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Insurers typically require proof of hospitalisation to process a health insurance claim. However, what can be done when someone is too old or unwell to be admitted to a hospital and the sole option is to get treatment at home? Treatment at someone’s home or domiciliary treatment covers medical consultation, nursing care, medical consultation fees,…
Health insurers are getting innovative and are offering jumbo benefits to customers. After ICICI Lombard’s ‘Elevate’ that offers infinite sum insured, 100% cumulative bonus and unlimited restoration benefits and Star Health Insurance’s ‘Super Star’ that provides similar benefits along with the option to lock in your age at entry, wherein premiums are fixed at the…
Mumbai: The Insurance Regulatory and Development Authority of India is considering a proposal to increase foreign direct investment in the insurance sector to 100% from 74% now, Deepak Sood, member of Irdai, said at the 17th edition of the Mint BFSI Summit and Awards on Friday. Allowing 100% FDI in insurance may not only open the…
Mumbai: With the government-backed digital insurance marketplace Bima Sugam set to debut in a few months, industry leaders expect it will be a game-changer for a crucial sector that’s vastly under-penetrated in India. At the Mint BFSI Summit and Awards 2025 in Mumbai on Friday, industry executives outlined the transformative potential of Bima Sugam, expecting…
The Insurance (Amendment) Bill, 2024, if passed, will allow state-owned insurers to obtain composite licences to sell both life and non-life products, avoiding amendments to the Life Insurance Corporation Act of 1956 and the General Insurance Business (Nationalisation) Act, 1972. The public sector life and general insurers are currently governed by separate parliamentary acts. “This…
New Delhi: The Central government may more than double the insurance coverage under its schemes, the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and the Pradhan Mantri Suraksha Bima Yojana (PMSBY), in the upcoming budget, two people aware of the matter told Mint. The initiative aims to strengthen financial security, especially for individuals from economically…
The other two may be provided additional capital to strengthen their balance sheets, the people cited above said on the condition of anonymity. To begin with, the government will assess the financial performance of all three insurers in the coming quarters. “The aim is to strengthen the general insurers’ balance sheets through recapitalization before any…
This lag in insurance coverage presents opportunities for insurers. They can expand their reach in tier-II and tier-III cities and rural areas with low awareness and accessibility. “Insurance density in India is relatively low compared to global standards. Innovative distribution models can facilitate the inclusion of underinsured customers who are already covered by government schemes,”…
The limit on room rent is a significant factor in a health insurance policy as exceeding it will increase your out-of-pocket expenses significantly. If a policyholder opts for a room that is above the limit set in the policy, the insurer will apply a proportional deduction, affecting not only the room rent payout but also…
The move, being mulled by the Union finance ministry with the help of the Reserve Bank of India (RBI), would also help the government nudge the industry towards its target of insurance for all by 2047, these people said on the condition of anonymity. For insurers, investing in these 50-year on-tap bonds would provide them…
