CLAIM SETTLEMENT RATIO LIFE INSURANCE 2023
Is your medical claim stuck? Find out why you face problems in health insurance claim settlement and how to avoid them
While health insurers can sometimes be blamed putting customers through unending hardship in clearing claims, many a times it’s the policyholder who is at fault. A significant portion of these health insurance claim rejections can be prevented by asking the right questions during policy selection, carefully reviewing policy documents, and conducting thorough research. This article explores common health insurance claim rejection scenarios and explains how to avoid them.
6 questions to ask while buying a health insurance policy to avoid claim rejections later
How to buy the right health insurance policy that will pay for your claims on time? You can avert claim rejections by asking the important questions at the time of buying health insurance and reading the policy details and fine print carefully. Ask these questions while purchasing a health plan or at the time of filling a proposal form.
Go Digit stock likely to face pressure amid elevated combined ratio
After gaining over 24% within three weeks since listing on bourses on May 23, the stock of Go Digit General Insurance has remained range bound following weak performance in the March quarter, which was declared on June 11.
DICGC needs more resources
The Deposit Insurance and Credit Guarantee Corporation (DICGC) needs to increase its reserve ratio, manage treasury proactively, and upgrade its digital infrastructure to meet future payment obligations, as per a research paper in the RBI bulletin.
The Life Insurance Rule: How much money will your family need if your income stops?
Life insurance rule: A common rule of thumb for life insurance coverage is to have a life insurance policy that is at least 10 times your current income. This coverage should take into account any outstanding debts and loans you have. By following this rule, you can estimate the income your family would need to maintain their standard of living if you were to pass away.
Taking a home loan? 5 ways you can reduce cost of borrowing and save money
The longer the tenure of a loan, the higher the interest burden. Home loan rates will not come down as the RBI has kept policy rates unchanged. If you are planning to buy a house with a loan, ET Wealth suggests some ways to reduce the cost of borrowing.
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Bharti AXA-SBI Life sale talks collapse, PEs may throw in hat
The Indian government is monitoring imports of laptops, tablets, and servers, focusing on 27 companies under the Production linked incentive (PLI) scheme 2.0 for IT hardware. The government is preparing to replace the current import management system with an import authorisation mechanism to make the country a global manufacturing hub.
Mygate enters insurance distribution business, partners with Acko
Mygate app, in partnership with Acko General Insurance, received an aggregator licence from IRDAI to distribute insurance policies, offering exclusive pricing and expanding product range.
Companies look to rework benefits for multi-generational workforce: Survey
A survey by Marsh India Insurance Brokers revealed 70% of companies seek new-age benefits and 50% aim to cater to the multi-generational workforce, focusing on Generation Z. Employers are designing comprehensive benefits tailored to diverse needs, including mental health support and flexible solutions.
LIC thinking of diving into health insurance pool, eyeing acquisitions
LIC is considering entering the health insurance sector, as reported by Times of India, quoting LIC chairman Siddhartha Mohanty. Mohanty stated that LIC is evaluating potential acquisition opportunities in this regard. This move aligns with expectations of the government permitting composite insurance companies in the sector.
Government to get Rs 3,662 crore from LIC as dividend
The government, the largest shareholder in the company, currently holds 96.50% stake in it accounting for 6,10,36,22,781 shares out of 6,32,49,97,701 fully paid up equity shares.
LIC Q4 Results: Cons PAT jumps 4.5% YoY to Rs 13,782 cr; dividend declared at Rs 6 per share
LIC Q4 Results: The company had reported a net profit of Rs 13,191 crore in the corresponding period of the last financial year. The Total Premium Income for the year ended March 31, 2024, was reported at Rs 4,75,070 crore. It was Rs 4,74,005 crore for the year ended March 31 2023. The Total Individual Business Premium for the financial year increased to Rs 3,03,768 crore from Rs 2,92,763 crore reported for the comparable period of the previous year.
Insurtech startup Coversure raises $4 million in funding from Enam Holdings
Insurtech startup Coversure raised $4 million in pre-series A funding led by Enam Holdings. They plan to build a consumer-centric insurance engagement platform using data intelligence and machine learning capabilities.
This LIC life insurance policy launched in February 2024 was withdrawn on April 1: Check surrender rules
LIC Dhan Vriddhi plan provides financial support for the family in case of unfortunate death of the life assured during the policy term. It also provides a guaranteed lump sum amount on the date of maturity to the life assured.
What should be the criteria for selecting the right kind of term plan? Dinesh Dilip Bhoi answers
There are chances of some sickness coming up or some disease coming up in the future which might hamper the person to take a life plan or which might increase, there would be a loading on his premiums with the premiums would get higher and higher and build a hole in his pocket.
ICICI Pru Life pays Rs 1,867 crore towards death claims in FY'24
The company said it has enabled its digital touchpoints such as WhatsApp and the mobile app providing convenience to claimants to lodge and track claims. Also, the company provides home pick-up of claim documents.
Tata AIA Life Insurance crosses Rs 1 lakh crore in assets under management
Tata AIA Life Insurance Company Ltd. has crossed Rs 1 Lakh crore in assets under management (AUM). The company has doubled its AUM from Rs 50,000 crore (August 2021) to Rs 1 lakh crore in less than three years.
Banks seek flexible reserve norms as RBI weighs risks
Lenders have asked the RBI to permit the compulsory portion of funds set aside for the maintenance of the Cash Reserve Ratio (CRR) to be made eligible as High Quality Liquid Assets (HQLA) for the purpose of computing Liquidity Coverage Ratio (LCR), sources aware of the developments told ET.
Major changes in insurance regulations — new health insurer Galaxy Health, Bima Sugam, more protection for policyholders
IRDAI has approved eight principle-based regulations at its recently held board meeting. The primary ones include Bima Sugam — an online marketplace for insurance policies, product regulations regarding the surrender charges of the insurance policies, and regulations for the protection of policyholders. All you need to know
Bima Sugam approved: Insurance policies set to be more affordable; buying policies, claim-settlement to be easier
IRDAI has approved the proposal to set up Bima Sugam — an online insurance marketplace. From buying insurance policies to renewals to claim settlement to portability to grievance redressal — Bima Sugam aims to provide an 'end-to-end' digital journey to all policyholders. What is Bima Sugam? How will Bima Sugam benefit insurance policyholders? All you need to know
Latest health and general insurance claim settlement ratio released in 2024
Do you know how good is your insurer is in settling claims and how long it takes for your health or general insurer to settle claims? Or how many claims did they reject last year? It is important to keep track of the claim settlement performance of your insurer. IRDAI has recently released the claim payment details of general and health insurance companies. Check here
How often should you review health insurance cover?
Healthcare inflation is on the rise and the cover needs to be upgraded. The sum insured may prove to be too low to cover even a single hospital bill in the next few years, let alone hospitalisation expenses during retirement. To avoid high expenses later, an upgrade can be planned every 7-10 years.
Latest claim settlement ratio of life insurance companies in India released in 2024
Claim settlement ratio is one of the crucial metrics that give you a rough sense of how the insurance company honours the policyholders' claims. What is a claim settlement ratio? How is claim settlement ratio calculated? What are the latest claim settlement ratios of the life insurance companies in India? The Insurance Regulatory and Development Authority of India (IRDAI) has recently released the details. All you need to know
LIC customers: How to file maturity claim for LIC policy to get your money
LIC customers have the option to electronically submit their documentation via the LIC site instead of physically submitting it. LIC is urging policyholders to update bank details and submit KYC to receive policy money.
Top life insurance cos raise concerns over proposed change in policy surrender values
Insurers have raised concerns about persistency, particularly for long-term products with premium paying terms exceeding 10 years. They fear that distributors may incentivize policyholders to surrender existing policies and switch to newer ones promising higher returns.
After death of home loan borrower, husband fights for 13 years for life insurance claim against SBI Life Insurance and wins
State Bank of India (SBI) Life Insurance was ordered to pay the full amount of insurance claim to settle the housing loan taken by the deceased policyholder policyholder from SBI. The home loan's sanctioned amount was Rs 9 lakh and the deceased policyholder specifically paid an additional money of Rs 63, 445 for this insurance policy.
Health insurance rule change: Cashless treatment at any hospital from today; how to get it, charges
Till now, a health insurance policyholder can get cashless treatment only at network hospitals with whom the insurance company has tied up. If it is a non-network hospital, the policyholder has to pay the entire amount from his pocket and then go through the cumbersome claim reimbursement process. The General Insurance Council in consultation with general and health insurance companies has launched 'Cashless Everywhere' to extend the cashless treatment at all hospitals. What is the new rule? How to get cashless treatment at any hospital? Know here
How good is your health insurer? Latest incurred claim ratio of general, health insurance companies in India
If you are planning to buy a new insurance policy or port your existing health insurance policy to a new insurer, do remember to check the latest claim settlement ratio of all insurers before finalising one. Irdai has released the claims payment details of general and health insurance companies for the financial year 2022-23.
Health insurance claim reform: Cashless treatment at any hospital may be a reality next year; how it will help
Till now, a health insurance policyholder can avail of cashless treatment only at network hospitals with whom the insurance company has tied up. Each insurance company has an independent network of medical service providers that they have a tie-up with. The insurance regulator, along with the General Insurance Council (GIC) has proposed to introduce a 100% cashless network that will include both empanelled and non-empanelled hospitals.
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