The tech-based feature will allow users to capture images of the car for which the insurance has expired and upload it using ICICI Lombard’s ‘insure’ mobile app In a first for general insurance companies, ICICI Lombard General Insurance on Wednesday launched an artificial intelligence (AI)-based solution to enable instant renewals of expired or lapsed motor insurance policies. The solution, which has been developed in collaboration...
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With the higher use of digital platforms, cybercrime is growing at an increasing rate. According to experts, the domestic cyber insurance market is slowly gaining traction, with India bracketed alongside the US and China as among the world’s most cyber attack-prone countries. A recent joint study by Marsh-RIMS states that large-scale cyber-attacks, and massive incidents of data theft are some of the top risks in...
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Irdai has relaxed its directive for compulsory personal accident cover for owner-driver under motor insurance policies If a vehicle owner has a general personal accident cover, then it is no longer mandatory to buy another cover along with a vehicle insurance. The insurance regulator has relaxed its directive issued on September 20, 2018 for the compulsory personal accident (CPA) cover for owner-driver under motor insurance...
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Insurance sector regulator Irdai has asked all the insurers to inform policyholders through messages on receipt of premium from January 1, aimed at protecting the interest of consumers. The Insurance Regulatory and Development Authority of India (Irdai) said the order is being issued to enhance the policyholder protection and information. Wherever the mobile phone number of the policyholder is available in policy records with the...
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“In India the capital requirement at present is Rs 100 crore, which is quite high as compared to advanced nations”, Nilesh Sathe, Member (Life), Insurance Regulatory Development Authority of India (IRDAI) said. By 2021 or 2022, this amount would be changed so that many aspirants could join the insurance sector, he told reporters on the sidelines of MCCI seminar here on Thursday. These firms also...
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Come January 1, 2019, and getting a Personal Accident Cover will not remain the same for vehicle owners. Here’s what will change! Effective 1st January 2019, IRDAI has allowed the insurers to price the product in accordance with their individual general pricing method. As per the guidelines of the Insurance Regulatory and Development Authority (IRDAI) issued in the month of September, insurance companies were asked...
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Over the past few months, numerous transporters from all across the country have been continuously demanding that the IRDAI must start fixing the cap for premiums. As per a recent indication by the Insurance Regulatory and Development Authority of India (IRDAI), the insurance premiums of two-wheelers and four-wheelers may soon come down. All thanks to the latest indication by IRDAI which states that starting from...
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With travel-related risks on a constant high, it is important for the travellers to take necessary precautions and protect themselves with adequate travel insurance when planning a vacation outside the country. Your travel insurance does not cover any pre-existing medical conditions. The quest of Indians to travel abroad has increased considerably in the last few years. As per a recent report by the World Tourism...
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Try to get the toll-free number of the insurance company that sells the product; every insurance company has a toll-free number /training division which can help you to understand the products in a better manner. While purchasing any insurance policy, barring online policies, interacting with an agent or broker is inevitable. Given the fact that mis-selling is more prevalent in the insurance industry, it is...
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When buying an adequate health insurance, there are numerous factors that must be kept in mind to get the best coverage possible. A sub-limit is usually divided into two different categories. In the last few years, having a health insurance policy has become a must owing to the increasing lifestyle-related ailments and constant rise in healthcare costs. When buying an adequate health insurance, there are...
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Some credit card companies offer free travel insurance as a benefit along with the card. However, does that complimentary travel insurance offer enough protection? The best travel insurance for you completely depends on your trip and what all you want to be covered for in a foreign land. The best type of insurance is actually the one that you never have to use. Travel insurance...
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A whopping 73% increase was seen in the number of claims in the 18-35 age group between FY2016 and FY2018. Similarly, a 32% increase was seen in the number of claims in the age group of 35-45. The study revealed that during FY17-18, diabetes-related claims have increased to 26% and the maximum claims (63%) came from the Indian metros. Indians between the age group of...
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To make the health insurance cover more customer-centric, a panel constituted by IRDAI has proposed several important changes to the existing health insurance exclusion rules. The revisions in the health cover are believed to make the coverage more comprehensive and efficient for the policyholders. In order to make the health insurance cover more customer-centric, a panel constituted by the Insurance Regulatory and Development Authority of...
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In case you plan to take your family member outside the country for treatment, you may need to think twice as your health insurance policy may not cover the cost of treatment incurred outside the country. Some of the insurance companies have introduced special policies for overseas health care and to pay the claims for treatment taken outside India. Taking care of someone seriously ill...
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According to surveys by different global and national healthcare organizations, one out of four individuals in India is at a high risk of dying from critical diseases before the age of 70. A critical illness plan works a bit differently from the usual Mediclaim or health insurance cover. We all must accept the fact that these days we are easily falling prey to life-style diseases,...
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The working group has also suggested a list of 17 diseases, including chronic kidney disease, Hepatitis B, Alzheimer’s, epilepsy and HIV & AIDS, which could be excluded from health insurance polices. Chronic diseases like Alzheimer’s, Parkinson’s, AIDs/HIV infection and Morbid obesity should be covered under medical cover if a person contracts such ailments after buying a health insurance policy, according to recommendations of a panel...
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There are a plethora of insurance plans available in the market, and most financial experts advise that it is very important to have these insurance policies in place, at the right age. In today’s fast-moving life, it is best advised to get everything insured to avoid any unexpected loss. However, many people feel that having insurance is like carrying an umbrella along all the time....
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Quite common amongst the family floater plans, restoration benefit covers all the members insured in a health insurance policy. Most of the insurers restore the total sum insured only if the entire sum insured and the cumulative bonus are exhausted under a single claim. Most people these days strive to bear the growing portion of the financial responsibility for their healthcare. Moreover, a comprehensive health...
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Most people give a lot of thought while purchasing a vehicle, but not so much while purchasing vehicle insurance. Here’s how money can be saved while renewing auto insurance. Vehicle owners are rewarded with a No Claim Bonus by their insurance company for not raising a claim during the policy period. Most people give a lot of thought while purchasing a vehicle, but not so...
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The Mental Healthcare Bill 2017 was a progressive reform in the midst of growing awareness. The Insurance Regulatory and Development Authority of India’s (Irdai) directive that followed, now includes mental illnesses in the ambit of health insurance coverage for customers. The National Mental Health Survey 2016 estimates that about 150 million adult Indians, or 15% of India’s population suffer from mental health problems. By Ashish...
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