Page 6 - Insurance Plans
Buy home insurance policy that compensates on reinstatement basis
Revise your sum insured periodically so that it keeps pace with inflation
 "Buy home insurance policy that compensates on reinstatement basis")
Chart: Top 10 insurance companies' policy terms and premium amount
Sum assured is Rs 1 crore and the policy is valid up to 70 years of age
 "Chart: Top 10 insurance companies' policy terms and premium amount")
NHAI seeks industry views amid slow surety bond insurance products growth
Insurers also lack the diverse recovery avenues that banks have, contributing to their hesitation in adopting these insurance products
 "NHAI seeks industry views amid slow surety bond insurance products growth")
2.2 mn new workers including 71 transgenders enrolled under ESIC in June
The Employees' State Insurance Corporation (ESIC) added 20.27 lakh new members under the Employees State Insurance Scheme in June, the Ministry of Labour and Employment has said
 "2.2 mn new workers including 71 transgenders enrolled under ESIC in June")
Exclusion clauses must be communicated
The National Commission held there was no evidence to show that Veena had been served the terms and conditions governing the policy
 "Exclusion clauses must be communicated")
Flood losses pegged at Rs 15,000 cr, but only 8% covered by insurance
In Himachal Pradesh, roads, transformers, electric substations, and water supply schemes have suffered damage. An initial estimate suggests the loss could range between Rs 3,000 cr and 4,000 cr
 "Flood losses pegged at Rs 15,000 cr, but only 8% covered by insurance")
71% ready to spend Rs 1-6 lakh on international holidays, Dubai tops list
44% of Indians will allocate an increased budget for travel post-pandemic, 31% will take more domestic trips in 2023-24, and 30% will increase the trip duration.
 "71% ready to spend Rs 1-6 lakh on international holidays, Dubai tops list")
Monsoon-proof your vehicle with engine protection insurance cover
If you own an EV, buying a battery-protection add-on would be prudent
 "Monsoon-proof your vehicle with engine protection insurance cover")
Titanic sub tragedy: Only 2 insurance covers in India for adventure junkies
Bajaj Allianz is the only major insurer in India which provides an insurance policy specifically for adventure sports.
 "Titanic sub tragedy: Only 2 insurance covers in India for adventure junkies")
Adventure tourism: Extreme travel is inspiring new types of insurance
Adventure tourism is expected to bring in more than $1 trillion of revenue globally by 2030, up from an expected $316.6 billion in 2022
 "Adventure tourism: Extreme travel is inspiring new types of insurance")
India considers rule changes to bolster $731 billion insurance sector
Insurance penetration remains abysmally low at less than 5% in the country of 1.4 billion people, signaling growth potential for investors
 "India considers rule changes to bolster $731 billion insurance sector")
How to book train insurance for less than a rupee, claim up to Rs 10 lakh
The Indian Railway Catering and Tourism Corporation (IRCTC) provides an optional travel insurance policy for passengers buying tickets from its online portal.
 "How to book train insurance for less than a rupee, claim up to Rs 10 lakh")
What are different types of car insurance policies in India? Details here
There are many different types of car insurance policies available, each with its own set of coverage options. It is important to choose a policy that meets the needs of the car owner
 "What are different types of car insurance policies in India? Details here")
Need for business insurance leads to new brand 'Policybazaar for Business'
Business Insurance penetration in India at merely 15%
 "Need for business insurance leads to new brand 'Policybazaar for Business'")
Indian insurers see steep rise in reinsurance rates in April renewals
Primary insurers transfer a portion of their risk portfolios to reinsurers by paying a certain premium to reduce the likelihood of paying a large obligation in the form of a claim
 "Indian insurers see steep rise in reinsurance rates in April renewals")
Businesses can claim cover under consumer rules
The National Commission overruled the maintainability objection on the interpretation of the law laid down by the Supreme Court that insurance is for indemnification, not for commercial purpose
Madhya Pradesh govt plans to pay insurance premium of small farmers
According to officials, the government is preparing an insurance road map for farmers whose farmlands are of 2 hectares or less
 "Madhya Pradesh govt plans to pay insurance premium of small farmers")
Irdai chief urges insurers to increase their capital for faster growth
Says those in JVs with foreign firms must make use of the enhancement in FDI limit from 49% to 74% to get more capital from foreign partners
 "Irdai chief urges insurers to increase their capital for faster growth")
General Insurance Council to punish fraudulent hospitals overcharging
The General Insurance Council has decided to take on the hospitals that are overcharging the health insurance policy holders and indulging in frauds through a series of actions
 "General Insurance Council to punish fraudulent hospitals overcharging")
Indian insurers may have to tackle pricey reinsurance amidst global crises
Impact of global hardening of rates on India difficult to predict, say analysts
 "Indian insurers may have to tackle pricey reinsurance amidst global crises")