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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…
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…
Equated monthly instalments (EMIs) have expanded in scope and size turning into a handy tool for those who want to buy a whole range of things—from homes and cars to refrigerators and mobile phones. You can start enjoying the product even without fully owning it by making small payments every month, quarterly or half-yearly. With…
With health insurance premiums seeing a sharp increase due to the rising cost of medical inflation, you should consider purchasing riders, which are offered as an ‘add-on option’ in your policy. Health insurance riders can provide you with decent coverage at lower costs. A health insurance rider, which is the extra benefit or coverage that…
The Centre is planning to make it mandatory for health insurance companies to approve cashless authorization requests within an hour, and final claim settlement requests within three hours, according to two people close to the development. Alongside, a professional agency may be hired to design standardized insurance claim and application forms that are easy to…
With health inflation continuing to rise, insurers are regularly coming up with new plans that offer some succour for customers. Future Generali India has launched ‘Health Unlimited’, which offers the customer a once in a lifetime benefit of unlimited coverage that will pay for the full cost of any one claim, irrespective of the sum…
The Insurance Regulatory and Development Authority of India has started the process to issue show cause notices to as many as eight insurance companies after allegedly finding lapses in their health insurance portfolios, a report said. As per the report by CNBC TV18 on Friday citing sources, the eight companies that were are being sent…
The Centre has removed GST on all individual life insurance policies, whether term life, ULIP or endowment policies and subsequent reinsurance; and on family floater policies and policies for senior citizens and reinsurance thereof, from September 22, 2025, onwards. The move, announced by Finance Minister Nirmala Sitharaman, is aimed at reducing entry barrier price for…
The Goods and Services Tax (GST) Council, after its 56th meeting on 4 September 2025, announced a GST exemption on all health and life insurance premiums as part of the central government’s indirect tax rationalisation move. The industry has welcomed this step even though the risk of a higher premium looms due to the losses…
