Best health plans for a sum insured of ₹20 lakh for 30 and 45 year olds

• Here is a comparison of top health insurance plans for different sum assured and across different age groups
• Only the A-rated health insurance plans have been shown here

Extra time for insurance policy renewal, premiums. What it means for you

Health insurance companies were asked to extend dates for renewal of insurance policies, which are expiring during the coronavirus lockdown

Best health plans for a sum insured of ₹20 lakh for 30 and 45 year olds

• Here is a comparison of top health insurance plans for different sum assured and across different age groups
• Only the A-rated health insurance plans have been shown here

Irdai relaxes timeline for insurers to submit reinsurance plans for FY21

• In the wake of coronavirus outbreak, Irdai has allowed insurers to submit their reinsurance plans for 2020-21 with a lag as the pandemic has disrupted operations across sectors
• Irdai said the relaxation is for financial year 2020-21 only

Insurers begin to get Covid-19 insurance claims, but too early to assess impact

• According to experts, the cost of treating covid-19 is expensive due to the antivirals, ventilators, and personal protective equipment kits
• Government allowed private labs to test people for the virus, it recommended a cap of Rs4,500, but in the case of treatment there doesn’t seem to be any cap

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

Standalone plans might be more efficient than term policy riders

• A critical illness rider covers specific critical illnesses and pays a lump sum benefit if you are diagnosed with any of the covered illness
• The insurance company may ask you to state the reasons for delayed intimation, and give the details of the claims made. Also inform the insurer of the fresh claim

Don’t depend on group health policies

• In times of a pandemic, having an individual or family floater policy of your own makes more sense as group health insurance has its own limitations
• According to financial planners, a family of four should have a health cover of at least ₹15-20 lakh

Proportionate deductions in health policies to get standardised

Irdai said if there is a sub-limit on rooms and the policyholder occupies a room with a tariff that’s more than what he is eligible for, the proportionate deduction on ‘associated medical expenses’ cannot include cost of pharmacy, cost of implants and medical devices, and cost of diagnostics

Will your standard health policy cover Covid-19?

• Check with your health insurer if it’ll cover Covid-19 when it’s declared a pandemic
• Insurers are mandated to cover hospitalization as well as quarantine expenses related to coronavirus

Best health plans for a sum insured of ₹20 lakh for 30 and 45 year olds

• Here is a comparison of top health insurance plans for different sum assured and across different age groups
• Only the A-rated health insurance plans have been shown here

Are life insurers equipped to sell indemnity health plans?

• Statistics reveal that insurance covers a mere 5% of the overall health expenditure in India
• Health indemnity individual plans which help decrease the burden have the scope to grow at a faster pace

Insurance firm asked to pay ₹2.5L and interest for refusing claim

• Kamla Devi had taken a policy with Max New York Life Insurance in 2010
• The commission said it would be unjust to allow the insurance company to shirk its responsibility to record about ailment of the insured

Life insurance firms may again sell health plans for hospitalisation

• Indemnity-based health plans protect you against unexpected medical expenses by reimbursing the actual expense incurred on hospitalisation
• Irdai had first allowed life insurers to sell individual and group indemnity-based health plans in 2013

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

Add-ons may make term plans complex

• Add-ons that insurers offer with term plans make the products complicated and may not always work for the policyholders, so be careful when buying
• It’s better to stick to a plain-vanilla term insurance plan which you could top up as and when the need arises

Axis Bank in pact with Max Financial Services, Max Life to explore partnership

• Max Life is the largest non-bank owned private life insurer in India
• Axis Bank, Max Life have had a successful bancassurace arrangement for nearly a decade

Irdai plugs gaps to reduce claim disputes on pre-existing illness

• Irdai has changed the definition of pre-existing diseases which may work in favour of the policyholders
• In 2019, Irdai defined pre-existing diseases through two clauses. It has removed the second one now

Best health plans for a sum insured of ₹20 lakh for 30 and 45 year olds

• Here is a comparison of top health insurance plans for different sum assured and across different age groups
• Only the A-rated health insurance plans have been shown here

Irdai says 'yet to get' proposal from LIC on IPO

• Insurance watchdog Irdai is yet to get any proposal from LIC on an initial public offering
• Irdai chairman S C Khuntia also asked insurance companies to 'weed out' loss-making products and concentrate only on the better paying ones