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Insurance

The policy shift is expected to attract investments and enhance technology transfers and competition, ultimately benefiting policyholders and deepening market penetration.
Updated : Feb 08, 2025

India's Insurance Revolution: 100% FDI and Its Implications

With insurance penetration in India standing at 3.7% in FY 2023-24, well below the global average (6.8%), US (12%) and China (4%), there is a clear need for greater capital infusion and market expansion.

How can NRIs manage health insurances for elderly parents in India?
Updated : Feb 06, 2025

I am an NRI working in the UK, can I manage the health insurance and claims of my elderly parents residing in India?

To account for rising healthcare costs, opting for a higher sum insured — ideally Rs 20 lakh or more — is advisable.

It’s crucial to be honest about your smoking or drinking habits during the application process. There should be no misrepresenting or withholding information about smoking or drinking.
Updated : Feb 05, 2025

'Health insurers do not load the premium...': Insurance expert breaks down on clauses for smokers, alcohol drinkers

Despite common belief, individuals who smoke and drink alcohol can still qualify for health insurance in India. While some insurers may impose limitations, the majority of companies do provide coverage to such individuals.

His post quickly resonated with users, sparking a flurry of responses that reflected the frustrations of policyholders.
Updated : Feb 03, 2025

‘What is wrong with...?’: Insurance advisor cites rise in misselling as agents chase commissions, neglect customer service

In a post on X (formerly Twitter), the insurance advisor highlighted how the industry’s aggressive commission structure is drawing in individuals with little to no knowledge of insurance. 

As competition intensifies, the sector is expected to become more transparent, with faster claims processing and stronger consumer trust.
Updated : Feb 01, 2025

FDI limit in insurance sector increased to 100%: 'India could be on the path to having 1,000 insurers' 

India, with its vast and diverse population, has immense untapped potential in insurance.

The primary objective of NPS Vatsalya is to encourage early retirement savings habits and secure long-term financial stability.
Updated : Feb 01, 2025

Budget 2025: NPS Vatsalya tax benefits announced; child welfare investment fund to be covered under 80CCD(1B)

From now on, NPS Vatsalya subscribers will be entitled to identical tax advantages as standard NPS contributors for their donations under Section 80CCD(1B).

AB PM-JAY provides cashless cover of up to Rs 5,00,000/- to each eligible family per annum.
Updated : Feb 01, 2025

Income Tax Budget 2025 Live Updates: Will FM Nirmala Sitharaman offer senior citizens relief with Ayushman Bharat Yojana?

Healthcare experts believe that strengthening health insurance coverage through initiatives like Ayushman Bharat, focusing on patient care and life-sustaining treatments like dialysis, will play a key role in alleviating the financial burden on patients and their families.

In April 2024, the IRDAI eliminated the age limit of 65 years for individuals looking to purchase health insurance policies.
Updated : Jan 30, 2025

Insurance for seniors: IRDAI says yearly health insurance premium for elderly can’t be increased by more than 10%

The regulatory body has stated that insurance companies must seek approval before discontinuation of individual health insurance products targeted towards senior citizens.

Small hospitals and nursing homes, often unable to offer cashless facilities or forced to accept unreasonably low reimbursement rates, are losing patients to expensive corporate hospitals.
Updated : Jan 26, 2025

‘If this was a normal person...’: Insurance row erupts over Saif Ali Khan’s 'swift' ₹25 lakh claim approval

The AMC letter criticized what it called a “two-tier system” in India’s health insurance sector, where celebrities and corporate policyholders enjoy swift and large claim approvals, while ordinary citizens struggle with delays, low reimbursements, and capped benefits.

Last week, an intruder attacked Bollywood actor Saif Ali Khan, leading to a violent confrontation where the actor sustained stab wounds. TThe actor was quickly taken to Lilavati Hospital for medical treatment.
Updated : Jan 24, 2025

Saif Ali Khan case: Are celebrities being treated differently by health insurers? Finfluencers highlight problems

The midnight attack on actor Saif Ali Khan has highlighted the notable differences in how insurance companies handle claims for celebrities versus the average person.

At present, a GST rate of 18% is imposed on the premiums made towards life and health insurance policies.
Updated : Jan 21, 2025

'Paid Rs 5,467 GST...': Finfluencer questions high tariffs on insurance premium renewals

Experts and finfluencers have highlighted that the elevated GST rates discourage policyholders from renewing their policies and dissuade them from obtaining insurance coverage.

There have been a renewed focus on insurance claims and payouts in the light of Saif Ali Khan’s Rs 35.95 lakh medical bill for his treatment at Lilavati Hospital.
Updated : Jan 20, 2025

‘Can’t afford this stress’: Man writes to Nirmala Sitharaman over insurance redressal, FM responds 

Net incurred claims to net earned premium (claims ratio) of non-life insurance industry stood at 82.52% during 2023-24 as against 82.95% in the preceding fiscal year, as per the IRDAI’s annual report.

Himatsingka, popularly known as the ‘Food Pharmer’ is a certified health coach, who is on a mission to improve health literacy in India.
Updated : Jan 19, 2025

‘Unfortunately, 50% of all claims...’: ‘Food Pharmer’ sheds light on hidden practices in health insurance industry

Influencer Revant Himatsingka, popularly known as Food Pharmer, highlighted the clauses, blacklisted hospitals and exclusions that leads to rejected claims along with their possible solutions. 

Mishra advocates for a standardized package system across hospitals to curb inflated costs and make healthcare more accessible.
Updated : Jan 19, 2025

'Why such exorbitant charges...': Doctor questions Saif Ali Khan’s ₹35.95 lakh hospital bill

Mishra also pointed out the ripple effect of such high bills on insurance premiums. “These exorbitant charges directly affect the middle class, as rising payouts by insurance companies result in increased premiums for the general population,” he added.

Saif Ali Khan has a health insurance policy with Niva Bupa.
Updated : Jan 18, 2025

Saif Ali Khan attack: How to claim from your health insurance policy for emergencies and planned treatments

Saif Ali Khan's sudden attack highlights the importance of understanding how health insurance claims work. Whether it’s a planned procedure or an unexpected hospitalisation, knowing the process in advance can help expedite claim approvals.

Actor Saif Ali Khan is presently recuperating at Lilavati Hospital in Mumbai
Updated : Jan 18, 2025

Saif Ali Khan attack: Actor claims Rs 36 lakh from insurance company, gets Rs 25 lakh as preauthorisation amount

Saif Ali Khan sustained six stab wounds during a burglary attempt at his residence in Bandra, Mumbai, on the night of January 15-16. According to Khan's public relations team, the assailant attacked him around 2:30 am.

Any health plan that comes with maternity coverage is typically more expensive.
Updated : Jan 17, 2025

Maternity cover: I am 32-year-old and I am looking to secure additional maternity coverage. What should I do?

The cost of maternity hospitalisation usually ranges from Rs 70,000 to Rs 1 lakh. However, in recent years, costs have been increasing, with some hospitals charging up to Rs 1.5 lakh to Rs 2 lakh depending on the type and location of the hospital.

Seniors benefit from increased deductions for medical insurance under Section 80D.
Updated : Jan 17, 2025

Budget 2025: Will FM Sitharaman offer some tax benefits to senior citizens in terms of health insurance?

The previous budget did not offer targeted tax relief to seniors, and while the Ayushman scheme was introduced for seniors aged 70 and above. However, there is still room for improvement, especially in the health insurance front.

Insurers are seeking tax benefits for buyers and incentives for selling policies in their wishlist.
Updated : Jan 15, 2025

Budget 2025: Hike in 80D deduction limit, insurance for all, tax relief - insurers list their wishes for FM

The insurance sector is expecting additional tax exemptions for protection and health insurance products and adjustments to the new tax regime in this year’s Union Budget.

Beneficiaries will receive comprehensive protection for hospitalization, doctor consultations, personal accidents, loss of check-in baggage, trip cancellations, and others.
Updated : Jan 10, 2025

Maha Kumbh Mela 2025: Insurance plans launched by PhonePe for devotees, attendees

The insurance plan, developed in partnership with ICICI Lombard, offers coverage for devotees visiting Prayagraj via train, bus, or domestic flights.

Financial platforms are now catering specially for women
Updated : Jan 08, 2025

Rising demand for women-specific insurance and investment products

Women’s SIP contributions are not only growing in numbers but also in value. Groww has recorded a 10-15 per cent year-on-year growth in SIP contributions by women, with their contributions being 25 per cent higher than those of men.

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