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.
Insurance industry is gearing up to clear claims from the attack on Mumbai even as many of the injured are finding it tough to produce the required documents.
Presumably hurt on their balance sheets by the allegedly inflated bills for medical costs of people covered by cashless mediclaim facilities, these insurers have pruned the list of hospitals in four large cities for providing this facility with effect from this month.
In order for life insurance customers to attain maximum benefits, it is crucial for the persistency ratio to be far higher than its current level, top executives of the industry said at the Business Standard BFSI Insight Summit on Thursday. The persistency ratio is a metric that measures the number of policyholders who continue paying renewal premium and is gauged at varying stages in the life of a policy. A higher persistency ratio is seen as an indicator of an insurance product that caters satisfactorily to the needs of a customer.
Roopam Asthana, CEO and whole-time director, Liberty General Insurance Ltd, will answer your queries on HEALTH insurance and AUTO insurance.
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.
Insurance companies are seeking a separate deduction limit of Rs 1 lakh for insurance premium payment under Section 80C of the Income Tax Act in the upcoming Union Budget to bring in more people under the ambit of insurance. The insurers also want reduction in the goods and services tax (GST) rate of 18 per cent currently applied on health insurance products to 5 per cent to make such products more affordable to common people. Finance Minister Nirmala Sitharaman will present the Union Budget for 2022-23 on February 1.
The National Commission ruled that a person must opt for a policy and submit the proposal form after acquainting himself with the terms and scope of coverage to determine where it would be suitable and adequate.
Some individuals opt for the new regime without a comparative analysis of the tax liability under the two regimes.
Ask rediffGURU and PF expert Nitin Narkhede your mutual fund and personal finance-related questions.
The regulatory changes brought in by the insurance regulator and the amendments proposed to the Insurance Act by the Centre may herald a new dawn for the sector in India. This may result in insurers bringing out more consumer-led products, top honchos of general insurance companies of the country concurred at the Business Standard BFSI Insight Summit 2022.
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.
Regulator Irdai on Friday directed SBI Life Insurance Company to takeover the policy liabilities of around two lakh policies along with assets of Sahara India Life Insurance Co Ltd (SILIC) with immediate effect. The decision was taken at the meeting of the Insurance Regulatory and Development Authority of India (Irdai) in view of deteriorating financial health of the SILIC. "The Authority has identified SBI Life Insurance Company Limited (SBI Life), which is one of the largest life insurers in the country with satisfactory financials, as the acquirer insurer of the life insurance business of SlLIC.
Call centres, once the engine room of India's BPO exports, are evolving too. Depending on the complexity, 30 to 50 per cent of voice and chat volumes are now handled by conversational AI.
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.
Here's all you want to know about insuring your priced possession!
All you want to know about claiming insurance for your damaged vehicle after an accident.
Kejriwal described the BJP's election manifesto as "dangerous for the country".
Sanjib Jha, CEO, Coverfox Insurance Broking, answers your health insurance related queries.
This will be the largest claim in the aviation sector for Indian insurers in the last three years
The GST Council on Saturday postponed a decision on cutting tax rate on life and health insurance premiums, officials said. The 55th meeting of the GST Council, chaired by Union Finance Minister Nirmala Sitharaman and comprising state counterparts, decided that some more technicalities needed to be ironed out and tasked the GoM for further deliberations.
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.
A heated debate erupted in the Rajya Sabha over the ongoing strike by ASHA workers in Kerala, with Congress and CPI(M) MPs trading accusations over responsibility for addressing their demands for a higher honorarium and post-retirement benefits. Congress MP Jebi Mather alleged that both the Kerala government and the Union government had ignored the workers' pleas, while CPI(M) MP John Brittas countered by claiming Kerala provides the highest honorarium to ASHA workers. The debate also saw demands for an AIIMS in Kerala and a hike in MBBS seats, as well as concerns over maternal health, elderly care, and mental health in India.
The National Commission ruled that the insurance policy is deemed to be automatically transferred to the purchaser when the vehicle is registered in their name.
Third party claims are adjudicated by the constituted tribunals.
Public general insurance companies to collaborate for speedy settlement of claims
There are challenges galore before him, and it is not going to be easy. In the next four years, he has to conjure a system that changes the optics about him and the BJP both nationally and internationally so that he can ride back on his own, claim the top slot, and not have to lean on a coalition, asserts Ramesh Menon as Modi 3.0 completes a year in power.
According to a parliamentary response by the Union health ministry in 2023, around 654,000 families in Delhi are eligible to enrol under the scheme.
Vehicles are depreciating assets and lose their value over time.
Sanjay Kumar Singh draws up a mediclaim policy checklist.
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.
Sanjib Jha, CEO, Coverfox Insurance Broking answers your health insurance related queries.
Buying an auto insurance cover? Beware of these myths
