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Discounts offered, if any, would be on the own damage part of the policy, as third-party premium rates are decided by the regulator. Photo: iStock
Discounts offered, if any, would be on the own damage part of the policy, as third-party premium rates are decided by the regulator. Photo: iStock

Renewing your motor insurance policy? Here’s why the premium could be lower

  • In a bid to pass on the benefit to customers, some companies such as Acko General Insurance Ltd are offering a discount of around 10-15% on renewal of motor policies.
  • However, as of now, not all insurers are offering significant discounts.

Photo: iStock
Instead of opting for a flight cancellation insurance cover, study the situation before booking a flight, unless it's an emergency. Photo: HT
Bajaj Allianz life insurance customers can get a loan of up to 90% of surrender value of the policy
Photo: iStock
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.
Photo: iStock
This was done to provide relief to life insurance policyholders in wake of the unprecedented lockdown situation as a result of coronavirus pandemic  (Photo: iStock)
This was done to provide relief to life insurance policyholders in wake of the unprecedented lockdown situation as a result of coronavirus pandemic (Photo: iStock)

Life insurance policy: Grace period for premium payment extended further

Irdai said it has decided to further extended the grace period for renewal of life insurance policies whose premium was due in March till May 31 in wake of the extension of lockdown to fight spread of coronavirus

Photo: iStock
Photo: iStock
Customers will no longer need to visit insurance offices or meet agents to submit necessary documents (Photo: iStock)
R.M. Vishakha, managing director and CEO, IndiaFirst Life Insurance
Policyholders will now be given the option to pay health insurance premiums in various frequencies or instalments. (Photo: iStock)
Photo: iStock
A medial worker holds a swab sample in a coronavirus testing unit of the hospital in Cremona, Italy. (Bloomberg)
Photo: iStock
Policyholders must pay the renewal premium for the entire period of 12 months from the date it was due, on or before April 21
Photo: iStock
Photo: Mint
A man wearing a protective mask sits inside a bus that will take him to a quarantine facility, amid concerns about the spread of coronavirus disease (COVID-19), in Nizamuddin area of New Delhi. (REUTERS)
A man wearing a protective mask sits inside a bus that will take him to a quarantine facility, amid concerns about the spread of coronavirus disease (COVID-19), in Nizamuddin area of New Delhi. (REUTERS)

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

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