INSURANCE


Cholamandalam MS General Insurance’s product covers 10-12 critical illnesses, with no medical check-up until 55 years and lifetime renewal. But the premium is on the higher side Cholamandalam MS General Insurance Company has launched its ‘Critical Healthline’ policy, which provides for a...

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Bharti AXA’s plan offers cover of a maximum of three times the sum assured under the policy, while covering three critical illnesses. The premium is waived by the insurance company after payment for the first critical illness. But it comes with some riders Bharti AXA Life Insurance has...

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Watch out for what IRDA did not say The Insurance Regulatory and Development Authority (IRDA) has finally issued new guidelines for the implementation of health insurance portability from 1 October 2011. Although these address some of the issues, there are several conditions that will make...

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Moneylife Digital Team 06 October 2011
No substitute for mediclaim SBI Life Insurance has launched a health insurance plan called ‘Hospital Cash’. It provides fixed daily allowance for every day of hospitalisation, irrespective of the hospital bill. The plan is also available online. In case the insured is admitted into an ICU,...

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Disha Shah 06 October 2011
Wellspring Healthcare aims to fill a void in the primary healthcare delivery system by injecting a dose of professionalism It is rare for a general surgeon (who is also an oncologist) to give up years of practice to start a healthcare network that fills a void in the Indian primary &...

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Moneylife Digital Team 06 October 2011
Why Birla Sun Life Century SIP is better than Reliance SIP Insure An SIP (systematic investment plan) insurance cover offers free term insurance with systematic investment in mutual funds. But it comes at a price, mainly by way of exit-load for early redemption. Two such plans are available...

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The insurance channel from where you buy, your vehicle, and your personal profile can reduce your car premium rates. An exhaustive analysis of car insurance Earlier this year, Sarita Agarwal (name changed) was close to renewing the insurance on her 2006 Honda City ZX VTEC vehicle with...

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IRDA has asked insurance firms to pay claims, even if they are submitted late due to genuine reasons. The intention is noble, but don’t lose sight of the ground realities of claims rejection, and the absence of penalty for insurers The Insurance Regulatory and Development Authority (IRDA)...

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Insurance agents are on an overdrive, pitching highest NAV ULIPs as a ‘limited-time’ opportunity. They understand the customer psyche of wanting something that may soon be out of reach, with the strong possibility that IRDA might crack down on these instruments The Insurance Regulatory and...

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The IRDA portability circular says that the prospective insurance company will lose the right to reject a proposal if there is a delay of more than 15 days in receiving all relevant information from the existing insurer. How can the insurance watchdog implement this circular? The Insurance...

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IRDA has taken a huge step forward for the insured with its clear-cut definition of a ‘policy break-in’. The insured have tremendous opportunity to request insurers to consider policy continuity even if it was considered as a break-in as per a mediclaim policy’s terms of agreement The...

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In 2009, an IRDA Committee had recommended opening up bancassurance to two insurers. But IRDA chairman J Hari Narayan does not seem convinced. IRDA may also allow brokers to offer consultancy services, even for insurance products that they have not sold themselves The Insurance Regulatory...

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The chief executive officer of Max Bupa Health Insurance, Dr Damien Marmion, spoke on developments in the industry ML: Apollo Munich is coming out with a product that will allow no upper age for entry. Wouldn’t the entry premium be exorbitant at that age? DM: We too don’t have entry age...

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Moneylife Digital Team 22 September 2011
Mediclaim for Seniors Apollo Munich Health Insurance has filed for a health insurance policy with no upper age for entry. Existing policies from Apollo Munich allow life-long renewal as long as the customer qualifies with maximum entry age of 65 years. Max Bupa Health Insurance also allows no...

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Moneylife Digital Team 22 September 2011
Even if the Act is passed, the NPS is full of holes The Pension Fund Regulatory and Development Authority (PFRDA) Bill is about to be converted into an Act. On 30 August 2011, the Standing Committee on Finance, headed by Yashwant Sinha, former finance minister, presented the Bill to the Lok...

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Moneylife Digital Team 22 September 2011
Why do customers let life policies lapse? The lapsing of term insurance products tends to be the highest. One reason for this is policyholders’ feeling that they no longer need death protection. Over 20% of life insurance policies lapse after payment of the first year of premium. A recent...

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The Insurance Regulatory and Development Authority seems to have woken up to the ill effects of highest NAV product mis-selling. J Hari Narayan has hinted that a few traditional products also could be axed. The regulator is in favour of same insurer for accumulation and annuity phase of pension...

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Amitabh Thakur 19 September 2011
The case of Arvind Kejriwal, RTI and anti-corruption campaigner, about his not being relieved from government service even five years after he quit, highlights the need to hasten the process of relieving employees after they have resigned Recently, when Arvind Kejriwal was given a notice...

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Lifelong renewal on mediclaim is offered by mono-line insurers like Max Bupa and Apollo Munich. Government insurers also offer it on specific products. Now the other private insurers will soon offer this option too, to remain competitive Bajaj Allianz, Bharti AXA and Future Generali will...

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IRDA has put out mediclaim portability guidelines that could be tough on insurance companies with time limits for handling the portability proposal; policyholders may also lose benefits The Insurance Regulatory and Development Authority (IRDA) has finally issued new guidelines for the 1...

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