Insurance Claim

Mis-selling of insurance policies: Full premium should be refunded

The National Commission acknowledged that the complainant, a retiree, couldn't afford a 10-year annual premium and concluded that the agent had misled him

Claiming health insurance from multiple companies: How to do that

Subscribing to multiple companies helps people whose single policy's sum insured is insufficient to cover the full cost of medical treatment

Irregularities found in crop insurance scheme: Maharashtra agri minister

Maharashtra Agriculture Minister Manikrao Kokate has admitted irregularities in the implementation of the Re 1 crop insurance scheme for farmers, noting places of worship were shown as agricultural lands to claim benefits. More than four lakh crop insurance applications, some filed even by those residing outside Maharashtra, have been rejected, Kokate on Tuesday said, adding a "bogus industry" has come to light which involves non-eligible people seeking benefits of the scheme. The minister, however, asserted that no money has been actually lost as funds were not transferred by the government into the bank accounts linked to bogus applications. Speaking to the media here, Kokate said instances of malpractice in the scheme have been identified in several aspects, including cases where mosques, temples and vacant lands were falsely declared as agricultural lands to claim benefits. "I have instructed district collectors to take immediate action," he said. The crop insurance scheme was

Health insurance claim denial: Check reasons against policy terms first

Health insurance claims are often denied due to exclusions in policy terms. Buyers frequently overlook the fine print or misinterpret clauses

More medical insurers joining NHCX platform for efficient claim processing

The National Health Claims Exchange (NHCX) platform, introduced by the National Health Authority, is gaining traction among Indian health insurers for adoption as the platform streamlines the healthcare claims processing, offering various benefits to insurers, healthcare providers and patients. This digital platform aims to enable patients to access quality healthcare quickly and reduce out-of-pocket expenses. NHCX connects insurance companies, healthcare service providers, and government insurance scheme administrators to streamline healthcare access and claims. Officials said that leading insurers like Aditya Birla Health Insurance, Magma HDI General Insurance, Reliance General Insurance, Future Generali India Insurance and HDFC Ergo are joining the NHCX platform in their operations. By leveraging this technology, insurers can significantly reduce claim processing time, improve operational efficiency, and enhance customer satisfaction, health insurance firms said. Claim settleme

Policyholders can cancel policy at any time by notifying insurer: Irdai

The Irdai said retail policyholders can cancel their insurance policy at any time during its term by notifying the insurer, and will receive a refund for the remaining period of the policy

Revive policy or accept surrender value

The National Commission noted that if the policyholder wanted reinstatement, he should have made a written request and cleared the premiums

Irdai directs health insurers to decide on cashless authorisation in 1 hour

Health policy-holders can now avail premium discount in case of no claims in previous year

Using private car as a cab can lead to insurance claim rejection

Customers should be mindful of factors that can lead to motor claim rejections and take steps to avoid them

Indian banking industry increases their cyber insurance cover in FY24

The cyber insurance claims ratio by the banking industry in India has increased to over 50 per cent in the financial year 2022-23 compared to 40 per cent in the financial year 2021-22

Why do insurance claims get rejected? Here are the 5 common reasons

Many insurance claims are rejected by companies due to different reasons. If you want to get a full claim, here are the common reasons that you can avoid

Life insurers' premium income rises nearly 13% to Rs 7.83 trillion in FY23

Premium income of life insurance companies grew 12.98 per cent to Rs 7.83 lakh crore in fiscal 2023 while that of general insurers increased by 16.4 per cent to Rs 2.57 lakh crore, as per the Irdai's annual report released on Wednesday. Private sector life insurers have clocked a growth of 16.34 per cent in premiums, while the public sector life insurer recorded a 10.90 per cent rise in premiums, the Insurance Regulatory and Development Authority of India (Irdai) said in its Annual Report 2022-23. Renewal premium continues to contribute the majority of total premiums underwritten by life insurers at 52.56 per cent in 2022-23. The rest 47.44 per cent is contributed by the new business premium. However, the growth in new business premium was higher at 17.90 per cent compared to renewal business at 8.88 per cent, as per the report. During 2022-23, Irdai said, life insurers issued 284.70 lakh new policies under individual business, out of which public sector insurers issued 204.29 lakh

Be warned: Restarting stalled vehicle in a flooded area magnifies damage

In flood-prone areas, engine protection, zero depreciation, and roadside assistance riders are must-haves

Tech age of insurance: India emerges as fastest-growing market globally

A country where insurtech companies are rapidly gaining market share. These are firms that make innovative use of technology in insurance

Insured cannot claim same expense twice

The National Commission concluded that reimbursement for the same head of expense, namely surgeon's fees, cannot be claimed twice

North India floods: Irdai asks insurance firms to settle claims quickly

The regulator said insurers have been advised to communicate the nomination of a Senior Executive in each affected State / UT to the Chief Secretary/ Officer concerned of the State immediately

India's average health insurance claim is Rs 42,000; 15% exceed Rs 100,000

Claim settlement rates are relatively high. Over 50% claims have 80% or higher claim settlement.

GIC Re part of Rs 500-crore insurance pool to cover imports from Russia

While it will be called the fertiliser pool with a corpus of Rs 500 crore, it can be used to cover the risks of oil and gas imports too

Insurance claims can't be rejected on definitions of terrorism, says SC

The verdict came on a plea of Narsingh Ispat Ltd, the insurance claims of which under the Standard Fire and Special Perils Policy, was repudiated by the Oriental Insurance Company Ltd

Health insurers take 20-46 days to settle patients' claims: Report

The claim cost could be 10 to 30 per cent cheaper when the insurance is bought from public sector insurers that have GIPSA rates compared to the service provided by private insurance firms, it said