BUSINESS
How the new health insurance customer insurance sheet (CIS) will help policyholders
Insurance companies will have to start issuing the new, updated customer information sheet (CIS) from January 2024. Turnaround time for claim settlement, a guide for grievance redressal, and porting health insurance policies will form part of the document.
BUSINESS
Insurers rejecting claims after branding them as ‘unreasonable’ a key cause of heartburn | Simply Save
IRDAI has set up a committee to recommend simpler policy wordings in insurance contracts. In a conversation with Moneycontrol, Shilpa Arora, COO at InsuranceSamadhan explains why clauses such as ‘reasonable and customary’ charges, proportionate deduction due to room rent capping and co-pay should be spelt out prominently in the insurance contract, and in an easy-to-understand language, instead of technical jargon. Tune in
BUSINESS
Overseas student travel insurance policies to get bigger and better. Here’s how
Education counsellors say that overseas universities often advise students to purchase insurance policies with more comprehensive terms and a broader network of cashless hospitals and clinics in the host country. Meanwhile, Indian insurers believe that the reluctance to accept their policies is influenced by the universities' partnerships with local insurers in their respective countries.
BUSINESS
Sending over Rs 50,000 abroad? Banks could ask many questions, seek additional documents
Any alarm over tight scrutiny is unwarranted, as financial institutions carry out elaborate checks even now. However, the threshold of Rs 50,000 that the finance ministry has specified is quite low, say legal and tax experts.
BUSINESS
Stranded in war zone: Travel insurance to cover hospitalisation for illness, but not evacuation to India
War and war-like situations are exclusions – that is, expenses that insurance policies will not pay for – and in any case, only government-operated evacuation flights are likely to be permitted to carry out operations under such circumstances, say insurers
BUSINESS
Health insurers launch new senior citizen-specific covers: Are they worth your while?
In the last few months, general insurers Bajaj Allianz, ManipalCigna and Tata-AIG have launched health insurance policies targeting senior citizens. Features may be elderly-friendly, but the final decision will boil down to entry restrictions and premiums, say experts.
BUSINESS
Moneycontrol MF Summit: Communication, engagement with GenZ imperative to expand mutual fund investor base
Greater focus on B30 cities, younger investors, and better investor communication and education are critical in tackling certain key perception problems that the mutual fund industry faces currently, say industry leaders.
BUSINESS
How to spend wisely during festive season to avoid regrets later | Simply Save
It is raining offers and discounts and it’s difficult not to give into the temptation to buy the latest smartphone or an advanced home appliance. Online marketplaces also promise to make it easier for you to buy the products by rolling out schemes such as zero-cost EMI, buy-now-pay-later among others. However, it is wise to resist the temptation. To know more about the mistakes that people tend to make while shopping during festive seasons, Moneycontrol spoke to financial planner Pankaj Mathpal, Founder, Optima Money Managers. Tune in
BUSINESS
Health insurance: Family floater policies can include new-borns and children, till they turn 25
New-borns are usually covered under insurance policies with maternity benefits, without any additional premium. But you will have to explicitly include them in your family floater policy to ensure that the protection continues after day 90. Once they turn 25, or get married, they will have to look for a separate, independent health plan.
BUSINESS
RBI proposes changes to strengthen banks’ internal ombudsman framework
The banking regulator will issue consolidated guidelines to ensure uniformity in timeline for complaint escalation, minimum qualifications for an internal ombudsman and so on across regulated entities such as banks, NBFCs and prepaid payment instrument companies
BUSINESS
World Heart Day: More younger Indians now undergo coronary angiography than before, says study
The number of coronary angiography, or CAG, procedures used to diagnose coronary artery disease has increased significantly in age bands of 19-35 years as well as 36-45 years between 2018-19 and 2022-23, the company’s internal claim analysis has found.
BUSINESS
Insurers launch small, midcap funds to ride the market rally. Should you invest?
After Bajaj Allianz Life Insurance launched its small-cap ULIP, now comes Tata-AIA Life and Max Life Insurance’s own policies. But beware: these qre not your usual small-cap mutual fund schemes. These are insurance policies masquerading as investment products. Look before you leap.
BUSINESS
National Pension System: Not just a great retirement tool, it offers tax benefits too
Besides deduction of up to Rs 1.5 lakh under Section 80C and Rs 50,000 under Section 80CCD (1B), NPS can also fetch you additional deduction under both old and new regimes if your employer contributes to your account.
BUSINESS
How RBI’s measures can help you save on home loan interest outgo | Simply Save
Home loan borrowers saddled with high interest rates could now find it easier to switch to lenders who offer cheaper loans. Reserve Bank of India (RBI) asked banks and non-banking finance companies (NBFC) to clearly communicate the impact of any rate change on the EMIs and loan tenure. To understand RBI’s stance and the impact on borrowers in detail, Moneycontrol spoke to Vipul Patel, Founder, MortgageWorld, a loan consultancy firm. Listen in
BUSINESS
Not just hospitalisation, travel insurance also compensates delayed flights, lost bags, laptops, passports
Baggage loss and trip cancellation claims have increased post the re-opening of the skies following the pandemic. Share of baggage loss claims in total travel claims rose 5-7 percent in 2022 and 2023 over pre-pandemic levels, a Policybazaar study has found
BUSINESS
How to respond to an erroneous notice from the I-T Dept
Many cases are likely to be related to deductions claimed after submitting investment declarations to employers later than the specified date. Salaried tax-payers who have claimed legitimate deductions at the time of filing returns need not panic, say chartered accountants.
BUSINESS
Rising household consumption, medical and educational expenses top concerns of Indians: SBI Life study
Though 68 percent of Indians believe they are sufficiently insured, only six percent have adequate coverage, the survey conducted by the private life insurer, in association with Deloitte, has found.
BUSINESS
Explained: Family pension under EPFO’s Employees’ Pension Scheme (EPS)
Under the EPS, a deceased employee’s spouse and children, and in their absence the parents, are entitled to family pension for supporting their financial needs
BUSINESS
Now, buy rider benefits for additional protection even if you own withdrawn life insurance policy
IRDAI has allowed life insurance companies to offer rider benefits to customers of withdrawn products, besides changes in premium payment modes and income payout frequencies.
BUSINESS
IRDAI proposal: Key health insurance features and clauses in a single, easy-to-decode document
The proposed revisions in health insurance policies’ customer information sheet (CIS) will provide policyholders a quick, handy guide at the time of hospitalisation and claims
BUSINESS
Will your social media earnings run afoul of your employers’ policies? | Simply Save
Ensure that you go through your employment contract, human resource (HR) policies and social media usage guidelines if you intend to accept payouts from social media platforms or engage in any other side hustle
BUSINESS
How to minimise your taxes on endowment insurance policies
Budget 2023 taxed maturity proceeds of high-value endowment life insurance policies bought after April 1, 2023. Last week, the government released detailed guidelines on how these would be taxed. The proceeds will fall under ‘income from other sources’ and will be added to your income and taxed as per the slab rate applicable to you.
BUSINESS
NPS: Which is the best annuity option?
At the age of 60, subscribers to the National Pension Scheme have to choose between 15 annuity service providers and multiple pension payout options. The decision will hinge on your family's goals and financial situation.
BUSINESS
Why an international student travel insurance policy is a must for overseas-bound students | Simply Save
An overseas student travel insurance policy offers protection against sickness and accidents, besides covering other risks such as loss of passport, laptop theft, etc. Moneycontrol spoke to Amit Chhabra, Chief Business Officer, Travel Insurance, Policybazaar.com to understand the importance of buying these policies, nitty-gritties, choosing between university-recommended health covers and more. Listen in
