Page 19 - Insurance

Insurer has to prove pre-existing disease

A mere allegation by the insurer would not suffice to oust the claim, and the allegation would have to be substantiated by furnishing evidence

Relaxing FDI limit in insurance intermediaries to boost distribution: Fitch

The Budget proposal of relaxing foreign investment limit in insurance intermediaries will strengthen distribution capabilities and increase international involvement, particularly from developed markets, Fitch Ratings said Monday. The Budget 2019-20 tabled in Parliament on July 5, permitted foreign companies to own up to 100 per cent in insurance intermediaries, including insurance agents, brokers, loss assessors and surveyors, from the 49 per cent, to attract more foreign direct investment into the industry. "India's proposed removal of the foreign-ownership cap on insurance intermediaries is likely to increase competition, strengthen distribution capabilities to enhance insurance penetration and boost M&A in the medium to long term," Fitch Ratings said in a statement. The proposed change is only applicable to insurance intermediaries while the cap on foreign ownership in insurance companies will remain at 49 per cent. Still, the government has indicated that it may take further .

Reader's corner: Is the car insurance policy transferable to the new buyer?

NCB benefits are not transferable to the new owner, since NCB is specific to the policyholder and not to the vehicle

Govt reduces rate of contribution towards ESI scheme, employers to benefit

Government decision may lead to annual savings to the tune of Rs 9,000 crore for the industry.

Should you buy personal accident insurance if you already have life cover?

A standalone personal accident insurance plan is more comprehensive and covers a higher number of accident-related risks as against an accidental death benefit rider available with a term plan

Premium for third-party motor insurance to be raised from June 16

Earlier, it had issued an exposure draft on May 20, proposing a hike in motor third party insurance premiums and had invited comments from various stakeholders

Insurers slow to respond to emerging risks: Insurance Report 2019

Over half (55 per cent) of the surveyed customers said they were ready to explore new insurance models, but barely a quarter (26 per cent) were investing in them

Health cover to premium issues: Expert answers to your insurance queries

In a standard private car policy, generally, no health coverage is provided

Insurance as a tax saving product

For an individual, insurance offers the chance to save as well as get the benefit of avoiding paying taxes.

Reader's corner: What do 'co-payment conditions' in insurance claims mean?

Readers' queries on general insurance answered

Insurance firms hike rates after GIC Re changes policy on fire risk pricing

Now, insurance companies will not be able to buy reinsurance cover for their underwriting unless they follow responsible practices

Soon, you may have the option to settle insurance claims in installments

The Insurance Regulatory and Development Authority of India had set up a working group to study a proposal in this regard

Buying a used vehicle? What you should know about transferring insurance

Usually the vehicle will be inspected by the insurer before the transfer of name in the policy takes place

Insurance, mutual fund returns aren't comparable, here's why

Given the complexity in the cost structure of insurance schemes, it is almost impossible to make an apple-to-apple comparison

Here's how to avail of multiple discounts on your car insurance premium

If you do a bit of research, you will be able to find a number of discounts that can pare the cost of your car insurance considerably

Claim can't be rejected on mere suspicion

The insurer should have checked where the machines were being located while enhancing cover, not after lodging of claim

Do not depend only on ratings; use your own judgment too: Irdai to insurers

Many insurance companies have exposures to the beleaguered IL&FS group as part of their investment portfolio

Non-life insurers' gross premiums underwritten grow 12.65% in Apr-Jan FY19

gross direct premiums underwritten by the non-life insurers in April - January period of FY 19 was to the tune of Rs 1.39 trillion

Plan to buy term insurance? Choose from multiple claim settlement options

Opt for lumpsum payment if you have liabilities. Staggered payout can provide regular income to the family

Name change can't lead to claim rejection

The consumer forum recently said a company can file for a claim under its new name even though the policy stood in its former name