INSURER
Rs 5 lakh health insurance under Ayushman Bharat for senior citizens above 70 years: Who is eligible, benefits, how to apply
Ayushman Bharat health insurance: The government has given the green light for health insurance to be provided for all individuals aged 70 and above, regardless of their income, as part of the flagship initiative known as Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB PM-JAY). This information was conveyed through a Press Information Bureau press release dated September 12, 2024.
SBI Life Insurance fined Rs 1 crore for regulatory violations; Irdai asks insurer to adhere to rules to settle death claims
SBI Life Insurance has been fined Rs 1 crore by the Insurance Regulatory and Development Authority of India (Irdai) for violating regulations related to outsourcing, insurance web aggregators. The insurer was found to have engaged with web aggregators without clear agreements specifying services and fees, failed to report outsourcing payments, and repudiated claims beyond the three-year period.
5 reasons health insurance claims get rejected
Every health insurance plan has a waiting period and, if a claim is made during the waiting period, it will be rejected.
Health, life insurance policyholders' rights: Master circular issued by Irdai, know claim settlement time limit, other rules
The Insurance Regulatory and Development Authority of India (IRDAI) has issued a master circular outlining the rights of insurance policyholders. The circular, titled 'Protection of Policyholders' Interests 2024,' covers a wide range of topics, including e-insurance policies, claim settlement timelines of both life and health insurance policies, and the rights of policyholders with multiple health insurance policies. Key points from the circular that you must know as a policyholder
Relief for policyholders: Will 18% GST on term life insurance premium be removed in the GST meeting on September 9, 2024?
The upcoming GST Council meeting is expected to take a decision on removing the 18% GST levied on term life insurance premiums. This decision, if implemented, would provide much-needed relief to insurance customers who have been burdened by the additional tax. The 18% GST levied on life and health insurance premiums has been a contentious issue for several years, with various stakeholders calling for its removal.
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Do you have enough life insurance cover to protect your financial goals?
Your financial goals may be at risk if you have not taken sufficient protection against unforeseen events.
Term plans should be your first life insurance policy: Amit Jhingran, SBI Life Insurance
"Term plans should be the first choice for anyone to start the journey of life insurance coverage. These plans provide substantial coverage at an affordable price. By focusing on protection, consumers can secure their financial future without compromising affordability," says Amit Jhingran, SBI Life Insurance.
New biz premium of life insurers grows 14 pc to Rs 31,823 cr in Jul
In July, life insurers saw a 14% increase in new business premiums, reaching Rs 31,823 crore. The Life Insurance Corporation of India (LIC) led with a 19.78% rise, collecting Rs 18,431 crore. For the first four months of FY25, new business premiums surged 26% to Rs 75,872 crore. The overall growth in new policy issuances was 2.73%, with 23,88,720 new policies issued in July 2024. This growth reflects heightened consumer demand for insurance protection.
LIC's Digi Term Insurance Plan: Eligibility, premium payment, benefits of this online cover
LIC's Digi Term is a non-par, non-linked, life, individual, pure-risk plan that provides financial protection to the insured's family in case of his/ her unfortunate death during the policy term.
How to get a duplicate copy of your car insurance documents
The article emphasized the necessity and details of vehicle insurance, urging car owners to keep their policy documents secure. It covered the government's requirement for third-party liability insurance and various ways to get a duplicate copy, including via emails, insurer websites, apps, customer support, company offices, and insurance agents.
Removal of 18% GST on life, health insurance: 'Shall take up with the GST Council,' says FM Sitharaman
GST on Life, Health Insurance: Both policyholders and insurers want the Centre to remove 18% GST on insurance premiums. The 18% GST on insurance products is seen as a deterrent to insurance penetration, as consumers bear the brunt of higher premiums. Finance Minister Nirmala Sitharaman said on August 7, 2024, "Tax has been there on medical insurance even before the introduction of GST." Union Minister Nitin Gadkari wrote to Finance Minister Nirmala Sitharaman urging her to roll back the 18% GST on such financial products. Other political parties echoed the same sentiment, adding weight to the growing chorus for relief. Hopes are high for a rollback that could potentially lower insurance costs for millions.
LIC launches 4 new term life insurance plans; Check eligibility, premiums, other benefits
LIC has introduced new term life insurance plans to offer term insurance and financial protection against loan repayments. These plans include LIC's Yuva Term, LIC's Digi Term, LIC's Yuva Credit Life, and LIC's Digi Credit Life.
Mobile phone insurance: All you need to know
Mobile phone insurance also provides protection if the phone is stolen or lost.
No-claim bonus in health insurance: All you need to know
The article explored the impact of pollution and other factors on health, and how health insurance with a no-claim bonus can help. The no-claim bonus increases coverage or reduces premiums for claim-free years. It detailed cumulative bonuses, premium discounts, and conditions for retaining bonuses even after filing claims while emphasizing considerations when choosing an insurance provider.
Major insurance changes in Budget 2024: Combi products offering life, health insurance soon; will insurers sell mutual funds?
Budget 2024 insurance changes: The government is set to introduce a Bill proposing significant changes to the Insurance Act. This could include of composite licenses for the insurance companies that allows life insurers to offer health and general insurance policies, simplifying investment rules, and facilitating easier registration for intermediaries and allowing insurers to distribute other financial products. This would create a more holistic insurance market with insurers offering bundled products catering to diverse customer needs.
33 major health insurers live on new national claims exchange; policyholders to get claims settled quicker on NHCX
The National Health Claims Exchange (NHCX) is a centralized platform developed by the government to streamline insurance claims processing. 33 health insurance companies have joined this platform, which aims to provide real-time claim status updates and enhance transparency in the process.
Insured Declared Value in motor insurance cover: How is it calculated, is lower IDV better?
If you are confused by personal finance terms, jargon and calculations, here’s a new series to simplify and deconstruct these for you. In the seventh part of this series, ET Wealth explains the meaning of Insured Declared Value (IDV) in vehicle insurance.
Should you get a health insurance cover or build a medical corpus? Here are the pros and cons
It is not financially feasible to replace a health plan with corpus, but maintain it for out-of-pocket expenses.
Faster health insurance claim settlement via single-window platform NHCX begins; how it will help policyholders
Health insurance rule change: The National Health Claims Exchange (NHCX) portal is set to simplify, accelerate, standardise the health insurance claim settlement process through the seamless exchange of information and documents between hospitals and insurance companies. For the the health insurance policyholders, the NHCX platform will speed up the claim settlement process so the waiting time to get discharged from the hospital will be reduced. What is going to change for health insurance policyholders?
Types of car insurance plans you should know about
India mandates third-party insurance (Motor Vehicles Act 1988). IRDAI sets premiums. Types: third-party liability, Own Damage, and Comprehensive insurance with extensive coverage including INR 15 lakh Personal Accident Cover and add-ons. Own Damage covers accidents, disasters, theft. Premiums depend on vehicle age, model, coverage limits, safety gadgets, Insured Declared Value (IDV), and No-Claim Bonus (NCB).
10 reasons why your health insurance claim can get rejected and how to avoid it
Health insurance offers financial relief, but claim rejections can arise from incorrect info, waiting periods, non-disclosure, expired policies, missed documents, claim deadlines, intimation, sum insured limits, cashless treatments, network hospitals, policy terms, accurate medical info, and timely renewal. Awareness helps avoid financial burdens and smoother claim processing.
Bima Bharosa portal for insurance grievances: Step-by-step process to register an insurance-related grievance
Bima Bharosa has been launched by the Insurance Regulatory and Development Authority of India (Irdai) to serve as an online platform for grievance redressal of insurance policyholders. Here’s a step-by-step process to register an insurance-related grievance on the portal.
What is the difference between deductible, co-payment in a health insurance policy
If you are confused by personal finance terms, jargon and calculations, here’s a new series to simplify and deconstruct these for you. In the fifth part of this series, ET Wealth explains the difference between deductible and co-payment.
Get Rs 10 lakh insurance policy at Rs 555 premium: New accidental insurance cover launched; know features, where to buy
India Post Payments Bank (IPPB) has recently launched personal accident covers at an affordable premium. There are various variants of Health Plus and Xpress Health Plus. From coverage to premium to benefits — read all about the new accident covers before you invest.
Insurance basics: Know the difference between sum insured and sum assured
If you are confused by personal finance terms, jargon and calculations, here’s a new series to simplify and deconstruct these for you. In the fourth part of this series, Riju Mehta explains the difference between sum insured and sum assured.
What Is zero depreciation in car insurance?
Car owners are advised to drive responsibly to save on insurance premiums and claim settlements. The concept of zero depreciation insurance ensures full invoice value payment during claims. This add-on is beneficial for new, luxury, or frequently-driven cars, and those in high-risk areas.
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