Page 7 - Health Insurance

Health insurance for senior citizens is expensive: Here's what they must do

Those who find premiums unaffordable should go for a plan with deductibles

Key information about health insurance plans compiled in one table

Know about eligibility, key features, premium amount, benefits and discounts

Budget 2025: How 100% FDI will benefit the Indian insurance industry

The government seeks to fully unlock the potential of India's insurance industry, and has announced opening up of the sector to 100 per cent FDI

Sebi mulls combo product of term life insurance, mutual funds for investors

Capital markets regulator Sebi is planning to come out with a new combo product under which mutual funds can pair investments with life insurance, its chief Madhabi Puri Buch said on Friday. She, in an event organised by ICAI, revealed that the regulator will soon come out with a consultation paper on the proposal. Currently, many financial products already bundle insurance and investment options together. Sebi is working on a new product under which investors will have an option to pair mutual fund investments with life insurance. The product is central to the regulator's mission of expanding financial access, especially in underserved areas. Buch, whose three-year term ends on February 28, explained that the initiative seeks to address the needs of investors, particularly in rural areas, where there is a significant potential to grow systematic investment plans (SIPs), but the current value of investments remains low. Through this product, she hopes to provide a more attractive,

Over 2 in 3 health insurance holders confirm premiums up 50-200% in 3 years

Over two-third of policyholders have seen their insurance premiums increase by 50 to 200 per cent over the past three years, revealed a survey by Localcircles.

Irdai caps senior citizens' health premium increase at 10% per annum

Steep rise in health insurance premium of senior citizens has been engaging the attention of Irdai and is a regulatory concern, Irdai said

Claiming health insurance from multiple companies: How to do that

Subscribing to multiple companies helps people whose single policy's sum insured is insufficient to cover the full cost of medical treatment

Budget 2025: Insurers seek tax benefits, concessions for healthcare

Insurers are hopeful of a host of tax benefits, including concessions for the insurance and healthcare sectors, from the Union Budget 2025-26 to be unveiled by Finance Minister Nirmala Sitharaman on February 1. SBI General Insurance MD and CEO Naveen Chandra Jha said that as India advances toward financial inclusivity and universal healthcare, the upcoming Budget is expected to further strengthen the healthinsurance sector. Initiatives like Bima Sugam, designed to achieve the goal of 'Insurance for All' by 2047, are expected to receive regulatory and fiscal support to address the protection gap, he noted. "Additionally, the budget is likely to focus on expanding access in underserved regions through government-private partnerships, targeted subsidies, and advancements in digital infrastructure," Jha added. Bajaj Allianz Life MD and CEO Tarun Chugh said India's economic growth presents immense opportunities for the insurance sector to enhance financial resilience. "Aligning tax ...

Key Considerations When Buying Health Insurance for Pre-Existing Conditions

When purchasing health insurance, if you have a pre-existing condition, don't forget about waiting periods, premium loading, coverage limits and transparency.

HMPV virus in India: Does your health insurance policy cover outbreaks

HMPV is not a new virus and health officials have also advised the public not to panic

Star Health aims to double bancassurance biz to Rs 2K cr in three years

The company currently has over 70 partners in the bancassurance business, including state-owned banks, private banks, and non-banking finance companies

Pre-policy medical tests: Key to transparent coverage & avoiding rejections

Insurers often offer reduced premiums for applicants who pass their medical tests without any significant health concerns. This can lead to substantial savings over time

Health insurance claim denial: Check reasons against policy terms first

Health insurance claims are often denied due to exclusions in policy terms. Buyers frequently overlook the fine print or misinterpret clauses

60% health insurance claimants face discharge delays, want web processing

Sixty per cent of health insurance claimants reported experiencing delays of six to 48 hours between claim approval and hospital discharge, according to a survey by LocalCircls

Health insurers reject claims worth Rs 15,100 crore in FY24: Irdai

In terms of number of claims settled, 72 per cent were settled through third-party administrator and the balance 28 per cent were settled through in-house mechanism

Health insurers disallowed claims worth Rs 15,100 cr during FY24: Irdai

Health insurers disallowed claims worth Rs 15,100 crore or 12.9 per cent of the total claims filed during fiscal 2023-24, according to data released by regulator Irdai. Of the total Rs 1.17 lakh crore claims under health insurance of general as well as standalone health insurers, only Rs 83,493.17 crore or 71.29 per cent were paid during the year ending March 2024. Further, insurers repudiated claims amounting to Rs 10,937.18 crore (9.34 per cent) while outstanding claims totalled Rs 7,584.57 crore (6.48 per cent), said the annual report 2023-24 of Insurance Regulatory and Development Authority of India (Irdai). There were about 3.26 crore health insurance claims during 2023-24 with insurers, of which 2.69 crore (82.46 per cent) claims were settled. Irdai said the average amount paid per claim was Rs 31,086. In terms of number of claims settled, 72 per cent of the claims were settled through TPAs and the balance 28 per cent of the claims were settled through in-house mechanism. I

Health insurance claims rejection up 19.10% in FY24: Irdai report

A claim is rejected or disallowed when an insurance company refuses to process it due to specific issues with its validity

Insurance penetration in India dips to 3.7% despite premium growth: Irdai

Total premiums across all insurance categories reached Rs 11.19 trillion in 2023-24 while insurers paid out Rs 7.66 trillion in claim settlements, Irdai said in its annual report

AB Capital infuse Rs 23 crore into health insurance arm via rights issue

The standalone health insurance company is an associate of Aditya Birla Capital and with this acquisition of the shares through rights issue

We want to grow better than industry, mindful of biz quality: Naveen Jha

Health and motor insurance will continue to be our two most important segments