Insurance

Insurance Regulatory and Development Authority of India (Irdai) has set up a committee to oversee the creation and development of its Bima Sugam—an online marketplace that will house all companies selling life and non-life insurance on a single platform. The launch of the platform, which has already missed two deadlines, has now been rescheduled for June 2024.  The regulator claims that the proposed portal will be a ‘game-changer’ and…

Gupta, however, sought a second opinion. Another doctor quoted ₹50,000 for the same treatment, with just two days of hospitalization and regular physiotherapy thereafter. Gupta went ahead, paid the charges and filed for reimbursement. That’s when his struggles began. “Star Health rejected my claim over a document discrepancy. I had a road traffic accident, but the insurer assumed it was renal tubular acidosis, a kidney disease. I tried reasoning…

Securing the financial future of our loved ones is a responsibility that resonates with us all. As the insurance landscape flourishes, it’s crucial to shine a spotlight on a key determinant of an insurer’s trustworthiness – the claim settlement ratio. While many factors influence the choice of a life insurance policy, the claim settlement ratio often remains overlooked despite its profound significance. Let’s have a look at the most…

Chennai: Star Health and Allied Insurance on Thursday announced the launch of UPI QR code-based payment option for purchasing policies and renewals. According to a statement, all essential payment details, including the premium amount, are pre-fed into the QR code, simplifying the payment process and eliminating the need for manual premium amount entry. With a simple scan of the customised code, customers can make payments within a few seconds,…

Star Health and Allied Insurance on Thursday announced a significant move towards transforming the insurance payment landscape with the launch of its dynamic UPI QR code-based payment option for policy purchases and renewals. The customized solution simplifies the customer purchase experience with a few clicks. Star Health also launched personalized UPI payment intent links to enhance customer ease. This cutting-edge initiative, enabled by the National Payments Corporation of India…

Mumbai: IndiaFirst Life Insurance Company Limited (IndiaFirst Life) has introduced a novel offering — IndiaFirst Life Guaranteed Single Premium Plan. This unique plan is designed to provide individuals with a seamless blend of financial protection and savings.  Commenting on the launch, Rushabh Gandhi, Deputy CEO, IndiaFirst Life Insurance, said “Our view is that the interest rates will remain stable in the near future and start softening over the medium…

Ahmedabad: A Covid-19 patient had to take a Rs 50,000 cut from his insurance refund because the ‘Covid-positive’ report he furnished along with other claim documents, was not from a certified laboratory. Sonesh Patel from Botad town had purchased a special Covid-19 coverage of Rs 2 lakh from Reliance General Insurance Co Ltd during the pandemic. He tested positive in November 2020 and received treatment at a private hospital…

Mumbai: Insurance sector regulator IRDAI on Wednesday said it is working on with health insurance providers to ensure 100 per cent cashless settlement of medical expense claims as soon as possible. Currently cashless claim process is tiresome and insurers deduct 10 per cent or more from the total billing in the name of consumables and other heads. Also, most hospitals don’t allow cashless admissions even though the insurance product…

About 68 percent of Indians have less than ₹10 lakh in health insurance coverage, while 27 percent have less than ₹5 lakh, revealed a survey conducted by insurance company ACKO in six Indian metro cities. In the survey, which covered over 1,000 people in the age group of 28 to 55, ACKO found out that following the COVID-19 pandemic, awareness about health insurance has increased. However, it also added…

Life Insurance Corporation of India (LIC) has launched a special campaign for the revival of individual lapsed policies. This special drive will be carried out from September 1-30. The campaign was launched to benefit those policyholders who were not able to pay premiums due to unavoidable circumstances and their policy lapsed. When do insurance policies lapse? Usually, you are required to pay a fixed premium periodically on the due…

Bajaj Allianz Life has launched a unique fund proposition in the ULIP segment. Bajaj Allianz Life’s Dynamic Asset Allocation Fund offers customers the opportunity to allocate between equity and debt, dynamically. The benchmark index is Crisil Dynamic Asset Allocation Index (45% Equity, 45% Debt, and 10% Liquid).  The asset allocation (between debt and equity) of the fund will be more dynamic/active in nature. It is based on an in-house…

Mumbai: ICICI Prudential Life Insurance has launched an innovative income plan, ICICI Pru GIFT Pro, which provides customers the option to receive either a year-on-year increasing income or a constant regular income. In addition, the life cover component of this non-participating savings product ensures the family has financial security. “We are excited to introduce ICICI Pru GIFT Pro, a long-term savings product with built-in flexibilities Page 2 of 2…

MUMBAI : Jio Financial Services Ltd (JFSL) is set to launch a slew of insurance products, possibly in partnership with global companies, Reliance Industries Ltd (RIL) chairman and managing director Mukesh Ambani said on Monday. “JFSL will enter the insurance segment to offer simple, yet smart, life-, general- and health-insurance products through a seamless digital interface, potentially partnering with global players,” Ambani said at RIL’s virtual annual general meeting.…

More than 98 per cent of India’s senior citizen population remains devoid of health insurance coverage amid the increasing cost of healthcare services, according to a recent survey by leading insurtech platform Plum. The need for comprehensive health coverage for senior citizens has become more apparent, however, the penetration continues to be a challenge. According to census reports, India has 1,380 lakh elderly citizens and is further expected to…

Bengaluru: Health insurer Cigna Group said on Thursday it would remove the use of prior authorization or paperwork required to get approval for insurance coverage for 25 per cent of medical services. Health insurers have come under pressure as physicians claim that the pre-authorization requirements for some procedures are restrictive and increases their paperwork. “Clinicians and health plans alike agree that more can be done to reduce the administrative…