KYC MANDATORY FOR HEALTH INSURANCE
New govt digital locker to store, access, share your medical history: What is ABHA number, eligibility, benefits, how to enrol
ABHA ID card or health ID: Gone are the days when you need to save each and every documents of your medical record for your treatment and insurance. The Centre has introduced ABHA number or health ID, a unique 14-digit number, that will act as your digital health locker. You can easily store and share prescriptions, reports, and bills electronically in Ayushman Bharat Health Account (ABHA). This simplifies managing healthcare for yourself and loved ones, ensuring crucial records are always accessible for diagnosis, treatment, and insurance claims. ET Wealth Online explains — what is ABHA number or health ID, how ABHA number works, how ABHA number will benefit you. Read here
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.
Stock brokers push lending; InsuranceDekho’s latest acquisition
Happy Tuesday! Tech-first broking companies are looking to diversify into the credit business to build a larger financial services play. This and more in today’s ETtech Morning Dispatch.
RBI, payment industry meet discusses contours of new draft PA guidelines
The digital payments industry representatives met with senior officials of the Reserve Bank of India to share their feedback on the recently released draft guidelines for payment aggregators. This comes when US payment giant Stripe seems to be withdrawing from the domestic payments market in India.
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.
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.
- Go To Page 1
Expect LIC’s VNB margin to grow 2-3%, India embedded value to surge at least 10% in FY25: Siddhartha Mohanty
LIC Chairperson Siddhartha Mohanty highlights significant growth in India embedded value and VNB margins, aiming for further growth. Market seeks clarity on VNB margins. Expectations include a 10% increase in IEV this year. Mohanty further says that in the current year, focus will be on catering to certain segments and a specific product will be designed for those segments.
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.
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
New insurance rule from April 1: How to open an e-Insurance account, documents required, how to convert
This shift to digitisation is supported by four insurance repositories: CAMS, Karvy, NSDL Database Management (NDML), and the Central Insurance Repository of India.
e-Insurance in demat like format mandatory for all new policies from April 1, 2024; what is going to change?
e-Insurance policies new rule: The Insurance Regulatory and Development Authority of India (IRDAI) has made it mandatory to hold new insurance policies in electronic format from April 1, 2024. e-insurance refers to the process of acquiring and managing insurance policies electronically. Policyholders can purchase insurance and store digital policy documents in a dedicated e-Insurance Account (eIA). This eliminates the need for physical documents and simplifies managing various insurance policies, including life, health, and general insurance coverage. What policyholders must know about this new IRDAI rule
Two insurance rules from April 1, 2024: Demat type e-Insurance Account must to buy new policies, latest surrender charges
Two major insurance rules that are effective from April 1, 2024, are — compulsory e-Insurance policies for new policyholders and the latest the surrender charges of the life insurance plans such as endowment policies. To make it easier for insurance policyholders, we have summarised the main changes here. Read on
KYC rules to change: Uniform KYC for all — opening bank account to buying insurance to investing in stocks, mutual funds
In its recent meetings, FSDC, chaired by Finance Minister Nirmala Sitharaman, proposed to bring uniform KYC to verify customers, ease inter-usability of KYC records across the financial sector, and simplify the digitalisation of the KYC process. What is uniform KYC? How will uniform KYC ease the process of onboarding? What is going to change for customers? ET Wealth Online explains.
Aditya Birla Capital, Aditya Birla Finance announce a Scheme of Amalgamation for creation of a large NBFC
Aditya Birla Capital Limited (ABCL) and Aditya Birla Finance (ABFL) have approved the Scheme of Amalgamation (Scheme) to create a large unified operating NBFC. The merger will result in a reduction of legal entities and simplification of the group structure of Aditya Birla Capital. It will also comply with the Scale based Regulations of RBI, which require mandatory listing of Aditya Birla Finance by September 30, 2025.
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.
IRDAI to enhance scrutiny of health & savings plans aimed at individuals over 55 to curb misselling
The insurance regulator is looking to tighten scrutiny and enhance transparency to prevent misselling of complex insurance products targeting individuals over 55. Measures include mandatory video verification, audits, and the use of assessment criteria and templates for policy documents. In December 2023, financial services secretary Vivek Joshi held a meeting with chiefs of state-run banks over issues related to bancassurance, including its effectiveness in increasing insurance penetration and challenges in the form of misselling.
Unveiling Underinsurance: Not just portfolio but insurance coverage matters in house, motor and health
We are not wired to see risks, which makes us undermine various risks we are exposed to. So, people often think that if I don’t raise a claim at some point in time, then what is the use of insurance?
Are there any tax exemptions for the treatment of mental health issues?
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.
Insurtech startups check expenses to secure profits
Insurtech startups such as Acko and Digit have switched gears to health insurance which is a more long-term product despite starting with motor insurance, which is mandatory for vehicle owners in India, as their principal product.
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.
Board versus Burmans: Where is Religare's tussle with its biggest shareholder headed?
The board has no shareholder representation. It has six members including Chairperson Rashmi Saluja who has an executive role. All the other members are retired civil servants except Hamid Ahmed, who is the CEO of Hamdard Laboratories and chancellor of Jamia Hamdard University.
Post Covid, health segment seeing the maximum amount of growth: Ramaswamy Narayanan, GIC RE
“Post Covid, there has been a lot of understanding amongst the investing public among the insuring public that you need to be adequately covered because even healthy people started getting claims. So that is an area where there were high claims ratios but going forward in the last two years, we are seeing tremendous growth in that sector.”
Health insurance claim got rejected? Here's what you need to do now
Most of the policyholders regularly pay their health insurance premium hoping that one day this policy will rescue them if they face any medical emergency. However this moment of truth turns into a bitter experience if your claim is rejected. Here is what you can do to make sure that your rightful claim is honored to your satisfaction.
Will your newborn baby be covered under your company health insurance policy with maternity benefit? Check if you need to act
If you are planning to start a family and depending upon your corporate health insurance policy then you need to check whether it offers adequate coverage to meet all eventualities as in many cases these plans offer no coverage to new born baby or the coverage may not be adequate for the new born baby. To avoid last minute surprises you must ensure that your new born has adequate financial protection.
From April 1, UDID mandatory to avail benefits of government schemes for persons with disabilities
The schemes include post-matric scholarship for students with disabilities, pre-matric scholarship for such students, and Nirmaya Health Insurance Scheme, among others.
KYC mandatory for buying new health, auto, travel insurance from January 1, 2023
It will be mandatory for the insurers to collect KYC documents from you when you are purchasing a new life and non-life insurance policy, irrespective of the premium amount, from January 1, 2023
Use HPR to build network of doctors for healtchare services: Irdai to insurers
"The General and Health Insurers offering health insurance policies can also consider leveraging on the Health Professional Registry for building up the network of doctors/physicians or other healthcare professionals for providing OPD or other healthcare services," Irdai said in a circular.
Mental illness mandatory coverage from Nov 1: Impact on new & old health insurance plans
The diseases like dementia and Alzheimer’s were not covered by basic comprehensive health policies earlier. However things will change now. Moreover, insurers can no longer simply reject new policy applications of people with mental illness. While new policyholders can expect these changes to benefit them, know how it will impact the existing policyholders and new born babies.
Load More
