Through this feature, called 'InstaSpect', claims settlement can be done instantly.
Currently, all products in the health insurance segment only cover healthy individuals for any future medical expenses related to cancer.
In a ULIP, the actual death benefit can be higher than the minimum death benefit guaranteed.
The new premium of life insurance companies increased by 47.4 percent to Rs 20,427.68 crore in July, data from sector regulator Irdai shows.
Whenever a new policy is issued, all proposal forms now have an option to create an electronic insurance account.
Payworld, a nine-year old fintech firm, provides digital transaction services like mobile recharge, e-payment, railway reservation and remittances facilities.
According to the report, the large coverage of social sector schemes is likely to drive penetration as well as create greater awareness among the uninsured populations about the benefits of health insurance.
Among banks, Bharti AXA General has tie-ups with HSBC and HDFC Bank which gives them access to a variety of customers.
Premium rates not only vary according to age and gender but also on factors related to a lifestyle, like smoking, drinking, occupation and medical history.
The losses under the segment have exceeded 100 percent and hovering around 120-130 percent which means that for every Rs 100 collected as premium, Rs 120 is paid as claims. This has led to heavy losses for insurers present in this space.
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"Global average investment in digital technologies is increasing over the years, while the insurance industry in India is lagging, both in its level of digitalisation and its ability to realise financial returns on its digital investments," a CII-PwC report on 'Evolving considerations for the Indian Insurance Industry' said.
Globally insurance companies are increasing investment in digital technologies, but Indian firms are lagging behind, says CII-PwC report.
The case pertains to IRDAI's directive to transfer Sahara Life Insurance’s policyholder liabilities ICICI Prudential Life Insurance
Telematics insurance involves fitting a device into the vehicle to measure speed, the route taken and distance clocked
Colleges that cover school curriculum in the morning and coaching classes in the evening have come under the scanner of the Maharashtra government
From 53.32 percent in the first quarter of FY17, the share dropped to 50.67 percent in the first quarter of this fiscal for the public sector.
According to ICRA, the public sector general insurers’ solvency levels continue their downward trend amid high underwriting losses and part reluctance to churn equity book.
The move comes amid a heavy backlog of cases due to vacancy of the posts for about 2-3 years at each of the Ombudsman offices.
Sahara Life approached SAT on Monday and got a one-week reprieve, in which period the Insurance Regulatory and Development Authority of India (IRDAI) will be required to furnish its reply.
In 2016, GSB Seva Mandal, Kings Circle which is considered to be the richest ganpati mandal in the city took an insurance cover of Rs 300 crore for the event.
Sahara Life is mainly surviving on the release of reserves, according to the IRDAI Administrator’s report.
LIC follows ‘contrarian’ investment strategy, which is sell when sentiment is bullish and buy when the mood is bearish