A top-up is a type of health insurance policy that provides additional coverage for medical expenses at an affordable premium
Earlier, LIC Chairman Siddhartha Mohanty had spoken about exploring "inorganic" options for the company's foray into the health insurance segment
He joined the firm in 2007 and is currently serving as the Chief Distribution Officer
LIC chairman Siddhartha Mohanty has said that the insurer would enter into the health insurance segment and can explore inorganic options if such an opportunity arises. There are expectations that composite licences may be permitted by amending the Insurance Act. As per the Insurance Act, 1938, and the regulations of the Insurance Regulatory Development Authority of India (IRDAI), composite licensing for an insurer to undertake life, general, or health insurance under one entity is not allowed. LIC is not an expert in general insurance like fire and engineering but it can do health insurance, he said while sharing financial numbers for FY24. "Internal work is going on...we will explore inorganic growth in health insurance," he said. In February, a parliamentary panel suggested the introduction of a composite licence for an insurer to undertake life, general, or health insurance under one entity to increase the penetration of insurance in the country. The panel headed by BJP leader
Bima Vahak, a part of Irdai's Bima Trinity, is a women-centric, dedicated distribution channel to sell insurance products
61% users of online insurance sales/ service platforms surveyed who purchased an insurance policy experienced a subscription trap where the platform made it difficult for them to cancel it.
Combine base policy with super top-up, buy multi-year policy to cope with rising health insurance premiums
Understand the exclusions in each rider; consider a standalone policy for comprehensive coverage
New structure will help meet FDI ceiling of 74% for insurance sector
The insurance cover has been provided by a consortium of Indian insurance companies including Tata AIG General Insurance
This week learn about the implications for insurance policyholders as surrender values are revised; in a separate story we write about training your voice
Partly aided by premium rates that up by 10-15% since FY20
This isn't a "one size fits all" situation! Choose from a comprehensive (all-risk) cover or a customizable plan that allows you to pick and choose the coverage you need.
Policyholders are not the only sufferers. Taxpayers subsidise insurers' and banks' profits via unjustified tax concessions given to the maturity value of life policies
Sanlam has already entered into a share purchase deal to buy 6.29 per cent in SGIC and 7.04 per cent in SLIC from TPG India Investments
Sanlam has already entered into a share purchase deal to buy 6.29 per cent in SGIC and 7.04 per cent in SLIC from TPG India Investments
Term policies from India cost up to 30-50% less for NRIs residing in the UAE and Singapore.
Amendment to have such a facility could be part of new government's early legislative agenda
The Central Vigilance Commission (CVC) has asked all government departments, public sector banks and insurance companies to ensure that disciplinary cases are brought to a logical conclusion within the prescribed timelines and without any inordinate delay. The commission has said the Department of Personnel and Training (DoPT) and it have issued guidelines from time to time, impressing upon the organisations concerned for a timely conclusion of disciplinary proceedings. "However, it has been observed that on many occasions, there is inordinate delay in bringing the cases to logical conclusion, which is against the principles of natural justice and also defeats the very purpose of initiating disciplinary action," the CVC said in an order. The commission said it has prescribed model timelines for investigation and conclusion of disciplinary proceedings till the issuance of final orders. The CVC said the existing instructions and guidelines as issued by the commission and DoPT are ...
While the understanding of health insurance as a tool for protection is on the rise, only 54% of consumers are fully aware of how they can save tax by investing in health insurance