Page 13 - Insurance

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

ESIC adds 2.167 mn new members in June, 7% higher than previous yr

Employees' State Insurance Corporation (ESIC) has added 21.67 lakh new workers under its ESI scheme in June 2024, which is about 7 per cent higher as compared to the year-ago period, showed the latest payroll data. The ESIC had added 20.27 lakh new members in June 2023, a labour ministry statement said. Of the total 21.67 lakh employees added during the month, 10.58 lakh workers accounting for around 49 per cent of the total registrations belong to the age group of up to 25 years, it said. Also, the net enrolment of female members was 4.32 lakh in June 2024. Besides, a total of 55 transgender employees got registered under the ESI scheme in June 2024. As many as 13,483 new establishments were brought under the social security ambit of the ESI scheme in June 2024, thus ensuring social security to more workers. The payroll data is provisional since the data generation is a continuous exercise.

Insurer Aegon books $400 mn hit in H1 of 2024 from higher US mortality

Analysts at Barclays and J.P.Morgan called the results mixed, after operating profit also fell 8% to 750 million euros

Central Bank of India's bid for Future's insurance JV stakes gets CoC nod

The state-owned lender has to get Irdai's approval in 90 days to buy FEL's stake in insurance JVs

Shriram Life Insurances Q1 results: PAT at Rs 27 cr, AUM of Rs 11,841 cr

Shriram Life Insurance Company Ltd has reported a profit after tax of Rs 27 crore for the April-June 2024 quarter, the company said. Shriram Life Insurance Company jointly promoted by the diversified conglomerate the Shriram Group and South Africa-based Sanlam Group has breached the Rs 10,000 crore mark in the total Assets Under Management (AUM) to register Rs 11,841 crore during the quarter under review. The company had registered Assets Under Management of Rs 9,688 crore during the corresponding quarter of last year. In a statement on Tuesday, the company said the income from retail new business premium grew by 57 per cent year-on-year to Rs 212 crore while retail annual premium equivalent (APE) for the quarter grew to Rs 198 crore as compared to Rs 124 crore recorded during the corresponding quarter of last year. Shriram Life Insurance Company sold 1.27 lakh individual policies in the April-June 2024 quarter, up by 131 per cent over the corresponding quarter of last year by sell

Health insurance master circular: General insurers seek 2-month extension

Irdai issued a circular on health insurance products in June and asked general/health insurers to offer a wider range of products to customers