Health insurance is considered as a slightly unwanted expense and premium outflow does play a major role. Unlike defined benefit plans, indemnity-based plans cover a wide range of treatments and illnesses. A health insurance plan must be selected after understanding one’s needs and risks. For some, it may be about the final premium outflow while for others it may be getting coverage for a certain...
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Insurance surveyor appointment rules change – (IRDAI (Insurance Surveyors and Loss assessors) (Amendment) Regulations 2019 (Draft): The Insurance Regulatory and Development Authority of India (IRDAI) has decided to streamline the existing regulatory framework. In a bid to facilitate wider participation of the younger generation for appointment as insurance surveyors, the Insurance Regulatory and Development Authority of India (IRDAI) has decided to streamline the existing regulatory...
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Most large players were strong on ex-crop basis—ICICI Lombard was up 17% (overall premium down 23%), Bajaj up 24% (overall premium up 1.4X) and SBI GI up 51% y-o-y (overall premium up 88%). Google trends showed sharp rise in search of the term ‘motor insurance’ in the last week of August. General insurance companies reported 18% year-on-year (y-o-y) growth in premium (excluding crop) in September,...
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The new definition for the pre-existing disease will apply to all health insurance products including group covers filed on or after October 1, 2019. Any medical conditions considered own as pre-existing diseases are covered only after a specific waiting period. Health Insurance Claims: At the time of buying health insurance, the insurance companies do not provide coverage to ailments or diseases from day one, that the...
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Until a few years ago, heart ailments were a concern for people in their 50s, but now they have begun to affect people in their 20s and 30s. A cardiac-related health insurance policy is a boon for patients who have ailments related to the heart. Health is wealth and taking care of one’s health is the most important thing. But lately, the modern, fast-paced lifestyle...
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While most believe that diabetes is primarily a self-managed disease, it is important to have adequate and affordable health insurance. People with uncontrolled diabetes are more prone to a wide range of health issues including serious cardiovascular diseases. While India continues to battle several serious health issues, a disease that has quickly taken top position is diabetes – a condition wherein the patient’s body is...
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Be it your own health or your material possessions like your home, car, jewellery, among other things, protecting yourself and your family against risks is a smart move. Here is a lowdown on important covers you must buy to secure your life and assets. By Subrata Mondal Imagine a situation when you are driving to the office and meet with an accident or you are...
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Natural calamity insurance compared to home insurance is very cheap in India. Despite this fact, insurance companies report that less than 1% of people who can afford home insurance actually buy a cover for natural calamities. The value of a home insurance is dependent on 3 factors – land, building and locality costs. Global warming and environmental deterioration have made natural disasters a reality in...
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IRDAI has made it mandatory for all health insurers to provide adequate coverage for mental illnesses and related ailments in the regular health insurance policy. In line with the directions of IRDAI, insurers have started customizing products that cater to the specific needs of people suffering from mental illnesses. If you have ever in your life heard about the term ‘mental health’ and have thought...
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Motor Vehicle Penalties 2019: Purchasing Third-party Liability insurance is mandatory whereas buying Own Damage cover is optional, but highly recommended. Here are 5 must-know pointers about The Motor Vehicles Act, 2019 if you own a vehicle. The Motor Vehicles Act got another upgrade in 2019. New rules have been applicable from September 1 and they have already created a lot of buzz. This is mainly...
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Motor insurance has two parts – own-damage part to cover the cost of repair for damage of the vehicle and third party insurance to pay claim raised by an accident victim or his/her family. The aim of the government is not just to fill its coffers by charging you heavy fines, but to protect you from getting bankrupt in case of someone’s accidental death caused...
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IRDAI has even issued a list of guidelines that specify the various ailments that will now be covered under every health insurance policy. To ensure that policyholders suffering from pre-existing diseases get adequate health insurance coverage, IRDAI has made it clear that insurance companies can include permanent exclusions only after due consent of the customers. As an ode to the health insurance policyholders and to...
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IRDAI has issued certain norms to be followed for the travel insurance policies offered under Group platform or through any travel agency or portal. The buyer shall be able to specifically choose whether or not to buy the coverage. The Insurance Regulatory and Development Authority of India (IRDAI) has introduced certain customer-friendly guidelines for the General and Standalone Health Insurance Companies to offer on their...
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Just buying any travel insurance policy will not solve your purpose as it is equally important that you choose the right insurance plan. While buying a travel insurance, do check if any of your travel companions has any pre-existing medical conditions that may require emergency attention. The very thought of getting emergency medical treatment at a foreign land is scary as it can prove to...
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Irdai has allowed insurance companies to do minor modifications such as changes in the frequency of premium payments, change in policy wordings on certification basis without waiting for its approval At present, the maximum entry age for a health insurance policy is 65 years. In order to make individual general and standalone health insurance more customer-friendly, insurance companies can do minor modifications such as changes...
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“The premium mode (frequency) proposed to be added may be monthly, quarterly or half yearly and the resulting premium amounts under each mode (frequency) are consistent with premium amounts under other premium modes (frequencies) of the underlying product,” the circular said. The change in frequency of premium payment has been permitted through a circular permitting insurers to go in for minor modifications in policies filed...
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As per the IRDAI, the insurance penetration in India is less than 4 per cent of the population while mobile penetration is close to 90 per cent. The life insurance cover is available to all those aged 18-54 years, and requires no paperwork or medical examination. Airtel Prepaid Recharge Offer: There is good news for the Airtel prepaid users as the company has partnered with Bharti...
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With ever increasing cost of healthcare, taking a health insurance cover has become a must for everyone to eliminate the uncertainty of paying exorbitant bills – especially of private hospitals if get admitted. All health insurance companies offer individual and family floater options under every basic health insurance plan. With ever increasing cost of healthcare, taking a health insurance cover has become a must for...
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Similar to other insurance plans, travel insurance comes in handy at the time of unexpected circumstances, particularly during international travel. Employees and business travellers who take two or more international trips during the year, even if it is a mix of business and leisure travel, might be better off with an annual travel insurance plan With the boom of organisations spreading their footprint and expanding...
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Buying health insurance at an early age allows you to accumulate the cumulative benefits by the time you are older when you can avail of higher coverage. Health insurance plans offer the financial stability required during trying times, thereby allowing you to focus on the treatment. It is a common belief that when you are young and healthy, there is no need to avail of...
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