IRDAI

ITR filing FY2024: What tax benefits do senior citizens receive on medical insurance 

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ITR filing FY2024: What tax benefits do senior citizens receive on medical insurance 

Maintaining proper management of health conditions is imperative to prevent complications in later years, as individuals become increasingly susceptible to ailments. Considering the substantial medical expenses prevalent today, a comprehensive health insurance policy can be invaluable in mitigating the high costs associated with hospital stays and medical consultations.  The Insurance Regulatory and Development Authority of … Read more

6 in 10 consumers of online insurance sales platforms experience nagging, subscription trap: Survey

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6 in 10 consumers of online insurance sales platforms experience nagging, subscription trap: Survey

The mis-selling of insurance policies, encompassing life, health, motor, property, and other types of coverage, is a frequent reality. It is not uncommon for insurance agents or representatives to withhold crucial information regarding policy exclusions and limitations. Furthermore, there are instances where they may aggressively promote certain policies over others in order to achieve their … Read more

Health insurance: 52% policyholders say their yearly premium has gone up by over 25% in 12 months

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Health insurance: 52% policyholders say their yearly premium has gone up by over 25% in 12 months

A survey has highlighted that a majority of policy owners that their insurance premiums have already increased in the last one year much before the Insurance Regulatory and Development Authority of India (IRDAI) removed the age limit restriction for buying a health insurance policy.  In April 2024, the IRDAI removed the age limit restriction for … Read more

Less waiting period, no age gap: ACKO Insurance’s Rupinderjit Singh explains IRDAI’s new health cover rules

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Less waiting period, no age gap: ACKO Insurance’s Rupinderjit Singh explains IRDAI’s new health cover rules

The new set of rules by the IRDAI will empower one of the most sensitive demographics to secure them against major health-related concerns, albeit paying higher premiums. Earlier, the 65-plus age group at a big level was not able to avail of treatment benefits from advanced healthcare facilities owing to multiple reasons, the primary concern … Read more

Irdai reduces pre-existing disease waiting period from 4 to 3 years: Here is what existing policyholders should know

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Irdai reduces pre-existing disease waiting period from 4 to 3 years: Here is what existing policyholders should know

Now, health insurers cannot deny coverage for your pre-existing condition once you have completed the three-year waiting period on health insurance policies. The Insurance Regulatory and Development Authority (IRDAI) has updated the definitions of the pre-existing condition and moratorium period (MP) in health insurance policies effective from 1 April 2024. While the waiting period for … Read more

Jan Dhan, Aadhaar, mobile are biggest industry game-changers, says IRDAI's Debasish Panda

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Jan Dhan, Aadhaar, mobile are biggest industry game-changers, says IRDAI's Debasish Panda

India’s journey toward financial inclusion has witnessed various innovations in policy over the last decade. The government’s JAM, which is the bedrock of the digitalisation drive to formalise the economy, has been the biggest game changer for the BFSI industry. JAM stands for  ‘Jan Dhan Account – Aadhaar – Mobile’ and has revolutionised financial inclusion … Read more

Insurance for electric vehicles (EVs): What all to consider before buying specific covers; check details here

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Insurance for electric vehicles (EVs): What all to consider before buying specific covers; check details here

Insurance for electric vehicles: Electric vehicles or EVs are gradually gaining popularity in the Indian market. Official data shows that electric vehicles (EVs) accounted for more than 6 per cent of vehicle sales in India in 2023, with electric two-wheelers (E2Ws) constituting over half of the market. Around 5 years back, it was around 1 … Read more

India's insurance sector saw 25% rise in surrenders and withdrawals from life insurance policies in 2023

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India's insurance sector saw 25% rise in surrenders and withdrawals from life insurance policies in 2023

The year 2022-23 has seen a surge in the surrenders and withdrawals of life insurance policies. It has increased by 25.62 per cent to Rs 1.98 lakh crore compared to Rs 1.29 lakh crore in 2021-2022. The jump has been attributed to several factors ranging from rise in inflation and issues related to mis-selling of … Read more

Technology and Health Insurance Claims: How Digital Tools Are Streamlining Settlements – ET HealthWorld

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Technology and Health Insurance Claims: How Digital Tools Are Streamlining Settlements – ET HealthWorld

By Siddharth Singhal Today’s digital world might heavily bank on technology, but actually, it’s the experience that you create with technology that matters after all. Especially, when you are dealing in a sensitive industry like insurance, technology should be so seamless that it fits like a missing piece of the puzzle. With growing healthcare needs … Read more

How AI, Blockchain technology are taking India’s insurance industry to next level

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How AI, Blockchain technology are taking India’s insurance industry to next level

We live in a VUCA world which stands for volatility, uncertainty, complexity, and ambiguity — no industry is safe from the uncertainties it brings. One must always seek a different approach to harness the organization’s potential to survive and thrive in this evolving world. Insurance is also no exception to this VUCA world and must … Read more