Page 4 - Health Insurance

Opposition slams government over 18% GST on life and health insurance

Sources in the TMC said that its MPs have raised the issue in Parliament and their party chief, WB CM Mamata Banerjee, has written to FM Nirmala Sitharaman on the matter

TMC leader Derek O'Brien urges govt to slash GST on health insurance

Senior TMC leader Derek O'Brien on Monday urged the government to reduce 18 per cent GST on health insurance policies, saying the high tax rate is burdening people, especially the middle class. Raising the issue during Zero Hour in Rajya Sabha, he also referred to a letter written to the finance minister by senior BJP leader and Union Minister Nitin Gadkari making similar demand. "The demand is straightforward. Reduce 18 per cent GST on medical and health insurance. We should reduce it because this is an issue which is burdening people, mainly the middle class. That's why it needs to be reduced," said Derek. The TMC leader pointed out that insurance penetration in India is low at 4 per cent compared to more than 7 per cent globally. Further, he said there is an imbalance in the insurance sector, where 75 per cent is life insurance policies, and 25 per cent medical insurance. Derek said the West Bengal chief minister has written to the finance minister in this regard and many ...

FinMin asks state-owned general insurers to focus on profitable businesses

The finance ministry has asked state-owned general insurance companies to focus on profitable businesses and not to chase top-line but aim for improving profitability. The government has recently infused Rs 7,250 crore in installments in three public sector general insurance companies -- National Insurance Company Limited, Oriental Insurance Company Limited, and United India Insurance Company. "We have been monitoring performance of state-owned general insurance companies and as a result they have started looking up. So, we will watch their performance this year," Financial Services Secretary Vivek Joshi told PTI. Hopefully, he said, these companies may not require any further capital infusion, which is why the Budget has not made any provision. These three general insurance companies have improved their financial performance significantly, he said. For instance, he said, Oriental Insurance has earned Rs 18 crore profit in FY24 as against a loss of Rs 5,000 crore a year ago, while

Star Health and Allied Insurance Q1 results: GWP rises 18% to Rs 3,476 cr

Standalone health insurance provider Star Health and Allied Insurance Company has reported an 18 per cent rise in its Gross Written Premium for the April-June 2024 quarter at Rs 3,476 crore. The company had recorded a Gross Written Premium of Rs 2,949 crore during the same period of last financial year. Investments assets grew by 19 per cent year-on-year to Rs 15,802 crore, with an investment income of Rs 295 crore. The city-based company in a statement on Wednesday said it made an underwriting profit of Rs 140 crore during the April-June 2024 quarter. Commenting on the financial performance, Star Health and Allied Insurance Company Ltd MD and CEO, Anand Roy said, "in line with our stated strategy, we have witnessed a strong growth trajectory in Q1FY25, resulting in 18 per cent GWP growth. Our robust underwriting, expanded agent network, strengthened bancassurance collaborations, digital channels and initiatives like home health care underscore our commitment to accessible, qualit

Costlier term cover: Opt for high claim settlement with low premium

Narrow down prospective insurers' list to well-known players with strong claim settlement ratios, then select one offering lowest price

Error-free tax return, luxury concierge firms: Top personal finance stories

This week we report about common mistakes people make in their tax filing and how India's richest use personalised concierge services

Key information about health insurance plans explained in one table

Know about eligibility, key features and premium amount in Policybazaar table

Insurers expect Union budget to have more tax benefits for health insurance

More tax benefits for health insurance under the new tax regime, relaxation in payment norms for MSMEs and incentives for the agri-tech sector are among the expectations of stakeholders from the first budget of the Modi 3.0 government. Finance Minister Nirmala Sitharaman is scheduled to present the full Budget for fiscal 2024-25 on July 23, which will be the first major policy document of the new government. Anup Rau, Managing Director and Chief Executive Officer of Future Generali India Insurance Company, said the deduction limit on health insurance premiums under Section 80D of the Income Tax Act has remained unchanged for the past nine years despite the fact that there has been a significant rise in healthcare costs across the country. "It would be best if the limit for medical insurance is linked to inflation and gets revised automatically every year or once in a couple of years. Also, the benefits need to be extended to the New Tax regime since increasing health insurance ...

No more discharge delays! New system assures faster health insurance claims

Recently, the Irdai mandated that all cashless claims be processed within three hours of receiving a discharge authorisation request from the hospital

Non-life insurance companies report 13.7% growth in premiums in Q1 FY25

Non-life insurers include general insurance companies, standalone health insurance companies, and specialised PSU insurers

Govt may double Ayushman Bharat reach, increase health cover to Rs 10 lakh

Launched in September 2018, Ayushman Bharat Yojana is considered one of the world's largest healthcare schemes, aiming to cover over 500 million Indian citizens

Health insurance guide for women in their 30s: Best plans & benefits

What kind of health insurance coverage should you choose? What should you look for when buying it in your 30s? Business Standard spoke to experts to help you determine what suits your needs best

Don't want to play the price game: Aditya Birla Health Insurance CEO

Bathwal discussed the premium growth and product launches that will support the growth along with the impact of regulatory developments

Narayana Health Insurance launches its first insurance product 'Aditi'

Its first health insurance product Aditi will come at a premium of Rs 10,000 per year

Health insurer Niva Bupa files IPO papers with Sebi to raise Rs 3,000 cr

The company intends to utilise net proceeds from the fresh issuance to the extent of Rs 625 crore towards strengthening their capital base and aiding solvency levels, and for general corporate purpose

Health insurance application declined? Here's what you need to know

The insurance companies take a decision to provide coverage based on the risk assessment of an individual's medical condition

What is the right age to purchase a health insurance policy?

Starting early not only helps you secure lower premiums but also ensures you have comprehensive coverage when you need it most

Key information about health insurance plans gathered in one table

Know about eligibility, key features and premium amount in Policybazaar table

Planning to buy top-up health insurance? Here are factors to consider

A top-up is a type of health insurance policy that provides additional coverage for medical expenses at an affordable premium

Slash GST on health insurance to 5% from 18%: Trade body to govt

Association says that renewal rates of the policies continue to decline due to frequent premium hikes and rising medical inflation