Insurance

Individualised APE for private life insurers falls 7% in July; for LIC it was up by 10%

New sales have taken a hit as investors have deferred their investments in insurance due to the uncertainty, says industry officials.
However, individual APE for Life Insurance Corporation of India (LIC) was up 10% year-on-year.

‘Covid may not have very severe impact on life insurance industry’

Exide Life Insurance’s gross written premium (GWP) witnessed growth of 12% year on year in the last financial year.

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Lapsed insurance policy? LIC to launch revival campaign for policies from August 10

Under this Special Revival Campaign, it said, policies of specific eligible plans can be revived within five years from date of the first unpaid premium subject to certain terms and conditions.

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5 lesser known features of health insurance

While buying when you check health insurance features, benefits and make a comparison, there are a few lesser-known features that you need to be aware of.

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5 smart ways to get more value from your life insurance policy

Unravel the major factors that affect how much you pay towards your policy and minimize those costs smartly in 5 simple ways.

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Looking for health cover? Now get premium instalment options from Bajaj Allianz

Customers having a net premium of Rs 12,000 or more would be able to opt for the monthly instalment option, it said.

Over 25% people want protection, health & critical illness in one insurance plan: Bharti AXA Survey

The COVID-19 pandemic has altered the landscape of life and health insurance, with people considering health insurance more seriously and preferring term life insurance plans over others.

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Now receive and cancel life insurance policies online: IRDAI allows insurers to send policy document on e-mail

The IRDAI has allowed insurers to issue the policy document on email and the insured can even get it cancelled within the free-look period.

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COVID-19 crisis: General insurers flooded with claims for coronavirus

According to general industry officials, states like Maharashtra and Tamil Nadu, and the national capital are witnessing higher number of claims.

The Insurance Regulatory and Development Authority of India (Irdai) had asked general insurance companies to launch Corona Kavach policy with a sum insured of Rs 50,000 to Rs 2 lakh.

Crop insurance: Rising costs force states to quit PM Modi’s flagship scheme

The states’ share of premium jumped to 44% in FY20 from 41% in FY17 under the PMFBY and Weather Based Crop Insurance Scheme (WBCIS) while the Centre’s share increased to 42% from 40% during this p

Under PMFBY, farmers’ premium is fixed at 1.5% of sum insured for rabi crops and 2% for kharif while it is 5% for cash crops.

Covid-specific health insurance: Should you opt for it if you already have a medical policy?

If a person has already got a regular health policy, do they also require Covid-specific health insurance plans?

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Mera Mediclaim Plan: Combo of health and life insurance in a single plan – Check features

This plan offers you the benefits of both health and life insurance in a single plan.

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This Raksha Bandhan, protect the financial interests of your loved ones

On this Raksha Bandhan, let this promise be not restricted to some gifts and a promise to protect them physically, but expand its scope of protection.

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Term Insurance: Lump Sum Vs Staggered Payout Option – Which one should you choose?

When you buy a term insurance plan, it comes with the option of receiving the total sum assured – also known as death benefit – either as a lump sum or in the form of staggered payout.

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LIC’s new premium income soars 25.2% to Rs 1.78 lakh crore in FY20

LIC continues to be the dominant life insurer with a market share of 75.90 per cent in policies and 68.74 per cent in first-year premium, it said in a statement on Thursday.

Parliamentary committee to seek unemployment insurance for most of unorganised sector workers

The second labour commission had also mooted such a proposal for the unorganised sector workers including the construction workers and self-employed workers.

A fund can be created by the government in which the insured person will contribute on a monthly basis and the government will also chip in.

ESIC increases monetary grant paid to pregnant women to Rs 7,500

The final notification will be issued after considering suggestions or objections from the stakeholders who have been given 30-day time for feedback.

The ESIC Board had given its approval to enhance the limit in its meeting in February this year.

Currently, about 98% of our sales are paperless: Mayank Bathwal, CEO, Aditya Birla Health Insurance

In the present scenario, medical tests are not feasible either because people are not willing to go for it owing to their safety or because of lockdown in many parts of the country.

Mayank Bathwal, CEO, Aditya Birla Health Insurance Co. Limited

Health Insurance: Arogya Sanjeevani, Corona Kavach Policy now as group cover, too

As the policy covers Covid-19, this standard group policy will be useful to various private and public establishments for covering the medical needs of their employees.

Arogya Sanjeevani covers the hospitalisation treatment costs of Covid–19.

COVID-19 & awareness: Life insurance industry sees surge in critical illness cover along with term plans

To further boost their healthcare shield against any serious illness, policyholders have been buying critical illness riders along with term plans in the last few months.

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ESIC Health Insurance Scheme: Central govt proposes to increase confinement expenses from Rs 5000 to Rs 7500

The Central government has proposed to increase confinement (maternity) expenses paid to an insured woman or an insured person for his wife under ESIC's health insurance scheme to Rs 7,500 from Rs 5,0

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Looking for a Covid-19-specific cover? Clear your doubts on Corona Kavach, Rakshak before applying

Getting a comprehensive health insurance policy is quite expensive and may also not serve the purpose due to a longer waiting period compared to a Corona-specific plan.

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43% buyers of Corona Kavach health plan in 18-30 age group : Max Bupa survey

Corona Kavach plan is the Covid Standard Health Policy and has one Basic mandatory cover and One Optional Cover.

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Fraud Alert! IRDAI cautions public against these types of fraudulent offers on insurance policies

The IRDAI note states that it has come to their knowledge that the general public and policyholders have been receiving spurious calls posing to be the officials.

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