Category Archives: News & Analysis

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 […]

In a country where 60 percent of the loans are sanctioned in just Delhi-national capital region (NCR) and Maharashtra, it is obviously difficult for those in tier 2 and tier 3 cities to buy their dream home. The tedious home loan process and lack of bank branches in small towns has made it difficult for […]

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 […]

You may not face an abrupt increase in your annual health insurance premiums as the insurance regulator has barred insurers from modifying existing benefits or adding new benefits to existing health insurance plans. New features can be offered by insurers as an add-on covers or optional covers with a standalone premium rate to ensure an […]

Shriram Life Insurance is well known for its reach in India’s hinterland and tier 3 and tier 4 towns. About 45 percent of its policy buyers are from rural areas and the company has the lowest average premium in the industry at about Rs 18,000. In a year adversely impacted by COVID-19, Shriram Life is […]

Vaccine not covered under health insurance Indian corporates such as Reliance Industries, State Bank of India (SBI), Accenture, Infosys, Tata Consultancy Services (TCS) & RPG Group among others are in the race to inoculate their employees and their families. On March 2, the government opened up vaccine distribution to private hospitals, which has led to an […]

DigiLocker is an initiative under the Ministry of Electronics & Information Technology’s (MeitY) Digital India programme, where citizens can get authentic documents or certificate in digital format from the original issuers. As of date, there are 56.09 million registered users of the facility, with 4.26 billion authentic documents issued on the platform by over 900 […]

The insurance regulator IRDAI has made it mandatory for every general insurer to offer a standardised personal accident policy by 1 April, 2021. The policy will be named Saral Suraksha Bima, succeeded by the name of the insurance company. It will be offered annually or (for a tenure of one year). “With the objective of having a […]

Even as the Coronavirus pandemic brought health insurance into the limelight, sales of health insurance products have tapered off to pre-Covid levels. Tapan Singhel, the MD and CEO of Bajaj Allianz General Insurance, believes a government-backed basic Rs5-lakh cover for everyone is the key to improve the off-take of health insurance. In a free-wheeling interview […]