Page 11 - Health Insurance

Medi Assist Insurance TPA to acquire Paramount Health for Rs 312 crore

Paramount TPA works with 30 insurers and more than 3,000 group customers and retail policyholders

Health insurance sublimit: A crucial factor for policyholders

Sub-limits are decided by the insurance company and the most you can do is thoroughly understand the sub-limits of a policy before making a purchase

Cashless health claim in just 15 mins at the time of discharge. Here's how

Policybazaar for Business, along with Paramount Health TPA and various insurance companies, has introduced the '15-Minute Express Discharge' service

What is the co-pay option in senior citizen health insurance

Health policies with copayment provisions tend to be more affordable since they lessen the insurer's responsibility by splitting losses between the insured and the insurer

Health insurance premiums are rising: Here is how to stay covered

Combine base policy with super top-up; buying a multi-year policy will also help

Oppn demands for caste census, tax on rich, GST removal on insurance in RS

Opposition members in Rajya Sabha on Wednesday pressed for a caste census, imposition of super rich tax, and removal of GST levy on life and medical insurance premiums. Participating in a discussion on the Jammu and Kashmir Appropriation No. 3 Bill, 2024 in the Upper House, Raghav Chadha of the Aam Aadmi Party expressed happiness at the indexation benefit being "partially restored". However, he said, this poses a "huge question mark" over the central government's tax policies. "... How confused is our country's taxation policy. On 23 July 2024, you say that you are taking away the indexation benefit from investors and exactly after two weeks, you say that you are not taking it away but restoring it. This shows that when you, without thinking, not acting on the advice of an economist, if you devise the Budget on the advice of those who do not have economic knowledge, these kind of flip flops will be witnessed," he said. Taking away indexation from an Indian investor is equivalent to

Oppn slams govt for not withdrawing GST on health, life insurance premiums

Opposition members in Lok Sabha on Wednesday slammed the government for not taking up an amendment in the Finance Bill to withdraw the 18 per cent GST levy on medical and life insurance premiums. Opposition MPs staged a walkout from Lok Sabha after an amendment moved by RSP member N K Premchandran seeking removal of 18 per cent GST on medical and life insurance premiums was not taken up by the House during the passage of the Finance Bill. Finance Minister Nirmala Sitharaman, who piloted the Finance Bill, said any amendment in GST has to be approved by the GST council. "Specific demand of the entire opposition is to withdraw the 18 per cent GST on life and health insurance schemes for which I had given an amendment. Normal procedure of the House is that the amendment is circulated only if it is admitted," Premchandran told reporters outside Parliament after the walked out by the opposition MPs. "This was circulated yesterday itself. This gives a message that it has been accepted, or

Opposition's walkout on GST issue a 'face-saver', says FM Sitharaman

Finance Minister Nirmala Sitharaman on Wednesday criticised the opposition parties for their walkout from the Lok Sabha after their amendment to withdraw GST levy on medical and life insurance premiums was not taken up and said they did so as a "face-saver" after she addressed all their issues in her speech. Speaking to reporters in Parliament House Complex, Sitharaman said the GST Council, which is a constitutional body, can take up any matter related to the GST and such an amendment could not be moved in Parliament as demanded by the opposition parties. "They were given appropriate response to all their issues. They were looking for a face-saver and picked on this to stage a walkout. It was an afterthought," she said. RSP member N K Premchandran had moved the amendment during the passage of the Finance Bill, seeking removal of 18 per cent GST on medical and life insurance premiums. Normal procedure of the House is that the amendment is circulated only if it is admitted, he told .

INDIA bloc stages protest against GST on health, life insurance premiums

INDIA bloc parties staged a protest in Parliament premises on Tuesday to press for the rollback of 18 per cent Goods and Services Tax (GST) on life and health insurance premiums. MPs from various parties such as TMC, Congress, AAP and NCP (SC), among others, participated in the protest on the steps leading to the Makar Dwar of Parliament. Carrying placards reading "Tax terrorism", the protesting MPs raised slogans demanding that the GST on life and health insurance premiums be rolled back. Trinamool Congress MPs have raised the issue in Parliament and party president and West Bengal Chief Minister Mamata Banerjee has written to Union Finance Minister Nirmala Sitharaman on the matter. Union minister Nitin Gadkari also wrote to Sitharaman and urged her to consider withdrawing the GST which, he said, amounted to taxing uncertainties of life and restricting the industry's growth.

Opposition slams government over 18% GST on life and health insurance

Sources in the TMC said that its MPs have raised the issue in Parliament and their party chief, WB CM Mamata Banerjee, has written to FM Nirmala Sitharaman on the matter

TMC leader Derek O'Brien urges govt to slash GST on health insurance

Senior TMC leader Derek O'Brien on Monday urged the government to reduce 18 per cent GST on health insurance policies, saying the high tax rate is burdening people, especially the middle class. Raising the issue during Zero Hour in Rajya Sabha, he also referred to a letter written to the finance minister by senior BJP leader and Union Minister Nitin Gadkari making similar demand. "The demand is straightforward. Reduce 18 per cent GST on medical and health insurance. We should reduce it because this is an issue which is burdening people, mainly the middle class. That's why it needs to be reduced," said Derek. The TMC leader pointed out that insurance penetration in India is low at 4 per cent compared to more than 7 per cent globally. Further, he said there is an imbalance in the insurance sector, where 75 per cent is life insurance policies, and 25 per cent medical insurance. Derek said the West Bengal chief minister has written to the finance minister in this regard and many ...

FinMin asks state-owned general insurers to focus on profitable businesses

The finance ministry has asked state-owned general insurance companies to focus on profitable businesses and not to chase top-line but aim for improving profitability. The government has recently infused Rs 7,250 crore in installments in three public sector general insurance companies -- National Insurance Company Limited, Oriental Insurance Company Limited, and United India Insurance Company. "We have been monitoring performance of state-owned general insurance companies and as a result they have started looking up. So, we will watch their performance this year," Financial Services Secretary Vivek Joshi told PTI. Hopefully, he said, these companies may not require any further capital infusion, which is why the Budget has not made any provision. These three general insurance companies have improved their financial performance significantly, he said. For instance, he said, Oriental Insurance has earned Rs 18 crore profit in FY24 as against a loss of Rs 5,000 crore a year ago, while

Star Health and Allied Insurance Q1 results: GWP rises 18% to Rs 3,476 cr

Standalone health insurance provider Star Health and Allied Insurance Company has reported an 18 per cent rise in its Gross Written Premium for the April-June 2024 quarter at Rs 3,476 crore. The company had recorded a Gross Written Premium of Rs 2,949 crore during the same period of last financial year. Investments assets grew by 19 per cent year-on-year to Rs 15,802 crore, with an investment income of Rs 295 crore. The city-based company in a statement on Wednesday said it made an underwriting profit of Rs 140 crore during the April-June 2024 quarter. Commenting on the financial performance, Star Health and Allied Insurance Company Ltd MD and CEO, Anand Roy said, "in line with our stated strategy, we have witnessed a strong growth trajectory in Q1FY25, resulting in 18 per cent GWP growth. Our robust underwriting, expanded agent network, strengthened bancassurance collaborations, digital channels and initiatives like home health care underscore our commitment to accessible, qualit

Costlier term cover: Opt for high claim settlement with low premium

Narrow down prospective insurers' list to well-known players with strong claim settlement ratios, then select one offering lowest price

Error-free tax return, luxury concierge firms: Top personal finance stories

This week we report about common mistakes people make in their tax filing and how India's richest use personalised concierge services

Key information about health insurance plans explained in one table

Know about eligibility, key features and premium amount in Policybazaar table

Insurers expect Union budget to have more tax benefits for health insurance

More tax benefits for health insurance under the new tax regime, relaxation in payment norms for MSMEs and incentives for the agri-tech sector are among the expectations of stakeholders from the first budget of the Modi 3.0 government. Finance Minister Nirmala Sitharaman is scheduled to present the full Budget for fiscal 2024-25 on July 23, which will be the first major policy document of the new government. Anup Rau, Managing Director and Chief Executive Officer of Future Generali India Insurance Company, said the deduction limit on health insurance premiums under Section 80D of the Income Tax Act has remained unchanged for the past nine years despite the fact that there has been a significant rise in healthcare costs across the country. "It would be best if the limit for medical insurance is linked to inflation and gets revised automatically every year or once in a couple of years. Also, the benefits need to be extended to the New Tax regime since increasing health insurance ...

No more discharge delays! New system assures faster health insurance claims

Recently, the Irdai mandated that all cashless claims be processed within three hours of receiving a discharge authorisation request from the hospital

Non-life insurance companies report 13.7% growth in premiums in Q1 FY25

Non-life insurers include general insurance companies, standalone health insurance companies, and specialised PSU insurers

Govt may double Ayushman Bharat reach, increase health cover to Rs 10 lakh

Launched in September 2018, Ayushman Bharat Yojana is considered one of the world's largest healthcare schemes, aiming to cover over 500 million Indian citizens