Page 39 - Insurance

Covid insurance claims not steep, say insurers even as cases rise

As of November 18, as many as 576,000 Covid health claims have been reported to insurers, amounting to approximately Rs 8,600 crore, said sources aware of the development

As cyberattacks rise, cyber insurance a small price to pay for protection

Annual premiums do not exceed what you readily shell out for an OTT subscription

Delhi cabinet approves over Rs 40 crore to give insurance to lawyers

The Delhi cabinet has approved over Rs 40 crore to provide medical insurance of Rs 5 lakh and term insurance of Rs 10 lakh to lawyers, who are residents of the national capital, Law minister Kailash Gahlot said Friday. The lawyers will be insured under the Chief Minister Advocates Welfare Scheme, which was announced by the city government in December 2019. The AAP government had set aside a corpus of Rs 50 crore for the welfare of lawyers under the scheme. "Honble CM @ArvindKejriwal had last year announced CM Adv Welfare Scheme with an allocated budget of Rs 50 Cr. As a final step towards implementation of Scheme, Delhi Cabinet on 29.10.20 has approved expenditure of more than 40.60 Cr for purchase of Life Ins & MediClaim Policies," Gahlot said in a tweet. The chief minister had in November last year set up a 13 member committee, headed by the Supreme Court Bar Association president Rakesh Kumar Khanna, to recommend ways for utilisation of the fund for welfare of advocates. The ...

IRDAI panel to examine need for standard cyber liability insurance product

Irdai has set up a panel to explore possibility of a basic standard product structure to provide insurance cover for individuals and establishments to manage their cyber risks

Covid, income fears see shift to single-premium plans. How good are they?

Those buying these plans should bear in mind that gains at maturity may not be tax-free

Irdai allows renewal, migration and portability of Covid-specific products

Renewal subject to insurer's underwriting policy, must be done before expiry of existing policy contract

Don't impose 15-day waiting period for Corona Kavach renewal: IRDAI

As per the guidelines issued by the IRDAI, the short-term Corona Kavach policies are issued by insurance companies for three-and-a-half months, six-and-a-half months or nine-and-a-half-months

M&M offers free coronavirus insurance plan for Bolero pick-up range

Auto major Mahindra & Mahindra on Friday announced a free coronavirus insurance plan for its Bolero pick-up range, offering a floater cover of up to Rs 1 lakh to the vehicle owner and his family members (up to two children) as part of its mega festive offer. The insurance plan can be availed between October 1 and November 30 on the Bolero pickup range which includes the pick-up Maxi Truck, City pickup and Camper, the company said in a release. The Free Corona Insurance is a floater health insurance cover for up to Rs 1 lakh that will cover the customer, his/her spouse and up to two of the customer's children and will remain valid for a period of 9.5 months from the date of purchase of the new vehicle, Mahindra and Mahindra (M&M) said. The pick-up customer is one whose job involves travel, providing essential services, where they can't avoid interacting with people around the clock. An industry-first initiative on our Bolero pick-up range, this corona insurance initiative ...

Clover Health to go public via $3.7 billion deal with Social Capital

The combined cash-and-stock deal includes a $100 million investment from venture capitalist Chamath Palihapitiya and $50 million from Hedosophia

Irdai to start colour coding of individual health plans based on complexity

The regulator has sought comments from all stakeholders on the matter by October 15

IRDAI group tables broad framework for insurance cover to drone industry

The panel noted that the drone ecosystem is in nascent stages in India and finding more usage/applications in various sectors at a slower pace

As Covid-19 upends traditional functioning, insurance goes digital

With the Covid-19 pandemic having upended traditional ways of functioning, insurers are going the extra mile to adopt paperless processes, writes Subrata Panda

Irdai to develop standardised products for bridging protection gap

Life Insurers must aim to achieve a 13th month persistency of 90% within a year, says Irdai chairman

Irdai to take decision on extending tenure of Covid-19 products: Chairman

Regulator Irdai is mulling over a plan to allow the tenure extension of Covid-19 specific insurance products as the vaccine for the disease is seemingly away, its chairman Subhash C Khuntia said

Reported Covid-19 insurance claims at 192,863 worth over Rs 3,000 cr

As many as 121,739 claims settled by insurers so far, amounting to Rs 1,165.81 crore, revealed claims data of General Insurance Council

Irdai urges use of video KYC with geo-tagging, live photo of customer

In January this year, RBI had allowed banks and NBFCs to complete full KYC remotely. A number of banks have rolled out this service since the RBI's nod

Unlock BFSI 2.0: Insurance reinvented itself in pandemic, says industry

Industry rapidly scaled up digital services to help customers, say speakers at Business Standard webinar 'Insured and Safe'.

Irdai invites applications for innovative ideas under regulatory sandbox

Irdai said it has created a regulatory sandbox with the objective of using new and innovative ideas with a view to accelerate the growth of the sector

Unlock BFSI 2.0: From push, insurance has become a 'nudge product'

While demand for insurance, especially protection products, has gone go up, affordability is an issue

Unlock BFSI 2.0: Insured and safe — Insurance in the time of pandemic

In this special Business Standard webinar, the biggest names in India's insurance industry discuss the way forward for general and life insurance segments, especially in the wake of a pandemic >