Indian Insurers Urge Government to Issue Zero-Coupon Bonds to Manage Long-Term Risks
Indian insurance companies have requested the introduction of zero-coupon bonds and other sovereign debt instruments to better manage long-term liabilities and expand their investment options, as reported by Bloomberg. This appeal, made to the Reserve Bank of India (RBI), has reportedly been discussed with the Finance Ministry, according to individuals familiar with the matter who spoke on condition of anonymity.
Insurance agents could soon tie up with multiple insurance companies
The Indian government has proposed amendments to the Insurance Act to allow agents to partner with multiple insurers across life, general, and health insurance categories, breaking the current restriction of one insurer per category. This reform aims to enhance competition, expand consumer choices, and modernize the insurance sector. The Insurance Regulatory and Development Authority of India (IRDAI) will draft regulations to manage these changes, ensuring transparency and addressing potential conflicts of interest. Stakeholders have been invited to submit feedback by December…
Why insurance is crucial for financial security? Know from insurance experts
Insurance is crucial for financial security and because of the unfortunate COVID-19, there has been a substantial improvement in awareness. Despite understanding the importance of insurance, people tend to postpone purchasing a policy, often due to misconceptions about the costs or a belief that they can delay it without consequence.
How to Cancel Health Insurance Policy and Get a Refund
Here is complete information on steps on how to cancel health insurance policy, refund process, deductions and FAQs. Simplify the task for you to be able to cancel your health insurance. To cancel health insurance policy and obtaining a refund may seem like a complex process. However, understanding the process can simplify the task for you to be able to cancel your insurance.
Ayushman Bharat Scheme Expanded for Senior Citizens
The expansion of the Ayushman Bharat scheme is designed to enhance healthcare access for senior citizens, allowing them to receive necessary medical services without financial burden. The scheme covers various medical treatments and procedures, ensuring comprehensive healthcare for the elderly.
Will ‘Sabse Pehle Life Insurance’ Campaign get attention?
The insurance industry has launched a similar initiative called “Sabse Pehle Life Insurance” aiming to boost life insurance penetration in India. The Life Insurance Council announced this campaign to enhance awareness and help people understand the importance of life insurance. The campaign provides an opportunity to distinguish between pure protection products and protection-cum-investment products. #LifeInsuranceCouncil #Campaign #InsuranceAwareness
OPD Health Insurance is Big Relief if You have Pre-Existing Ailments
While health insurance typically covers hospitalization expenses for severe health conditions, it often ‘does not cover’ routine check-ups or doctor appointments. Should you consider a health insurance policy that includes outpatient department (OPD) expenses?
Union Budget’s Digital Transformation in Life Insurance: Impact on Policyholders
The 2024 Union Budget’s emphasis on digitization marks a new era of digital transformation and opportunity for the Indian life insurance sector. From enhanced customer experiences to greater innovation and efficiency, the benefits of digitization are manifold for both insurers and policyholders. As the industry embraces technology-driven solutions, policyholders can look forward to a future where insurance is not just a safety net but a seamless and empowering tool for financial security and peace of mind.
Risk Management in Health Insurance – The Way Forward
Risk Management in health care and health insurance plays a seminal role in protecting the interest of policyholder, distribution and of course companies itself. It is imperative that in the health care or health insurance organisation it should have qualified risk managers to identify, assess, develop, implement and monitor the risk management process.
How Network and Non-Network Hospitals Affect Your Health Claim
When you purchase a comprehensive health insurance plan, the insurer provides a list of network hospitals. The pandemic has highlighted the inevitability of uncertainties in our lives, showing that everyone, regardless of age, is vulnerable to serious health issues. This realization underscores the importance of having a health insurance policy and understanding the roles of network and non-network hospitals in settling claims. Know how it affects your health claims experience.
Canara HSBC OBC Life Insurance launches Invest 4G Plan
Canara HSBC Oriental Bank of Commerce Life Insurance has launched Invest 4G plan, a new Unit Linked insurance plan (ULIP. It is an individual life insurance savings plan which can be customized as per the goals and changing requirements of the individual.
Artificial Intelligence in Life Insurance Industry
The future of the Insurance industry will be heavily dependent on Artificial Intelligence in the years to come. AI will play an important role right from business planning to product designing to customer acquisition to customer onboarding to servicing to claims & risk management.
Why Millennials Should have Life Insurance?
Life Insurance policy for Millennials may not seem like a top priority. It would be a very crucial part of one’s financial goals at some point. Life Insurance would not only offer protection, but it will also make the best use of one’s money along with financial stability for their loved ones.
IRDAI Guidelines on Individual Health Insurance Plans Standardisation
IRDAI Draft Guidelines On Standardization Of Individual Health Product
Buying Health Insurance with EMI – Should you?
When choosing a health insurance policy with EMI, it’s essential to consider several factors. Health insurance companies to allow policyholders to pay their annual health insurance premiums in equated monthly instalments (EMIs).
Big News – Senior Citizens above 65 yrs age can also buy Health Insurance
Insurance regulator IRDAI has removed the age limit of 65 years for individuals buying health insurance policies, marking a significant departure from the constraints that limited individuals in securing comprehensive coverage.
Which Scheme of Act Provides Health Insurance Requirements for Workers?
Among the various legislative frameworks addressing this need, one scheme stands out as a key contributor to fulfilling health insurance requirements for workers. This scheme reflects a commitment to the welfare of workers, emphasizing the importance of accessible and affordable healthcare for those contributing to the economic fabric of the nation.
Is there an insurance plan to preserve family savings amidst inflation
Planning for family’s financial security with consideration for inflation is crucial. Explore innovative savings products from insurance companies that offer dual protection net and increasing income to secure your family’s future.
New IRDAI Rule: Health Insurers can’t deny claims due to pre-existing condition non-disclosure after five years
The IRDAI has shortened the eight-year moratorium period that renders claims unrebuttably due to omission of pre-existing disease disclosure to five years. Similarly, policyholders will now only need to wait three years rather than four for their declared pre-existing conditions, like diabetes or hypertension, to be covered due to a shortened waiting period for pre-existing illnesses, according to Dr. B. Mishra, Director of Claims, Underwriting and Product Niva Bupa Health Insurance.
Top 12 Life Insurance Customer Satisfaction in 2024
Low life insurance customer satisfaction is a result of shifting consumer expectations and a lack of brand distinction, according to a recent Hansa Research report. This survey, utilizing the Net Promoter Score (NPS) metric to gauge customer satisfaction within the life insurance industry, indicates same ranking in this critical area from 2023 to 2024.
Cumulative Bonus in Health Insurance – Why You Should Know About It?
It is critical that policyholders comprehend cumulative bonuses. Insurance firms offer this benefit to policyholders who do not submit any claims throughout the course of the policy year as a form of encouragement. A cumulative bonus encourages people to prioritize preventative care and adopt healthy lifestyles, which reduces the number of claims.
New Health Insurance Regulator May Arrive Sooner
Proposed Health Insurance Regulator would also address issues such as standardization of treatment costs and fast settlement of claims.
What Is Sum Insured in Health Insurance?
Sum Insured in Health Insurance is vital for securing adequate insurance coverage. While they sound similar, they have distinct meanings in life and health insurance. Sum Assured is the payout amount upon the policyholder’s demise, whereas Sum Insured is the maximum coverage for medical expenses. Familiarizing yourself with these terms empowers you to make informed insurance decisions tailored to your needs.
Is Suicidal Death Covered in Life Insurance Policy in India?
In this article, we will delve into the complexities surrounding the coverage of suicidal deaths in life insurance policies in India. We will also explore the various clauses, exclusions, and factors that come into play when assessing coverage for such cases.
Add-on Benefits You Should Buy With Max Life Term Insurance Plan
When considering any addon benefit riders with a term insurance plan, it’s essential to carefully review the policy documents, understand the coverage details, and assess your specific needs before making a decision
Max Life Smart Wealth Advantage Guarantee Plan – For Retirement Planning
Max Life Smart Wealth Advantage Guarantee Plan (Max Life SWAG) offers you – regular income, wealth-building and financial protection for your family. The highlight of the plan is the guaranteed returns that you can get on your savings and investment.
Max Life Accidental Death and Dismemberment Rider
By adding the Max Life Accidental Death and Dismemberment Rider to your life insurance policy, you can receive additional benefits if you are involved in an accident resulting in dismemberment or death.
Max Life Critical Illness Rider
Max Life Critical Illness Rider adds an extra layer of protection in the event that you’re diagnosed with one of the listed 64 Critical Illnesses. It provides an additional critical illness benefit, payable on top of any benefits provided by your base plan. With the Max Life Critical Illness and Disability Rider, you can have peace of mind knowing that you and your family are better prepared for life’s uncertainties.
Niva Bupa Health Insurance Company Review: What You Need to Know
Searching for Niva Bupa Health Insurance Company Review? What’s the truth about Niva Bupa, and how can you determine if it’s the right health insurance company for you? Here’s what you need to know.
Waiting Period with Niva Bupa Health Insurance Policy
Complete list of waiting period when you buy a Niva Bupa Health Insurance policy. Read it before you buy health insurance plan fron Niva Bupa.
Niva Bupa Network Hospitals List in Vasai-Virar
Here is a list of the Niva Bupa network hospitals in Vasai Virar. People in Vasai-Virar can obtain cashless hospitalization facilities at these network hospitals if they have a Niva Bupa policy.
The Hidden Costs of Not Planning for Retirement
Retirement planning is crucial for financial security and the freedom to enjoy our retirement years in India. Let us all take a step towards securing our future by starting to plan for our retirement today.
Purchasing health, vehicle, and other insurance will require KYC from January 1st
Sharing KYC documents was previously an option made while buying insurance. However, from 1st Jan 2023, the insurers will need to obtain KYC documentation from each of their separate clients.
Good News!! Income Tax Exemption might be extended to Rs 5 lakh in Budget
The government is likely to enhance the income tax exemption limit to Rs 5 lakh from the existing Rs 2.5 lakh in the forthcoming budget for 2023-24, sources privy to developments said.
Not satisfied with your life insurance plan? Here is how to surrender.
It’s crucial to know what kind of life insurance policy you have before we go through the step-by-step procedure for surrendering a life insurance policy.
The Finance Ministry instructs banks not to sell insurance products by unethical methods
The Department of Financial Services has received complaints alleging that banks use dishonest and unethical methods to sell insurance policies to bank customers.
Best Health Insurance for Senior Citizens in India
Health Insurance for Senior Citizens in India, Niva Bupa’s Senior First could be the health insurance plan that’s right for your parents as senior citizens won’t have to worry about covering the costs of medical care.
Use technology to make insurance affordable, says Irdai chairman Panda
High operating and distribution costs and inflated hospital expenses have kept the cost of health insurance products elevated, making them unaffordable for a section of the society, Insurance Regulatory and Development Authority of India (Irdai) Chairman Debasish Panda said on Tuesday. “We have to look at ways of reducing expenses to make insurance affordable,” said […]
CBDT exempts NRI taxpayers from mandatory Form 10F e-filing for now
The form 10F is signed physically by the Non resident taxpayers and furnished along with the tax residency certificate to the resident payers for the purpose of determining withholding tax implication
How do I get refund for policies that were mis-sold to me?
There is a provision in law that claims cannot be denied, unless there is patent fraud, after 3 years. This means that if the discrepancies in your health status are minor, then claims will be paid once 3 years are over. If the discrepancies are significant, the insurer could contest your claim
Max Financial gets IRDAI nod to acquire residual 5% stake held by Mitsui Sumitomo in Max Life
Earlier, Max Financial Services Limited (MFSL) held a 72.52% stake in Max Life and MSI had 25.48% stake
Difference Between Term Insurance and Life Insurance
Understand the difference between term insurance and life insurance here in this article to know which type of insurance plan fulfils your requirements.
Centre releases Rs 17,000 crore GST compensation to states for April-June
The total amount of compensation released to states and Union Territories so far this financial year is Rs 1.16 lakh crore
How Important is Claims Settlement Ratio in a Life Insurance Policy?
IRDAI considers the claims settlement ratio as a trustworthy metric in public disclosures. This ratio aids in deciding whether or not the life insurer and the insurance policy are the best options for you. Here are the definition, calculations, and implications of a life insurance claims settlement ratio for your life insurance policy.
Niva Bupa Safeguard Benefits
Niva Bupa Safeguard is an add-on to various health insurance plans from Niva Bupa, that can make the plan more beneficial to the insured. Safeguard is a rider that can only be endorsed with the Base Plan; it cannot be purchased independently or as a separate item. Only claims made within India throughout the Policy […]
Irdai asks insurers to leverage professional registry when issuing indemnity cover
This adds another level of validation while issuing professional indemnity insurance covers to medical practitioners and in the future may also be useful in building network hospitals for healthcare.
Max Life Monthly Income Advantage Plan
Max Life Monthly Income Advantage Plan helps to ensure that you aren’t hard-pressed to meet these commitments in the future & your family remains financially secure, even in your absence.
Mental health under insurance coverage: How it may help break the taboo
Experts believe that all insurance products covering mental health will help remove the stigma around it and positively influence the health-seeking behaviour of patients
Best Health Insurance Policies In India in 2023
We bring you some of the best health insurance plans in India for the upcoming year 2023. The list of the top health insurance policy accessible in India in 2023is provided to you in this article.
Should You Buy Health Insurance Even When Your Employer Provides?
As many as 76% of insurance policies offered by employers have co-pay and room-rent limiting clauses. The fine print is a tool that insurance providers use to limit or even nullify their liability.
Tax Benefits on Life Insurance Policies
Life insurance is a secure source for healthy investment. It provides financial safety in case of death, accident or critical illness. To top that, life insurance also provides tax benefits such as claim over tax deductions and tax-free maturity returns.
Should You Upgrade Your Old Health Insurance?
Maybe your policy already has a very good sum insured. But it doesn’t mean that it can still offer you that same protection it gave you five or ten years ago. Here’s our advice.
How Niva Bupa’s Safeguard Add-on Works
With Niva Bupa’s Safeguard Add-on, get access to additional benefits like- annual increase in coverage based on inflation rate, coverage for non-payable items and no impact on booster benefit.
3 Unknown Benefits of Term & Life Insurance
Term & Life Insurance can also give you additional advantages that probably your insurance agent didn’t inform you about. Here are some things you should know today.
IRDAI’s health insurance portal will reduce unreasonable hospital bills
Hospital overcharging has been a frequent complaint from patients and health insurance providers, but no solution has been discovered.
Benefits of Niva Bupa Health Companion Health Insurance Policy
Niva Bupa Health Companion Policy plans offer substantial healthcare expense coverage for individuals, families, seniors, parents and kids.
Top 4 Multispecialty Hospitals in Mumbai
List to choose the best multispeciality hospital in Mumbai for you and your family, look over the features, specialisations, and cutting-edge technology of these four hospitals.
How to Save Tax with Health Insurance Under Section 80D
In this post, we will discuss the numerous tax deductions that are available under Section 80D, as well as the ways in which you can reduce your tax liability by utilising Section 80D.
How To Choose Family Health Insurance Plan?
It is strongly suggested that any individual who has a family should invest in family health insurance. Not only is it more cost effective to purchase a health insurance policy for a family as opposed to an individual, but it also enables all members of the family to take advantage of far more comprehensive health coverage.
Health Insurance EMI Installments in 2022
Insurance companies can now offer health insurance on an EMI basis after receiving approval from the IRDAI. Those who have been having trouble making their health insurance payments will like this news very much.
Irdai allows insurers to empanel hospitals for cashless treatment
When it comes to hospitalisation, a cashless claim settlement process is the best option because of its convenience
Is there any time limit for filing insurance claims?
While there is no time limit for policy-holders, insurers will check the reason for the delay in filing claims
What is a ULIP Plan, exactly?
Unit Linked Insurance Plan (ULIP) is a multi-faceted life insurance product. A ULIP is a life insurance and investment plan in one. As a policyholder, you must make regular premium payments, a portion of which is used to provide life insurance coverage. The remainder is combined with assets received from other policyholders and invested in […]