss of lives where the aircraft crashed; and cargo liability.
A consumer disputes commission in Mumbai has directed National Insurance Company Ltd to pay a liquor wholesaler over 1.2 crore for stock ruined during the 2017 Mumbai floods, deeming the claim rejection 'arbitrary and unreasonable'.
If reimbursement becomes unavoidable, submit a complete file at the earliest.
A savings or current account with no customer-induced transaction for more than 24 months is classified as inoperative.
Here's decoding the fine print so that you know exactly what your health insurance policy covers, what it doesn't and the policy conditions that deserve your attention before you need to make a claim.
Combine a robust base health plan with a super top-up, critical illness cover and a dedicated medical corpus to protect household finances from soaring treatment costs.
A debt-ridden man in Jalna allegedly staged his own death to escape financial liabilities and claim an insurance benefit of Rs 20 lakh by masterminding the killing of his acquaintance, whose body was found inside a gutted car.
Understanding a product and assessing its suitability improve the chances of staying invested. Use life insurance mainly to cover risk, not to seek returns.
The Finance Ministry has refuted allegations that US pressure influenced the decision to levy a 0.4 per cent Merchant Discount Rate (MDR) on select UPI payments. The ministry clarified that the NPCI guidelines prioritise RuPay credit cards on UPI to promote domestic alternatives and ensure a self-sustaining revenue model for smaller domestic companies, countering claims of favouring foreign payment providers.
A data breach does not end when the headlines fade. For victims, stolen personal information can fuel fraud, identity theft and financial losses for years.
A man wanted for nearly nine years in connection with the murder of a woman for an alleged Rs 50 lakh insurance claim and property has been arrested in Bihar, Delhi Police said. Another accused in the case was found to have died in 2018.
The best time to buy health insurance is when you don't think you need it.
Most owners assume car insurance covers everything, but hidden exclusions can lead to claim rejections and unexpected financial shocks.
Proposal forms are often filled by the agent. Check the form after it is filled.
Do not get repair work started without informing the insurer as the latter like to carry out end-to-end verification of damages and documents before approving a claim.
Merchants will be subject to an 18 per cent Goods and Services Tax (GST) on the Merchant Discount Rate (MDR) for UPI payments exceeding Rs 2,000, but can mitigate this burden by claiming input tax credit (ITC), according to tax experts.
Can your money be protected against online frauds like hacking, digital arrests, etc?
Non-resident Indians (NRIs) in the Gulf region are increasingly purchasing term life insurance policies from India, driven by geopolitical uncertainties in West Asia and the significant cost advantages offered by Indian products, with the GCC region now contributing over half of the total NRI demand.
Tax experts clarify that merchants will pay 18% GST on Merchant Discount Rate (MDR) for UPI payments exceeding Rs 2,000, effective October 15. However, registered merchants can claim Input Tax Credit (ITC), mitigating the tax burden. This move is expected to generate significant GST revenue for the exchequer while funding payment infrastructure.
Marriage, childbirth, dependent parents and ageing increase the cover a person needs.
The Indian government has dismissed concerns that the use of E20 fuel could affect the validity of vehicle insurance policies, stating that the ethanol blending programme remains safe, consumer-friendly, and economically beneficial.
The Allahabad High Court has ordered the State Bank of India (SBI) to refund Rs 19.90 lakh debited from a widow's fixed deposit to recover her deceased husband's personal loan. The court deemed the bank's action an "abominable" breach of banking practice and also directed SBI to pay Rs 1 lakh in compensation to the woman.
Nine individuals, including a government medical officer and four police officers, have been arrested in Jalgaon for allegedly conspiring to fraudulently claim insurance money by faking a road accident death.
Samajwadi Party president Akhilesh Yadav has criticised the BJP government's proposed Merchant Discount Rate (MDR) on high-value UPI transactions, calling it a "chungi" (tax) on digital payments. He alleged the move was an attempt to extract money from people's transactions, contradicting the government's goal of a trillion-dollar economy. The new UPI framework will impose a 0.4% MDR on person-to-merchant transactions above Rs 2,000 from October 15, with certain sectors having a flat Rs 5 MDR.
Most Indian investors start their investment journey with the wrong question. They ask, "Which fund will give the highest return?" instead of "How do I structure my investments so that I pay less tax, manage risk effectively, and still compound wealth over time?"
Taxpayers must provide more details to support deduction and exemption claims.
Mumbai is abuzz with Ganesh Chaturthi celebrations as Ganesha idols arrive in homes and pandals across the city. The 11-day festival, marked by devotional chants, elaborate pujas, and vibrant decorations, culminates in grand immersions on Anant Chaturdashi. The city is adorned with lights, and markets are bustling, while authorities have deployed extensive security measures to ensure safe festivities, despite recent idol collapse incidents.
Tata Consultancy Services (TCS) and Google Cloud have inaugurated a new Gemini Experience Center (GEC) in Mexico City. This facility, the second in Latin America and ninth globally for TCS, is equipped with over 3,000 AI agents and aims to drive industry-specific AI solutions across various sectors. It will help organisations bridge the gap between AI experimentation and implementation, enhancing innovation and data-driven decision-making in the region.
A police constable and a Home Guard personnel in Beed, Maharashtra, were caught by the Anti-Corruption Bureau for demanding and accepting a bribe of Rs 10,000. The bribe was sought from a man for providing documents needed to file an insurance claim after his father's death in a road accident. The accused are facing charges under the Prevention of Corruption Act.
Left parties have strongly condemned the government's decision to impose charges on UPI payments exceeding Rs 2,000, with CPI General Secretary D Raja alleging the move was made under "US pressure" to favour foreign payment companies. Both CPI and All India Forward Bloc demand the withdrawal of this "anti-people decision," arguing it burdens consumers and merchants while undermining UPI's role as a public digital infrastructure. They highlight concerns that the charges weaken India's digital sovereignty and serve commercial interests of foreign corporations like Visa and Mastercard.
