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The Supreme Court has delivered a significant ruling, stating that insurance companies cannot deny compensation to accident victims solely because the vehicle involved deviated from its permitted route or violated its permit conditions. A bench of Justices Sanjay Karol and Prashant Kumar Mishra emphasised that, in the context of motor accidents, the insurance policy’s primary…
Take the case of Kolkata-based Sabita Mukherjea, who had been hospitalized due to a respiratory tract infection. “First, the insurer did not approve the cashless claim and later rejected the reimbursement claim saying hospitalisation was not necessary. I had paid more than seven premiums in the policy,” Mukherjea said. However, as per the moratorium clause…
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 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…
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…
