scorecardresearch

Insurance

Cars often also skid on snowy or wet roads, leading to car damage.

Ask Money Today: Here's how to winter-proof your vehicle with a motor insurance plan

Jan 17, 2023

In this edition of Ask Money Today, Vivek Chaturvedi, CMO and Head of Direct Sales, Digit Insurance, walks us through the process involved in making our car winter-proof. 

Policyholders can purchase a minimum plan of Rs 150,000. There is no upper cap specified by LIC.

LIC’s New Jeevan Shanti Plan 2023: LIC modifies annuity payouts for policyholders

Jan 12, 2023

New Jeevan Shanti Plan: Under the new plan, the policyholders would now earn rewards from Rs 3 to Rs 9.75 per Rs 1,000 of the purchasing price. The bonus will depend on the purchase price and selected deferment period.

ICICI Lombard General Insurance claim ratio in Q2FY23 jumped to 82 per cent compared to 74 per cent in the previous quarter.

Will your health insurance premium rise in 2023?

Dec 31, 2022

During the Covid period, all insurers saw a sharp jump in their claims because of increased hospitalisation. However, it was expected to come down to pre-covid levels once cases start declining.

Insurance watchdog IRDAI makes KYC details mandatory while purchasing insurance from Jan 1

Insurance watchdog IRDAI makes KYC details mandatory while purchasing insurance from Jan 1

Dec 30, 2022

This requirement applies to all individuals and entities purchasing insurance in India and is intended to ensure that insurance companies have accurate and up-to-date information about their policyholders.

Out of the total claims received, Rs 7223 crore got rejected while Rs 2782 crore were disallowed. 

Here's how you can ensure smooth settlement of COVID-19-related insurance claims

Dec 30, 2022

Insurance experts say while the number is high, some of the common reasons for claim rejections were improper documents, unnecessary tests, and incidences where treatment was not according to the standard procedure prescribed by ICMR.

Public at large are requested to not fall prey to such false information, LIC stated.

LIC cautions users against fake information with regard to penalty charges for KYC update

Dec 14, 2022

"LIC would like to clarify that although we encourage our policyholders to update their KYC details, there are no penalty charges levied by us for failure to do so," it said.

The pandemic made people realize the need of having a comprehensive health insurance plan which just not covers hospitalization but also OPD expenses, Sikdar believes.

Customers are now demanding products with OPD coverage, says ManipalCigna's head Prasun Sikdar

Dec 12, 2022

In an interaction with Business Today Prasun Sikdar, MD and CEO, ManipalCigna Health Insurance talks about how the health insurance industry is shaping up post pandemic.  

Irdai proposes 3 years insurance cover for cars, 5 years for two-wheelers

Irdai proposes 3 years insurance cover for cars, 5 years for two-wheelers

Dec 08, 2022

The Insurance Regulatory and Development Authority of India (Irdai) has floated a draft on 'Long-Term Motor Products covering both Motor Third Party Insurance and Own Damage Insurance'.

IRDAI approved several proposals for allowing insurance companies to raise alternative investments

IRDAI makes 'path-breaking reforms'! Banks can now sell up to 9 insurance policies, promoters can dilute up to 26 per cent stake

Nov 26, 2022

Experts say the amendments to regulations pertaining to dilution of promoter stake up to 26 per cent and making SPV mode for PE funds optional will result in more funds flowing into the sector. 

Both LIC plans offer special rates for women and premium rates differ for non-smokers and smokers.

New Jeevan Amar and Tech Term: LIC floats two term assurance plans with fixed premiums, guaranteed returns

Nov 24, 2022

LIC new term insurance plans: As per the details provided by the company, both the plans are non-linked and non-participating plans, which means policyholders can pay fixed premiums and receive guaranteed returns.

The insurance regulator, on October 13, 2022, released an exposure draft for the Registration of New Insurance Companies. Here is what it means

IRDAI's proposals may limit setting-up of new insurance companies; here's how

Nov 10, 2022

The insurance regulator, on October 13, 2022, released an exposure draft for the Registration of New Insurance Companies. Here is what it means

If you lose your checked-in baggage your travel insurance plan comes to your rescue. The insurance company would help the traveller to get the claim amount as compensation against baggage loss as part of the travel insurance policy.

Ask Money Today: Will my lost luggage be covered under travel insurance and is there any time limit for filing the claim?

Oct 14, 2022

In this edition of 'Ask Money Today' Sarbvir Singh, CEO, Policybazaar, answers your question on insurance policy affecting travellers.

Data from global property consultants Knight Frank shows, as home loan interest rates are rising steadily homebuyers are now incurring significantly higher EMIs (equated monthly instalments) compared to last year.

Rising home loan interests have begun to impact homebuyers’ affordability 

Oct 12, 2022

With a hike of 95 basis points in medium home loan interest rates, homebuyers are now facing increased EMI burden compared to 2021.

This could be because most individuals needing hospitalisation were of older age with a potential risk of co-morbidities that generally increase complications and require a longer stay in the hospital.

Is COVID-19 truly behind us? Health insurance data seems to suggest so

Oct 11, 2022

Numbers have come down considerably considering in September 2020, COVID-19 claims formed 40 per cent of the total health claims, which steadily increased from 8 per cent in May to 23 per cent in July to 34 per cent in August.

India’s Retirement Index stood at 44 (on a scale 0 to 100) which reflects lag in urban India’s action on retirement planning in the one-year period.

Rising inflation emerging as a key trigger for retirement planning, survey shows

Sep 29, 2022

According to the Max Life survey, 59% believe that their savings will be exhausted within 10 years of retirement.

Anup Rau, Managing Director and CEO of Future Generali India Insurance talks about how the general insurance market's emerging segments, such as home insurance, lifestyle insurance, and travel insurance, picking up in demand.

Here's why non-motor, non-health insurance space is emerging as the next growth drivers

Sep 28, 2022

Anup Rau, Managing Director and CEO of Future Generali India Insurance in conversation with Business Today, talks about how the general insurance market's emerging segments, such as home insurance, lifestyle insurance, and travel insurance, are picking up demand.

The calamity has made people aware of the add-on covers that offer an extra layer of protection to policyholders.

Will Bengaluru floods affect motor insurance premium rates?

Sep 08, 2022

Experts say the rise in claim intimations should not increase the motor insurance premium rates as insurers take into account such eventualities while arriving at their pricing calculations.

Cyrus Mistry accident: Does a motor insurance policy cover co-passenger without a seat belt?

Cyrus Mistry accident: Does a motor insurance policy cover co-passenger without a seat belt?

Sep 07, 2022

Motor Insurance Policy: Union Minister for Road Transport and Highways Nitin Gadkari said that he will make wearing seatbelts mandatory for all car passengers – including the ones sitting in the back seat.

Bengaluru rains: Here's how to protect your car amid torrential rains

Bengaluru rains: Does your motor insurance cover flood damage?

Sep 06, 2022

Bengaluru rains: A comprehensive motor insurance plan protects your vehicle from any damages and losses due to natural calamities like floods, cyclones, thunderstorms, earthquakes, etc. 

Decline in commercial insurance offtake to MSME sector, say insurance experts (Photo: Reuters)

Decline in commercial insurance offtake to MSME sector, say insurance experts

Sep 02, 2022

The impact of the pandemic on MSME sector also gets reflected in the decline in commercial insurance cover bought by the sector to protect their businesses.

KYC could soon become mandatory for health and motor insurance policies; check details here

KYC could soon become mandatory for health and motor insurance policies; check details here

Aug 30, 2022

Insurance experts say making KYC mandatory will help them in building a detailed database of customers which in turn will prove beneficial at the time of claim settlement.