The massive increase in the number of claims due to COVID19 led to a jump in premiums for health insurance and term life insurance in the second quarter of FY21 by 4.87 per cent and 2.79 per cent respectively, said a report by Policyx.com. “Health Insurance Price Index witnessed a major shift in the second […]
Author Archives: Team Moneymonc
22
Jun
Jun
At the platform, the customer can understand the benefits, limits, and conditions of all the health insurance plans that have been captured in over 150 standardized parameters. SANA Insure is focused on delivering health insurance solutions, both online and offline. It has online API integration for health insurance products with 16 health and general insurers, and offline partnerships with 11 other insurers. A unique “Hinglish” interface is aimed at residents […]
16
Jun
Jun
Claims for life insurers in the first half of the current fiscal year may easily surpass the total claims seen in FY21 amid the surge in second wave of Covid-19 infections and fatality rates. “Most insurers reported a higher claim experience in FY21 and have made provisions to absorb potential claims that may arise in […]
06
May
May
To make domestic travel more financially secure, insurance regulator IRDAI has released guidelines on a standardised travel insurance product. “There is a need to make every trip financially secure by providing suitable protection cover against unknown contingent events. Though, there are a number of travel insurance products available in India, each product is distinct and […]
01
May
May
What is covered? Criti-Care is a benefit policy which covers 43 critical illnesses. A lump sum amount would be paid on diagnosis of the listed critical illnesses subject to the policy terms and conditions. This policy allows the customers to choose coverage from any or all of the 5 sections under the policy – Cancer […]
29
Apr
Apr
Taking note of hospitals denying cashless facility to policyholders amid the rising covid-19 cases, insurance regulator IRDAI today asked insurers to approve cashless hospitalisation requests within 60 minutes of receipt of documents. “Decision on authorization for cashless treatment for COVID-19 claims shall be communicated to the network provider (hospital) within a period of 60 minutes […]
News & Analysis
ICICI Lombard reports 23.4% rise in profits in FY21 despite higher Covid claims in Q4
18
Apr
Apr
Private non-life insurer ICICI Lombard general insurance reported a 23.4 percent rise in profits in FY21 despite a surge in Covid-19 claims in the March quarter. The general insurance industry has been seeing an onslaught of second wave of Covid claims in Q4 FY21. ICICI Lombard, in line with the general insurance industry, has seen […]
12
Apr
Apr
Gross premium underwritten by non-life insurers saw a 5 percent increase to Rs 1.98 lakh crore in FY 21 over the previous year as more people signed up for health insurance following the Coronavirus pandemic, shows the data released by the insurance regulator IRDAI. Non-life insurers include standalone health insurers, general insurance companies and and […]
25
Mar
Mar
With India facing a second wave of Coronavirus, the Insurance Regulatory and Development Authority of India (IRDAI) has extended the timeline for the sale of the short-term covid specific policies — Corona Kavach and Corona Rakshak. The timeline has been extended till September 30, 2021. It is estimated that the insurance industry has so far […]
18
Mar
Mar
Insurance companies will cover the hospitalization expenses following adverse reaction to COVID-19 vaccination, regulator Insurance Regulatory and Development Authority of India (IRDAI) said today. While the cost of vaccination will not be included, any hospitalization for over 24 hours will be covered under comprehensive health insurance policies. “It is clarified that in the unlikely event […]
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