LIFE INSURANCE CLAIM
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
LIC warns policyholders about offers to buy their current insurance policies
The life insurance behemoth has urged all policyholders to proceed with extreme caution before making any decisions about their policy that might compromise their family's risk coverage and financial stability.
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.
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.
CAMS Repository Services launches insurance portfolio management platform
CAMS Insurance Repository Services (CAMSRep) introduced 'Bima Central,' an insurance portfolio management platform aimed at simplifying policy management for customers by aggregating benefits and ensuring claim-readiness. The scheme addresses the challenges faced by policy holders. Accessible to those with an electronic Insurance Account (eIA) with CAMSRep, Bima Central emerged from industry collaboration to enhance the value of insurance, with SBI General as the anchor insurer and others in the process of integration.
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.
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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.
Consumer forum directs LIC to pay Rs 2 lakh claim to widow of policyholder
A consumer commission in Mumbai has directed the Life Insurance Corporation of India (LIC) to pay a claim of Rs 2 lakh to the widow of a policyholder who was illiterate and unaware of the policy terms and conditions. The commission noted that guidelines from the Insurance Regulatory and Development Authority (IRDA) require all terms and conditions to be explained to the insured in a language known to them before taking their signature on the policy document.
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.
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.
Karnataka: CM Siddaramaiah asks banks not to adjust drought relief funds against farm loan dues
CM Siddaramaiah emphasized the need for officials to work efficiently amidst higher-than-normal rainfall and the ongoing code of conduct. Siddaramaiah disapproved of the way insurance firms were handling the crop loss insurance claims. Such conduct would bring bad name to the government, he said, and asked officials to discuss with insurance firms and make life easy for farmers.
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.
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.
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.
Digit to go public on May 15, looking to raise Rs 1,125 crore
Digit's upcoming IPO on May 15 aims to raise Rs 1,125 crore, delayed by Sebi compliance issues. Valued at $4 billion, Digit faced fines from IRDAI. With a new CEO, Digit is poised to enter the market.
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.
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.
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
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.
Husband wins Rs 1.57 crore health insurance claim against LIC after a 5-year fight
LIC health insurance claim: Life Insurance Corporation of India (LIC) was ordered by NCDRC to pay Rs 1.57 crore to the husband of deceased policy holder who died from Breast Cancer in 2017. The said policy was approved by LIC in 2016 after eco and medical tests were done by the policyholder.
Daughter wins health insurance claim fight against LIC after 8 years, to get Rs 1.6 lakh as against Rs 17,100 paid by the insurer
LIC Jeevan Arogya: Life Insurance Corporation of India (LIC) was ordered by National Consumer Disputes Redressal Commission (NCDRC) to pay Rs 1.6 lakh to a policyholder of LIC Jeevan Arogya health insurance policy. The policyholder's father underwent an hernia surgery in Apollo Hospitals, Chennai and incurred more than Rs 2 lakh in 2016, however LIC paid the policyholder only Rs 17,100.
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.
Your debit card may have free life insurance cover without any policy number; Know how to claim it
Insurance on debit card: Many banks like Kotak Mahindra Bank, Development Bank of Singapore (DBS) India, HDFC Bank, State Bank of India (SBI), ICICI Bank offer an complimentary insurance on debit card provided the cardholder has fulfilled certain conditions. Read here to know how the insurance on debit card mechanism works and how can nominees claim it if the cardholder has died.
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.
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