ICICI Lombard is the largest private sector general insurance company. It holds 18 percent market share in the private non-life sector.
Coverfox is run by Glitterbug Technologies, a tech company which has received Series A & B funding from global funds such as SAIF partners, Accel and Narayan Murthy’s Catamaran Ventures.
IBAI had sent a representation to IRDAI on this matter. Almost 20 percent of the business in the general insurance sector is procured through insurance brokers.
With respect to the motor own damage space, claims pendency was less than 5 percent for most insurers.
Currently, banks act as corporate agents through bancassurance agreements with insurance companies. They can sell products of three life, three non-life and three standalone health insurers
LIC started off with an initial capital of Rs 5 crore. On its 61st birthday, LIC collects more than Rs 340 crore as new premium every single day (as per FY17 premium data).
Cigna had recently filed an application to increase its stake from 26 percent to 49 percent in the insurance company.
The regulator also said that the information downloaded from UIDAI should be considered as sufficient information for the purpose of KYC verification.
General insurance firms provide coverage against damage and theft to property. Protection is against burglary, fire, earthquake, perils like storms and floods being an option that can be covered at a small additional premium.
A term plan protects the policyholder's family in the event of an unfortunate incident leading to death.
The initiative will also enhance HDFC ERGO’s reach in tier II and III towns and cities through ItzCash’s nationwide franchise network.
To get the best deal, always buy a comprehensive motor insurance policy.
To avoid conflict of interest, IRDAI norms prevent insurance agents from working with multiple companies in the same category of business.
CNBC-TV18's Surabhi Upadhyay caught up with Harshvardhan Roongta, Roongta Securities, Eswara Narayanan, COO, Future Generali and Rahul Mohta, Ideal Insurance Brokers to find how you should approach your insurance claims, what the right steps are and how to ensure that you get that pay out.
Manohar Bhat, Chief Business Head- Motor, Bajaj Allianz General Insurance said that it is also advisable to have a comprehensive motor insurance policy with sufficient add on covers to minimise the losses from any vehicle damage.
The companies offering this travel insurance are Royal Sundaram General Insurance, ICICI Lombard General Insurance and Shriram General Insurance.
You should ideally store your insurance-related documents digitally as it easier to access than physical documents.
There are 22 companies in India providing a variety of motor insurance plans. So, spend some time on searching the right plan for your vehicle.
The telematics device, usually a black-box fitted by the insurer, would be capable of measuring the driving habits of the person on the wheel.
Rashtriya Swasthya Bima Yojana scheme was launched in 2008 for Below Poverty Line households but has been expanded to cover other defined categories of unorganised workers
Though unlike other institutional investors, insurers do not drastically change the buy-sell call for shorter durations, significant stock price moves do lead to strategic decisions to buy or sell stocks in bulk.
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.