facebook Team Moneymonc, Author at Money Monc

Author Archives: Team Moneymonc

Covid19 increases health and life insurance premiums in Q2 FY 21

health insurance and term insurance premiums get dearer

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 […]

Sana Insure: a new portal to compare and buy health insurance policies

sana insure health insurance

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 […]

Higher COVID claims to weigh down profitability of Indian life insurers in FY22

life insurance profitability pic

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 […]

Now a standardised travel insurance policy for domestic travel

travelinsurance IRDAI

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 […]

Approve cashless insurance claims within 60 minutes: IRDAI to insurers

Cashless claims health insurance

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 […]

ICICI Lombard reports 23.4% rise in profits in FY21 despite higher Covid claims in Q4

iccilombard healthinsurance

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 […]

General insurers see 5% increase in premium collection in FY21

generalinsurance premium rise

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 […]

IRDAI extends sale and renewal of Corona Rakshak & Corona Kavach policies

coronakavach, coronarakashak

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 […]

Adverse reaction to COVID vaccine: Insurers to cover hospitalization expenses

Adverse reaction to COVID vaccine: Insurers to cover hospitalization expenses

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 […]