A sum insured of Rs 3 lakh to Rs 5 lakh may have been sufficient seven-eight years ago but would be inadequate today, especially for people living in metros, points out Sanjay Kumar Singh.
'A 25 year old buying a high-value policy now will be well covered even in his 40s.'
Ask rediffGURU and PF and MF expert Janak Patel your mutual fund and personal finance-related questions.
It will allow more transparency in policies and flexibility in premium payment, besides improving processing of claims.
It is important to look at factors like claim settlement ratios, persistency ratios, the extent of premium increase with age, insurer's reputation, etc, says Vaidyanathan Ramani.
Payments can be made till April 21; for motor the relaxation is only for third-party insurance.
In the June quarter, growth in the segment stood at around 4 per cent, with premium collection at Rs 15,724 crore against Rs 15,074 crore in the same period of FY19. This was the lowest growth in the last five quarters, starting from Q1FY19.
The eighth Budget of Finance Minister Nirmala Sitharaman continued to focus on 'GYAN' (Garib, Youth, Annadata, Nari) to maintain a consistent and coherent strategy initiated over the years in pursuing the government's vision for Viksit Bharat. The approach, characterised by incremental yet impactful steps, aims to create a compounding effect over time.
Life insurers' new business premium (NBP) reported stellar performance in November after a poor showing in October, on the back of strong growth in group single premiums for both private insurers and Life Insurance Corporation (LIC) of India. In November, 24 life insurers, including LIC, reported NBP to the tune of Rs 27,177 crore, up 42 per cent year-on-year (YoY) from the year-ago period. Private insurers' NBP rose 58.63 per cent YoY to Rs 11,209.75 crore as group single premiums more than doubled during this period.
Don't solely focus on tax-saving alone.
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World Athletics also said that as far as it was aware, there were no longer insurance policies available for the coronavirus.
Considering the rising dengue cases, the affordability and availability of such a plan makes it worth buying, says Harjot Singh Narula
Under the PMFBY - introduced in 2016 - farmers have to pay a maximum of 2 per cent of the sum insured for kharif and 1.5 per cent for rabi food and oilseed crops and 5 per cent for commercial/horticultural crops. Eighteen general insurance companies, including five public sector insurance firms, have been empanelled for the scheme's implementation.
While the BJP has assured voters that these benefits will not be discontinued, AAP leaders have questioned the party's long-term commitment.
Senior Congress leader and former Rajasthan chief minister Ashok Gehlot said the proposed scheme would be a game-changer as it will provide comprehensive health coverage to families, covering medical expenses for critical illnesses, hospitalisations, and treatments.
Flooding this monsoon underscores the need to buy home insurance, says Tarun Mathur.
HDFC Life Insurance Company on Thursday said it has received GST demand orders of over Rs 27 crore for alleged short payment of taxes. In two separate regulatory filings, the insurer said it has received tax demand orders of over Rs 16.5 crore and Rs 10.5 crore from authorities for alleged short payment of GST and input tax credit claim mismatch.
Cost of the diagnostic test for Covid-19 has been fixed at Rs 4,500 per test by the government. Hospitals, however, do not think this is feasible.
Neeraj Prakash, MD, Shriram General Insurance, explains how new measures proposed in the Motor Vehicles Act can smoothen the lives of the insured and insurer and how the government plans to make more vehicles owners buy insurance.
This will help expand the distribution channels, said Subhash Chandra Khuntia, chairman of the insurance regulatory and development authority of India.
While Air India Express is expected to get the full insured amount for the hull loss, it will have to pay compensation to the kin of the deceased and injured, according to applicable laws. The compensation will be paid from its liability cover.
Read the fine print carefully lest your claim gets rejected, advises Tarun Mathur.
Here's how to get more out of the premium you pay
Experts suggest that it's best to go for the bundled product that has only one-year own damage cover.
Electric two-wheeler (e2W) maker Ather Energy has submitted preliminary papers to the Securities and Exchange Board of India to raise funds through an initial public offering (IPO). According to the draft red herring prospectus (DRHP), the IPO will comprise a fresh issue of equity shares valued at Rs 3,100 crore, alongside an offer for sale of 22 million equity shares by its promoters and investor shareholders.
Given that medical inflation is estimated at 15% to 20%, a no-claim bonus can provide added benefit
Since no insurance companies share data on their claims with each other, the finance ministry and Irdai suspect that a lot of the resultant claims are duplicates.
Many insurers either do not cover consumables like PPE kits, gloves, etc at all or cover up to a certain limit, warns Amit Chhhabra.
Life insurers need applicants to abstain from tobacco for up to five years.
Here's how you can make buying insurance the cakewalk that it is, says Anit Jain
A combination of add-on insurance covers can be helpful in managing finances and making life much easier, says Dhirendra Mahyavanshi
Its not so tough to improve insurance coverage at nominal cost.
To avoid a claim rejection for chronic diseases, ensure proper medical records, experts tell Tinesh Bhasin
Keep these things in mind as you head out into the monsoon rains to enjoy your drive and remain tension free
'The overall death claims have gone up.'
Life insurance companies assert that the blockchain being created has strict protocols to leave no room for manipulation and exploitation, or unauthorised use of customer data and personal information.
Consumer activist Jehangir B Gai explains an important new ruling by the National Commission.
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