MEDICAL INSURANCE PREMIUM
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
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.
Get Rs 10 lakh insurance policy at Rs 555 premium: New accidental insurance cover launched; know features, where to buy
India Post Payments Bank (IPPB) has recently launched personal accident covers at an affordable premium. There are various variants of Health Plus and Xpress Health Plus. From coverage to premium to benefits — read all about the new accident covers before you invest.
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.
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.
Up to Rs 10 lakh relief in train accident: How a 45 paisa IRCTC travel insurance can be a huge help for your family in case of death or disability
IRCTC travel insurance: Do you know that IRCTC offers an optional travel insurance policy at just 45 paisa premium per passenger. This policy offers coverage up to Rs 10 lakh in cases of death and permanent disability. God forbid if you perish in a train accident, atleast your family will get the required financial assistance.
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Star Health looking to grow 18%, improve claims ratio by 50 bps: Anand Roy, CEO
Star Health & Allied Insurance expects 18-20% growth in gross written premiums this year, aiming to double premium income in four years. CEO Anand Roy discussed the company's strategies with Shilpy Sinha.
A 'kavach' helped 46,000 Indian women avoid deadly work during heat waves
In Ahmedabad, scorching temperatures above 43C for a week left laborers like Lataben Makwana facing deadly conditions. A program by ICICI Lombard provided relief, paying out $340,000 to 46,000 women when temperatures spiked. Led by SEWA, the initiative aims to expand, offering financial security to vulnerable workers impacted by climate change.
Insurance helped 46,000 Indian women avoid deadly work during heat waves
During extreme heat waves, 46,000 Indian women in Ahmedabad received financial aid from an insurance program to stop work in hazardous conditions. The scheme, linked to temperature thresholds, provided payments allowing them to pause labor without losing wages, ensuring safety and sustaining their livelihoods.
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.
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 claim rule change: Cashless claims must be cleared in 3 hours; insurer to pay hospital charges for delay in discharge, says IRDAI
Health insurance: The Insurance Regulatory and Development Authority of India (IRDAI) has released a master circular to streamline health insurance claim process. Previously, delays in claim approvals forced patients to stay in hospitals longer. Now, insurers have three hours to approve cashless discharge requests. Additionally, insurers will be liable for extra hospital charges due to delays.
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.
Health insurance premium shot up over 25% last year for 52% policyholders, finds survey; here's how the impact can be reduced
Health insurance: Premiums of health insurance policies went up by more than 25% for 52% policyholders in India over the last 12 months. In this article we tell you how this will impact senior citizens and others and how you can take steps to reduce its impact if you are a new health insurance policy buyer.
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
Health insurance for your ageing parents is now possible as IRDAI scraps age limit
The Insurance Regulatory and Development Authority of India (IRDAI) has eliminated the age limit of 65 years for purchasing health insurance policies, aiming to broaden the market and offer comprehensive coverage. This change, effective from April 1, makes health insurance more inclusive and accessible to individuals of all ages. Insurers are now required to offer policies to all age groups and cover pre-existing medical conditions.
India Inc investing in employee benefits despite constrained budgets, rising premiums, says Plum report
A survey by Plum reveals a doubling in adoption of customizable insurance programs for employees, a 15% rise in maternity benefits, and a 110% increase in comprehensive healthcare offerings. Amid budget constraints, companies prioritize employee well-being, with benefits now emphasizing sustainability. Startups lead in offering extensive health coverage and telehealth services
Health insurers leave general insurance industry far behind in growth in FY24
The rise of standalone health insurance companies' growth can be credited to larger policy sizes, as they introduce high-value policies worth crores. Premium rates have been adjusted to match medical inflation, and coverage has expanded, insurers revealed.
HDFC Ergo Paws n Claws pet insurance cover: Who can purchase, what is covered, what is not, premium, duration
HDFC ERGO's Paws n Claws offers end-to-end pet care, encompassing everything from diagnostics to procedures and medications, guaranteeing thorough coverage. The cover extends the flexibility to insure up to 5 pets under a single policy, with a provision for commercial breeders who can insure up to 10 pets aged between six months to five years, and renew the policy for up to 8 years.
Does the new income tax regime suit you? Find out who should move from the old tax regime to the new one
With the start of the new financial year, companies are reaching out to their employees to select the tax regime for 2024-25. This is an important decision because you can do it only once in a financial year. Once you make a choice, your income will be taxed as per the tax structure of that regime
Does a health policy aimed at women make sense to you? Shweta Rajani explains
Shweta Rajani emphasizes the importance of evaluating medical insurance costs and coverage, advocating for policies covering various treatments, especially for women's health. She also highlights the need for comprehensive policies in the face of rising medical costs. Rajani also says: "Definitely as a woman, I would want to see more treatments getting covered and Future Generali has taken one step in that direction . "
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.
More companies offer IVF coverage even as they rationalise costs
Rising IVF coverage in corporate health insurance renewals with sub-limits managing premiums. Firms add cosmetic benefits amid medical inflation. Growth attributed to health and wellness benefits.
Income tax deduction: Salaried can claim up to Rs 75,000 tax deduction for paying health insurance premiums, how
You can claim certain tax deductions for paying premiums of health insurance plans for yourself and your family. You need to pay the health insurance premiums by March 31, 2024, to claim a tax deduction for the financial year 2023-24. To claim it, you must know the rules. Check here.
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.
25% urban Indians have no life insurance, GenZ least secure financially: Survey
Despite high awareness, term plan ownership is low among urban Indians, shows the Max Life IPQ 6 survey.
Group health policies lead the way as medical inflation, retail premiums bite
As per the 'Independent Market Assessment of Health Benefits Administrators in Indian Health Insurance Industry' report by Frost & Sullivan commissioned by Medi Assist, there has been a 31% jump in insurance penetration post-Covid aided by a significant jump in insurance penetration in group policies during the pandemic.
New India plans annual hikes for health insurance premiums
Shares of New India Assurance gained 10% in Thursday's session to Rs 255.85 on the Bombay Stock Exchange, when the index rose 0.13%.
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