Insurance

Insurance firms also need to insure themselves to ensure that a catastrophic event doesn’t leave them bankrupt. (iStockphoto)
Insurance firms also need to insure themselves to ensure that a catastrophic event doesn’t leave them bankrupt. (iStockphoto)

Why reinsurance has attracted IRDA scrutiny

IRDA has issued an advisory to non-life insurance firms to carry out proper due diligence when they enter into reinsurance contracts through brokers

How to calculate returns from your SIP investment

  • In a 12-month SIP made on the fifth of each month, the first instalment has 12 months to grow, while the last instalment at the end of the year has only a month to grow
  • An easier way to to calculate returns is to estimate an adjusted rate of return at which each of the instalments grew to arrive at the final value of the total investments

Pet insurance policies in India, mostly are more 'animal/bird' policies. Photo: HT
Pet insurance policies in India, mostly are more 'animal/bird' policies. Photo: HT

Woof! Insurance for pets is here now 

  • Healthcare is an important component when you have a pet
  • Pet insurance solutions should include the right treatment, doctor and institution, cover healthcare expenses

iStockphoto
iStockphoto

Agents can’t pocket commissions on direct sales: Irdai

  • A direct sale or purchase doesn’t automatically ensure a commission-free purchase for the customer
  • Irdai advises insurers not to book new or renew the business directly received from customer in the name of the insurance intermediaries

The minister hoped that the Cabinet approval would be received in next fortnight or so (PTI)
The minister hoped that the Cabinet approval would be received in next fortnight or so (PTI)

Postal department to spin off life insurance business into separate unit

  • Sinha said IPPB has rolled out 1.26 lakh access points over the last five months and in the next week or 10 days the number is expected to rise to 1.36 lakh
  • Over 1 lakh post office savings bank customers are availing inter-operable banking service by linking their post office savings account to IPPB account

iStockphoto
iStockphoto

Buying a term plan? Buy from the green list

  • Claims settlement rate in FY18 is higher by policy count compared to the sum assured, perhaps because big-ticket early claims get rejected more often
  • In case of pure protection plans looking at the sum assured is important because a higher death claim settlement rate using this metric indicates that the insurer doesn’t discriminate between small- and big-value claims

A lot of people depend upon health policies offered by their employers or government schemes. Photo: iStock
A lot of people depend upon health policies offered by their employers or government schemes. Photo: iStock

If you are a millennial, you need to have insurance cover: Vighnesh Shahane

  • Health insurance can also be denied if you are not fit. Your health can determine the cost of life insurance policies
  •  In case of life insurance, go for a term plan as it is cheaper

iStockPhoto
iStockPhoto

Best health plans for you

This week, we spotlight individual policies with sum assured `5 lakh, where the person is 35 years old.

Pradeep Gaur/Mint
Pradeep Gaur/Mint

Best mediclaim policies for you

Let's look at individual policies with sum assured `5 lakh, where the person is 35 years old

Photo: Priyanka Parashar/Mint
Photo: Priyanka Parashar/Mint

Best mediclaim policies for you

Other than the waiting period, insurers will also specify the amount that they would pay for specified illnesses

iStock image
iStock image

Best health plans for you

To get a ready comparison, see the Mint SecureNow Mediclaim Ratings (MSMR)

Photo: Ramesh Pathania/Mint
Photo: Ramesh Pathania/Mint

India’s best health insurance plans

The 2016 edition of Mint SecureNow Mediclaim Ratings brings you a medical insurance ratings to cut through the clutter

AFP
AFP

Best mediclaim policies for you

Co-pay lowers the premium, but can be restrictive

Pradeep Gaur/Mint
Pradeep Gaur/Mint

Best health insurance plans

Health insurance plans are usually annual contracts that you renew every year. Each year you can make a claim on your policy up till the sum insured

Bloomberg
Bloomberg

Best health insurance plans for you

Many policies would appear cheaper, but may insist on co-payment or have sub-limits on expenses which in turn would mean that you end up paying from your pocket during a claim

Bloomberg
Bloomberg

Best mediclaim policies for you

Let's take a look at individual policies with sum assured `5 lakh, where the person is 65 years old

Hemant Mishra/Mint
Hemant Mishra/Mint

Best health insurance plans for you

Any ailment that you contract after you buy the policy is not a pre-existing disease

Pradeep Gaur/Mint
Pradeep Gaur/Mint

Best mediclaim policies for you

Let's look at individual policies with sum assured of `5 lakh, where the person is 45 years old

iStockPhoto
iStockPhoto

Best mediclaim policies for you

This week, individual policies with sum assured `5 lakh, where the person is 45 years old, are featured

Pradeep Gaur/Mint
Pradeep Gaur/Mint

Best health insurance plans for you

You would typically find sub-limits on very low ticket size policies, but it's always advisable to go for a health insurance plan that does not have sub-limits