INSURANCE POLICY CANCELLATION

Cashless claims to be cleared in 3 hours

Irdai has also mandated the insurer to decide on the cashless authorisation within one hour of receipt of the request.

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.

IRDAI in favour of 100% cashless claim settlement in health

In terms of cashless claims, the regulator wants insurers to decide on authorisation requests within one hour of receipt. It has directed insurance companies to put in place necessary systems and procedures to meet the new guidelines by July 31, 2024.

IPL insurance claims hit Rs 150 crore

This year, the tournament took Rs 10,000 crore insurance cover from New India Insurance, National Insurance, and United Insurance, insuring against revenue losses from events like rain cancellations. Matches between Gujarat Titans and Kolkata Knight Riders, Rajasthan Royals and KKR, and Sunrisers Hyderabad and Gujarat Titans, were affected due to rains.

IPL washout spurs potential insurance claims of Rs 50-60 crore

The rain-induced washout of the Gujarat Titans versus Kolkata Knight Riders match on Monday has sparked concerns about revenue losses, leading sponsors and franchise owners to contemplate submitting claims to insurance providers. For this year's Indian Premier League (IPL), insurance coverage totaling Rs. 10,000 crore was procured from insurers such as New India Assurance, National Insurance Company, and United Insurance.

Health Insurance Claim: 43% policyholders faced difficulties, some had to wait an extra day at hospital, survey

Health Insurance claim: Many people in India are facing difficulties in getting their health insurance claim processed. "43% health insurance policyholders who filed a claim in the last three years struggled with getting it processed," as per a report by LocalCircles.

Car more than 15 years old? State govts announce discounts for scrapping; 5 things to know about how to scrap an old car

How to scrap an old car: Several states in India are offering discounts of up to 25% on personal vehicle prices or road taxes for customers who scrap their old vehicles and buy a new one. The government's Voluntary Vehicle Fleet Modernization Program aims to get rid of old and unfit vehicles that cause pollution and harm the environment. Different age criteria apply to commercial and private vehicles, and it is mandatory for states to promote the scrapping of old vehicles.

New insurance rule: 30-day free-look period now to return unwanted, mis-sold policies; how much will you get back from insurer?

IRDAI extends the free-look period for life and health insurance policies to 30 days. This means policyholders have a month to review policy terms and return them. Insurance policyholders are eligible for a refund if they cancel the policy during the free-look period, regardless of how they purchased it (online or offline). Previously, only electronically purchased policies had a 30-day free-look window. How much

Airline cancellation charges, refund comparison: Air India vs Indigo vs Spicejet vs Akasa Air

Airline cancellation charges: If there's a possibility of needing to cancel a flight, it becomes crucial to carefully review the terms and conditions at the time of booking. Let us take a look at the cancellation and refund policy and charges of Air India, SpiceJet, Akasa Air and Indigo.

Vistara flight delays, cancellation: How much compensation can passengers get as per DGCA? Travel insurance can help to save big

Vistara flight delays, cancellation: Vistara has been in the news this week, with reports suggesting close to 100 flight cancellations. The airline grounded nearly 50 flights on Monday, April 1, and that number is expected to climb to 60 today, April 2. Are you a Vistara passenger facing a delay or cancellation? Here's what you should know about the DGCA rules for flight delays and cancellations.

Cancel for any reason travel insurance cover: 6 important things you should know

Here are the things to keep in mind if you want to insure your trip for last-minute cancellations.

IPL: New India Assurance and National Insurance extend major part of a Rs 10,000-crore insurance cover

India's most expensive insurance shield is taken by broadcasters, followed by team owners against player fees. The premiums have gone up by 25% due to the calendar clash with the general elections. Other insurers that write such policies are United Insurance and ICICI Lombard.

IPL stakeholders on edge as elections heighten risk of cancellations

Insurers are exercising caution as the IPL season overlaps with general elections, increasing the risk of cancellations. Stakeholders, including BCCI, franchise owners, sponsors, and broadcasters, seek insurance cover, with quotes up by 30-35%. Event cancellation coverage is crucial, with premiums rising due to uncertainties.

Navigating travel insurance for parents visiting the USA from India

Travel insurance is crucial for parents visiting the USA from India due to expensive healthcare. OnshoreKare is a US-based insurance provider offering comprehensive plans with coverage for pre-existing conditions and access to PPO network and local insurance provider helplines.

Not happy with your new life insurance, or general insurance policy? Soon, you may get more time to return it

IRDAI has proposed increasing the free-look period from 15 days to 30 days. At present, insurance companies have to offer a mandatory free-look period of 15 days for life and general insurance policies. The proposal to extend the free-look period is a customer-friendly initiative, say experts. Know how this proposal can impact insurance policyholders

IRDAI proposes extended free look in period to enhance policyholders interest

IRDAI proposes extending the free look period for life and health insurance policies. Draft regulations aim to consolidate regulations, relax norms, introduce nomination provisions, and facilitate insurance transactions through a not-for-profit digital marketplace called Bima Sugam.

Flight delayed, cancelled due to fog? You can get up to Rs 2 lakh if you have a travel insurance

Flight delayed or cancelled? Hundreds of flights have been delayed from the Indira Gandhi International Airport in Delhi due to low visibility amid dense fog in the last few days. You need to keep in mind that airlines are not obliged to compensate in cases where the cancellation and delay is caused by a force majeure event. Well, if you have bought travel insurance while booking your flight ticket, it may help you if your flight is delayed or cancelled. Here's how

LIC’s Cancer Cover: When can the policy be cancelled

Have a life insurance policy that does not suit your need? How to find out and get rid of bad insurance covers

The assured returns and enormous maturity amount of life insurance policies look tempting to many. Topping the list is the need to save tax. Whatever be the reason, millions of Indians are holding life insurance policies that don’t suit their needs. Before you buy insurance, ask yourself if you need it at all. How to find out if you have a bad life insurance policy and how to get rid of it.

Health insurance claim-settlement time, coverage, key details to be available in single, easy-to-understand document from January 1, 2024

Understanding your health insurance policy is set to become easier as IRDAI has asked insurers to provide updated customer information sheets (CIS) with health insurance policies, starting from January 1, 2024. The CIS is designed to provide policyholders all important information about their health insurance policy in simple language in a snapshot, said the insurance regulator. Know how your health insurance CIS will look and how it will benefit you.

Indian insurance companies cancel coverage for war damage

​While this will have an impact for marine cargo insurance policies, which is important for businesses involved in shipping and transporting goods across the Israel/Gaza/Lebanon region, insurance companies generally take such steps to avoid increase in reinsurance rates.

Postal Life Insurance policy: When can you surrender PLI policy, how to surrender and more

Only policies that have been in existence for at least three years and are still in effect at the end of the month in which the surrender application is submitted are eligible for surrender.

LIC insurance policy revival campaign: How to revive lapsed LIC policy

LIC celebrated its 67th anniversary on August 31, 2023 and announced the launch of a special campaign drive which will be effective from September 1, 2023.