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 […]
Standardised ‘Corona Kavach’ & ‘Corona Rakshak’ health insurance products from July 10
You will be able to buy standard COVID-19 health insurance policies with uniform features, terms and conditions from any insurer from July 10. You can choose between indemnity, or reimbursement, plan – to be mandatorily provided by general insurers – or a benefit-based plan, which can be offered by life insurers too. The premiums will be […]
India: Govt plans medical treatment plan for motor accident victims
The government plans to launch a cashless treatment scheme for road accident victims with a cap of INR250,000 ($3,300) per case, to ensure that victims have immediate medical care. For the scheme, the Ministry of Road Transport and Highways (MoRTH) will set up a Motor Vehicle Accident Fund, reported Press Trust of India. The Fund […]
New COVID-19 insurance covers travel agents against cancellation costs
Considering impending announcements from the UK government on easing travel restrictions, ROCK Insurance Group has launched two new COVID-19 insurance policies to protect travel businesses and travel agents should customers need to cancel or postpone their trips due to coronavirus-related issues. Commenting on the new policies, ROCK Insurance Group managing director Antony Martin said, “There […]
INSURANCE INDUSTRY Instilling hope during Covid-19 times
Covid-19 has impacted all economies very badly. Indian economy has suffered a loss of Rs 10 lakh crores due to Covid-19 . The insurance companies were on the forefront to deal with Covid related issues and have introduced new innovative policies which among others will cover Job losses, revenue losses and short term policies ” […]
India:WhatsApp to launch insurance and micro-pension pilot schemes
Messaging app WhatsApp India is set to launch pilot schemes in insurance, micro-pension and lending in partnership with domestic service providers. Mr Abhijit Bose, head of WhatsApp India, said that the app has already run service delivery pilots with lenders such as ICICI Bank, HDFC Bank and Kotak Mahindra Bank, according to a report by Financial Express. WhatsApp is yet […]
