Besides wrong selection of ITR form, many professionals claim deductions they are ineligible for.
The move to expand the health insurance scheme's coverage comes at a time when several hospitals have complained of delays in reimbursement related to the procedures performed under the scheme.
Brent crude oil prices can touch $150 a barrel (bbl) - up a whopping 103 per cent from the current levels - in the worst-case scenario if the Israel-Iran geopolitical tensions escalate, suggest analysts.
The National Commission concluded that the claim had been rightly rejected on grounds of misrepresentation in the proposal form and breach of duty to maintain utmost good faith while applying for insurance coverage.
The unprecedented rise in Covid-19 infections in the country, which many are terming as the second wave, has also resulted in a rise in Covid-related claims for general and health insurance companies as hospitalisations have gone up. The insurers have received more than a million Covid-related claims as of April, 2021. According to the data compiled by General Insurance Council, the reported claims total 1.014 million, amounting to more than Rs 14,800 crore.
For long-term financial security, millennials must not only provide social security for their young families but also ensure that their financial burdens are not passed down to their families, says Casparus Kromhout.
The Insurance Regulatory and Development Authority of India (IRDAI) is considering a proposal to make insurance frauds a parameter for calculating credit scores in an attempt to put a lid on the increase in such activity. The proposal, which is a part of the recommendations made by a working group formed by Irdai and the General Insurance Council, suggests that insurance frauds should feature when the risk profiles of individuals are evaluated and should be used to calculate their credit scores. A poor credit score can deprive a person of financial services such as loans and credit cards, and deter him from indulging in fraud.
General insurance companies are likely to see a surge in demand for health insurance in the coming months due to falling air quality in the country. The health insurance segment has registered a strong growth after the pandemic due to higher awareness. In the first half of financial year 2023-24, the segment grew by 24.4 per cent to Rs 54,713.52 crore from Rs 43,981.54 crore in H1FY23, driving growth of the non-life insurance industry.
The non-life insurance industry has received over 1 million Covid-related claims in the first quarter of the current fiscal year (Q1FY22), higher than in the entire FY21, indicating the severity of the second wave of the pandemic. According to the General Insurance Council data, which is not publicly available, non-life insurers have received 1.22 million Covid-related claims so far in FY22 and have settled 944,573 of those worth Rs 9,178 crore. In comparison, they had received 986,366 Covid claims in FY21 and settled 849,034.
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, answers your queries on HEALTH and AUTO insurance.
What happens to such a person's life insurance policy? Does the partner or beneficiary or assignee pay the premiums and continue the missing person's life policy in force?
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
Insurance companies may soon face goods and services tax (GST) audits as tax authorities plan a "deep dive" into their business practices to check for the possibility of a raft of tax-linked irregularities. Several insurance companies are being probed for wrongly availing of the input tax credit without the underlying supply of goods and services based on fake invoices generated by their channel partners and intermediaries. "We want to deep dive into the overall business and see if there are further taxation issues besides commissions, which are already being investigated," a senior official of the Central Board of Indirect Taxes and Customs said.
If your flight is cancelled or delayed or you miss one, a travel insurance policy can cover the costs at such times and help you book a new one.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
'It is important to ensure that the person driving the car has a valid driving licence, is in a stable mental condition and is not under any heavy medication or influence of alcohol,' says K G Krishnamoorthy Rao, MD and CEO, Future Generali India Insurance.
Sanjib Jha, CEO, Coverfox Insurance Broking, answers your health and auto insurance related queries.
'We are expected to grow at above 28 per cent this year, higher than the industry.'
'This means that there will be more than 1,000 tech talent in India over the next 12-18 months.'
Do you have health insurance/mediclaim queries? Rakesh Kaul, chief distribution officer, Edelweiss General Insurance, will answer your queries.
It will help in reducing the turnaround time.
Sushil Nathaniel, an LIC manager from Indore, was shot dead by terrorists in Pahalgam, Kashmir, after being forced to recite the 'Kalma'. His family has demanded the harshest punishment for the assailants. Nathaniel, who was on a family trip to celebrate Easter, was among 26 people killed in the attack. His daughter was injured in the attack, while his wife and son survived.
Ensure the sum insured for the super topup is enough to cover even worst-case scenarios.
Section 45, which says no claim can be rejected after three years of a policy being in force, remains a bone of contention
'The intensity and frequency of heatwaves will be much higher than in previous years over Punjab, Haryana, Rajasthan, Gujarat, Madhya Pradesh and Odisha.'
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.
The coverage for coronavirus infection will be available from day one of the infection in all the health insurance policies, says Amit Chhabra.
Buy from an established agent rather than a novice who may not be around when you need his assistance.
Customers frequently sign without reading the terms and conditions, resulting in a poor understanding of coverage, and eventually leading to partial payouts
Some individuals opt for the new regime without a comparative analysis of the tax liability under the two regimes.
If you have questions related to online insurance frauds, then Piyush Ranjan, chief technology officer, Coverfox Insurance, will answer your queries.
The biggest surprise for customers, at the time of claiming, is the fact that they will get only depreciated value of the product.
Agniveer Akshay Gawate, native of Pimpalgaon Sarai in Maharashtra's Buldhana district, died in the line of duty in Siachen on October 21, 2023.
Sanjib Jha, CEO, Coverfox Insurance Broking, answers your health and auto insurance related queries.
Travel insurance policies do not generally cover adventurous or sporting activities such as bungee jumping, paragliding, mountain climbing, or white water rafting, which fall under hazardous activities.
Ritika Gupta, a study abroad expert and founder of Aaera Consultants, explains how Germany's new visa rules will affect international students and working professionals.
TDS on health insurance claim payments reimbursed to hospitals should be NIL
Under 'Claims Guarantee' the company guarantees to pay claims within 12 working days of receipt of all required death claim documents from the nominee or claimant, provided full premium is paid by the policyholder for at least three policy years and the required claim application documents are submitted.
Ask rediffGURU and PF expert Nitin Narkhede your mutual fund and personal finance-related questions.
