BUSINESS
Is your grand Indian wedding financially protected against cancellations, losses?
Before zeroing in on an insurance policy, ensure that you enquire with multiple companies to understand the terms of coverage and premiums, as the focus on customisation necessitates thorough homework.
BUSINESS
Insurers urge IRDAI to act against automotive dealers’ ‘steep commissions, restrictive practices’
Punitive action by IRDAI can force motor insurance service providers linked to some auto manufacturers to reduce exorbitant commissions of up to 53 per cent, which translate into expensive premiums for policyholders. Regulatory action can also curb their practice of restricting new car buyers’ choice of insurers at the time of vehicle purchase, according to insurance officials.
BUSINESS
Life insurance mis-selling: 4 dubious sales pitches you need to steer clear of
With FM Nirmala Sitharaman and IRDAI chairman Debasish Panda speaking out against the forced selling of life insurance policies, the focus is back on the mis-selling menace that has caused a lot of heartburn to many policyholders who find their money stuck in illiquid, low-return yielding products.
BUSINESS
Explained: How health insurance premium 'lock-in until claim' feature works
Galaxy Health Insurance’s maiden products offer a feature where policyholders’ premiums are locked at the age of entry, until they make a claim. The prospect of paying premiums charged to younger age groups as they will be lower is bound to result in savings in premium outgo for individuals. While you can take this feature into account while buying a policy, it should not be the sole parameter influencing your purchase decision.
BUSINESS
Health insurers sweeten coverage for diabetics, but additional premiums remain a bitter pill
World Diabetes Day on November 14: Several insurers now offer coverage to diabetics from day one, along with preventive care and wellness discounts. Policyholders, on their part, must make complete disclosures about their condition to avoid claim rejections in the future.
BUSINESS
Hospitalisation costs need to come down amid 'vengeance' hikes, insurers tell NITI Aayog
During the meeting, general insurance companies pointed to the lack of transparency and standardisation in corporate hospitals’ fee structures, but healthcare service providers denied adopting arbitrary pricing strategies. Insurers say hospitals levy charges such as electricity, bedsheet-change, on-duty medical officers charges separately when these ought to be part of the room rent.
BUSINESS
Bomb threats to flights: Travel insurance will reimburse take-off delays but not diversions
You can claim compensation for delays under your travel insurance policies but bear in mind the delay deductibles—the number of hours of delay after which the claim gets triggered—while buying and filing claims.
BUSINESS
Diwali house purchase: Here's how a higher credit score can help you get cheaper loans
Banks offer lower interest rates to borrowers with high credit scores, as their repayment track record is reliable. Borrowers with lower credit scores end up paying higher rates, as lenders see them as riskier customers
BUSINESS
Efforts on to make health insurance more affordable, says IRDAI chief
Debasish Panda pointed out that price rationalisation will happen when the health insurance customer base widens.
BUSINESS
Life insurance surrender charges: Why is it a bone of contention between LIC and agents?
Besides revisions in the commission structure, LIC agents' primary concern is that they will have to return the money they had at the time of selling the policy earned if the policyholder surrenders it prematurely after paying the first premium.
BUSINESS
Active versus Auto allocation: How to maximise your retirement corpus under National Pension System
While the ‘Active’ choice is more suited for younger investors with higher risk appetite, those who do not have the time or wherewithal to take proactive calls will find auto choice or balanced lifecycle fund useful.
BUSINESS
LIC agents’ associations up in arms against ‘lower’ commissions, threaten protests at branches
The new rules on surrender charges, under which policyholders are eligible for surrender value after paying the first premium, has prompted LIC to restructure commission payouts, drawing protests from some agents’ associations. They are threatening a nationwide agitation, if their demands are not met.
BUSINESS
NPS’ new balanced lifecycle fund: Can it add value to your retirement portfolio?
The recently introduced fund provides automatic rebalancing of asset classes, but financial advisors believe younger investors are better off with active asset allocation, which allows them to retain control over their asset allocation.
BUSINESS
World Mental Health Day 2024: Has coverage for mental ailments in insurance policies made a difference?
Individuals with mental conditions continue to face challenges while obtaining health insurance policies, despite the IRDAI directing insurers to cover mental ailments. However, the fact that insurance companies cannot deny coverage outright to such individuals is a huge positive as earlier, they could not find health policies to pay for treatment of even their physical illnesses, say experts.
BUSINESS
RBI flags NBFCs’ ‘growth at any cost’ approach: Retail borrowers would do well to heed the message
Governor Shaktikanta Das expressed concerns around lending practices adopted by certain NBFCs, which results in business driving retail credit growth rather than its actual demand. Retail borrowers, too, ought to take note of RBI’s cautionary tone, and avoid availing of easy credit to fund their discretionary purchases this festive season. Adhering to the basics of financial planning can help you enjoy your festive spends sans worries of future EMIs and the interest burden.
BUSINESS
As FM Sitharaman pushes for action on tax refund delays, CAs call for better I-T dept communication
Chartered accountants say that while the majority of their clients have received their tax refund credit faster than usual, others have seen their refund issuances stuck.
BUSINESS
Credit score lower due to lender enquiries despite no loan application? Dial credit bureaus, RBI banking ombudsman for help
Credit history enquiries: If a lender has viewed your credit score without your consent, you can file a complaint with the credit information companies to take corrective action. Else, unsolicited checks can affect your credit score, experts warn.
BUSINESS
Israel-Iran crisis: Avoid knee-jerk reaction, use any correction to deploy cash into equities, say money managers
Retail investors should insulate themselves from the noise and focus on adhering to their long-term financial and asset allocation plans. Gold will
BUSINESS
Why friends or well-wishers cannot be beneficial nominees under a life insurance policy
Only spouse, children and parents qualify as beneficial nominees in a life insurance policy as per Insurance Regulatory and Development Authority (IRDAI) rules. This stems from the principle of insurable interest, without demonstrating which, no insurance policy — life or non-life — can be issued.
BUSINESS
New IRDAI rules: Life insurance policyholders to get higher early-exit payouts from October 1
The IRDAI had asked life insurance companies to ensure that existing endowment policies comply with the new norms by September 30. So, all products sold to customers from October 1 will have to offer special the surrender value right from year one.
BUSINESS
Hospitalisation costs in India surge 13% in FY24; cancer, heart disease risks higher among 41-50 year age group: ACKO Insurance
Average angioplasty claim sizes have increased from Rs 1-1.5 lakh in 2018 to Rs 2-3 lakh in 2024. Similarly, kidney transplant costs have doubled from Rs 5-8 lakh to Rs 10-15 lakh, the study, based on the company’s internal claims, said.
BUSINESS
Mpox Clade 1B strain in India: Will your health insurance pay for treatment expenses?
Like any other infectious disease, if the treatment involves hospitalisation, the expenses will be reimbursed by regular health insurance policies.
BUSINESS
Exiting your organisation? Check if you can convert your group health cover into a personal plan
Employees can migrate to their group health insurer’s individual health insurance policy, but it will be up to the insurer to accept the proposal and also determine premiums. The terms and conditions could also vary. However, for employees, who have elderly parents, the reduction in waiting period for pre-existing illnesses is the key benefit.
BUSINESS
NPS Vatsalya: Why children’s pension cannot be priority over education or parents' retirement plans
For children’s higher education, which is the top goal for parents, equity mutual funds constitute a better vehicle, say financial advisors. Even amongst government schemes, PPF and Sukanya Samriddhi score over NPS Vatsalya as they make funds available when education funding needs arise.
