Composite scheme for low-income persons suggested to Govt: PFRDA Chairman
Pension Fund Regulatory Development Authority (PFRDA) has suggested a composite scheme for of social security cover for the unorganised sector workers and low-income individuals where both pension and insurance benefits will be covered. PRFDA Chairman, Supratim Bandyopadhyay told PTI, “We have given some suggestions to the government. We are thinking whether we can have a comprehensive pension scheme taking along […]
Standard Covid-19 insurance plan to have max sum assured of Rs 5 lakh
Insurance companies are working on a standardised insurance product for Covid-19, with the sum assured ranging from Rs 1-5 lakh. This follows the insistence of the regulator, and directions issued by the General Insurance Council (GI Council) — the apex body of non-life insurers. The product needs to be offered mandatorily from June 15, and insurers have been given time […]
India:Motor claims rise in May as traffic returns to roads
Road traffic is returning to normal across the country after a nationwide shutdown, with motor insurance claims with top insurers surging in May. The re-opening of businesses and other activities has caused accident-related and maintenance related own-damage (OD) claims to surge in May to 50-60% of normal pre-COVID19 levels, as per indicative trends shared by […]
Major shift to digital space demands data security, cyber insurance
The biggest nightmare for an individual in this digital age is to see an unauthorised debit in his bank account and realise he has been a victim of an online fraud. We live in an era of hyper-connectivity which allows us to share information across a wide variety of devices. While offering many advantages, this […]
Covid-19 impact: Uninsured PPE kits add to hospital bills
Hospitalizations in the middle of the coronavirus pandemic, even if a patient has not contracted the virus, may add thousands of rupees in out-of-pocket expenses as insurers are unwilling to cover the costs of personal protective gear as they fall in the list of non-payable items. Patients could end up spending as much as a fourth […]
Motor insurance claims could be rejected if venturing out during lockdown
Lockdown can be pretty tough, thereby restricting people movement across the city. Now if the thought of driving on empty roads to procure both essentials and non-essentials could make you feel any better from staying locked indoors for long, insurance companies have posed another hurdle, a move that will make you rethink twice before venturing […]
After eight-year moratorium all health insurance claims to be paid, says IRDAI
Once you have paid premiums for a health insurance policy for eight years continuously, your insurer will have to pay all claims as per the policy limits from April 1, 2021 onwards. Insurance Regulatory and Development Authority of India (IRDAI) in its guidelines on standardisation of terms and clauses in health insurance said that after […]
Demand for insurance to go beyond traditional motor and health in 2021: Anup Rau, Future Generali India
As the general insurance industry goes through an interesting phase amidst the Covid-19 pandemic and successive lockdown. ETBFSI spoke to Anup Rau, MD & CEO, Future Generali India on the impact of pandemic on their organisation, trends in the claims and new business, emerging risks in the ecosystem and what’s on their priority list. Edited Excerpts: Q. How was the impact […]
India:Electronics giant offers COVID-19 insurance cover for customers
Electronics and appliances major LG Electronics has tied up with Cholamandalam MS General Insurance to offer COVID-19 insurance cover alongside purchases of select home appliances. The COVID-19 insurance scheme will be available in three slabs – INR 50,000 ($654), INR30,000 ($392), and INR10,000 ($131), depending on the category of the appliance purchased. This insurance offer […]
IRDAI allows insurers to roll out short term policies for Covid-19
Insurance Regulatory and Development Authority of India (IRDAI) has asked all insurers life, non-life and health to provide short term cover against Covid-19 disease. On 4th March, IRDAI had asked general and health insurers to roll out need based products which cover the cost of coronavirus treatment. IRDAI said, “With an objective of making available insurance protection to various sections of people in […]
