In an online chat with Get Ahead readers on october 29, Ashish Vohra, Senior Director and Chief Distribution Officer with Max Life Insurance answered queries on life insurance.
Keep revising the sum insured at the time of renewal to keep it in line with inflation.
'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.'
Rakesh Kaul, CDO, Edelweiss General Insurance, answers your health insurance queries.
First and foremost, choosing an insurance policy must be based on your current and projected income or simply put your current and projected ability to pay the insurance premiums, your medical state, your age, future financial plans, etc.
In the June quarter of FY24, 51 per cent of consumers who took small-ticket personal loans already had more than four credit products at the time of accessing yet another new loan, compared with just 17 per cent in the June quarter of FY20, points out Tamal Bandyopadhyay.
FM's revival package for life insurance sector will lead to high growth-high risk investments, lesser documentation
Your financial goals are of utmost importance and the tax saving is an added incentive, advises Dwaipayan Bose.
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.
The National Commission concluded that the claim had been rightly rejected on grounds of misrepresentation in the proposal form and breach of duty to maintain utmost good faith while applying for insurance coverage.
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.
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.
With an 11% return in 2022, gold was the best-performing asset class, beating equities, debt, real estate etc, by a considerable margin. Rishi Piparaiya explains why gold needs to be a part of our investment portfolio.
Sanjib Jha, CEO, Coverfox Insurance Broking, answers your health and auto insurance related queries.
Sanjib Jha, CEO, Coverfox Insurance Broking, answers your health and auto insurance related queries.
Though unpopular, a personal accident policy is an important cover and comes cheap. Add this cover and keep the risk of loss of income due to disability at bay.
Congress ticket aspirant in Karnataka's Belgaum district violates model code of conduct. Vicky Nanjappa reports
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.
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.
To educate customers on the modus operandi of financial fraudsters and share inputs on safe banking habits, banks are now coming up with awareness campaigns aimed at preventing customers from falling into the trap of fraudsters.
Expanding investigation into allegedly wrongful claims of input tax credit by insurance companies, the tax authorities are probing a section of automobile dealers who have supposedly generated fake invoices without providing any service, which is a punishable offence under goods and services tax (GST) law. The authorities are learnt to have questioned the car dealers to explain the services they provided general insurance companies. The investigators suspect car dealers pitched for insurance schemes that give them commissions in excess of those insurance regulations permit.
The 2023 Budget set off a downtrend in the listed life insurance company stocks. The key reason was a proposal to tax income from insurance policies (other than unit-linked insurance plans or ULIPs) with a premium, or aggregate premium, of above Rs 500,000 per annum. This impacted the traditional savings profile since it affected the returns for these products.
While these two are important, there are other risks such as loan repayment and retirement that you need to insure.
Ensure that you get a high sum insured. Also, make sure the policy covers the cost of implants (pacemaker, stent, etc), and pre and post-hospitalisation expenses.
Critical illness plans can be bought both as a benefit cover and an indemnity cover, say experts.
The Hinduja group is learnt to have backtracked from making a minimum Rs 8,950-crore offer for Reliance Capital (RCap) - a deal that it had belatedly put forth in December, after Torrent Investments emerged as the highest bidder for the bankrupt firm in the challenge process. The Hindujas' latest move has put Indian lenders, with an exposure of Rs 24,000 crore, in a spot as it was the former's revised offer that led to a call for a second auction and litigation by Torrent, which had placed a bid of Rs 8,649 crore in the first auction. Torrent has moved the Supreme Court and plans to wait for the apex court verdict before participating in any fresh auction. A banking source said there was an informal meeting of a few lenders of Reliance Capital with the bidders - the Torrent group and the Hinduja group on Friday when the latter changed its stand. The meeting of RCap's committee of creditors (CoC) is scheduled for Monday.
Penalties for non-disclosure or inaccurate disclosure of these details can be severe.
Many insurers either do not cover consumables like PPE kits, gloves, etc at all or cover up to a certain limit, warns Amit Chhhabra.
'Pooja Bhatt is definitely going to lift that trophy.'
Finance Minister Nirmala Sitharaman on Wednesday raised the personal income tax rebate limit, doled out sops on small savings and announced one of the biggest hikes in capital spending in the past decade as she did a tight rope walk in the Budget between staying fiscally prudent and meeting public expectations in the year before general elections.
Insurance regulator IRDA on Thursday asked life insurers not to levy any charge on customers if they surrender their policies from fifth year.
A term plan's premium is lower than that of a wholelife plan.
Sanjib Jha, CEO, Coverfox Insurance Broking answers your health insurance related queries.
Do you know the most common exclusions in a mediclaim plan? Or, why your base premium keeps increasing over a period of time?
The coverage for coronavirus infection will be available from day one of the infection in all the health insurance policies, says Amit Chhabra.
How buying an insurance policy on your credit card can lead to a lot of harassment and sleepless nights.
'A policy that covers a wider range of diseases will offer greater peace of mind.'
Prime Minister Narendra Modi owns assets worth over Rs 2.23 crore, mostly as bank deposits, but has no immovable properties as he has donated his share in a piece of land in Gandhinagar, according to his latest disclosure about assets.
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