When a medical claim arises, is a reimbursement product better or the one which pays a lump sum amount to the insured? Also, what are the advantages of buying health plans from a life insurer?Both a reimbursement product and the ones paying a lump sum (benefit) amount have their own advantages and disadvantages. While a reimbursement policy is intended to indemnify the actual hospitalisation expenses incurred subject to sum assured, a benefit policy is a named ailment or surgery policy which will only pay a flat amount, irrespective of actual expenses incurred.The key difference is that policies paying a lump sum have no correlation with the end usage of payment. Generally, insurance covers a restrictive list of ailments or surgeries, while a reimbursement policy is more exhaustive in coverage but indemnifies only the actual expenses. These two products complement each other.In the Indian market, 95 per cent of the policies sold are indemnity-based. Life insurers generally offer  benef

General Insurance: Rakesh Jain

Business Standard

Chief Executive Officer of Reliance General Insurance, answers your queries

Readers' Corner: Rakesh Jain

We had applied for a health insurance floater cover for my father-in-law and mother-in-law from a standalone insurer.

While Japan is by no means alone in confronting a debt problem, salaries are the lowest of Group-of-Seven countries, and the central bank is raising borrowing costs while its peers cut them

Lawyers estimate that personal bankruptcies in Japan — already the highest since the pandemic — are on track to reach the most since 2012 this year. | Bloomberg

Mark Burnett, the power producer who helped reintroduce Donald Trump to a national television audience with "The Apprentice", is being tapped by the president-elect as special envoy to the United Kingdom in his upcoming administration.
"With a distinguished career in television production and business, Mark brings a unique blend of diplomatic acumen and international recognition to this important role," Trump announced on Saturday.
Burnett, who was born in London, helped produce hits like "Survivor" and "The Voice", but is perhaps best known for teaming up with Trump for "The Apprentice", which first aired on NBC in 2004.
Trump had been well-known in real estate and pop culture circles for decades. But the show helped again make him a household name -- though Trump severed ties with NBC in 2015, the same year he launched his first White House run.
The selection of Burnett continues Trump's trend of filling out his incoming administration with people who have high-profile background

Donald Trump, Trump

Punjab's ruling Aam Aadmi Party won the municipal elections in Patiala and was leading in Ludhiana and Jalandhar, while the Congress was ahead in Phagwara and Amritsar.
Elections to five municipal corporations -- Ludhiana, Jalandhar, Patiala, Amritsar and Phagwara -- and 44 municipal councils and nagar panchayats in Punjab took place on Saturday.
The Aam Aadmi Party (AAP) is set to elect its mayor in Patiala as it won 43 out of 53 wards. The Congress and the Bharatiya Janata Party (BJP) won four wards each, while the Shiromani Akali Dal won two wards, as per the results declared on Saturday night.
AAP was also leading in Ludhiana, where it won 42 out of 95 wards. Congress registered victory in 29 wards, followed by BJP in 19, Independents 3 and SAD 2, as per the results.
AAP was also ahead in Jalandhar, winning 39 out of 85 wards, with Congress and BJP winning 24 and 19 wards, respectively.
However, Congress was ahead in Amritsar and Phagwara. In Amritsar, Congress won 40 wards wh

Illustration: Binay Sinha, census

Seven Indians have been injured in the deadly car-ramming attack in the eastern German city of Magdeburg and the Indian embassy in Berlin is providing them all possible assistance, official sources said on Saturday night.
A 50-year-old man drove his car into crowds at a Christmas market on Friday evening in Saxony-Anhalt state's Magdeburg, leaving at least five people, including a nine-year-old, dead and nearly 200 injured, according to German authorities.
Three out of seven injured Indians have been discharged from hospital, the Indian government sources said.
Condemning the "horrific and senseless" attack, the Ministry of External Affairs (MEA) said the Indian mission in Germany is in contact with the Indians injured. It, however, did not specify the number of Indians injured.
In a post on X, the Indian embassy in Berlin said it is maintaining close contact with the Indians injured in the attack.
In a statement, the MEA said the Indian mission is rendering all possible assistanc

India-Germany, India Germany flag

Venugopal said all Congress MPs, senior leaders and CWC Members will hold press conferences in their constituencies and home districts across the country on December 22-23

KC Venugopal, PAC head

Stay with us for all the major news updates from around the world

Nirmala Sitharaman, Nirmala

GST Council addresses disaster levy, clarifies tax exemptions, and revises ITC norms, while deferring insurance premium GST cut and key rate rationalisation decisions

GST council meeting

Bihar's Deputy Chief Minister Samrat Chaudhary said another meeting of the GoM is scheduled for January before the proposal is reintroduced to the GST Council

Amid controversy over Home Minister Amit Shah's remarks on Ambedkar, Kejriwal launches Dr Ambedkar Samman Scholarship, pledging support for Dalit students pursuing studies abroad

Kejriwal, Arvind Kejriwal

PM Modi will embark on a historic Kuwait visit, marking the first by an Indian PM in 43 years, aiming to boost ties in trade, energy, investment, and cultural exchanges

Narendra Modi, modi

The price of ten grams of 24-carat gold in Mumbai is in line with prices in Kolkata, Bengaluru, Chennai, and Hyderabad at Rs 77,830

Gold, Gold price, Gold rate

Congress members called on Washington to uphold its own laws that restrict military aid to countries that commit war crimes

Joe Biden, Biden

The Netherlands Prime Minister Dick Schoof said he had a telephonic conversation with Prime Minister Narendra Modi where they talked about strengthening relations between the two countries.Schoof said that they also discussed about the Russia-Ukraine conflict.In a post on X, Schoof said, "I just had my first phone call with Prime Minister Narendra Modi of India. We spoke about further strengthening the good relations between the Netherlands and India and about opportunities to work together more closely through a strategic partnership in areas like security, water, green hydrogen, agriculture, semiconductors and healthcare. We also discussed other matters such as the war in Ukraine."PM Modi called the Netherlands a 'trusted and valued partner'.In a post on X, PM Modi said, "Pleased to speak with PM Dick Schoof. The Netherlands is a trusted  &  valued partner. We are committed to advance and provide strategic dimension to bilateral ties in diverse sectors including water, ...

India-Netherlands flag

Steve Davis, president of Boring Co., Musk's tunneling operation, and Michael Kratsios, former US chief technology officer, are among those leading interviews of potential candidates

Elon Musk, Tesla CEO

Markets Today LIVE: Markets in India are likely to come under heavy pressure on Thursday, following the significant decline on Wall Street after the US Fed's hawkish commentary about future rate cuts

market

Shares of SpiceJet rallied up to 7.85 per cent at SpiceJet per share on the BSE in Thursday's intraday deals

Spicejet

India, US bond yield spread narrowest in nearly 20-yr; Sensex slips below 80K after 4 days of equity selloff

rupee bond

Mumbai ferry accident: An FIR was filed at the Colaba police station in south Mumbai under relevant sections of Bharatiya Nyaya Sanhita (BNS) against the Navy speedboat driver

Capsize, Mumbai Capsize, Boat Capsize

The Opposition Congress has doubled down on its demand for Home Minister Amit Shah's resignation, citing his comments on B R Ambedkar

Rahul Gandhi, Rahul, Congress leader, Priyanka Gandhi, Priyanka

Dhaka has been behind on payments to Adani Power since supply started in July 2023

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Bankruptcies, suicide rise as Japanese struggle with mounting debt

Trump taps 'Apprentice' producer Mark Burnett as special envoy to UK

AAP wins Patiala, leads Jalandhar, Ludhiana; Cong ahead in Amritsar, Phagwa

7 Indians among around 200 injured in German Christmas market attack

Congress to observe Ambedkar Samman Saptah, demands Amit Shah's resignation

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Modi's Kuwait trip first by an Indian PM in 43 yrs; focus on trade, defence