Page 2 - Health Insurance Policy

Budget 2024: Govt likely to introduce insurance laws amendment bill

The government is likely to introduce a bill seeking amendments to the Insurance Act, 1938, during the upcoming Budget session to achieve 'Insurance for All by 2047'. Some of the provisions, which could be part of the amendment bill, include composite license, differential capital, reduction in solvency norms, issuing captive license, change in investment regulations, one-time registration for intermediaries and allowing insurers to distribute other financial products, sources said. The move will enable the entry of differentiated insurance companies like in the banking sector. The banking sector is currently categorised as universal bank, small finance bank, and payments bank. The provision of composite licenses would allow life insurers to underwrite health insurance or general insurance policies. As per the provisions of the Insurance Act, 1938, life insurers can only offer life insurance covers, while general insurers can offer non-insurance products like health, motor, fire, .

What is the right age to purchase a health insurance policy?

Starting early not only helps you secure lower premiums but also ensures you have comprehensive coverage when you need it most

Choosing the Right Health Insurance Plan for Your Stage of Life: A Quick Guide

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Making Health Insurance Accessible and Affordable with Monthly Premiums

Nilesh Agarwal, Head of Business, PhonePe Insurance Broking Services

New national portal being launched to simplify health insurance claims

Hospitals will be able to submit claims electronically, reducing paperwork and speeding up approvals.

Irdai removes age limit of 65 yrs for buying health insurance policies

With a view to widen the market and foster adequate protection from healthcare expenses, insurance regulator IRDAI has removed the age limit of 65 years for individuals buying health insurance policies. This marks a significant departure from the conventional constraints that limited individuals in securing comprehensive coverage. By abolishing the maximum age restriction on purchasing health insurance plans, the Insurance Regulatory and Development Authority of India (IRDAI) aims to foster a more inclusive and accessible healthcare ecosystem, ensuring adequate protection against unforeseen medical expenses. As per the earlier guidelines, individuals were allowed to purchase a new insurance policy only till the age of 65. However, with the recent amendment, which has been effective from April 1, anyone, regardless of age, is eligible to buy a new health insurance policy. In a recent gazette notification, IRDAI said, "insurers shall ensure that they offer health insurance products t

70% opt for cost-effective health policies: These are the most popular ones

Seniors are leading the charge for affordable health insurance. A staggering 34% of those choosing cost-effective plans fall within the 55+ age bracket

Buying health insurance? Here's how the extended free-look period works

Th free look-in period is a valuable tool that empowers you to make informed decisions about your health insurance. Use it wisely to ensure you choose a plan that best protects you and your family.

Health insurance that is 'Cashless Everywhere': Here's how it works

This initiative, spearheaded by the General Insurance Council, aims to simplify claims processing, mitigate fraud, and bolster overall industry trust

Health insurance: Govt to discuss 24-hr hospitalisation rule with Irdai

President of NCDRC, Justice Amreshwar Prasap Sahi, said that some district forums have innovated and ordered insurance cos to clear claims even when hospitalisation was less than 24 hrs

1 in 3 Indians grapples with stress, 35% battle diabetes, high BP, hypertension

Gen Z & Millennials have claimed to be suffering trom higher proportion of Anxiety. Lack of Stamina, Obesity etc. are ailments that higher % o Gen Z have claimed to be suffering.

Rs 3 lakh is the median sum insured offered by India's employers: survey

Fifty-six per cent of companies offer maternity benefits, while less than one per cent of companies offer holistic cover for people with disabilities and 60% of companies offer new age insurance

Home care, physio covered: Now a health policy designed for senior citizens

To address the rising cost of medical expenses, and to offer respite for senior citizens after a medical episode, Tata AIG has introduced the plan, which is customised to meet the diverse healthcare

Suffering from cardiac ailment? Apply for a customised insurance plan

These plans have limited sum insured, come with a waiting period, and require co-payment

Overall general insurance premium slip by 4% to Rs 23,550.2 crore in August

Overall the group health segment registered 14 per cent increase to Rs 3760.1 crore from Rs 3296.4 crore in August 2022 due to better coverage

Table explaining health insurance plans offered by various companies

Key features of schemes and their premium rates explained

Inflation biggest concern for Indians, only 6% sufficiently insured: study

To be sufficiently insured, experts believe that an insurance policy must provide 10 to 15 times the annual income of the household as coverage

Why India must put a premium on affordable healthcare for its citizens

Millions depend on health insurance. Comprehensive coverage for diseases and medical procedures ensures that policyholders pay only for what they need

Do health policies cover LASIK surgeries? Only if these conditions are met

Most insurance products in the market cover for LASIK surgeries when the refractory error power is => 7.5 dioptre.

Popular health insurance policies that cover OPD and doctor consultation

There are many health insurance policies in India that now offer OPD coverage as an in-built feature or can be bought as an add-on.