News


Standard health policy with Rs 5 lakh maximum sum insured: IRDAI allows selling through PoS

17

Jan 2020

Standard health policy with Rs 5 lakh maximum sum insured: IRDAI allows selling through PoS

Check details Aarogya Sanjeevani standard health insurance policy. The Insurance Regulatory and Development Authority of India has allowed selling of standard health insurance product named ‘Aarogya Sanjeevani Policy’ through insurance Point of Sales (PoS) persons. Vide circular dated January 13, 2020, the regulator made a partial modification to its circular dated October 25, 2017, that capped the number of products to be filed as PoS...

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Here’s why Irdai needs to mandate outpatient cover in health insurance

16

Jan 2020

Here’s why Irdai needs to mandate outpatient cover in health insurance

Out of pocket expenditure for healthcare in India stands at 62% of the entire expenditure and out of which only 27% of the population is insured. The IRDAI needs to mandate the private insurers to provide outpatient insurance. Dr Arvind Balakrishna Kasaragod There is an underlying need for fixing the ailing health care system by providing comprehensive insurance including outpatient insurance i.e. any medical treatment...

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IFRS to enable greater disclosure by insurance firms: Pravin H Kutumbe, Member, IRDAI

15

Jan 2020

IFRS to enable greater disclosure by insurance firms: Pravin H Kutumbe, Member, IRDAI

Three companies have got listed so far and they are trading at high valuations and there are long-term valuation gains seen, he said. Understanding value creation in the insurance industry was a complex area and needed work on, he added. Insurance companies in the country will have to make greater disclosures under the new International Financial Reporting Standards (IFRS), Pravin H Kutumbe, member, finance &...

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Change in ownership of Apollo Munich: How to renew policies, find network hospitals, lodge claims?

14

Jan 2020

Change in ownership of Apollo Munich: How to renew policies, find network hospitals, lodge claims?

To reduce operational difficulties, HDFC has created a new entity – named ERGO Health Insurance Limited (HDFC ERGO Health) to acquire AMHI. There are some confusions still there regarding renewal, claim process and regarding network hospitals, etc. After the takeover of Apollo Munich Health Insurance Company Limited (AMHI) by private lender HDFC Ltd, existing Apollo Munich health insurance policyholders are in confusion regarding how to...

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Budget 2020: Make insurance GST exempt, increase income tax benefits on health insurance

10

Jan 2020

Budget 2020: Make insurance GST exempt, increase income tax benefits on health insurance

Budget 2020: The insurance industry hopes the government will utilize the forthcoming Union Budget to incentivize the end users for enhanced insurance awareness and penetration. Budget 2020: The insurance industry is hoping the Tax Rebate cap for medical insurance Under Sec. 80D to be increased further from Rs 25,000 to Rs 50,000 for self, and from Rs 50,000 to Rs 75,000 for dependent parents. Budget...

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Apollo Munich is now part of HDFC ERGO: What will happen to your existing health insurance policy?

09

Jan 2020

Apollo Munich is now part of HDFC ERGO: What will happen to your existing health insurance policy?

As HDFC completes the acquisition of Apollo Munich Health Insurance Company Limited, the holders of Apollo Munich Health Insurance policies now become part of HDFC ERGO Health Insurance. Apollo Munich introduced many innovative concepts in India that brought about sea changes in health insurance products in the country. As HDFC completes acquisition of 51.25 per cent shares in Apollo Munich Health Insurance Company Limited (AMHI),...

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Health insurance guidelines modified by IRDAI: Check your rights as a policyholder.

07

Jan 2020

Health insurance guidelines modified by IRDAI: Check your rights as a policyholder.

Both Migration and Portability are important when a policyholder seeks to migrate from one insurance plan to another or from a group insurance cover to an individual cover of the same insurer or another insurer. Importantly, the guidelines remain the same but the applicability of Migration and Portability has now been clearly defined. The Insurance Regulatory and Development Authority of India (IRDAI) has recently come...

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Coming Soon! Arogya Sanjeevani Policy – Standard Health Insurance Product for all

03

Jan 2020

Coming Soon! Arogya Sanjeevani Policy – Standard Health Insurance Product for all

IRDAI has mandated all general and health insurance companies to offer a Standard Health Insurance Product- Arogya Sanjeevani Policy. Read on to find out some important features of Arogya Sanjeevani Policy. If different features and various benefits of a health insurance policy are leaving you confused, the IRDAI has found a way out. Buying a health insurance policy will soon become easier. IRDAI has mandated...

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Getting motor insurance through auto companies, dealers may no longer be advantageous

02

Jan 2020

Getting motor insurance through auto companies, dealers may no longer be advantageous

Motor insurance commission is one of the biggest source of earnings for the vehicle companies and dealers, who have got themselves registered as insurance agents/brokers. Most people prefer to get their vehicles insured through the auto companies or the auto dealers while buying it, as the process is hassle free and the buyers may get the services done through the dealers in case of any...

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Irdai slaps Rs 2.18 crore fine on Hero Insurance Broking for violating norms

31

Dec 2019

Irdai slaps Rs 2.18 crore fine on Hero Insurance Broking for violating norms

The levy of penalties on the insurance broker has come after off-site inspection and giving the broker chance for personal hearing. Hero Insurance Broking is one of the biggest insurance brokers covering 2-wheeler in the country and, therefore, is a leader in this field, Irdai observed. Insurance regulator Irdai has slapped a fine of Rs 2.18 crore on Hero Insurance Broking India for violating norms...

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Be careful while buying that ‘cheap’ health insurance policy offered by your bank

30

Dec 2019

Be careful while buying that ‘cheap’ health insurance policy offered by your bank

Apart from bancassurance, banks also take group insurance cover for its staff and customers, which may be availed by account holders by paying a nominal premium. Not only lower premium, but group health insurance policies also offer some additional benefits. Almost all general insurance companies and standalone health insurance companies have tie-ups with one or more banks to promote their products. Apart from bancassurance, banks...

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Health Insurance: This policy provides coverage up to Rs 3 crore; OPD facility and much more

28

Dec 2019

Health Insurance: This policy provides coverage up to Rs 3 crore; OPD facility and much more

For all those looking to buy a health insurance plan that will meet their requirement under most events, this plan may be worth considering. The plan offers international coverage for specified illnesses and medical emergencies, along with in-built travel insurance coverage. With rising medical costs, the need to get a health insurance cover for a higher amount is also rising. Also, not all health insurance...

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Growth in motor insurance business remains moderate

27

Dec 2019

Growth in motor insurance business remains moderate

Overall growth in health premium was robust at 28% y-o-y, compared to YTD run-rate of 17%. Motor segment reported 6% y-o-y premium growth in November 2019, moderating from the 15-20% growth seen in the last two months. General Insurance companies reported 16% year-on-year (y-o-y) growth in premium in November 2019, up from 11% in October. Motor business continues to moderate on the back of weak...

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You can now choose your TPA for your health insurance plan

18

Dec 2019

You can now choose your TPA for your health insurance plan

If an insurer engages the services of only one TPA, then the policyholder will have to stick with the TPA fixed by the insurer. In case the service of the TPA is terminated by the insurer, then the policyholder can choose another TPA. In order to streamline the claim management processes in health insurance, the insurance regulator has now allowed policyholders to choose the third-party...

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Insurance claim calculation: ITR can be used to determine annual income – SC

14

Dec 2019

Insurance claim calculation: ITR can be used to determine annual income – SC

Insurance claim calculation: The Supreme Court recently held that Income Tax Return (ITR) can be relied upon as a valid document to determine the annual income of a deceased person. ITR can be used to calculate the annual income of deceased in insurance claim. Insurance claim calculation: The Supreme Court recently held that Income Tax Return (ITR) can be relied upon as a valid document to...

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Health Insurance Terminologies: A ready reckoner for deconstructing the cocoon

12

Dec 2019

Health Insurance Terminologies: A ready reckoner for deconstructing the cocoon

Knowledge of health insurance terminologies helps in better selection of coverage, features and benefits best suited for one’s needs. Instead of buying health insurance in advance, many Indians either dig into their savings or opt for loans at the time of medical emergency. The rapidly increasing cost of healthcare in India has become a challenge for many. It is alarming to know that the majority...

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DICGC collected Rs 88,523 cr premium from banks, payout towards claim totalled Rs 296 cr

12

Dec 2019

DICGC collected Rs 88,523 cr premium from banks, payout towards claim totalled Rs 296 cr

DICGC, a wholly-owned subsidiary of the Reserve Bank of India (RBI), provides insurance for bank deposits up to the limit fixed by the Corporation. DICGC provides insurance coverage of up to Rs 1 lakh to a depositor of a bank. The Deposit Insurance and Credit Guarantee Corporation (DICGC) has collected Rs 88,523 crore as premium from banks, and the total payout to depositors of failed...

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Know all about student travel insurance

09

Dec 2019

Know all about student travel insurance

Student travel insurance covers travel as well as academics-related risks Travel insurance is generally for a shorter stipulated amount of time whereas student travel insurance will be spread across months or years together. Students going abroad for higher studies know many challenges await them as they suddenly become responsible for their own well-being without much external support. As a student preparing to go abroad, buying...

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Modi govt schemes: Just pay Rs 12 for accident and disability cover, Rs 330 for life insurance

30

Nov 2019

Modi govt schemes: Just pay Rs 12 for accident and disability cover, Rs 330 for life insurance

By enrolling for PMJJBY and PMSBY schemes, one will be able to get triple insurance cover – an accidental death cover, coverage for disability and a life cover. If you are wondering what is this PMSBY scheme, here is a low down on its features. By enrolling for the two government of India (GOI) schemes – Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri...

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Own a car? You may soon pay this premium to go for a ride with someone

29

Nov 2019

Own a car? You may soon pay this premium to go for a ride with someone

Motor Vehicle Insurance Rules: Soon, owners of cars and other motor vehicles may be asked to pay a premium to provide for medical expenses coverage up to Rs 25,000 for occupants traveling in the vehicle! Car insurance rules India: IRDAI has recommended several changes. Motor Vehicle Insurance Rules: Soon, owners of cars and other motor vehicles may be asked to pay a premium to provide for...

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