Page 2 - Health Insurance

Should you bundle health and life cover plans: Key points to consider

One of the main benefits of bundled insurance plans is the potential for lower premiums compared to buying individual policies separately

Buying a cardiac plan? Check waiting periods and co-payment requirements

Customers should also watch out for sub-limits on room rent and specific treatments

Buying cardiac insurance, planning wedding: Top personal finance stories

This week we report about the fine print in specialised insurance for heart conditions and how to organise a lavish wedding

Insurance policies of various companies collected in single table

What companies offer to subscribers living in a metro city and do not smoke

Health insurance for a newborn: Why it's needed, what does it provide

Before buying insurance, parents should consider aspects like network hospitals, claim settlement ratio

No GST on premiums? Life and health insurance tax breaks in the works

The Goods and Services Tax (GST) Council is considering exempting premiums paid for life and health insurance from GST.

Bengal's efforts forced Centre to exempt GST on health premium: CM Mamata

West Bengal Chief Minister Mamata Banerjee on Saturday claimed that the Centre's likely decision to exempt GST on term life insurance premiums and premiums paid by senior citizens for health coverage is the result of sustained efforts by the state government. She said the central government appears to be "under pressure" to cut taxes to benefit the common people. An official stated that term life insurance policies and health insurance premiums for senior citizens are likely to be exempt from GST, as most members of a state ministerial panel favoured tax cuts to benefit the public. The GoM (Group of Ministers), which met on Saturday to decide on GST for health and life insurance premiums, chose to exempt GST on premiums paid by individuals, other than senior citizens, for health insurance coverage up to Rs 5 lakh. However, 18% GST will continue to be levied on health insurance coverage exceeding Rs 5 lakh. "Our sustained efforts appear to be paying dividends the Central government

GoM bats for exemption of life insurance premium from GST: Report

Goods and services tax (GST) on term life insurance premiums, and premium paid by senior citizens for health cover is likely to be exempted from tax, an official said on Saturday. The GoM to decide on the GST rate on life and health insurance met on Saturday and decided to exempt GST on premiums paid for health insurance with coverage of Rs 5 lakh for individuals other than senior citizens. The final decision in this regard will be taken by the GST Council Officials premiums paid for health insurance coverage of above Rs 5 lakh will continue to attract 18 per cent GST. Currently, 18 per cent GST is levied on life insurance premiums paid for term policies and family floater policies. "GoM members are broadly on board for cutting my rates on insurance premiums. A final decision will be taken by the GST Council," an official said. Bihar Deputy Chief Minister Samrat Chaudhary said, "Every GoM member wants to give relief to people. Special focus be on senior citizens. We will submit a

ESIC medical council approves convergence of ESI scheme with AB-PMJAY

Employees' State Insurance Corporation's (ESIC) Medical Benefit Council on Friday approved convergence of ESI scheme with Ayushman Bharat PM-JAY to enhance healthcare accessibility to beneficiaries. The decision to converge the two schemes was taken at 86th Meeting of Medical Benefit Council held at ESIC headquarters here, a labour ministry statement said. Ashok Kumar Singh, Director General (DG), ESIC chaired the meeting. Ayushman Bharat PM-JAY is the largest health assurance scheme in the world which aims at providing a health cover of Rs 5 lakh per family per year for secondary and tertiary care hospitalization to over 12 crore poor and vulnerable families (approximately 55 crore beneficiaries) that form the bottom 40 per cent of the Indian population. The council also approved the implementation of the Common Support Mission (CSM) for states. The CSM aims to improve and strengthen ESI's medical service delivery system in sates with focus on the IP (insured persons) centric ...

Heart insurance claims double in 5 years; treatment costs surge 53%: Report

The cost of coronary artery bypass grafting (CABG) has risen from Rs 2.1 to Rs 4.2 lakh in 2018-2019 to Rs 3 to Rs 6 lakh in 2023-2024

Key information about health insurance plans explained in single table

Premium, tenure, hospitalisation coverage rules put together for your convinience

Consumers can port their health insurance midway: Here is what they must do

Using the option could result in delays in claim settlements as new company will familiarise itself with your medical history

LIC eyes less than 50% stake in standalone health insurance company

State-owned insurer doesn't want operational control but wants to have a say in the management

Care Health Insurance shareholders approve Rashmi Saluja's reappointment

Kedaara Capital votes against Saluja's reappointment

Now, pregnant women can get maternity cover with just 3-month wait period

Health Booster Maternity Cover rider can be added to a base health policy and offers a waiting period of just three months, making it accessible for expectant mothers

Hospitalisation costs surge 11.35% in a year, heart ailments rising: Report

People younger than 18 becoming susceptible to respiratory conditions, says insurance company

Average health insurance claims size rises 11.35% YoY in FY24: ACKO Report

According to the report, men on an average claimed Rs 77,543 while women claimed Rs 69,553 (without maternity)

This health insurance add-on can save you up to 18% on extra medical costs!

For families facing medical emergencies, the financial strain of paying for consumables out of pocket can be overwhelming

Avoid partial payout: Buy health insurance cover with fewer sub-limits

If you feel unfairly treated, you can complain to the insurance ombudsman or switch to another provider

GST Council forms GoM to review tax rate on insurance; report by Oct 30

The GST Council on Sunday constituted a 13-member Group of Ministers (GoM) to suggest GST rate on premiums of various health and life insurance products and submit its report by October 30. Bihar Deputy Chief Minister Samrat Choudhary is the convenor of the GoM. The members of the panel include members from Uttar Pradesh, Rajasthan, West Bengal, Karnataka, Kerala, Andhra Pradesh, Goa, Gujarat, Meghalaya, Punjab, Tamil Nadu and Telangana. The 54th GST Council meeting on September 9 decided to set up a GoM to examine and review the present tax structure of GST on life and medical insurance. A final call by the Council on the taxation of insurance premiums is likely to be taken in the next meeting in November based on the GoM report. Currently, 18 per cent of Goods and Services Tax (GST) is levied on insurance premiums. The Terms of Reference (ToR) of the panel also include suggesting tax rate of health/medical insurance including individual, group, family floater and other medical ..