Page 12 - Insurance

Insurance benefits for EPFO members extended retrospectively from April 28

Union Labour Minister Mansukh Mandaviya on Thursday announced extension of the enhanced insurance benefits for all members of retirement fund body EPFO under Employees' Deposit Linked Insurance (EDLI) scheme. The move will ensure up to Rs 7 lakh of life cover to more than 6 crore EPFO members. The scheme has been extended with retrospective effect from April 28, 2024 onwards, Mandaviya told reporters here. EDLI Scheme, launched in 1976, seeks to provide insurance benefits to members of the Employees' Provident Fund Organisation (EPFO) in order to ensure some financial assistance to each member's family in case of the member's death. In 2018, the minimum insurance cover of Rs 1.5 lakh was introduced under the scheme. Till April 2021, the maximum benefits to the legal heir of the deceased employee was capped at Rs 6 lakh as per the criteria defined in the EDLI Scheme. Later, the government, through a notification issued on April 28, 2021, enhanced both minimum and maximum benefits

Prasun Sikdar appointed as MD, CEO of Bima Sugam India Federation for 3 yrs

Sikdar's appointment as MD and CEO was approved by the Insurance Regulatory and Development Authority of India

LIC launches single-premium micro-term insurance for financial groups

LIC's new plan offers simple and affordable life insurance for financial institutions to cover their members

US casualty insurers' stocks slump as hurricane season brings losses

Insurers are expected to face catastrophe-related claims for billions of dollars from a devastating hurricane season

How to switch from group insurance policy to individual insurance

Transitioning from a group insurance policy to an individual one is a crucial step that requires careful planning and timely action

Why senior citizens should combine Ayushman Bharat with private insurance

For expenses exceeding the Rs 5 lakh limit, as well as treatments at other hospitals, the private insurance coverage would be applicable.

Trai's whitelisting norms: Majority of banks, insurers in compliance

Mandatory registration of URLs, APKs, OTT links in SMS traffic starts

Insurance premium may rise as revised surrender value kicks in from Tue

Insurance premiums may increase or the commission of agents could see a reduction as the revised surrender value proposed by the sector regulator IRDAI comes into force from Tuesday. Earlier this year, the Insurance Regulatory and Development Authority of India (IRDAI) introduced revised surrender value guidelines to offer better returns to policyholders exiting early from their life insurance policies. A surrender value in insurance refers to the amount paid by the insurers to the policyholder upon terminating the policy before its maturity date. If the policyholder surrenders during the policy tenure, the earnings and savings portion will be paid to him or her. The regulator has emphasised the need for insurers to ensure 'reasonableness and value for money' for both exiting and continuing policyholders when determining surrender values. According to a senior official of the private sector insurance company, to meet the revised surrender charges, life insurers would either raise .

Insurance companies enhance tech spending to meet evolving customer needs

Companies' tech spending sees marked rise to meet evolving consumer demands

Bandhan Life partners with Bandhan bank to boost insurance business

In a bid to focus on new business after acquiring Aegon Life early this year and undergoing a renaming exercise, Bandhan Life Insurance on Thursday announced a strategic partnership with Bandhan Bank to distribute life insurance products through its extensive network of 1,700 branches. Bandhan Life stated it has plans to rope in more banks on board in the near future to strengthen its bancassurance distribution channel. "Initially, we are focusing on Bandhan Bank to distribute our insurance products as we shift our focus to new business. We aim to partner with 2-3 more banks and explore other multi-channel distribution strategies in due course," Bandhan Life MD & CEO Satishwar B said. He added that while Aegon Life's legacy business was primarily acquired online, Bandhan Life will focus on building offline distribution channels to drive growth. Initially, around 550 bank branches will distribute two new life insurance products tailored for Bandhan Bank customers, the company has ..

SBI Insurance unveils 'SBIG Health Super Top-Up' policy: Check details

A one-time welcome discount of 5% will be applied to all policies, provided the proposer purchases the SBIG Health Super Top-Up insurance within 5 days of receiving the quote from the company

Gen Z & Millennials drive 85% of insurance sales, reveal report

78% of such advisors conduct most of their business online, according to Turtlemint's data

We will possibly start to expand footprints: HDFC Ergo's Anuj Tyagi

Anuj Tyagi discusses the insurers' plans on the focus areas of the retail line of businesses

Parl panel to check insurance sector PSUs, solar corporations's performance

A parliamentary panel, mandated to examine accounts of central public sector undertakings, will scrutinise the performance of insurance sector PSUs and solar power corporations. The Committee on Public Undertakings (CoPU) will also examine the performance of the National Scheduled Castes Finance and Development Corporation (NSFDC). The panel headed by BJP's Baijayant Panda will also evaluate the performance of Sagarmala Development Company Limited (SDCL). With the government's push for renewable energy as the engine of growth, the parliamentary committee will hold a comprehensive performance of Solar Energy Corporation of India Limited (SECI), according to the list of subjects selected by it. The committee selects from time to time for examination such PSUs or subjects as it deems fit. The ministry or the undertaking concerned is asked to furnish necessary material relating to those subjects for information of the members.

More medical insurers joining NHCX platform for efficient claim processing

The National Health Claims Exchange (NHCX) platform, introduced by the National Health Authority, is gaining traction among Indian health insurers for adoption as the platform streamlines the healthcare claims processing, offering various benefits to insurers, healthcare providers and patients. This digital platform aims to enable patients to access quality healthcare quickly and reduce out-of-pocket expenses. NHCX connects insurance companies, healthcare service providers, and government insurance scheme administrators to streamline healthcare access and claims. Officials said that leading insurers like Aditya Birla Health Insurance, Magma HDI General Insurance, Reliance General Insurance, Future Generali India Insurance and HDFC Ergo are joining the NHCX platform in their operations. By leveraging this technology, insurers can significantly reduce claim processing time, improve operational efficiency, and enhance customer satisfaction, health insurance firms said. Claim settleme

Ayushman Bharat's 70+ coverage: Minimal impact expected on health insurers

On Wednesday, the Union Cabinet expanded the health coverage under the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB-PMJAY) to all senior citizens aged 70 years or above

Jharkhand cabinet approves Rs 5 lakh medical insurance for lawyers

In a major decision, the Jharkhand cabinet on Friday approved Rs 5 lakh medical insurance for lawyers in the state, a move which is likely to benefit about 30,000 lawyers in the state. The cabinet also cleared a proposal to increase the pension to advocates aged 65 years and above to Rs 14,000 per month from Rs 7,000. The decision was taken in a Cabinet meeting chaired by Chief Minister Hemant Soren. The cabinet also gave a nod to a proposal to provide a stipend of Rs 5,000 every month to the newly enrolled advocates. An official statement said the approval was given to make a grant-in-aid of Rs 1.5 crore to Jharkhand Advocate Welfare Fund Trustee Committee for the financial year 2024-25 for giving the amount of Rs 5,000. It added that approval was given to pay a grant of a total amount of Rs nine crore to the Jharkhand Advocate Welfare Fund Trustee Committee in the financial year 2024-25 for providing the benefit of Jharkhand State Health Insurance Scheme provided to the State ..

88% of Indians anticipate financial uncertainty over next 5 years: Survey

73 per cent rely on recommendations from friends and family when choosing insurance investments, 68 per cent trust their intuition

Investment and insurance: Invest in Ulip with above 10-year horizon

This forced insurers to introduce more cost-effective, customer-friendly products. "Manufacturers have eliminated the policy administration charge," says Rao

As India prepares for festivals, insurers have celebrations covered

State support for Dahi Handi to Durga Puja prompts organisers to strengthen assets and participants