Thursday, March 28, 2024

insurance

IRDAI approves setting up insurance e-marketplace Bima Sugam, goes for big regulatory revamp

NEW DELHI: The Insurance Regulatory and Development Authority of India (IRDAI) has given its approval for the setting up of insurance e-marketplace Bima Sugam for buying, selling, and servicing insurance policies as well as settling claims.

Health insurance plans are too generic to warrant the attention of Indian women

NEW DELHI: Future Generali India Insurance Company, one of India’s leading private general insurance players, has announced the findings of #PowHer Survey - an exclusive survey powered by Unomer. The survey focused on gauging the pulse of Indian women when it comes to buying health insurance.

1 Crore Term Insurance: A Comprehensive Guide for Newlyweds and Young Families

Taking on new responsibilities as your life enters a fresh phase brings both promises and practical concerns. If you are recently married or preparing for parenthood, you might have to take certain decisions that would impact your loved ones for years ahead.

Govt’s digitisation push catalysing innovations in insurtech industry: InsuranceDekho CEO

NEW DELHI: The government's push towards digitalisation and technology adoption has catalysed innovation within the insurtech industry, which bodes well for bolstering the growth prospects of the industry, Ankit Agrawal, Founder and CEO, InsuranceDekho, has stressed.

Shark Tank India democratising access to capital for budding talent: InsuranceDekho’s CEO

NEW DELHI: Shark Tank India has transformed the Indian startup ecosystem, helping budding entrepreneurs in various forms and democratising access to capital, Ankit Agrawal, Founder and CEO, InsuranceDekho, said on Sunday.

5 Compelling reasons why car insurance is mandatory

Car insurance isn't just a legal formality; it's a powerful shield that protects you, your car and others on the road. In India, having four-wheeler insurance is not an option; it's a legal requirement. In this blog, we'll explore five compelling reasons why car insurance is mandatory with Kotak General Insurance, highlighting the critical role it plays in ensuring road safety, financial security and peace of mind for all.

Renewable vs. Non-Renewable Term Insurance: Pros and Cons

Choosing a term Insurance can be one of the most significant financial decisions you might make in your early adulthood. Various factors influence your decision to buy term insurance.

Stipend, insurance, academic credits for UG students who land internships

NEW DELHI: Students, who will be able to bag research internship in any industries in the fourth year of their under-graduate programme, will get stipend, insurance and academic credits.

CHJU distributed free insurance policies of Rs 10 lakh each to journalists

CHANDIGARH: Chandigarh and Haryana Journalists Union distributed free insurance policy of Rs 10 lakh each to CHJU member journalists of Kurukshetra district. On this occasion, a seminar was organized on the topic of responsibility of journalists towards the society under the joint aegis of CHJU district unit and Press Club, Kurukshetra.

Kotak Life Insurance to expand branch network

CHENNAI: With the licence to open 30 more branches, private life insurer Kotak Life Insurance Company Ltd, (Kotak Life) will expand its distribution network this year, said a senior official. The company currently has 289 branches.

Rs 5 lakh accident insurance for gig workers in Telangana

HYDERABAD: The Telangana government has extended the accidental insurance scheme to the gig and platform workers in the state with a coverage of Rs 5 lakh.

Reliance Nippon life insurance wins the prestigious national energy conservation awards 2023 in Corporate office sector

CHANDIGARH: Reliance Nippon Life Insurance, India’s leading private life insurer, has been recognized by the Bureau of Energy Efficiency (Government of India, Ministry of Power) at the National Energy Conservation Awards (NECA) 2023. This prestigious award comes in recognition of the company’s efforts towards institutionalizing climate-friendly operations and driving sustainable business growth.

Increased benefit for lapsing customers to affect returns for persistent life insurance policyholders

NEW DELHI: The proposed modification in the surrender value (or charges) of non-linked life insurance policies in the recently released the ‘Exposure Draft Product Regulations 2023’ by Insurance Regulator IRDAI has stirred up a hornet’s nest, Emkay Global Financial Services said in a report.

Trump's campaign against Obamacare health insurance could backfire badly in 2024

NEW YORK: Former US President Donald Trump's attack on his predecessor Obama's "healthcare insurance policy" could backfire spectacularly with voters as it is very popular with the urban middle classes in America.

United India Insurance logs Rs 204.30 cr profit for Q2

CHENNAI: Concluding the turnaround story of the three public sector general insurers, United India Insurance Company Ltd has declared a net profit of Rs 204.30 crore for the second quarter of FY24 from a loss of Rs 347.44 crore logged during corresponding period the previous year.

UP man arrested in Ahmedabad for faking his death for insurance money

LUCKNOW: A man, resident of Uttar Pradesh, has been arrested in Ahmedabad almost 17 years after he faked his own "death" to claim a huge insurance amount.

Zurich Insurance Group to acquire majority stake in Kotak Mahindra General Insurance

NEW DELHI: Kotak Mahindra Bank Limited, Kotak Mahindra General Insurance Company Limited and Zurich Insurance Company Limited have entered into definitive agreements for a transaction whereby Zurich will invest approximately Rs 4,051 crore to acquire a 51 per cent stake in Kotak General Insurance through a combination of fresh growth capital and share purchase.

 

R Madhavan addresses insurance accessibility concerns on Twitter

NEW DELHI: Renowned actor R. Madhavan recently took to Twitter to voice his concerns regarding the general perception of insurance as a cumbersome and unapproachable product.

InsuranceDekho raises $60 mn, surpasses $200 mn in funding this year

NEW DELHI: Gurugram-based insurtech platform InsuranceDekho on Wednesday said it has raised $60 million in its ongoing Series B funding round, taking its total fundraise to over $200 million this year.

Exploring the Best Insurance Policy Options

Having the right insurance policy can be a financial lifeline. Whether it is safeguarding your loved ones' future or protecting your hard-earned assets, an insurance policy is a saviour. With a plethora of options available, it can be confusing to decide which policy suits your needs.

Term Insurance Plan: Why Splitting Cover Is a Great Idea?

If you are looking for a term insurance plan, you might have come across the option of splitting your cover into two or more policies from different insurers. That means you buy multiple policies for smaller amounts instead of buying one policy for the entire sum assured. For example, if you need a cover of Rs. 1 crore, you can buy two policies of Rs. 50 lakhs each from two distinct companies.

Indian admits to defrauding telephone providers, insurance firms of millions of dollars in US

NEW YORK: An Indian national has admitted that he defrauded various telephone providers and insurance companies out of millions of dollars by using stolen or fake identities to submit fraudulent claims for replacement cellular devices and then reselling those devices outside the US.

Indian non-life insurance sector to grow by 10-12% in FY23: ICRA

CHENNAI: Credit rating agency ICRA said on Wednesday that it expects the Indian general insurance sector to log about 10-12 per cent premium growth in FY23.

Insurance scheme for healthcare workers fighting Covid extended for 180 days

NEW DELHI: The Central government has extended the duration of Pradhan Mantri Garib Kalyan Package (PMGKP), an insurance scheme for healthcare workers fighting Covid-19, for a further period of 180 days from April 19, the Ministry of Health and Family Welfare said on Tuesday.

Here All the Reasons Why You Need to Buy A 1 Crore Term Insurance Today

Insurance is one of the best methods to ensure the financial safety of a family or dependant. There are other modes of investment that can be useful in such situations. But their drawback is the uncertainty of return of capital and the benefits being provided to the nominee. You can keep any individual as the nominee through insurance apart from legal heirs.

Tips To Choose The Best Term Insurance Plan

‘Financial Security’ the term imbibes in it the complete world for many. Those who struggle to make a living and fulfil all the monthly desires, understand what it means to have financial security. 

Your checklist for buying a life insurance

 Human life expectancy has increased dramatically in recent years. However, the risk of dying too soon is always present. In many circumstances, a premature death not only has an emotional impact but also has a financial impact on a family. This is especially true if the deceased was the breadwinner. 

How to calculate your term insurance premium?

Term insurance is the most accepted and widely available type of life insurance. When obtaining a term plan, the policyholder must pay a premium in return for the life insurance provided by the policy. The policy premium rate of the policy is determined by a number of elements, which differ from plan to plan. As a result, the Term Insurance Calculator comes in handy to assist consumers in calculating the premium rate of the insurance.

How to invest in tax-saving insurance and get assured savings for the future?

‘How to save tax’ is a common question that arises when doing financial planning. It may have a dual purpose if done correctly: it can help people reach their financial objectives while also saving them money on taxes. Most people are unaware that there are several sorts of tax-saving investments available in the market. Furthermore, with growing medical expenditures, everyone needs adequate insurance or medical coverage. Other than tax-saving insurance policies, this dual advantage is uncommon among tax-saving products.

Everything you need to know about a term insurance plan

There are many different types of insurance policies that can often leave us confused. You may have heard of term insurance plan or read about benefits of health insurance during your research about insurance products and wondered which one to buy. 

What are the different types of group life insurance plans?

The word Group Insurance refers to an insurance plan that covers a group of individuals, most often workers of a company or members of an organization. The benefits are determined by the policy statement published to the business or an association. The group insurance policy might be health insurance, life insurance, or any other sort of personal insurance coverage. Let us shed some light on the various sorts of group insurance plans available in India in this post.

PM to address depositors in bank deposit insurance programme

NEW EDELHI: Prime Minister Narendra Modi will address a programme on "Depositors First: Guaranteed Time-bound Deposit Insurance Payment up to Rs 5 Lakh" on Sunday in Vigyan Bhawan.

Interests of hospitals empanelled under SSBY to be safeguarded; OP Soni directs insurance company to work in tandem with hospitals

CHANDIGARH:Sarbat Sehat Bima Yojna (SSBY), the health insurance scheme run by the Government is running successfully in the state and it's ambit would be enlarged to cover additional 1.5 million families.

Punjab CM announces free health insurance cover for 15 lakh families left out of Sarbat Sehat Scheme

CHANDIGARH: Fulfilling his government’s universal healthcare poll promise, Punjab Chief Minister Captain Amarinder Singh on Friday announced free insurance cover for the 15 lakh families who were earlier not included in the ambit of the Ayushman Bharat-Sarbat Sehat Bima Yojana (AB-SSBY).

Why Should You be Using a Term Insurance Premium Calculator?

In today's day and age, insurance policies need no introduction as the dire need to have a policy has been felt by one and all, especially in recent times. The past year has been an eye-opener for most individuals who have yet to figure out their financial planning for the future and secure their family's future as well.

Cashless Health Insurance: Importance, Process, and Benefits

Under the comprehensive health insurance scheme, farmers will be able to apply till August 15

GURDASPUR:The Punjab Government has given an opportunity to the farmers and their families to apply for the treatment facility up to Rs. 5 lakh under Sarbatt Health Insurance Scheme till August 15.

Punjab Govt to cover 8.5 lakh farming families under health insurance scheme

CHANDIGARH: Punjab Government has decided to bring nearly 8.5 lakh farmers and their families under the ambit of the health insurance cover in line with the ‘Ayushman Bharat Sarbat Sehat Bima Yojana’ for the year 2021-22. Besides, all the farmers having ‘J’ forms and ‘Sugarcane Weighment Slips’ would be eligible for this health scheme.

Akali Dal-BSP alliance lures people with huge promises like free power, health insurance in Punjab

Rs 10 lakh to kin of govt general insurance employees dying of Covid

CHENNAI: The four government owned non-life insurers will pay ex-gratia of Rs 10 lakh to the nominees of the employees who died due to Covid-19, a top leader of the General Insurance Employees All India Association (GIEAIA) said.

4 arrested for creating fake documents to claim life insurance policy

GURUGRAM: The Gurugram police have arrested four persons including a bank employee for allegedly creating fake documents to claim the life insurance policy of a doctor worth Rs 10 crore in Gurugram.

4 arrested for creating fake documents to claim life insurance policy

GURUGRAM: The Gurugram police have arrested four persons including a bank employee for allegedly creating fake documents to claim the life insurance policy of a doctor worth Rs 10 crore in Gurugram.

SBI General Insurance fined Rs 30L by IRDAI

CHENNAI: Cutting down the penalty recommended by its Adjudicative Officer by Rs 70 lakh, Insurance Regulatory and Development Authority of India (IRDAI) has penalised SBI General Insurance Company Ltd Rs 30 lakh for repeatedly violating Insurance Act and the regulations.

SBI General launches helpline for health insurance customers

CHENNAI: Non-life insurer SBI General Insurance Company Ltd on Monday said it has launched "Healthline", a 24x7 helpline service for its health insurance customers.
Healthline service has a dedicated toll free number and mobile number that will be attended by a customer service team 24x7 to address the queries of customers related to risk cover and the claims procedure.

5 Reasons Why You Should Have an Individual Health Insurance

In earlier times, people did not consider purchasing health insurance unless they touched a certain age. Thanks to our sedentary lifestyle, polluted environment, inclination towards fast food, constant stress to juggle multiple responsibilities, increased cost of medical treatments, and inflation, having health insurance has become a necessity over luxury at an early age.

Insurance Ombudsman rules amended for better services

NEW DELHI: The Government has notified amendments to the Insurance Ombudsman Rules, 2017, with a view to improve the working of the Insurance Ombudsman mechanism to facilitate resolution of complaints regarding deficiencies in insurance services in a timely, cost-effective and impartial manner.

FDI hike in insurance to invite foreign majors

NEW DELHI: In a big boost to FDI inflows and the insurance sector, Finance Minister Nirmala Sitharaman on Monday announced increase of FDI limits from 49 per cent to 74 per cent.

SC: Can't suppress material facts while availing life insurance

NEW DELHI:The Supreme Court has said that a contract of insurance is of utmost good faith and a proposer who is keen to obtain a policy of life insurance is duty-bound to disclose all material facts.

Life insurance companies to offer 'Saral Jeevan Bima' from Jan 1

NEW DELHI:The Insurance Regulatory and Development Authority of India (Irdai) has directed all life insurance companies to offer a standard term insurance plan – Saral Jeevan Bima – from January 1 next year.

Andhra CM formally launches free crop insurance scheme

AMARAVATI:Andhra Pradesh Chief Minister Y.S. Jagan Mohan Reddy on Friday formally launched the free crop insurance scheme for farmers, announced last year.
The scheme has resulted in a steep increase of the covered area and the likely insurance claims reaching Rs 1,801 crore.

Cooperation minister hands over insurance claim amount of Rs.25 Lakh each to family members of three employees who lost their lives battling covid-19

CHANDIGARH:In a gesture of appreciation towards the services of the exceptional order rendered by its employees as frontline fighters against Covid-19, the Cooperation Department today handed over the insurance claim amount of Rs. 25 lakh each to the family members of the three employees who lost their lives battling the pandemic.

Flipkart partners Bajaj Allianz to offer cyber fraud insurance

BENGALURU: Keeping the upcoming festive season and growing online frauds in mind, Flipkart on Tuesday announced a partnership with Bajaj Allianz General Insurance Company to offer ‘Digital Suraksha Group Insurance for customers in the country.

Micro-insurance coverage planned for over 40Cr Jan Dhan beneficiaries

NEW DELHI:With around 40.35 crore beneficiaries now covered under the Pradhan Mantri Jan Dhan Yojana (PMJDY), the Centre now plans to get the account holders covered under micro-insurance schemes PM Jeevan Jyoti Bima Yojana (PMJJBY) and PM Surakhsha Bima Yojana (PMSBY).

Medical Insurance During Coronavirus: Things to Know

The absence of COVID-19 vaccine and specific treatment has caused a frenzy worldwide and thus, getting through this pandemic safely is the need of the hour. With over 21 million cases, our world fights an unknown battle where each person can only help by maintaining social distancing& active personal hygiene, along with financial preparedness

Punjab Govt to bring new categories in Govt & Non-Govt sectors into health insurance cover

CHANDIGARH:While extending the Ayushman Bharat – Sarbat Sehat Bima Yojana (AB-SSBY) for one year, the Punjab Cabinet on Wednesday decided to bring state government employees/pensioners and employees of non-government organized sectors, including private sector/boards and corporations, into the fold of the health insurance cover.

Punjab govt extends deadline for farmers till August 5 to register for Sarbat Health Insurance

CHANDIGARH: To bring 9.5 lakh farmers and their families into the ambit of the health insurance cover under the ‘Ayushman Bharat Sarbat Sehat Bima Yojana for the year 2020-21, the state government has extended the last date to submit the applications under this scheme till August 5, 2020.

Punjab CM okays health insurance cover for 9.5 lakh farming families for 2020-21 , up from around 5 lakh in previous year

CHANDIGARH:Punjab Chief Minister Captain Amarinder Singh on Thursday gave the go-ahead to bringing a total of 9.5 lakh farmers and their families into the ambit of the health insurance cover under the ‘Ayushman Bharat Sarbat Sehat Bima Yojana for the year 2020-21, as against around 5 lakh covered in the previous year.

Paytm enters general insurance sector, acquires Raheja QBE

NEW DELHI:Leading digital payments platform Paytm along with its founder Vijay Shekhar Sharma on Monday announced the acquisition of Mumbai-based private sector general insurance company Raheja QBE, to democratize general insurance services in the country.

Now, a 'Bima Mandi' for rural insurance products

MUMBAI:A new startup venture, 'Bima Mandi' hopes to digitize and provide access to insurance and financial services for those living in rural areas, the promoters said here on Saturday.

Delhi man hires juvenile to kill him so family gets insurance money

NEW DELHI:A man here hired a juvenile to kill him so that his family could get claim his insurance money, police said on Monday.
The body of ration shop owner Gaurav Bansal, 37, was found hanging from a tree near Kheri Baba Pul in Ranhola area of outer Delhi on June 10.

Business correspondents seek financial support, insurance cover

NEW DELHI:The Business Correspondents Federation of India has sought financial support from the Centre amid the COVID-19 crisis.
During a recent webinar, it has demanded Rs 5,000 per month per business correspondent from the Central government with effect from April 2020, along with health and life insurance cover for their uninterrupted services during the inconvenient times and most uncertain times for the next six months.

B'luru duo arrested for fake insurance, registration papers

 BENGALURU:A city duo creating and selling fake documents looking like genuine motor vehicle insurance and registration cards has been arrested, an official said on Wednesday.

The COVID-19 Pandemic Impact On Various Insurance Plans

Financial advisers have been expecting an increase in the demand for health insurance plans, keeping the current coronavirus pandemic in mind. Yet there are no ways of measuring the impact this disease might have on the premium rates for specialized medical plans.

Punjab cabinet urges center for insurance of all officials deployed in fight against Covid-19

CHANDIGARH: To boost the morale of Government staff in battle against COVID-19, the Punjab Cabinet led by Chief Minister Captain Amarinder Singh has urged the Centre to provide insurance cover to all officers/officials working relentlessly for containment of corona virus across the state.

Punjab govt announces Rs.50 lakhs insurance cover for frontline cops and sanitation workers

CHANDIGARH: The Punjab Government on Saturday announced special health insurance cover of Rs 50 lakhs each for the police personnel and sanitation workers in the frontline of the battle against COVID-19, on the lines of that announced for health workers by the Centre.

Online Life Insurance- The Best Way to Get Your Policy

The internet has changed the world drastically and made all those tasks hassle-free,which were difficult to perform. Today, most of the things are purchased online. Be it anything- right from grocery to electronics, you have to go to the online merchant, add the desired item to the cart, make a payment, and the item is delivered to your preferred address. BFSI is one of the major sectors where people usually get trouble to perform anticipated tasks. Everyday banking is available now over the phone and the internet. However, the most awaiting- insurance was also made available through the internet, which not only helps people to buy online life insurance but also saves their hard-earned money. How? Continue reading-

Amritsar businessman Anoop Singh faked his own murder to get loans waived and insurance claim

AMRITSAR: In a major breakthrough, the Tarn Taran police have solved the mystery behind the fake murder of Anoop Singh, who had plotted his own murder with the ulterior motive getting over Rs. One crore loan waiver and life insurance claim.

Busted: Gang in UP that bought insurance for the dead

MORADABAD(Uttar Pradesh):The Special Task Force (STF) of the Uttar Pradesh Police has busted a gang that duped insurance companies by getting policies issued in the name of dead people and later claiming the money.

Instances Where You Ought to Buy Inland Marine Insurance

In India, the logistics business has hugely expanded due to the significant growths in the Indian Economy. There are various types of logistics businesses available but these days, the transportation through roadways is on the rise in comparison to transportation through marine routes.

Health Insurance Equals Medical Benefits Plus Tax Benefits. Know More Here

Life is uncertain, and so are the healthcare problems that an individual may suffer. It is one reason why people buy health insurance in India. They can get the required financial backup in case of medical emergencies by opting for one of the best health insurance plans with adequate coverage. Most of the people know about the primary benefits of these plans – The insured pay the premium to the chosen insurance company regularly and get the financial aid in return in case of a medical contingency. However, you do not only get medical benefits on buying health insurance, but much else. Another significant benefit is of substantial tax exemption under Section 80D of the Income Tax Act, 1961.

Experts dwell on role of millennials in insurance sector

MOHALI: Management Club, University School of Management (USMS) at the Rayat Bahra University organized a panel discussion on “What the Insurance Sector has to offer to Millennials”.

Uber partners with Bharti AXA General, Tata AIG for rider Insurance

 NEW DELHI: Ride-sharing major Uber has joined hands with Bharti AXA General Insurance and TATA AIG to offer rider insurance to riders at without any extra cost.

Airtel-Bharti AXA Life tie up for insurance with prepaid plan

NEW DELHI:  As part of its strategy to leverage the deep penetration of mobile services to build a financially secure India, domestic telecom major Bharti Airtel has partnered with Bharti AXA Life Insurance to offer prepaid plan with insurance protection cover to all its customers across the country.

Punjab and Chandigarh Journalists Union thanks Balbir Sidhu for health insurance cover

CHANDIGARH: The Punjab and Chandigarh Journalist's delegation today met Health & Family welfare Minister Mr.Balbir Singh Sidhu at his residence to express gratitude for including them in the ‘Ayushman Bharat-Sarbat Sehat Bima Yojana’ as sixth category.

Punjab first state to extend Universal Health Insurance in the Country: Cheema

CHANDIGARH: Paying Rich tribute to the former Prime Minister of India Rajiv Gandhi, Punjab Government launched Sarbat Sehat Bima Yojana in the State of Punjab, covering more than 85 per cent of the population.

SBI to sell 4% stake in SBI General Insurance, post regulatory approvals

MUMBAI:  Lending major State Bank of India (SBI) will divest four per cent stake in SBI General Insurance company for Rs 481.73 crore post regulatory approvals