Option can be a permanent feature of health policies or can be a temporary relief for policyholders for 12 months
If the renewal of motor third party and health policy falls due between March 25 and May 3, the lockdown period, then policyholders can make the renewal payment on or before May 15
If the premium payment remains overdue even after the grace period, the policy lapses and usually the benefits of the policy are no longer available to the policyholder
Since they are more vulnerable, medical insurers may become more wary
The rise in premiums could be in the range of 5-25 per cent, depending on the features that each insurance company adds on its products
Cyber cover for individuals is indeed the need of the hour, especially in these times when most people are working from home
Fewer claims are supposed to improve the insurers' loss ratio in the motor segment, but the industry is divided on this
Payments can be made till April 21; for motor the relaxation is only for third-party insurance
A notification to this effect was issued by the Department of Financial Services, Government of India, on April 1, 2020
The cases of coronavirus are increasing rapidly across the world with the count crossing 245,749 globally and 195 in India
The move is aimed at helping policyholders as the insured would pay less while getting better coverage
The costs of medical expenses will be settled in line with the terms and conditions of the policy contract
The exclusions are stiff. But since it is a cheap fixed-benefit plan, it can add to the health insurance kitty
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The regulator has also made it clear that in existing products where the cost of hospitalisation is covered, insurers have to make sure that cases related to coronavirus are dealt with expeditiously.
IRDAI has so far received 173 proposals, most of which incentivise wellness in the health insurance space through the use of apps and wearable devices
Non-life insurance companies will face a stiff competition from life insurers
Regulator aims to usher time-bound settlement of claims and eliminate disparity in charges among different for some common procedures
The regulator on Monday issued an exposure draft on guidelines on standardisation of general clauses in health insurance policies contracts
As affordability grows, port to a higher-end health cover or buy a top-up plan