Insurance

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

Photo: iStock
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

Photo: iStock
Photo: iStock
Photo: iStock

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

Irdai has also asked insurers to list expenses which classify as associated and non-associated (Photo: iStock)
Irdai has also asked insurers to list expenses which classify as associated and non-associated (Photo: iStock)

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

It makes sense to buy a standard health plan first as it would cover hospitalization expenses for all the conditions (Photo: Mohammad Ali Marizad)
It makes sense to buy a standard health plan first as it would cover hospitalization expenses for all the conditions (Photo: Mohammad Ali Marizad)

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

Photo: iStock
from left) Vibha Padalkar of HDFC Life Insurance, Shreeraj Deshpande of Future Generali India Insurance, Abhishek Bondia of SecureNow.in and Aalok Bhanof  Max Life Insurance
from left) Vibha Padalkar of HDFC Life Insurance, Shreeraj Deshpande of Future Generali India Insurance, Abhishek Bondia of SecureNow.in and Aalok Bhanof Max Life Insurance

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

Kamla Devi had taken a policy with Max New York Life Insurance in 2010. (iStockphoto)
Kamla Devi had taken a policy with Max New York Life Insurance in 2010. (iStockphoto)

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

Photo: HT
Photo: iStock
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

Photo: iStock
Photo: iStock

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

Photo:Mint
Photo: iStock
Photo: iStock
On the IPO of Life Insurance Corporation of India announced in the budget, Irdai said, 'LIC proposal has not yet come'. (Ramesh Pathania/Mint)
On the IPO of Life Insurance Corporation of India announced in the budget, Irdai said, 'LIC proposal has not yet come'. (Ramesh Pathania/Mint)

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

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