Insurance Cover

Sahaj Insurance gets Irdai licence, targets 100 mn rural policies in 1st yr

Sahaj Insurance Services Pvt Ltd, which recently received a corporate agency licence from IRDAI, aims to sell about 10 crore insurance policies designed to suit the rural population. Sahaj Insurance Services Pvt Ltd, a subsidiary of Sahaj Retail Ltd, operates a network of about 4.5 lakh digitally enabled rural centres serving over 70 crore people. In a statement, the Kanoria Foundation company said the new vertical is designed to make insurance, long characterised by low awareness and limited access in rural regions, simple, affordable and accessible at the last mile. Sahaj Centres will offer a full suite of insurance products, with trained Sahaj Mitrs facilitating customer onboarding, support and claims assistance, it said. "Customers will be able to access assisted digital enrolment, paperless processes, multi-lingual support and help with filing claims. These features are essential for first-time insurance adopters in rural markets. The services will also integrate ...

Railway staff with SBI salary accounts to get ₹1 cr accidental death cover

The Indian Railways on Monday signed a Memorandum of Understanding (MoU) with State Bank of India to provide significant insurance cover for its employees and their families, an official statement said. Under the MoU, signed in the presence of Railway Minister Ashwini Vaishnaw, employees who maintain salary accounts with SBI will get accidental death insurance of Rs 1 crore, a press noted issued by the Railways Ministry said. This is a significant increase from the current coverage of Rs 1.20 lakh, Rs 60,000 and Rs 30,000 for Group A, B, and C employees, respectively, under the Central Government Employees Group Insurance Scheme (CGEGIS). "Additionally, all railway employees holding only a salary account with SBI will now be eligible for natural death insurance coverage of Rs 10 lakh without the need for paying any premium or undergoing any medical examination," the press note said. "With nearly 7 lakh railway employees maintaining salary accounts with SBI, this agreement marks a .

Mumbai's richest Ganesh Mandal secures record ₹474 crore insurance cover

GSB Seva Mandal has taken ₹474.4 crore insurance cover, with ₹375 crore allocated to personal accident protection for volunteers and ₹67 crore for gold and silver ornaments

FinMin working to double the life insurance cover under the PMJJBY

As part of this revamp, a revision in premiums is also under consideration

Over 80% insured persons unsure about efficacy of health cover: Survey

More than 80 per cent of insured persons polled feel unsure about the efficacy of their health insurance cover due to rising hospitalisation and medical costs in India, says a survey by Future Generali India Insurance. The survey, Health Unlimited, found that when faced with a claim, two out of every three individuals feel insecure and inadequately covered as they encounter unexpected bills. Nine out of ten health insurance policyholders feel that recharge of sum insured is a key benefit, the survey stated. This growing concern highlights the need for comprehensive healthcare solutions, Anup Rau, Managing Director and CEO, Future Generali India Insurance Company Ltd, said. Rising cost of medical treatment is a cause of concern for a vast majority of people in India, despite having a health cover, Rau said. The survey was conducted among 800 insured individuals aged 25-plus. It claimed that India had one of the highest medical inflation rates among other Asian countries in 2021 - .

Home insurance must: Loss of rent for landlord, liability cover for tenant

With modular policies gaining popularity, landlords and tenants must choose covers wisely, know key exclusions, and avoid underinsurance or failure to declare valuables

Insurance industry feels the blues as growth slows amid structural issues

Growth has slowed significantly in FY25 as both life and non-life segment report single digit growth, partly because of changes in reporting norms, as well as lower credit by NBFCs and MFIs

High premiums, low funds key barriers to buying health, term insurance

About 20 per cent of the respondents said they do not fully understand health insurance, and 18 per cent saw buying it as a cumbersome process

High premiums, claims disputes create disquiet in insurance landscape

During the winter session, a question was raised about insurance companies investing heavily in real estate or real estate investment trusts (REITs)

How ECGC covers detrimental risks faced by exporters to boost exports

ECGC has an impressive track record of adopting innovative insurance policies to aid and assist Indian exporters in enhancing their export performance

Fairfax-backed insurance firm Go Digit set to float IPO on May 15

Go Digit General Insurance Ltd, a firm backed by Canada-based Fairfax Group, is set to launch its initial public offering on May 15. The initial share sale will conclude on May 17 and the bidding for anchor investors will open for a day on May 14, according to the Red Herring Prospectus (RHP). Go Digit's proposed IPO comprises fresh issuance of equity shares worth Rs 1,125 crore and an Offer For Sale (OFS) of 5.47 crore equity shares by a promoter Go Digit Infoworks Services and existing shareholders. At present, Go Digit Infoworks Services owns an 83.3 percent stake in the company. Proceeds from the fresh issuance have been proposed to be utilised for the augmentation of the company's capital base and maintenance of solvency levels and general corporate purposes. Cricketer Virat Kohli and his wife and actor Anushka Sharma are among the investors in the firm. They are not selling any shares in the IPO. In March, Go Digit secured approval from the Securities and Exchange Board of

Cover under Ayushman Bharat health insurance scheme likely to be doubled

The government is working on finalising a proposal to double the insurance cover under its flagship Ayushman Bharat health scheme to Rs 10 lakh to ensure that serious diseases like cancer and transplants that entail more expenditure are supported by it, official sources said on Wednesday. An announcement to this effect is likely to be made in the interim Union Budget on February 1, the sources told PTI. The Union health ministry is also planning to double the beneficiaries to 100 crore under the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB PM-JAY) to include Kisan Samman Nidhi recipients, construction workers, non-coal mine workers and ASHA workers in the next three years. "In order to ensure that serious illnesses requiring expenditure of more than Rs 5 lakh such as transplants and high-cost cancer treatments etc. are also covered under AB PMJAY, the ministry is working on finalising a proposal to increase the cover amount from Rs 5 lakh per family per year to Rs 10 lakh pe

Insurance claims drop 30-35% during Chennai floods compared to 2015

This is noteworthy considering the number of policies issued across India by general insurers rose by 74 per cent in 2021-22 compared to 2014-15

Persistency ratio must improve for life insurance customers: CEOs at BFSI

Work done by life insurance industry led to economic revival amid Covid

Chatroom: 'Drawback of IGST also available on re-export of imported goods'

This is subject to submission to Customs a certificate from the local GST officer that input tax credit has not been taken, and no refund of such ITC or IGST paid on the goods has been claimed

Char Dham pilgrims to get Rs 1 lakh accident insurance cover: Minister

Pilgrims of Char Dham Yatra will get an insurance coverage of Rs 1 lakh if they meet with an accident on the premises of Kedarnath, Badrinath, Gangotri and Yamunotri

The promise and pain of insuring natural disasters at the state level

While claims and compensation for victims are settled expeditiously, the pressures on revenues prevent many states from making top-up contribution to the SDRF and NDRF

Benefits offered by OPD cover should be in line with your family's needs

If OPD coverage is built into a policy, or is offered as a rider, the limit will be specified

Heading to developed country? Opt for larger sum insured, say analysts

If you plan to travel abroad soon, one way you can protect yourself is by purchasing adequate travel insurance

Greater insurance cover or low premium: Strike a balance, say experts

It is advisable to buy a policy that offers more comprehensive coverage