May 11, 2021 01:25 PM IST
Insurance companies say that loss ratios have exceeded 110 percent and some steps are being taken to keep claims under control; accepting all recovered policyholders at the same cost will hurt firms, they say
- May 11, 2021 10:43 AM IST
The full impact of the second wave on life insurance claims is yet to be seen, says Executive Director Subhrajit Mukhopadhyay
- May 07, 2021 07:09 PM IST
Life insurers saw a 44.8 percent growth in first year premiums while non-life insurers saw 22 percent YoY growth.
- May 07, 2021 03:36 PM IST
LIC will accept documents like death summary from government, armed forces and also hospitals to make the claims settlement process quicker.
- May 07, 2021 11:14 AM IST
These are typically add-on covers. Most of them come absolutely free or with very nominal charges
- May 06, 2021 10:12 AM IST
If the admission to hotels is on the recommendation of the treating doctors and hospitals, the claim will be paid
- May 04, 2021 11:56 AM IST
Apart from your employer given insurance, you can take a senior citizen cover and a super top-up policy
- May 03, 2021 02:44 PM IST
The country’s largest insurer saw its equity holding value rise to Rs 7.69 lakh crore in FY21 as against Rs 3.93 lakh crore a year ago, representing a whopping 96 percent year-on-year growth
- May 03, 2021 10:29 AM IST
Corona Kavach policies cover the cost of treatment at home
- May 01, 2021 02:16 PM IST
Keep a list of documents and medical bills ready for quick claims settlement. If your insurer has a tie-up with a local hospital, opt for it.
- Apr 30, 2021 02:48 PM IST
The delays in clearing claims are primarily because of disagreements between hospitals and insurance companies over the claim amount and charges imposed. As of April 28, there were 1.1 million Covid-19 health claims worth Rs 15,568 crore filed with insurers. Of these, 930,729 claims worth Rs 8,918.57 crore have been settled.
- Apr 29, 2021 06:11 PM IST
A Delhi High Court order dated April 28 directed IRDAI to advise insurers to communicate their cashless approvals to hospitals within 30-60 minutes.
- Apr 29, 2021 03:47 PM IST
The insurer, in a statement, said the growth was driven by a 24 percent YoY rise in individual new business premium to Rs 504 crore and a 4 percent YoY rise in renewal premium to Rs 1,327 crore.
- Apr 28, 2021 06:27 PM IST
- Apr 28, 2021 01:56 PM IST
Insurers say their viability is at stake as losses are mounting, and the regulator did not increase third-party insurance rates in FY21, but transporters are opposing the move saying higher premium will amplify their stress
- Apr 28, 2021 10:23 AM IST
Some doctors say higher value term covers are elusive and that they are made to sign additional declarations while applying for life insurance polices
- Apr 27, 2021 12:47 PM IST
Many hospitals are not ready to settle cashless claims despite agreements with insurers. Facing the heat from the finance ministry and the regulator, insurers are looking to tweak these agreements and remove errant hospitals from the network.
- Apr 26, 2021 03:40 PM IST
HDFC Life's Value of New Business (VNB) increased by 14 percent YoY to Rs 2,185 crore.
- Apr 26, 2021 11:35 AM IST
Aditya Birla Health Insurance and Star Health have come with plans that cover your pre-existing conditions immediately after buying the policy
- Apr 22, 2021 08:06 PM IST
As on April 20, a total of 900,000 COVID-19 health claims worth Rs 8,642 crore were settled by insurance companies.
- Apr 22, 2021 12:40 PM IST
Though the second wave is more ferocious, insurers believe they are better-prepared in the light of last year’s experience
- Apr 21, 2021 01:35 PM IST
Insurance companies, facing almost 10 lakh COVID-19 claims worth Rs 14,000 crore, are either denying new policies to people who recover from the disease, or inserting harsh clauses, fearing big claims in the future, but vaccination is likely to restore normalcy even though the premium may be high.
- Apr 20, 2021 09:43 PM IST
LIC's market share was 81.04 percent in number of policies for the month of March 2021 and 74.58 percent for the year.
- Apr 20, 2021 08:15 AM IST
After two consecutive quarters of solid earnings beats and upgrades, we expect another strong quarter, aided by a deflated base of Q4 FY20 and healthy demand recovery for the large part of Q4 FY21, said Jani.
- Apr 19, 2021 07:59 PM IST
The life insurer's Value of New Business (VoNB) for the quarter grew 26 percent YoY to Rs 591 crore. The Board has approved a final dividend of Rs 2 per equity share for FY21.