Sanjib Jha, CEO, Coverfox Insurance Broking, answers your health insurance related queries.
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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.
Sanjib Jha, CEO, Coverfox Insurance Broking answers your health insurance related queries.
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.
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.
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.
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.
Kejriwal described the BJP's election manifesto as "dangerous for the country".
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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.
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.
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.
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.
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.
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.
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.
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
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.
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.
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.
Here's how you can avoid these claim rejections, says Mukesh Kumar, Executive Director, HDFC ERGO General Insurance Company
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.
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.
Roopam Asthana, CEO and whole-time director, Liberty General Insurance Ltd, will answer your queries on HEALTH insurance and AUTO insurance.
The Forum said Daily Diary entry and the NCR was sufficient to support the claim of the consumer.
From mining through claimants' social media updates to performing a background check, insurance companies have their own set of measures to sniff out whether the statements of the claimant are true or not. Beware!
Though COVID-19 will wreak more damage to the finances of the Indian population, the insurance sector is unlikely to get hurt.
Till June-end alone, insurance regulator is expected to bring about more than half a dozen reforms that will have a significant impact on the customer.
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.
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.
Come October, life insurers may have to tighten their underwriting standards further for retail term plans at the behest of one of the largest reinsurers in the Indian insurance market, Munich Re. According to a source aware of the development, "Munich Re has been studying long-term mortality trends for the past few years, and has suggested some tightening in the underwriting process." "As far as financial underwriting is concerned, the reinsurer has suggested that insurers should ask for additional documents. "For example, apart from income proof, they can ask for bank statements of the prospective customer before issuing policies," added the source.
