A prudent guideline for self-employed individuals is to target at least 10 to 15 times their actual annual income when determining life insurance coverage.
'The incentives to switch to the new tax regime... are viewed as a negative due to potential loss of customers who buy policies for saving tax.' 'The tax-saving value proposition for the sector reduces.'
Roopam Asthana, CEO and whole-time director, Liberty General Insurance Ltd, will answer your queries on HEALTH insurance and AUTO insurance.
'While many policies say that they will cover mental illnesses, the wordings of a few still have mental illness as a permanent exclusion.' 'After the new IRDAI circular, such exclusions should go away.'
Full exemption for all health insurance premiums and reinsurance or a reduction in the GST rate from 18% to 5% on health insurance services is likely.
'They are totally disconnected with farm activities which their families have been involved in for years.'
Many insurers either do not cover consumables like PPE kits, gloves, etc at all or cover up to a certain limit, warns Amit Chhhabra.
Tough times don't last, but tough people -- and smart financial strategies - do, says Ramalingam Kalirajan
In a move that impacts long-term subscribers of medical insurance policies, leading insurers like Oriental Insurance Company and United India Insurance have stopped no-claim bonus for existing and new policy holders.
People who have recovered from coronavirus infection will have to wait for up to three months before they can take a new life insurance policy, with insurers making the waiting period requirement applicable for coronavirus cases like other ailments. As a standard practice, all life and health insurance companies require people to wait for a specific period with respect to certain ailments and diseases to gauge the risk before selling a policy. This condition of waiting period for people who have recovered from coronavirus infection will be applicable only for life insurance policies.
'The outlook for the next Samvat is more constructive, as many of the earlier drags are gradually becoming supports.'
If you have a health insurance policy, you can earn benefits on premiums paid on health check-ups, says Sajja Praveen Chowdary, head-Term Life Insurance, Policybazaar.com.
Keep revising the sum insured at the time of renewal to keep it in line with inflation.
Ask rediffGURU Naveenn Kummar your insurance mutual fund and personal finance-related questions.
Let's decode how EPS works, who qualifies, and how pensions are calculated, using simple examples for different salary levels.
'Marathwada is the suicide capital of Maharashtra.' 'To stop such man-made disasters, the government should immediately come up with a rightful package, not this charitable approach to compensation.'
With natural and man-made calamities posing a risk to your home, it makes sense to buy home insurance
Life Insurance Corporation of India (LIC) reported encouraging results for the April-June quarter (Q1) of FY26. The net premium income of India's largest life insurer was Rs 1.2 trillion, up 5 per cent year-on-year (Y-o-Y), in Q1. Renewal premium grew 6 per cent Y-o-Y to Rs 59,900 crore, while first-year and single premium grew 1 per cent and 4 per cent Y-o-Y respectively to Rs 7,500 crore and Rs 51,900 crore.
'In case a particular industry has not passed on the benefits and if we receive complaints, we will take up the matter with the industry body concerned.'
It is essential to have a comprehensive motor policy, and not just a third-party cover, as the latter does not protect your own vehicle.
A person who has cancer and doesn't have any health insurance will find it difficult to buy a regular hospitalisation cover. An indemnity-based cancer plan may cover them.
Indians have spread to virtually every corner of the globe and have made their mark in the chosen line of business or profession.
Effective 01 October 2011, health insurance has become portable and you are now free to move to another provider and carry along all the credits gained for having been loyal.
The Union health ministry on Monday announced that all claims of "Covidwarriors" under the Pradhan Mantri Garib Kalyan Package will be settled till April 24 after which a fresh insurance policy for them will become effective.
'That is going to have an impact on literally every one, whether you buy a toothpaste, a safety pin, a car, shoes or medicines or you go to a diagnostic centre.'
Industry experts believe that health insurance companies are unlikely to experience business cannibalisation due to the central government's decision to extend health coverage to people aged 70 and above, regardless of their income level, under the Ayushman Bharat scheme. On Wednesday, the Union Cabinet expanded the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB-PMJAY) to include all senior citizens aged 70 and older. This move is expected to benefit nearly 45 million families, comprising 60 million senior citizens, by providing Rs 5 lakh in free health insurance coverage per family.
'The PAYD model adjusts the premium based on your driving habits. If you drive less, you pay less.'
With the rise in elderly population and increasing interest around the segment by developers, the senior living industry is poised to reach a market size of $8 billion by 2030 from the current $1.8 to $2 billion, according to a report by Association of Senior Living in India (ASLI) and JLL.
Rakesh Kaul, CDO, Edelweiss General Insurance, answers your health insurance queries.
Ask rediffGURU Reetika Sharma your insurance mutual fund and personal finance-related questions.
The coverage for coronavirus infection will be available from day one of the infection in all the health insurance policies, says Amit Chhabra.
'Do exhaustive research and then select the one that best fits your budget and requirements.'
Carefully observe these important steps before you hit 'buy' to buy an online term insurance policy.
The Supreme Court of India has reprimanded the central government for failing to implement a cashless treatment scheme for road accident victims. The court expressed its concern over the delay in formulating the scheme, which is designed to provide immediate medical care to accident victims within the crucial "golden hour." The court highlighted that despite a statutory provision requiring the scheme's implementation, the government has not taken any action, prompting the court to intervene. The court also criticized the General Insurance Council (GIC) for raising objections to the scheme and delaying its implementation. The court has now directed the government to notify the scheme within a week and has scheduled a hearing on the matter for May 13.
Insurance regulator Irdai on Monday said health insurance policies that cover Covid treatment costs will also cover expenses for treating infections due to Omicron. "All health insurance policies issued by all general and health insurance companies that cover treatment costs of Covid-19 also cover the costs of treatment towards Omicron variant of Covid-19 as per terms and conditions of policy contract," the Insurance Regulatory and Development Authority of India (IRDAI) said in a release. The regulator has issued the directive to general and health insurers in view of the growing number of cases of the Omicron variant.
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.
Opening up the corner office is fine, but will the government be able to attract talent without giving a market-rate salary?, asks Tamal Bandyopadhyay.
Health insurance policy-holders will be able to avail a discount on the premium payable if there were no claims made in the previous year, according to the circular released by the regulator.
Here's how to get more out of the premium you pay
