Banking and insurance will be designated as 'strategic sectors', sources told Moneycontrol. Over the long run, the Centre will have only four PSUs in strategic sectors and exit the 'non-strategic sectors' completely
In a bid to offer simple products, the insurance regulator has mandated a standardised term insurance plan
Since 2009, the number of private sector insurance companies has increased manifold, and the policies offered by them are diverse and designed specifically for your needs
Always have an easily accessible contingency fund and if possible a credit card handy to sail through such situations
Insurance policies generally do not reimburse expenses incurred for observation purpose
Unlike other health insurers, who focus on covering only healthy individuals, Star Health covers even those who have ailments such as cancer, diabetes or cardiac disease. Despite this being a risky strategy, the insurer has done well, and is on course to record 45% YoY growth in premium collection this year
The government is yet to appoint book running lead managers and legal advisors. An embedded value has to be decided, the insurer has to pare its stake in a number of other listed companies and has to tweak its balance sheets to comply with regulations, and the LIC Act has to be amended in Parliament.
A report by Motilal Oswal Institutional Equities showed that after reporting six consecutive months of decline, private players’ individual weighted received premium (WRP) rebounded at 3.6 percent year-on-year (YoY) in September.
The term insurance cover should be calculated after factoring in existing savings and investments
Products with a score of 2 or less will be classified green, more than 2 and less than 4 will be orange, while those above 4 and up to 6 will be red. Seven parameters will be considered for the coding system.
Green will mean a simple product, orange a moderate product, while red will be a complex category health insurance product
For one, the LIC Act, 1956, will have to be amended to increase the capital base. Simplification of investment books and additional public disclosures are the other steps. A combination of Indian and international listing is expected to be the model.
Close to 12 million hospitalisation-led treatment has been provided under the Pradhan Mantri Jan Arogya Yojana. However, stakeholders are seeking an upward revision of rates for it to become sustainable for hospitals and insurers.
In 2015, PFRDA had sought permission from the government to be the sole regulator for all pension products, including those sold by insurers. With this decision, pension products across the financial sector will continue to be overseen by various regulators
A very high premium means that you will end up sacrificing today’s liquidity for tomorrow’s needs
IRDAI has allowed insurers and intermediaries to issue policies online. Know how the process will work
Customers can get a cover of Rs 50,000 for a premium of Rs 183 and Rs 1 lakh cover for a premium of Rs 312 per annum.
IRDAI data show that while motor insurance premiums saw a 15.7 percent decline, health insurance premiums grew 13 percent YoY in the April 1-August 31 period. Demand for health products because of COVID-19, and non-renewal of vehicle insurance the main reasons.
Request for Quote (RFQ) is a platform for interaction among market participants who wish to negotiate transactions among themselves
In a bid to ensure that customer data is protected and no third-party gets access to information from their servers, insurers have had to add multiple layers of security. This has seen their costs shoot up
The revised policies will mean cover for more illnesses and procedures at affordable prices
The gift card with a six-month validity can be purchased online.
InsuranceDekho will use the funding for branding and marketing activities as well as strengthening the product and technology teams.
In FY20, close to 45,452 complaints were filed with IRDAI against sale practices of insurance companies.
The ratio just indicates the claims that have been settled by a company in the past