Insurance

ICICI Lombard General Insurance Co. Ltd, Reliance General Insurance and Edelweiss General Insurance plan to test this product soon. (iStock)
ICICI Lombard General Insurance Co. Ltd, Reliance General Insurance and Edelweiss General Insurance plan to test this product soon. (iStock)

Coming soon: Floater motor insurance policies

  • By choosing this policy, one shall entail benefits like premium leverage as multiple policies are not required to be bought and sum insured is optimized
  • Other benefits include change of details for all policies at one go and continuous coverage

The premium of all 34 non-life insurance companies during Apr-Dec period of 2019-20 rose by 15.41% to  ₹1,42,023.78 crore from  ₹1,23,061.94 crore a year earlier (Photo: Mint)
The premium of all 34 non-life insurance companies during Apr-Dec period of 2019-20 rose by 15.41% to 1,42,023.78 crore from 1,23,061.94 crore a year earlier (Photo: Mint)

Non-life insurers log 12% rise in premium at 15,981 crore in Dec 2019

  • As many as 34 non-life insurance companies had collected a total premium of 14,334.98 crore in the same month a year ago
  • Seven stand-alone private sector health insurers collected 1,258.14 crore premium during the month, up by 16.3% from a year ago

Photo: iStock
The product will come with a fixed co-pay of 5%, which means you will have to pay 5% of the claim amount (Photo: iStock)
The product will come with a fixed co-pay of 5%, which means you will have to pay 5% of the claim amount (Photo: iStock)

What the standard health insurance product offers

  • It can be a good entry point for those who do not have a health insurance policy yet
  • The policy will cover room, boarding and nursing expenses but only up to 2% of the sum insured

The standard health product will be offered on indemnity basis only. (HT)
Until now, motor insurance premiums were typically dependent on the car’s make, model and variant
Until now, motor insurance premiums were typically dependent on the car’s make, model and variant

Get rewarded for good driving behaviour if you are in Pune

  • The government has emphasized that traffic violation history be considered as a parameter to fix motor insurance premiums
  • Bajaj Allianz General Insurance is looking to offer a discount on motor insurance premium on declaration basis for citizens following safe driving behaviour in the city

Shares of HDFC were up 0.4% at  ₹2,444.00 in noon trade
The regulator has made changes to cover existing health conditions in favour of policyholders. Photo: HT
You pay only for insurance and after the policy term ends, you don’t get any money back  (Photo: iStock)
You pay only for insurance and after the policy term ends, you don’t get any money back (Photo: iStock)

Term plan premiums: A ready reckoner

  • A look at premium rates for some insurance policies of a sum assured of 1 crore across three age categories for policy terms of 30, 25 and 20 years
  • The claims settlement rate is measured by the value of the policies as a lower settlement rate is indicative of high ticket-size policies being rejected

The central bank proposal on slashing banks’ holding limits in insurers will be discussed by Irdai, RBI and the FM next month.
The central bank proposal on slashing banks’ holding limits in insurers will be discussed by Irdai, RBI and the FM next month.

Irdai considering capital infusion options for insurers

  • This, if the RBI follows through on its informal proposal for banks to pare their stakes in insurance companies to 30%
  • A bank can hold up to 50% in an insurance JV in the normal course of business, as per current norms

Similarly, in a home insurance, most do not understand the meaning of placing the insurance at market value. (iStock)
Those who have already completed their KYC authentication are eligible for this in-app purchase.
Keep in mind that if you donated an organ before buying a policy and did not declare it to the insurer at the time of buying, the insurer can deny renewal if it. (Photo: iStock)
Keep in mind that if you donated an organ before buying a policy and did not declare it to the insurer at the time of buying, the insurer can deny renewal if it. (Photo: iStock)

If you are an organ donor and have a health policy, insurers can’t deny renewal

  • While more people are now pledging to donate their organs after death, live organ donation is still in its nascent stage in the country
  • All individuals above the age of 18 years are eligible to donate their organs, tissues and eyes

Private life insurers reported a growth of 11.46%
Private life insurers reported a growth of 11.46%

Complaints against life insurers spike by 6% in FY19

  • As many as 102,127 complaints were filed against the public insurer LIC and private insurers attracted 61,137 complaints, regulator Irdai said in annual report
  • The first year premium for life insurers registered 11.39% growth in FY19 as compared to 10.75% in the previous financial year

Experts say that lengthy claims processes can sometimes be a problem, and harassed policyholders then seek assistance from other entities (Photo: iStock)
Experts say that lengthy claims processes can sometimes be a problem, and harassed policyholders then seek assistance from other entities (Photo: iStock)

Do you need a claim adviser for health plans?

  • Irdai recently cautioned policyholders against entities who call themselves ‘claim advisers’ as they do not come under its purview and are unregulated
  • It’s best to take the help of your agent, TPA or insurance company through which you bought the policy

You pay only for insurance and after the policy term ends, you don’t get any money back (Photo: iStock)
You pay only for insurance and after the policy term ends, you don’t get any money back (Photo: iStock)

Term plan premiums: A ready reckoner

  • A look at premium rates for some insurance policies of a sum assured of 1 crore across three age categories for policy terms of 30, 25 and 20 years
  • The claims settlement rate is measured by the value of the policies as a lower settlement rate is indicative of high ticket-size policies being rejected

Wedding insurance policies aren’t very expensive, and you need to pay only a one-time premium (Photo; Getty Images)
Wedding insurance policies aren’t very expensive, and you need to pay only a one-time premium (Photo; Getty Images)

Should you insure that big fat Indian wedding?

  • Weddings are expensive affairs, so make sure you take a cover for any eventuality
  • Declare all the details such as the number of guests attending the wedding at the time of buying insurance

Warendra Sinha, managing director and CEO, IFFCO Tokio General Insurance
The policyholder can only choose TPA from the names provided by the health insurers. Photo: iStock
Photo: Mint