News


Smart tips to make a car insurance claim and avoid its rejection

03

Jun 2019

Smart tips to make a car insurance claim and avoid its rejection

Car insurance is a valuable tool that ensures that whenever there is an accident, fire or flooding, its repercussions pose as little disturbance as possible. Immediately after a road accident, a car owner should inform the insurance company and the police. Every vehicle owner needs insurance, not as a mere formality but because it is a practical and legal necessity that covers expenses when a...

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Home Insurance: Check out best home insurance plans in India and what do they cover

31

May 2019

Home Insurance: Check out best home insurance plans in India and what do they cover

In India, there are numerous insurance companies offering sufficient home insurance policies to cover your home against a natural disaster. It is important to note that a home insurance policy does not cover the land on which your property stands Home is one of the most precious things you build during the course of your life. Many even spend their life-long savings to build a...

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5 major differences between online and offline methods of buying car insurance

29

May 2019

5 major differences between online and offline methods of buying car insurance

The traditional insurers are also creating a ‘car insurance online’ strategy and not solely relying on offline ways. The insurance industry is right in the middle of this digitization-powered paradigm shift. The year is 2019. Everything is now instant. Millennials are ruling the digital world. Big corporations are channelizing their resources towards catering to their needs. The smartest brains are swimming in an ocean of...

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Health Insurance: Secure your family with a Family Floater plan

27

May 2019

Health Insurance: Secure your family with a Family Floater plan

The most appropriate financial planning tool available to ensure the safety of one’s loved ones is a Family Floater health insurance plan that covers each family member. With a Family Floater plan, a policyholder is able to obtain a wider coverage for the whole family at an affordable premium, under a single policy. One of the most important things in this world is family, and...

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Good News! Health insurance plans likely to have fewer exclusions

24

May 2019

Good News! Health insurance plans likely to have fewer exclusions

Health insurance policies will have less exclusions as the insurance regulator has come out with a draft exposure to rationalise and standardise the exclusions in health insurance contracts. After the expiry of the moratorium period no health insurance policy will be contestable except for proven fraud and permanent exclusions specified in the policy contract. Health insurance policies will have less exclusions as the insurance regulator...

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Common reasons why motor insurance claims get rejected

23

May 2019

Common reasons why motor insurance claims get rejected

In order to avoid a situation where you are not able to make a car insurance claim, you should familiarize yourself with the reasons why even a genuine claim made on your behalf may get rejected. Making a claim for motor insurance is the easiest and most basic of processes that people have to follow in order to get their money’s worth. Car insurance is...

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Third party car insurance premium may go up by 15% but not for all; Check details

21

May 2019

Third party car insurance premium may go up by 15% but not for all; Check details

The new car and two-wheeler owner have two options, either to go for a Multi-Year Long Term Comprehensive Policy or else a Bundled Policy. Effective September 1, 2018 (registration date) the nature of insurance policies have gone long term. Your motor insurance cover is set to cost more as the Insurance Regulatory Authority of India (IRDAI) has floated an exposure draft on revision in premium...

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IRDAI guidelines on standardization of exclusions in health insurance contracts; What does it mean for you?

21

May 2019

IRDAI guidelines on standardization of exclusions in health insurance contracts; What does it mean for you?

IRDAI in draft guidelines proposes that the health insurance industry while incorporating exclusions in the health insurance products, should adopt a uniform approach. RDAI has asked for comments from the stakeholders until May 31, 2019. The Insurance Development and Regulatory Authority of India (IRDAI) had recently proposed guidelines on standardization of exclusions in health insurance contracts and modification guidelines on product filing in health insurance,...

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Health Insurance Claim: This is why your insurer may not pay the entire claim amount

20

May 2019

Health Insurance Claim: This is why your insurer may not pay the entire claim amount

The basic purpose of buying health insurance is that one doesn’t have to dip into one’s savings to pay for the medical bills after hospitalisation. There could be an instance when the insured may have to bear a portion of the medical bill as an out-of-pocket expense. The basic purpose of buying a health insurance policy is that one doesn’t have to dip into one’s...

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Covered by group insurance? You still need an individual health plan

17

May 2019

Covered by group insurance? You still need an individual health plan

If you are relying on your group health insurance and plan to buy a cover after retirement, it will not only be expensive but insurers may reject your case on medical grounds A group health plan offers healthcare coverage to the employee, spouse, dependent parents and dependent children up to a certain age. While many employees may be covered under a group health insurance scheme,...

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Fixed Benefit Vs Indemnity Based Health Insurance: Which is a better option for you?

16

May 2019

Fixed Benefit Vs Indemnity Based Health Insurance: Which is a better option for you?

Indemnity-based health plans and fixed benefit plans come with their own set of benefits and are entirely different on the coverage they offer. Indemnity-based health plans basically indemnify the policyholder against hospitalisation expenses up to the total sum insured. The cost of healthcare in India has witnessed a significant rise in the last two decades, thanks to the ever-growing demand for medical services across the...

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Good to Know: 10 useful benefits of senior citizen travel insurance plans

11

May 2019

Good to Know: 10 useful benefits of senior citizen travel insurance plans

A pragmatic way to ensure that elderly travellers actually enjoy their trips without much worry is to sign up for a comprehensive travel insurance plan. Here’s a lowdown of some of the common benefits offered by senior citizen travel insurance plans. Many would agree that it’s the ability to see the world without much worry that makes post-retirement years truly the golden phase of life!...

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5 restrictions in health insurance plans: Know them before you buy one

10

May 2019

5 restrictions in health insurance plans: Know them before you buy one

There are certain specific restrictions in almost all health insurance plans and one needs to be aware of them for a smooth settlement of the claims. Here are five restrictions in a health insurance plans that every buyer needs to know for avoiding any bad surprises during claims settlement or during hospitalisation. Buying health insurance is considered to be the first step in the financial...

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How to pick up the right home insurance policy

10

May 2019

How to pick up the right home insurance policy

Even a Lloyd’s Underinsurance Report last year had estimated that India has the second-largest global underinsurance. In the last two decades, India suffered losses of $80 billion, according to a report by the United Nations, from cyclones, floods and earthquakes. General insurance: Home in on the right home insurance policy As insurance companies gear up to assess losses caused by cyclone Fani in Odisha and...

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Health insurance: How to port group health insurance policy to individual policy

07

May 2019

Health insurance: How to port group health insurance policy to individual policy

In the case where the employee leaves a job or when the employer does not renew the group cover, all is not lost. Here’s an option. A group health insurance policy may not get renewed and the risk of being without any insurance exists. Having a health insurance policy for self and family members marks the beginning of a prudent financial plan. Those who have...

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Single Trip vs Multi Trip Travel Insurance: Which one is more suitable for you?

06

May 2019

Single Trip vs Multi Trip Travel Insurance: Which one is more suitable for you?

For anyone looking to travel abroad, the question which travel insurance to buy is always perplexing. Here’s how to choose the right policy. There are many reasons why you can choose one over the other and the first and most important reason is the number of trips you plan in a given year. For anyone looking to travel abroad, the question which travel insurance to...

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How to boost your health insurance cover at nominal cost

29

Apr 2019

How to boost your health insurance cover at nominal cost

The regular health insurance cover with a sum insured of Rs 2 to Rs 3 lakh is no more sufficient to meet your future or even current medical expenses Super Top-up health insurance plan reimburses you the expenses, provided your hospital bills cross a certain deductible limit. In the last one decade, the cost of healthcare in India has increased at a double-digit rate. The...

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Non-life insurers’ gross direct premium grows 13% in FY19

26

Apr 2019

Non-life insurers’ gross direct premium grows 13% in FY19

New India Assurance, the country’s biggest general insurance company, continued its dominant position with a market share of 14.06%, while in the private sector ICICI Lombard remained on the top with a market share of 8.52%. While health insurance saw gross premiums underwritten at Rs 30,916.13 crore as compared to Rs 26,266.35 crore in previous financial year a growth of 17.7%. General insurance companies reported...

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Mental Health Insurance: Products introduced; Here’s how they can be made better and widely accessible

25

Apr 2019

Mental Health Insurance: Products introduced; Here’s how they can be made better and widely accessible

Mental Health Insurance has the potential to expedite the implementation of all other mental health reforms by making access to mental health services financially feasible. A key roadblock to the provision of MHI will be the stigma and discrimination associated with mental illnesses. IRDAI’s circular to introduce mental health insurance (MHI) products is one of the most significant moves in the insurance industry in recent...

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