INSURANCE AWARENESS
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
Insurance brokers may join govt efforts to expand Fasal Bima coverage
The government plans to involve insurance brokers in PMFBY to reach non-loanee farmers. This initiative aims to enhance enrollment and increase awareness for wider coverage and better penetration of the scheme.
Future Enterprises' creditors scrap simultaneous vote for its assets
Creditors had divided FEL's assets into three clusters - insurance, textile businesses, and other residual stakes including its investments in a manufacturing unit each at Tarapur-Palghar in Maharashtra and Mahadevapura-Bengaluru in Karnataka. Central Bank had emerged the highest bidder for the insurance business, while metals company Orissa Metaliks had pipped Mumbai-based financial services firm Uniworth Finlease with a ₹75 crore offer for the manufacturing units.
Only 3% of India’s 62 million business owners have SME insurance: ICICI Lombard’s Anand Singhi
Our focus on end-to-end risk management for MSMEs through various tailored digital solutions makes us different, says Anand Singhi, Chief of Retail and Government Business at ICICI Lombard.
Three state insurers may get Rs 5,000-cr infusion for revival
The Indian government may delay the planned privatisation of state-run general insurers, instead focusing on strengthening three insurers - Oriental Insurance Co. Ltd, National Insurance Co. Ltd, and United India Insurance Co. Ltd - through capital support and business revival plans. The government is expected to infuse about ₹5,000 crore into the insurers this fiscal, shelving any privatisation plan this fiscal.
Nearly 70% health claim users opting for reimbursement mode don't have enough liquid savings to pay bills: Survey
A recent study highlighted challenges faced by health insurance policyholders opting for reimbursement, often resorting to borrowing or dipping into savings for medical bills. Despite expanded coverage, 68% lacked adequate savings for expenses. Cashless treatment remains preferred, with 89% satisfaction, compared to 79% for reimbursements. Delays post-discharge also impact satisfaction.
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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.
Indian farm worker dies in Italy without medical help after arm severed by machine
Satnam Singh, a 31-year-old Indian worker in Italy, tragically died after his arm was severed by heavy farm machinery. His employer, Antonello Lovato, left him without medical assistance, resulting in his death. Italy's Minister of Labour, Marina Calderone, described the incident as an act of barbarity.
HDFC Bank plans infra bond swap for securities of parent HDFC Ltd
HDFC Bank plans to buy back bonds from HDFC Limited and replace them with new infrastructure bonds to reduce interest costs. The proposal requires approval from the Reserve Bank of India.
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.
One in three elders report zero earnings in the past year, only 29% access pensions
The survey included 5,169 elderly people and 1,333 caregivers across 20 Tier I and Tier II cities in 10 states. The study captured the experiences of elderly people from cities such as Jaipur, Bikaner, Faridabad, Panipat, Kanpur, Bareilly, Indore, Ujjain, Kolkata, Siliguri, Bhubaneswar, Rourkela, Ahmedabad, Bhavnagar, Greater Mumbai, Solapur, Chennai, Salem, Bengaluru, and Hubli-Dharwad.
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.
Motor insurance rule change: No arbitrary claim rejection, quicker claim settlement, pay as you drive option must, says IRDAI
Motor Insurance New Rules by IRDAI: The Insurance Regulatory and Development Authority of India (IRDAI) has updated the master circular clarifying important rules for motor insurance policyholders. The regulator has proposed the implementation of strict timelines for claim settlements of auto insurance policyholders. It is a crucial step towards improving efficiency and customer satisfaction. Another key change is the introduction of a customer information sheet (CIS) for auto insurance policies to enhance customer awareness.
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.
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.
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.
Sanjiv Bajaj on right way to go in getting health insurance, rising premia & more
Sanjiv Bajaj elaborates on the factors contributing to premium increases, including health inflation and GST. He also provides insights on the health insurance porting process, emphasizing the importance of policy porting and health declarations.
Sparking FIRE: How StockGro’s #BFF campaign demystifies the fundamentals of financial freedom and early retirement
Financial freedom is about pursuing passions without financial burdens, intersecting with the FIRE movement for early retirement like FIRERachita. StockGro's #BFF campaign drives financial awareness in India, empowering individuals to achieve financial independence through smart investing and a beginner-friendly platform.
FDI reform 2.0: Banking, defence, insurance reforms on table
Officials said that although the bulk of the heavy lifting in terms of FDI reforms has been completed, talks are ongoing to see if conditions for these key sectors can be further eased. Any changes will be made after the elections that end on June 1.
Breaking the menopause taboo: How a bunch of companies in India are raising awareness and providing support
Many companies in India are prioritizing menopause support for female employees, breaking societal taboos. Companies like HSBC India, IBM, HUL, Standard Chartered Bank, NatWest Group, and Intuit are launching initiatives to normalize menopause discussions, enhance medical coverage, and provide mental health support, flexible work policies, and awareness campaigns.
Startups in queue for insurance licence face stricter norms
Backing of a large local investor, considerable net worth of promoter and founder are among key requirements laid down by the sector regulator.
How technology is easing the life of insurance customers
As insurance industry overcomes trust issues with data-backed claims payment, technology aids awareness, accessibility, and faster claims settlement using AI, machine learning, and drones. Initiatives like Cashless Everywhere provide personalized insurance solutions, reshaping the sector.
SAHI jawab for insurance
India's insurance industry is experiencing a significant transformation, primarily driven by the growth of health insurance. The Insurance Regulatory and Development Authority of India (Irdai) has shifted its focus from rule-based to principle-based regulations, aiming to achieve universal insurance coverage by 2047.
Life insurance awareness, adoption rise among urban Indians: Report
Urban India witnessed remarkable progress in financial readiness, with 3 out of 4 urban Indians now owning life insurance products, according to a report. The Protection Index is at an all-time high of 45 in India Protection Quotient (IPQ) 6.0, up from 43 in IPQ 5.0, reflecting a positive trajectory in the nation's evolving protection awareness and adoption.
Budget 2024: Why these schemes need special awareness drives
The National Trust of the Ministry of Social Justice and Empowerment, Government of India, has various schemes for the inclusion of “Divyangjan” into the mainstream.
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