Page 24 - Insurance

How to Determine the Correct Health Insurance Policy for Myself?

Discover the right health insurance policy for you. Learn key factors & tips to choose coverage that suits your needs. Your health, your plan.

Rainy Day Savings: 4 Car Insurance Add-On Covers That Can Rescue Your Wallet from Monsoon Mayhem. Should You Buy?

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Safeguard yourself against massive vet bills with pet insurance policy

Understand waiting periods for pre-existing diseases and the co-pay requirement before buying this policy

ESIC added 2.02 million members, 24,298 new establishments in June

The Employees' State Insurance Corporation (ESIC) added 20.27 lakh new members under the Employees State Insurance Scheme in June. Around 24,298 new establishments were registered and brought under the social security umbrella of the ESIC in June. The provisional payroll data from ESIC reveals that 20.27 lakh new employees were added in June 2023, a labour ministry statement said on Thursday. As per the data, more jobs were generated for the youth. Out of the total 20.27 lakh employees added in June, 9.77 lakh employees were up to the age group of 25 years, which translates to 48.22 per cent of the total number. Gender-wise analysis of payroll data showed that net enrolment of female members stood at 3.87 lakh in June. A total 71 transgender employees were registered under the ESI Scheme during the same period.

UK headline inflation rate easing but sugar, rent, insurance surging

fficial statistics showed the Consumer Prices Index slid to 6.8% last month from a four decade peak of 11.1% late last year

We are focussing on growing premium from non-par products: LIC chairman

We are expecting good growth in the festive season, says Siddhartha Mohanty, Chairman, LIC

Insurer Star Health announces alliance with Standard Chartered Bank

Collaboration with lender will help in offering 'tailored health insurance' to more customers, says firm

Marsh India expects growth of 20-25% in next year, says Sanjay Kedia

Marsh India has seen consistent growth year after year, crossed 8,000 corporate clients in India and the total amount of premium placed for the financial year ending March 2023, was Rs 15,000 Cr

Critical illness policy must cover ailments relevant to your family history

Go for high coverage amount and choose policy with minimal survival period condition

Snapshot of top 10 insurers offering term insurance to a 35-yr old male

Snapshot of top 10 insurers offering term insurance to a 35-yr old male

Reliance General Insurance gets Rs 200 cr capital infusion from parent

Reliance General Insurance Company Ltd (RGICL) on Monday said it has raised a capital of Rs 200 crore by issuing equity shares to debt-ridden parent entity Reliance Capital. Reliance Capital is under the resolution process as per the Insolvency and Bankruptcy Code. Infusion has been done following the lenders of Reliance Capital giving approval for the capital support to improve the solvency margin of the general insurance arm. With this capital raise, RGICL is reinforcing its commitment to financial strength and readiness to capitalize on emerging opportunities in the insurance sector, the company said in a statement. The shareholders of the company at its Extraordinary General Meeting (EGM) held on July 29, 2023, have approved infusion of capital of about Rs 200 crore in the company, by way of the issue of equity shares on a private placement basis, it said. This capital infusion is aimed at pursuing new business opportunities for growth and securing the company's position among

Reliance Capital to infuse Rs 200 cr in Reliance General Insurance

Lenders of Reliance Capital (RCAP) have approved the capital infusion in Reliance General Insurance to improve solvency margin of the general insurance arm, according to sources. The capital infusion is likely to happen by the end of August, they said. Post the capital infusion by RCAP, Reliance General Insurance will also raise an additional Rs 400 crore Tier 2 capital to accelerate growth, sources said. The capital infusion in Reliance General comes at a time when the Committee of Creditors (CoC) has approved the Resolution Plan of IndusInd International Holdings Ltd (IIHL), a Hinduja Group entity, with 99.6 per cent votes. The lenders are expected to receive Rs 10,000 crore from the IIHL's resolution plan. The administrator of RCAP has also filed the IIHL's resolution plan with the NCLT for its approval. Reliance General Insurance has in the past made multiple appeals to the CoC for the capital infusion. The general insurer had earlier this year sought Rs 600 crore capital inf

PhonePe Insurance launches monthly subscriptions for health policies

Option will lower financial burden for customers, says company owned by fintech major PhonePe

Higher losses during disasters due to abysmally low insurance cover of 8%

Calling for out-of-the-box solutions to address the rising cases of natural disasters, which have since 2001 killed almost 85,000 people and thousands of crores in losses, a report has said the higher losses are due to the abysmally low insurance cover of just about 8 per cent. India has been ranked third, after the US and China, in recording the highest number of natural disasters since 1900. The country had 764 natural disasters, such as landslides, storms, earthquakes, floods, droughts etc since 1900, with 402 events occurring during 1900-2000 and 361 during 2001-22, indicating the preponderance of tail events at an alarming frequency and each such event setting new records of economic stress, SBI Research said in a report Monday. By disaster type, the country is marred mostly by floods. Almost 41 per cent of disasters that occurred were floods, followed by storms. Since 2001, as many as 100 crore people have been impacted, and almost 85,000 people lost their lives. And the coun

Gig workers to get insurance cover of Rs 4 lakh in K'taka: CM Siddaramaiah

Gig workers serving as delivery personnel in e-commerce companies will get an insurance facility of Rs four lakh, Chief Minister Siddaramaiah said in his budget speech in the Legislative Assembly on Friday. The amount will comprise Rs two lakh as life insurance and Rs two lakh as accident insurance. The entire insurance premium will be borne by the state government, the chief minister, who also holds the finance portfolio, said. In order to provide social security to the 'gig workers' in the unorganised sector, ie, employed as full-time or part-time delivery personnel in e-commerce companies like Swiggy, Zomato, Amazon etc, insurance facility of total Rs four lakh will be provided Siddaramaiah said. Subsidy and benefits will be given to registered beneficiaries and their dependents through the Karnataka Building and Other Construction Workers Welfare Board, he said.

PRAHAR writes to FinMin over violation of advertisement norms by brokers

Civil society organisation PRAHAR has written a letter to finance ministry expressing concern over misleading advertisements by some insurance broking firms. Public Response Against Helplessness and Action for Redressal (PRAHAR) in a letter written to finance minister Nirmala Sitharaman alleged that some of the new-age insurance broking firms selling policies online are alluring customers by indicating Rs 1 crore amount by investing a small amount for certain number of years. Insurers and insurer intermediaries are bound by the guidelines outlined in the Master Circular on Insurance Advertisements (2019). Specifically, Clause 3.4.1.3 of the Master Circular strictly prohibits insurers from projecting future performance based on past financial results. "Where attention is drawn to insurer's past financial performance, it should indicate that the past performance is not necessarily an indication of future performance," as per the Master Circular. The organisation requested the finance

Deposit claims worth Rs 752 cr settled in FY23: Financial Stability Report

In absolute terms, the insured deposits amounted to Rs 83.89 trillion as of March 31, 2023

Avg health insurance claims in India Rs 42,000; 15% cross Rs 1 lakh: Report

The average cost of health insurance claims in India is Rs 42,000, with 15 per cent of these claims exceeding Rs 1 lakh, a report said. This highlights the need for policyholders and insurance providers to consider potential high-cost scenarios, such as hospitalizations exceeding five days and costing over Rs 5 lakh, when designing coverage options. The report by SecureNow on Reimbursement Health Insurance Claims provides significant findings on hospitalization duration, claim costs, settlement rates, and the efficiency of the claim settlement process in India. It analysed 3,846 health claims filed through the reimbursement process as opposed to cashless. These claims were geographically diverse and covered different kinds of insurers, family members, and both external and internal Third Party Administrators (TPAs). Furthermore, it said, less than 3 per cent of claims are due to accidents, with a lower median cost of Rs 33,000. The report emphasizes that the duration of ...

Brookfield reinsurance arm offers to buy American Equity in $4.3 bn deal

Deal comes months after AEL rejected nearly $4 bn takeover offer from Prosperity Life and its principal shareholder Elliott Investment Management, saying bid "significantly undervalued" company

Digit Life enters insurance space with maiden product group term plan

Digit Life Insurance, which is the newest licensee to get the regulatory approval to enter the life insurance space, on Monday said it has begun operations with the launch of a group term plan as its maiden product. The company, promoted by Canadian NRI Prem Watsa's Fairfax Financial Holdings and Kamesh Goyal of Go Digit General Insurance, said that it began operations within two weeks of receiving the license from the Insurance Regulatory and Development Authority of India (Irdai) on June 9. The group term cover focuses on holistic coverage of death, disease, and disability and provides flexibility through multiple payout options, with four in-built optional benefits and various add-ons. Bengaluru-based Go Digit Life Insurance is a tech-backed life insurer and is part of Go Digit Group. The four payout options include the lumpsum sum assured, regular income till retirement, regular income linked to the age of insured members' children, and regular income for a specified period of