HEALTH INSURANCE PLANS
Why can your insurance claim get rejected & how to avoid it?
All health insurance policies have a life-long renewal clause which the regulator has mandated. They cannot be rejected and your pricing cannot go up purely because you have a condition right now. So, certain benefits are inbuilt and benefits that the customer can take, says Deepak Yohannan, CEO, MIC Insurance Web Aggregator
Niva Bupa files for Rs 3,000-cr IPO
Niva Bupa Health Insurance files a ₹3,000 crore IPO, aiming to enhance solvency ratio and operating expenses. British United Provident Fund Bupa is an existing shareholder. TrueNorth-managed Fettle Tone LLP and Bupa Group play key roles in the IPO process.
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.
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.
India starts preparing for a China-like population problem
Falling fertility rates have left India staring at the spectre of looming demographic challenges that have caused big problems for other Asian powerhouses such as China and Japan. The government is now beginning to plan for an aging India which could be a reality within a decade or two.
Insurer Niva Bupa plans $360 million IPO: Report
British United Provident Association (Bupa), which holds a 63% stake in the Indian venture, plans to sell a small stake worth up to $38 million and Indian private equity firm True North is planning a stake sale worth up to $225 million, the document detailing the IPO plans showed.
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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.
6 recent health insurance claim rule changes every policyholder should know
Insurers will have to clear a health insurance claim within three hours of receiving it from the hospital during discharge. Irdai has also given a window of one hour for clearing cashless claim requests at the time of admission. All you need to know about the recent health insurance claim norm changes by the insurance regulator.
No formal proposal to enter health insurance, says LIC
Life Insurance Corporation (LIC) has clarified that there is currently no formal proposal for it to enter the health insurance space. This clarification comes amid expectations that composite licenses may be permitted by amending the Insurance Act, which currently does not allow life insurers to underwrite health insurance policies. A parliamentary panel had earlier suggested the introduction of composite licensing for insurers to undertake life, general, or health insurance under one entity, which could lead to cost savings and offer customers more choice and value.
LIC shares soar 6% on plans to enter health insurance market
LIC's shares surged 6% on plans to enter the health insurance market. The stock is trading at Rs 1074 on NSE, up 4.55%. LIC aims to acquire a standalone health insurance company to expand its market presence.
Empowering women with financial planning: Term insurance as a safety net
Women often overlook self-care while balancing caregiving and financial roles. Recognizing the importance of insurance coverage for financial stability is crucial for long-term resilience.
I am a retired person; I have a health insurance cover of Rs 5 lakh. Should I get a super top-up health insurance plan?
Our panel of experts will answer questions related to any aspect of personal finance. If you have a query, mail it to us right away.
Travel Insurance: What you need to know before you plan your next international trip
Travel insurance provides coverage for travel risks, including medical support, flight cancellations, and emergency evacuation. It is not always mandatory but advisable for international travel. Policies include trip-wise insurance and group travel insurance.
Star Health & Allied Insurance plans 15% price hike for two products
Star Health & Allied Insurance in Chennai may raise prices by up to 15% for Senior Citizens Red Carpet Health Insurance Policy and Young Star Health Policy due to medical inflation and healthcare costs.
I received Rs 70 lakh after retirement. Where should I invest this amount for good return?
Our panel of experts will answer questions related to any aspect of personal finance. If you have a query, mail it to us right away.
NHCX, a single portal for all health insurance claims soon: what is the claims process, benefits to policyholders
The digital platform, to be launched in 2-3 months, will speed up and standardise claim settlement process, leading to cost benefits for the insured.
How NRIs can extract maximum value from voluntary deductible in their health insurance
Indian software engineer Ravi moved to the US for a career opportunity but overlooked his health insurance policy in India. After realizing the importance of coverage during visits, he reinstated his Indian policy for financial security and peace of mind.
Health insurance premiums can be reduced if you don’t make a claim, policy cancellations to be less costly and more: 5 rule changes
Health insurance rule changes: To make health insurance policy more inclusive, flexible and customer-friendly, IRDAI has recently released a master circular on health insurance business. The regulator introduces new measures regarding cancellation charges, standardising no-claim bonus, and increasing claim settlement transparency. ET Wealth Online explores how these regulations empower policyholders and improve their health insurance experience.
Health insurance new rule: You will get full coverage during grace period even if premium is unpaid, mandates IRDAI
New health insurance rule: To bring some much-needed relief to health insurance policyholders, Insurance Regulatory and Development Authority of India (IRDAI) has released a master circular on Health Insurance Business. Typically, most health insurance plans offer a grace period, a buffer to pay premium of your insurance policy. Earlier, health insurance grace period offered a buffer to pay premiums but no coverage for claims during that time. IRDAI's new rule mandates coverage during the grace period. What changes for the health insurance policyholders. How is this new move going to impact them? Read here to find out.
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.
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.
Maternity insurance: 5 things to know
Maternity Insurance is a type of health insurance policy that offers coverage for all pregnancy-related expenses.
Empowering senior citizens: The crucial role of health insurance in India
Recent IRDAI regulations in India aim to empower senior citizens through accessible health insurance options, including coverage for Ayush treatments, aggregate deductibles for cost-sharing, and comprehensive rider packages for additional benefits. Assessing needs and selecting the right plan are essential for personalized and comprehensive health coverage.
Where should I invest Rs 1 crore to get monthly income of Rs 1 lakh?
Our panel of experts will answer questions related to any aspect of personal finance. If you have a query, mail it to us right away.
Health insurance claim rejection: Widow fights, wins Rs 28 lakh damage; pre-existing disease can't be free pass for claim denial
The Delhi State Consumer Commission ruled that an insurer cannot reject a health insurance claim solely based on pre-existing diseases if they weren't the cause of death. The commission directed HDFC Life (previously known as HDFC Standard LIC Co. Ltd.) to pay Rs 19.4 lakh along with the interest to a woman whose husband's claim was rejected for not disclosing diabetes. The insurer also has to pay Rs 1,00,000 for mental harassment of the complainant along with the litigation cost. This is a relief for those with common lifestyle diseases like diabetes. Read the full case and verdict in details. What do you need to keep in mind while buying health insurance policy to avoid claim rejection later. Find out here.
Insurers are having a Chillar Party: Maternity insurance sales skyrocket as couples brace for soaring costs
Rising childbirth costs in India drive a surge in demand for maternity insurance, growing at 80% annually. PolicyBazaar data reveals 78% of policies are bought by men. Insurers see these policies as customer magnets despite expected claims. Factors like urbanization and increased C-sections contribute to the trend. Reliance General Insurance reports a 21.5% increase in C-section deliveries since 2016.
HDFC Ergo withdraws 3 health insurance policies: How will it impact policyholders? Will premiums increase?
In a move impacting existing policyholders, HDFC Ergo discontinues its my:health Suraksha health insurance plans. The insurer will migrate customers to alternative policy. Key concerns for existing customers include changes in premiums, coverage details, and potential loss of renewal benefits. ET Wealth Online delves into how this will affect renewals, benefits, and the migration process. Customers of HDFC Ergo my:health Suraksha health plans must know these details
Health insurance rules changed for senior citizens: Be ready for a 10-15% hike in health insurance premiums
In a major reform, Insurance Regulatory and Development Authority of India (IRDAI) has removed the ceiling of 65 years for a person to buy a health insurance policy. Additionally, the waiting period for pre-existing conditions has been reduced from four to three years. Both these rules have been effective from April 1, 2024. Will these new rules help uninsured senior citizens get health coverage? How easy is it now to buy a health insurance policy for the first time at the age of, say, 70? Find out here
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