With the onset of this pandemic, policyholders should now take the next crucial step of understanding how to go about filing a health insurance claim
Tapan Singhel, managing director (MD) and chief executive officer (CEO), Bajaj Allianz General Insurance, in an interview with Subrata Panda, speaks about the company's business during the lockdown.
The motor and health segments led the decline in premiums for the industry as the month saw premium fall by 9 per cent.
The officials said about 790 claims have been lodged claiming about Rs 15.75 crore with several non-life insurers.
Motor segment saw a 7 per cent decline in premiums, while health registered an 11 per cent decline in premiums
The apex court noted that there was continuous insurance coverage since 2007 and there was no evidence to show that the ailment was pre-existing
Option can be a permanent feature of health policies or can be a temporary relief for policyholders for 12 months
If the renewal of motor third party and health policy falls due between March 25 and May 3, the lockdown period, then policyholders can make the renewal payment on or before May 15
If the premium payment remains overdue even after the grace period, the policy lapses and usually the benefits of the policy are no longer available to the policyholder
Since they are more vulnerable, medical insurers may become more wary
The rise in premiums could be in the range of 5-25 per cent, depending on the features that each insurance company adds on its products
Cyber cover for individuals is indeed the need of the hour, especially in these times when most people are working from home
Fewer claims are supposed to improve the insurers' loss ratio in the motor segment, but the industry is divided on this
Payments can be made till April 21; for motor the relaxation is only for third-party insurance
A notification to this effect was issued by the Department of Financial Services, Government of India, on April 1, 2020
The cases of coronavirus are increasing rapidly across the world with the count crossing 245,749 globally and 195 in India
The move is aimed at helping policyholders as the insured would pay less while getting better coverage
The costs of medical expenses will be settled in line with the terms and conditions of the policy contract
The exclusions are stiff. But since it is a cheap fixed-benefit plan, it can add to the health insurance kitty
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