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You will also find plans such as Future Generali Insurance Co Ltd’s Vector Care plan that covers you for all the vector-borne diseases
You will also find plans such as Future Generali Insurance Co Ltd’s Vector Care plan that covers you for all the vector-borne diseases

Mental illness has to be a big part of insurance policies

  • The first issue is that the mentally ill find it difficult to buy health insurance, even in minor conditions
  • This leaves them uncovered even for physical illnesses

Insurance concept, man protecting a family with his hand (istockphoto)
Net premium earned during the quarter grew to  ₹2,462.52 crore
Covid-19 has increased awareness about the importance of buying health insurance (Bloomberg)
I want to purchase a health insurance plan for  ₹20 lakh cover.
'At the industry level, a large portion of insurance claims are rejected due to non-disclosure of pre-existing medical conditions or misrepresentation of material facts,'
'At the industry level, a large portion of insurance claims are rejected due to non-disclosure of pre-existing medical conditions or misrepresentation of material facts,'

Basic checks to ensure hassle free life insurance claim settlement

Insurance contracts are solicited on the principle of ‘Uberrimae Fidei’ (Utmost Good faith), which assumes that customers disclose all material facts accurately at the time of completing the proposal form.

IDBI Federal Life Insurance Guaranteed Income Plan launched with host of benefits.
Bird's eye view of colored umbrella in a beach in italy, Tuscany,Viareggio
The main objective of a life insurance policy is to provide financial protection to an individual and his/her family, in the face of uncertainties.
The main objective of a life insurance policy is to provide financial protection to an individual and his/her family, in the face of uncertainties.

'Insurance is much more than only income tax benefits'

Life Insurance offers wide range of solutions that can come in handy to meet one’s financial goals such as child’s education, marriage, future financial goals, retirement or for protecting against loss of assets.

The PFRDA runs the Atal Pension Yojana (APY) and National Pension System (NPS) schemes (iStock)
The claims settlement rate is measured by the benefit amount or the sum assured.
The claims settlement rate is measured by the benefit amount or the sum assured.

Term plan premiums

Look at the premium (cost of the plan) and the claims settlement record of the insurer

In the first half of FY 2019, the top players of the life insurance sector, who hold more than two-thirds of the private life insurance market, saw a 65% increase in protection sales.
In the first half of FY 2019, the top players of the life insurance sector, who hold more than two-thirds of the private life insurance market, saw a 65% increase in protection sales.

Insurance companies to offer a standard term life policy from January 1

  • IRDAI in its circular has asked all the life insurance companies to file the product with the IRDAI latest by December 31
  • 'However, insurers may file the product earlier and offer the same on approval even before January 1, 2021,' says IRDAI.

The plan also offers smart features such as – fund booster, a periodic inclusion to fund during the policy term
Photo: iStock
In June, Irdai had allowed insurance companies to offer standard fixed benefit-based and standard indemnity covid-19 health policies.
‘Corona Kavach’ and ‘Corona Rakshak’ policies of any tenure may be renewed for further terms of 3 ½ months, 6 ½ months or 9 ½ months. (Reuters)
The sum insured in Corona Kavach policy ranges from  ₹50,000 to  ₹5 lakh
The committee set up by the Insurance Regulatory and Development Authority of India.
The committee set up by the Insurance Regulatory and Development Authority of India.

Irdai panel for lower entry-level capital for micro-insurance companies

  • The committee set up by the Insurance Regulatory and Development Authority of India (Irdai) to suggest steps to promote micro-insurance
  • The report also suggested that Irdai and/or the central government may establish a Microinsurance Development Fund

Coverage for telemedicine is another extremely relevant and welcome change proposed by the IRDAI, said analyst  (Shutterstock)
Coverage for telemedicine is another extremely relevant and welcome change proposed by the IRDAI, said analyst (Shutterstock)

Health Insurance: Telemedicine, online consultations to be covered amid COVID-19

  • In the wake of coronavirus pandemic, people are preferring online consultation with doctors than going for a regular check up at hospitals
  • IRDAI has asked the insurer to allow claim settlement for telemedicine consultation under health insurance policy

The feature ensures that the customer does not need to make any payment at the time of applying for the life insurance policy and the charge to the customer’s credit card happens only at the time of the insurer accepting the risk. (Shutterstock)
The feature ensures that the customer does not need to make any payment at the time of applying for the life insurance policy and the charge to the customer’s credit card happens only at the time of the insurer accepting the risk. (Shutterstock)

Max Life Insurance launches 'Buy Now, Pay Later' feature

The ‘Buy Now - Pay at Approval’ feature is applicable to customers paying via a digital instrument* for online purchase.

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