Insurance

Photo: iStock
Photo: iStock

Reliance Health policyholders need not worry

  • Reliance General Insurance, to which all Reliance Health policies will be transferred, will take on the responsibility and settle all claims after 15 Nov
  • Existing policyholders can port their policies at the time of renewal to other insurers, including Reliance General

Anup Rau, managing director and CEO, Future Generali India Insurance
Anup Rau, managing director and CEO, Future Generali India Insurance

Standardization of exclusions to push up health premiums in short term

  • Anup Rau talks about how the latest health insurance regulations will impact insurers and policyholders, the growth of bite-sized policies and the major challenges in the general insurance space today
  • As the risk for insurers would increase due to wider coverage, there would be an impact on premiums

Ensure nomination for various assets so that it becomes easier for your family to manage inheritance (Photo: iStock)
Ensure nomination for various assets so that it becomes easier for your family to manage inheritance (Photo: iStock)

How to fight the financial impact of a critical illness

  • A critical illness can hugely affect your savings. Here’s how to minimize the impact
  • Get out of long term and illiquid assets like real estate and invest in FDs or liquid funds to pay for treatment

The debtor raised an objection saying it is an insurance company which is a financial service provider and the business of which is regulated by a financial sector regulator. (Reuters)
The debtor raised an objection saying it is an insurance company which is a financial service provider and the business of which is regulated by a financial sector regulator. (Reuters)

IBC proceedings against Aviva Life Insurance may not impact policyholders

  • Aviva, which took up office space at Apeejay Express in Vashi, Mumbai in June 2008 owes Apeejay Rs. 27,67,203 in the form of dues
  • Apeejay which is the operational creditor issued a notice to Aviva in April this year demanding a total sum of Rs. 27,67,203

With the rise of the upper middle class, a lot of Indians can now afford to travel abroad.
Representative image (Photo: Mint)
Representative image (Photo: Mint)

Expect quick turnaround on motor claims soon

  • Irdai on Friday proposed enhancement of loss limits for appointments of surveyors
  • The draft says that appointment of surveyors for motor insurance claims will now happen only for loss limit over 75,000 and above 1,50,000 for non-motor general insurance policies such as home insurance

ICICI Bank FD Health: Critical illness cover will be valid for a period of one year. Photo: Mint
Photo: iStock
Photo: iStock
Given that costs are not disclosed in traditional plans, they should mention the net return in benefit illustrations (Photo: iStock)
Insurer sometimes views engine seizes as a negligent act by the policyholder (Photo: iStock)
Insurer sometimes views engine seizes as a negligent act by the policyholder (Photo: iStock)

Engine damage isn’t usually insured

  • The engine seizes when it is started while it is still wet, and such damage is excluded under standard motor insurance
  • Apart from premium and claim settlement experience, you should also look at product features like waiting period for pre-existing diseases, limits on room rent, no-claim bonus before buying health insurance

Life insurance is not about investing your money to earn a return on it, it’s about financial protection for your loved ones. (Photo: iStock)
Life insurance is not about investing your money to earn a return on it, it’s about financial protection for your loved ones. (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

IRDAI's call to introduce the option of multiple premium payment options is a welcoming change (AP)
A third-party liability cover is the basic form of motor insurance or car insurance. (iStock)
A third-party liability cover is the basic form of motor insurance or car insurance. (iStock)

Why the slump in automobile sale hasn’t hit motor insurers

  • General insurance companies seem to be enjoying the spike in the sale of motor insurance policies
  • After the amendments to the Motor Vehicles Act, not having a third-party motor insurance attracts a fine of 2,000 for the first offence

More disclosures at the time of sale, and a review of incentives for intermediaries is the need of the hour (Photo: iStock)
More disclosures at the time of sale, and a review of incentives for intermediaries is the need of the hour (Photo: iStock)

The menace of mis-selling in insurance and how to curb it

  • The spat between ICICI Pru Life Insurance and its former employee reveals a larger industry problem
  • Front-end commission structure and high exit cost contribute to mis-selling in insurance

Photo: iStock
If an individual is diagnosed with a mental illness subsequent to buying a health insurance policy, the insurer cannot reject the claim (Photo: iStock)
If an individual is diagnosed with a mental illness subsequent to buying a health insurance policy, the insurer cannot reject the claim (Photo: iStock)

Health insurance policies now cover mental illnesses

  • The Mental Healthcare Act 2017, directs every insurer offering health insurance products to cater to policyholders with mental illnesses the same way they cater to physical illnesses or injuries
  • The Irdai guidelines say an insurer cannot discriminate an illness in being mental or physical

Being the largest financial institution, LIC is also the largest investor in the equities and debt market valued at trillions of rupees.
Being the largest financial institution, LIC is also the largest investor in the equities and debt market valued at trillions of rupees.

LIC says social media messages baseless, policyholders' money safe

  • LIC says social media messages wrongly speculate about its financial health
  • Clarification comes after messages on social media claimed that LIC is in heavy losses

Photo: iStock
Injury or illness associated with hazardous activities will now be covered, but there will be exceptions. (Photo: iStock)
Injury or illness associated with hazardous activities will now be covered, but there will be exceptions. (Photo: iStock)

Health coverage to be wider, but costs may rise

  • Irdai guidelines may be good news for policyholders who didn’t understand how exclusions worked and got a shocker at the time of making a claim
  • Irdai has told health insurance companies to standardize exclusions for existing products by 1 October 2020