The first thing that you should do in case your car is damaged in an accident is report it to your insurance company within the time frame as mentioned in your car insurance agreement.
The judgment from a five-judge Constitution bench, led by Chief Justice DY Chandrachud, offers clarity on licensing regulations and is expected to prevent insurance companies from rejecting claims based on the type of licence of drivers involved in accidents.
Sanjib Jha, CEO, Coverfox Insurance Broking, answers your health insurance related queries.
State-run Life Insurance Corporation of India (LIC) has committed Rs 600 crore for its digital transformation journey, Sunder Krishnan, chief risk officer said on Wednesday. The insurance giant is also aiming to become completely "paperless" in two years. "We have hired a large system integrator for more than Rs 400 crore, a consultant for digital transformation for Rs 100 crore, and Rs 100 crore for agency transformation.
Here's all you want to know about insuring your priced possession!
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
State-owned Life Insurance Corporation (LIC) announced on Monday that it had signed up tech giant Infosys to develop a next-generation digital platform that will act as the foundation for new high-value business applications, such as customer and sales super apps, portals, and digital branches. The financial terms of the deal remain undisclosed. The tie-up with Infosys is part of LIC's "long-drawn" strategy, said a senior executive of India's biggest insurer, who noted that the IT giant "won the bid to develop the next-generation platform through a request for proposal (RFP) process".
All you want to know about claiming insurance for your damaged vehicle after an accident.
This will be the largest claim in the aviation sector for Indian insurers in the last three years
Sanjib Jha, CEO, Coverfox Insurance Broking answers your health insurance related queries.
Vehicles are depreciating assets and lose their value over time.
These schemes came into force from June 1.
ADAG's rivals are lobbying overtime to ensure that a company affiliated to the group, Mediassist India TPA Private Limited, is considered ineligible.
Anil Ambani's Reliance Infrastructure Ltd has slashed its standalone debt by 87 per cent to Rs 475 crore after it cleared outstanding dues of Life Insurance Corporation of India, ICICI Bank and other lenders, the firm said on Wednesday. In stock exchange filings and press statements, Reliance Infrastructure said its standalone external debt has reduced from Rs 3,831 crore to Rs 475 crore. "Consequently, the net worth of the company will stand at Rs 9,041 crore."
Capital market regulator Sebi on Tuesday rejected the competing open offer made by the US-based entity Danny Gaekwad Developments & Investments for acquisition of Religare Enterprises Ltd (REL) as it did not meet necessary regulations.
rediffGURU Samkit Maniar answers readers' personal income tax queries.
Third party claims are adjudicated by the constituted tribunals.
Public general insurance companies to collaborate for speedy settlement of claims
Sanjay Kumar Singh draws up a mediclaim policy checklist.
Buying an auto insurance cover? Beware of these myths
Term insurance policy premiums are set to rise by 25 to 30 per cent with Munich Re, the largest reinsurer for the Indian insurance market, increasing its rates for underwriting portfolios of pure protection plans by up to 40 per cent. According to a senior executive of a private life insurance company, the global reinsurer has communicated its decision about increasing rates. About 8-10 insurance companies have been informed about the move, sources said.
As the country mourns the dead in the terror attacks in Mumbai and governments may announce compensation to the bereaved families - insurance claims may not really be settled easily - thanks to the 'fine print' and in fact, lack of a proper cover against terrorist violence.
Insurers have already paid 60 per cent of the total hull losses, which was estimated at $50 million (about Rs 230 crore), while AI will receive the balance 40 per cent by this week, industry sources said.
A crucial point anyone purchasing health insurance must heed is the need to declare PEDs.
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.
The Central Bureau of Investigation has asked former Jammu and Kashmir governor Satya Pal Malik to answer certain queries in connection with an alleged insurance scam in the Union Territory, officials said on Friday.
The Insurance Regulatory and Development Authority, in a circular to insurance companies, said it had been receiving many complaints that claims were being rejected by the insurers on the ground of delayed intimation and submission of documents.
If you contract a disease a few years after buying a health cover, disclosure isn't mandatory. But if you want to increase the sum assured, premiums could go up.
Pulling the plug on inflated medical insurance claims, the Armed Forces Medical College, Pune has brought out a first-of-its-kind standard treatment guideline that specifies the average treatment cost for 35 common diseases.
Insurance claims arising out of the Mumbai terror attacks in 2008 are estimated to wipe out about Rs 500 crore (Rs 5 billion) from the corpus set up by general insurers to fund such losses.
Information Technology (IT) major Infosys escalated the legal tussle with Cognizant by filing a countersuit in a US court, accusing the Nasdaq-listed firm and its Chief Executive Officer (CEO) Ravi Kumar of anticompetitive practices by maintaining its monopoly. Infosys has also alleged that Kumar misused sensitive information that slowed the launch of the company's health care platform Helix.
The Insurance Regulatory and Development Authority on Wednesday warned third-party administrators (TPAs) on not settling health insurance claims in time and said rules will be tightened to ensure prompt payment.
Rekha Gupta had the support of the RSS, which actively participated in the Delhi assembly poll campaign to help the BJP win.
With Covid-19 cases across the country rising rapidly once again, demand for health insurance products has spiked. Insurers are seeing an uptick in inquiries for such products and underwriting more premiums in the segment. Already, health insurance was growing at a rapid pace since the onset of the pandemic as awareness around risk had heightened among consumers. But the country recorded more than 600,000 Covid-19 cases in the past week, which is almost a six-fold rise than the previous week. Owing to this, the spike in demand for health insurance products is inevitable, experts said.
Govt could cut the GST rate payable every time someone buys a health insurance product; or it could also provide a larger income tax set off for those who buy a health insurance product
Ask rediffGURU and PF and MF expert Janak Patel your mutual fund and personal finance-related questions.
