Insurance

HDFC Life International announces new health cover for Indian students studying abroad – ET HealthWorld

New Delhi: HDFC Life International has launched a new cashless health policy tailored for Indian students pursuing education abroad, in response to the escalating healthcare costs in popular student destinations such as UK, USA, Canada, Germany and Australia. The premium for this policy will need to be paid in US dollars. Specifically designed for students in the 12-40 age bracket currently pursuing higher education abroad or aspiring to do…

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‘No occasion’ to approach regulators: Religare – ET HealthWorld

Mumbai: Religare Enterprises has told financial regulators there is “no occasion” for the company to approach them to seek approval for the Burman family, the financial services firm’s largest shareholders, to increase their stake. The management of Religare led by its executive chairperson Rashmi Saluja and the Burmans are locked in a takeover battle. The firm said in its communication to the Securities and Exchange Board of India (Sebi),…

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IRDAI to enhance scrutiny of health & savings plans aimed at individuals over 55 to curb misselling – ET HealthWorld

New Delhi: The insurance regulator is eyeing enhanced scrutiny of complex insurance products, especially those aimed at individuals over 55, including health and savings plans to curb misselling. The Insurance Regulatory and Development Authority of India, IRDAI, is in discussions with all stakeholders, including banks, about ensuring transparency in sales and introducing mandatory video verification before policy acceptance, said people aware of the matter. “There is a view that…

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How Sukoon Health aims to revolutionize psychiatric care with cashless insurance – ET HealthWorld

As mental health awareness gains momentum globally, healthcare companies are emerging with progressive healthcare solutions. With a keen focus on breaking down barriers to accessing quality mental health services, Sukoon Health recently introduced cashless insurance coverage for psychiatric inpatient care. This initiative comes as a response to the pressing need to address mental health issues effectively. To explore the intricacies of Sukoon Health‘s approach, ETHealthworld’s Rashmi Mabiyan Kaur interacted…

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Car insurance: Why should you opt for ‘Pay as You Drive’ cover?

Have you ever thought of the financial burden your vehicle insurance incurs regardless of the vehicle’s usage? What if you take your car out of the garage only once a week for a short drive. Effectively, less car usage means lower possibility of collision and therefore, leads to fewer insurance claims.  This should, ideally, incentivise the policyholder to pay a lower premium but it doesn’t happen in a standard comprehensive…

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What is LIC’s Amritbaal insurance plan for children? Key features explained

Life Insurance Corporation (LIC) has launched Amritbaal policy meant for children. It is a non-linked, non-participating, individual, savings, life insurance plan which parents can buy in the name of their kids. This is an insurance product under which benefits payable on death or survival are guaranteed and fixed irrespective of actual experience.  Hence the policy is not entitled to any discretionary benefits like bonus etc. or share in Surplus.…

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Tripura CM launches Rs 5 lakh health insurance scheme for 4.15 lakh families – ET HealthWorld

Agartala: Tripura Chief Minister Manik Saha on Thursday launched a universal health insurance scheme under which 4.15 lakh families in the northeastern state will get an insurance coverage of Rs 5 lakh. Under the Chief Minister’s Jan Arogya Yojana (CM-JAY) 4.15 lakh families including government employees who are not covered under PM-JAY will get the benefit of health insurance coverage of Rs 5 lakh each. “People become helpless when…

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IRDAI proposes to raise free look period from 15 to 30 days. Details here

The insurance regulator IRDAI (Insurance Regulatory and Development Authority of India) has proposed to extend the free look period for the policies from the current 15 days to 30 days now.  This is one of the policies proposed to ensure protection of policyholders’ interest. The others include the provisions relating to bank accounts, nomination, issuing policies in electronic form, among others.  The proposal was part of draft on IRDAI (Protection of…

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Irdai looks to double policy trial to 1 month – ET HealthWorld

File photo for representation purpose only MUMBAI: You may soon get more time to read the fine print of your insurance policy and cancel it if it doesn’t suit you. Insurance regulator Irdai has proposed to extend the ‘free-look’ period for policies from 15 days to a month. A free-look period allows policyholders to evaluate their insurance policies after purchase and cancel them within a specified time frame without…

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Can Bima Sugam usher in a UPI moment for insurance? Key provisions explained

The insurance regulator IRDAI has decided to set up Bima Sugam, insurance electronic marketplace, which will be a one-stop solution for all insurance stakeholders.  Bima Sugam, or Digital Public Infrastructure, is set to empower and protect the interest of policyholders, to increase penetration of insurance in India. This will also enhance availability, accessibility and affordability of insurance in the country, reads the draft guidelines released by the Insurance Regulatory…

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AB-PMJAY scheme: AIIMS says over 23,000 beneficiaries availed benefits since 2018 – ET HealthWorld

New Delhi: Over 23,000 beneficiaries have availed benefits under the Ayushman Bharat health insurance scheme at the AIIMS here since September 2018, with a majority of the patients seeking treatment in the departments of medical oncology followed by ophthalmology, general medicine, orthopaedics and neurosurgery. As far as complex surgeries are concerned, 730 procedures for congenital heart diseases have been performed followed by 557 total hip replacements and 148 total…

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How is your life insurance plan an investment instrument too?

At the time of buying an insurance plan, investors often consider assured returns as key incentive, while wealth generation is seen secondary, if at all. Investment experts, however, often assert that a well-chosen insurance plan not only offers good returns, helping investors accumulate wealth over a period of time, but also provide insurance benefits at the same time. With features such as surrender value, collateral and tax benefits offered…

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ESIC to extend medical benefits to superannuated subscribers who retired at higher wages – ET HealthWorld

New Delhi: The Employees’ State Insurance Corporation will extend the medical benefits to superannuated subscribers with higher wages at the time of retirement provided they were in the insurable employment for at least five years since April 1, 2012. A decision to this effect was taken at the 193rd meeting of the ESIC under the chairmanship of labour and employment minister Bhupender Yadav. However, the superannuated insured person will…

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Which is the right insurance plan to cover cancer treatment expenses?

Also Read: Focus on essential features when choosing health insurance, says Vivek Chaturvedi By 2050, over 35 million new cancer cases are expected to be reported across the world. According to the World Health Organisation’s latest report, the number of new cancer cases will increase by a massive 77 per cent in 2050 from the estimated 20 million cases in 2022. In India, 14.3 lakh new cancer cases and…

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IRDAI brings AYUSH treatment under health insurance cover from April 1

Insurance regulator IRDAI has recently issued directions to all insurance companies telling them to cover AYUSH treatment just as other treatments. AYUSH refers to the treatment given under alternative therapies of Ayurveda, Yoga, Unani, Siddha and Homeopathy. The latest move stems from the growing prevalence of these treatments, because of which the regulator felt the need to consider these treatments at par with other treatments for the purpose of health insurance.…

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Bajaj Finserv health arm acquires Vidal Healthcare valued at Rs 325 crore – ET HealthWorld

New Delhi: Bajaj Finserv Health, a wholly-owned subsidiary of Bajaj Finserv, on Tuesday acquired an entire stake in Vidal Healthcare Services at an enterprise value of Rs 325 crore. The Pune-based healthtech firm has a network of over 1,00,000 doctors, 5,500 labs and 2,100 hospitals. It is a partner with Ayushman Bharat Digital Mission and a key player in facilitating healthcare transactions on the unified health interface network as…

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GST on health insurance must be reduced in Budget 2024, Niva Bupa Health Insurance urges Centre – ET HealthWorld

Gurugram: Lowering the Goods and Services Tax (GST) rate on health insurance products and incentivising more and more people to buy them are some of the key expectations of the insurance sector for the upcoming interim budget in 2024. Krishnan Ramachandran, Managing Director and Chief Executive Officer, Niva Bupa Health Insurance, told that 18 per cent GST rate “does not make the product more affordable.” “One point I want…

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Health insurance: Maternity plans cover expenses related to child adoption too

Buying a health insurance plan is indispensable to keep your sudden expenses in check. Be it an accident or hospitalisation, unanticipated medical bills can throw your financial planning out of gear. Add a child birth, the scenario remains similar but the distinction lies in the fact that it is neither an ‘accident’ nor an ‘illness.’  The insurers, therefore, treat this life situation quite differently and even impose a waiting period of…

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