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Insurance company slapped with ₹69K fine after being found liable for denying consumer’s claim

A recent verdict by the District Consumer Disputes Redressal Commission-2 in Chandigarh has rebuked Aditya Birla Health Insurance for denying a patient’s insurance claim without a valid reason. The court found that the insurance company had acted arbitrarily in rejecting the claim and emphasized that the treating physician is the sole authority to determine the necessity of a patient’s admission. The patient, Sanjeev Rana, had purchased a health insurance policy that provided coverage of ₹5 lakh, but the insurance company rejected his claim, stating that his hospital admission was unnecessary, and treatment could have been managed in an outpatient department.

The court ordered Aditya Birla Health Insurance to reimburse Rana’s medical expenses of ₹54,228, along with interest, and also imposed a compensation of ₹15,000 for the mental anguish and legal expenses he endured. The court expressed its strong disapproval of the arbitrary practices employed by insurance companies, stating that while they readily accept premiums, they resort to unreasonable pretexts when claims are filed.

This case serves as a reminder that consumers have recourse against unfair practices in the insurance sector. The commission has directed the insurance company to comply with the order within 60 days. The verdict is a significant development in the insurance sector, highlighting the importance of fair and transparent processes in the handling of claims.

Aditya Birla Health Insurance ordered to pay ₹69,000 in compensation for wrongful claim denial

The District Consumer Disputes Redressal Commission-2 in Chandigarh has ordered Aditya Birla Health Insurance to pay ₹69,228 to Sanjeev Rana, a policyholder, for unfairly denying his medical claim. Rana was hospitalized in April 2024 due to severe dehydration and elevated creatinine levels and was admitted to Max Super Specialty Hospital in Mohali. Despite submitting necessary claim documents, Aditya Birla Health Insurance rejected the claim, citing that Rana’s hospitalization was unnecessary and could have been managed as an outpatient.

The consumer court, comprising Chairman Amarinder Singh Sidhu and member Brij Mohan Sharma, ruled that the insurance company’s decision was arbitrary and without merit, finding that the treating physician is best qualified to determine the necessity of hospital admission. The court ordered the insurance company to reimburse Rana’s medical expenses of ₹54,228 and pay an additional ₹15,000 for causing mental distress and legal expenses.

The court emphasized the arbitrary nature of the denial, noting that the insurer was prompt in collecting premiums but reluctant in settling claims. The ruling highlights the responsibilities that insurers have towards their policyholders and the consequences of disregarding them. Chairman Sidhu remarked that this judgment underscores the importance of insurers honoring their commitments to their policyholders.

This ruling is significant in that it sets a precedent for policyholders to seek justice if their claims are unfairly denied. It also serves as a warning to insurance companies to review their claims process and ensure that they are not prioritizing profit over policyholder needs. Overall, the ruling reinforces the importance of transparency, fairness, and accountability in the insurance industry.

Aditya Birla Sun Life Insurance launches India’s pioneering AI-powered digital billboards, revolutionizing outdoor advertising with interactive technology

Platinum Outdoor, a unit of Madison World, has launched a groundbreaking digital billboard campaign for Aditya Birla Sun Life Insurance’s #BoodheHokeKyaBanoge initiative in India. This innovative campaign leverages AI and real-time display technology to present participants with interactive and personalized experience. Viewers are invited to upload selfies, which are then used to create AI-generated images of their future selves. The images are showcased in real-time on digital billboards at Juhu Beach, creating an engaging and captive experience for the audience.

What sets this campaign apart is the integration of artificial intelligence with out-of-home media, showcasing its limitless potential and redefining the way brands interact with audiences. The innovation has captivated onlookers and set a new benchmark for the digital outdoor advertising (DOOH) industry.

Platinum Outdoor has confirmed its position as a leader in the DOOH space with this campaign, transforming how brands interact with their target audience through innovative and memorable campaigns. According to Dipankar Sanyal, CEO, Platinum Outdoor and MRP, the company is proud to push the boundaries in outdoor advertising through this groundbreaking initiative. By blending AI-generated and real-time imagery on digital billboards, brands can now connect with audiences in dynamic and engaging ways, making it a transformational moment for the industry.

The campaign embodies the essence of #BoodheHokeKyaBanoge, aimed at encouraging a thought-provoking conversation, making it stand out as one of the first of its kind in India and setting a path for future integrations of innovative technologies in digital advertising. The innovative execution underlines Platinum Outdoor’s commitment to embracing cutting-edge technologies and strategies to drive innovation in the outdoors.

Aditya Birla Capital unifies its financial services spectrum on ONDC, offering comprehensive lending, insurance, and investment solutions.

Aditya Birla Capital has gone live with three core financial services – lending, insurance, and mutual fund investments – on the Open Network for Digital Commerce (ONDC) platform, making it the first BFSI company to do so. This move is part of its commitment to leveraging India’s Digital Public Infrastructure (DPI) to democratize access to financial products, especially in underserved markets, and enhance financial inclusion across the country.

Through the ONDC Network, customers will be able to access Aditya Birla Capital’s services directly through their apps, without the need to download or access multiple apps. This simplifies the customer journey and enhances the user experience. Aditya Birla Capital has played a pivotal role in developing the ONDC ecosystem for financial services, having been an early adopter lender in the pilot phase of its credit integration.

Vishakha Mulye, CEO of Aditya Birla Capital, stressed that the integration with ONDC will help reach “Bharat” – the average Indian consumer – and provide them with access to financial services, including credit, insurance, and investment opportunities. This will enable them to easily access and benefit from the company’s range of financial services.

Koshy, MD & CEO of ONDC, highlighted Aditya Birla Capital’s commitment to the democratization of financial products and its faith in the ONDC Network, which aims to make financial services more accessible and inclusive. The integration marks a significant leap in making financial services more accessible, especially in underserved markets, and is in line with ONDC’s vision and mandate of digital inclusion.

This development demonstrates Aditya Birla Capital’s commitment to simplifying finance and making its services accessible to every Indian across the country. It also reiterates the importance of ONDC as a platform for democratizing access to financial services and enhancing financial inclusion in India.

Pregnancy Protection 2024: Explore Our Top Insurance Options

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In India, pregnancy insurance is becoming increasingly essential due to the high costs of pregnancy, childbirth, and postpartum care. There are several top insurance plans that provide maternity coverage, including Aditya Birla Activ Health Platinum, Bajaj Allianz Health Guard Family Floater, Care Health Joy Health Insurance, Chola MS Family Healthline Insurance, and Bharti AXA Smart Super Health Insurance.

When selecting a pregnancy insurance plan, it is crucial to consider several factors, such as the maternity coverage, pre- and post-hospitalization expenses, coverage for pregnancy-related issues, and waiting periods. Additionally, consider the premium cost, network of hospitals, restrictions, and exclusions.

Some of the features of these plans include:

* Aditya Birla Activ Health Platinum: This plan covers pregnancy-related costs, postpartum costs, delivery costs, and problems. It has a no-claim bonus and covers childcare treatments that require less than a 24-hour hospital stay.
* Bajaj Allianz Health Guard Family Floater: This plan covers pregnancy-related costs, postpartum costs, delivery costs, and problems. It has a no-claim bonus and begins to cover pre-existing conditions after a waiting period of two to four years.
* Care Health Joy Health Insurance: This plan covers pregnancy-related costs, postpartum costs, delivery costs, and problems. It has a no-claim bonus and covers childcare treatments that require less than a 24-hour hospital stay.
* Chola MS Family Healthline Insurance: This plan covers maternity costs and associated expenses, including hearing aids, contact lenses, and eyeglasses. It also covers dependent children and enables online registration.
* Bharti AXA Smart Super Health Insurance: This plan covers hospitalization expenses, inpatient treatment, maternity benefits, and yearly physicals. It also covers pre- and post-hospitalization charges, daycare services, in-home hospitalization costs, ambulance costs, animal bites vaccination, domestic air ambulance, and restitution of guaranteed sums.

In conclusion, selecting the best pregnancy insurance plan can provide financial stability during this crucial time. It is essential to thoroughly assess your needs and financial situation, as well as carefully review the terms and conditions of the policy, including any waiting periods and exclusions.

Here is a rewritten version:Pursuing the best health insurance plans in India for 2025: High-quality insurance coverage for a secure tomorrow

Choosing the right health insurance plan is a crucial decision for individuals and families in India, where medical costs are constantly increasing. The key factors to consider when selecting a health insurance plan include the claim process, coverage, lifetime renewals, hospital network, and premium affordability.

The claim process is an important aspect of any health insurance plan, as it determines the efficiency and effectiveness of the coverage. A good insurer should have a streamlined claim process that prioritizes the unique needs of each individual customer. Moreover, it’s essential to review the hospital network to ensure that it covers major hospitals in your area to minimize delays in treatment.

Additionally, the policy coverage should cater to your individual or family needs, taking into account factors like age, gender, and lifestyle. Lifetime renewals are an essential feature that prevents additional charges from being incurred over time, providing long-term security.

There are several comprehensive health insurance policies in India, offering a range of benefits, premium discounts, wellness packages, and health-related rewards. Here’s an overview of five best health insurance plans in India, which include the Max Bupa Health Companion Plan, Apollo Munich Optima Restore Health, Cigna TTK ProHealth Plus, Royal Sundaram Health Lifeline Supreme, and Aditya Birla Active Assure Diamond Plan.

Before buying any health insurance policy, it’s essential to analyze your needs, covering your medical expenses for primary care, hospitalization, maternity, neonatal care, pediatric services, laboratory services, and medications. You should also review the policy’s aspects, such as the sum assured, types of illnesses covered, network hospitals, claim settlement procedures, and the plan’s comprehensiveness to choose the right one for you.

Tune in as Religare, Gland Pharma, Fortis, Castrol India and other prominent names, including Barbeque Nation, unveil their Q3 results, bringing key insights into the industry’s performance today.

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According to CRISIL Research, India Inc’s revenue growth for the quarter has slowed down by 80-90 basis points (bps) to 4-6% on-year, driven by weaker performance in the construction and industrial commodities sectors, as well as subdued investment-linked segments. However, profitability is expected to show a 40-50 bps improvement, driven by export-linked sectors such as IT services and pharmaceuticals. Other brokerage firms have also stated that revenue growth this quarter has slowed to around 5.2%, down from 6% in Q3FY24, due to extended monsoons and delayed government spending that affected the construction sector.

Several companies, including Religare Enterprises, Gland Pharma, Fortis Malar Hospitals, Aditya Birla Capital, and Castrol India, are releasing their Q3 results today. As of now, companies like Religare Enterprises, Gland Pharma, and Man Infraconstruction have reported their results, with Gland Pharma and Man Infraconstruction showing a decline in profit, while Gland Pharma reported a 6.69% growth in profit and Man Infraconstruction reported a 2.87% decline in profit.

Elara Securities, a brokerage firm, has commented on the Q3 results of several companies, including Prestige Estate Projects, Man Infracons, and Bandhan Bank. Elara Securities noted that Prestige Estate’s results came in line with their expectations, while Man Infraconstruction’s sales were record-breaking. Bandhan Bank, on the other hand, reported a soft quarter, with weaknesses across several fronts and high credit cost.

InCred Equities, another brokerage firm, has also commented on several companies’ Q3 results, including Blue Dart, IndusInd Bank, and Divi’s Labs. InCred Equities noted that Blue Dart’s Q3 sales grew by 9% yoy, but EBITDA margin rose by 39 bps. IndusInd Bank reported a credit slowdown across segments, and recovery is expected to be gradual. Divi’s Labs is expected to post 25% overall growth, with a 100 bps margin improvement.

Aditya Birla Capital’s net profit drops 3.8% to ₹708 crore

Aditya Birla Capital, a leading financial services company, has reported a decline in net profit to Rs. 708 crore in the third quarter of FY25, compared to Rs. 736 crore in the same period last year. Despite this, the company’s consolidated revenue rose 10% to Rs. 10,949 crore, driven by growth in its lending portfolio and asset management business. The company’s overall lending portfolio expanded 27% year-on-year to Rs. 1,46,151 crore, while total assets under management (AUM) grew 23% to Rs. 5,03,377 crore.

The company’s life and health insurance premiums rose 27% year-on-year to Rs. 16,942 crore in the first nine months of FY25, while its mutual fund quarterly average AUM stood at Rs. 3,83,911 crore, up 23% from a year earlier. The company’s NBFC portfolio grew 21% year-on-year to Rs. 1,19,437 crore, with loans to retail, SME, and HNI customers comprising 64% of the portfolio. The housing finance business saw a 62% increase in AUM to Rs. 26,714 crore, with disbursements rising 136% year-on-year to Rs. 4,750 crore.

Aditya Birla Capital is expanding its digital platforms, including its direct-to-customer platform ABCD, which has recorded over 4.1 million customer acquisitions, and its MSME-focused B2B platform Udyog Plus, which has over 2.2 million registrations. The company operates 1,482 branches nationwide and is focused on increasing penetration in tier 3 and 4 towns. Its return on assets stood at 2.1%, while return on equity was 13.87%. The company’s life insurance business reported a 31% rise in individual first-year premiums to Rs. 2,595 crore in the first nine months of FY25, while its health insurance segment’s gross written premium rose 39% year-on-year to Rs. 3,337 crore.

Aditya Birla Capital’s Q3 earnings show a 3.77% decline in profit to Rs 708 crore, with net interest income (NII) standing at Rs 1,876 crore.

Aditya Birla Capital Ltd, a leading financial services company, has reported a profit of Rs 708 crore for the third quarter of FY25, a decline of 3.77% compared to the same quarter of the previous financial year. Despite this decline, the company’s revenue from operations grew by 9.28% to Rs 9381.35 crore, driven by a 7.2% increase in Net Interest Income (NII) to Rs 1876 crore.

The company’s overall lending portfolio (NBFC and HFC) grew by 27% year-on-year and 6% sequentially to Rs 1,46,151 crore as of December 31, 2024. The total Assets Under Management (AUM) grew by 23% year-on-year to Rs 5,03,377 crore. The company’s total premium (life insurance and health insurance) grew by 27% year-on-year to Rs 16,942 crore in 9M FY25.

Aditya Birla Capital has a pan-India presence of 1,482 branches across all businesses as of December 31, 2024. The company is focused on capturing white spaces and driving penetration into tier 3 and tier 4 towns and new customer segments.

The company’s performance across segments was mixed. The NBFC business posted a 21% year-on-year growth in AUM to Rs 1,19,437 crore, while the Housing Finance business saw disbursements growth of 136% year-on-year to Rs 4750 crore. The Asset Management business saw a 23% year-on-year growth in mutual fund quarterly average assets under management (QAAUM) to Rs 3,83,911 crore. The Life Insurance business posted a 31% year-on-year growth in Individual First Year Premium (FYP) to Rs 2,595 crore, while the Health Insurance business saw a 39% year-on-year growth in gross written premium (GWP) to Rs 3,337 crore.

Overall, Aditya Birla Capital’s performance was impacted by a decline in profit, but the company’s revenue and AUM growth indicate a strong underlying business. The company’s focus on capturing white spaces and driving penetration into new customer segments is likely to drive future growth.

Which Indian insurance companies have the lowest claim rejection rates, according to a report by the brokers association?

The Insurance Brokers Association of India (IBAI) has released a report revealing that the claim-to-settlement ratio for general insurance in 2022-23 was 86%, down from 87% in the previous year. The report highlights that not all claims are honored, with a claim-repudiation ratio of 6% for general insurance, which includes motor, health, fire, and marine cargo. Public sector insurer New India Assurance has the lowest claims repudiation ratio of 0.2%, while private insurers HDFC Ergo, Future Generali, Aditya Birla Health, and Shriram also have lower rejection rates.

The report breaks down the general insurers into four categories, including public sector, large private sector, other private sector, and standalone health insurers. New India Assurance is also the top performer in the health insurance category, with a claim-settlement ratio of 95%. However, experts note that the data for individual health insurance policies is not available separately, making it difficult for policyholders to make informed decisions.

The report also highlights the issue of incomplete or false disclosure at the time of policy purchase, which can lead to claim rejection. Additionally, the article discusses the low insurance penetration in India, with a coverage ratio of 30% compared to over 90% in developed countries like the US. The high 18% Goods and Services Tax (GST) on insurance premiums is also criticized, leading to people settling for smaller covers due to high premiums.

Experts suggest that the insurance industry needs several reforms, including reduced tax and segregated data on claim-settlement ratios for individual and group policies, to promote growth and provide better coverage for people. The report’s findings provide a benchmark for policyholders to make informed choices when selecting insurers and purchasing policies.

Top-Rated Unit-Linked Insurance Plans (ULIPs) in India for 2025

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Before investing in Unit Linked Insurance Plans (ULIPs), it is crucial to consider certain factors. These include policy fees, maximum premium, rider availability, and additional advantages. ULIPs offer a mix of life insurance and investment, making them attractive to many individuals.

The article highlights 10 best ULIP plans in India, including LIC Endowment Plus, HDFC Life ProGrowth Plus, HDFC Life Click 2 Wealth, SBI Life Smart Wealth Assure, ICICI Pru Signature, Bajaj Allianz Future Gain, Aditya Birla Sun Life Fortune Elite Plan, Max Life Platinum Wealth Plan, Bajaj Allianz Fortune Gain, and ICICI Wealth Builder.

These plans offer various features, including partial withdrawals, premium payment flexibility, and rider options. Some plans also offer loyalty additions, return enhancers, and fund boosters. When selecting a ULIP, it is essential to consider the policy fees, maximum premium, and the availability of riders.

The article provides an overview of each plan, highlighting their key features and benefits. For instance, LIC Endowment Plus offers a blend of safety and savings, while HDFC Life ProGrowth Plus provides insurance coverage and investment options. SBI Life Smart Wealth Assure offers life insurance and savings through a non-participating unit-linked plan.

In conclusion, it is crucial to carefully evaluate each plan before making a decision. It is essential to consider the policy fees, maximum premium, and rider availability, as well as the additional advantages offered by each plan. By doing so, individuals can make an informed decision and find the best ULIP plan that suits their needs and goals.

Aditya Birla Capital partners with ONDC to expand its financial services capabilities.

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Aditya Birla Capital Limited (ABCL) has become the first BFSI company to go live on the Open Network for Digital Commerce (ONDC) platform, offering lending, insurance, and mutual fund investments. This milestone reinforces ABCL’s commitment to leveraging India’s Digital Public Infrastructure (DPI) to increase financial inclusion across the country, particularly in underserved markets.

Through ONDC, various Buyer Apps will be able to offer ABCL’s financial products to their customers, simplifying their financial journeys and providing a seamless user experience. This eliminates the need for customers to access multiple apps on their devices.

ABCL’s integration with ONDC is part of the organization’s efforts to simplify finance and make its offerings accessible to every Indian. According to ABCL’s CEO, Ms. Vishakha Mulye, the integration will help the company reach out to “Bharat” and provide financial services to consumers who have previously lacked access to formal credit, insurance, and investment opportunities.

ONDC’s MD & CEO, Mr. T. Koshy, highlighted ABCL’s commitment to democratizing financial products, stating that the integration marks a significant leap in making financial services more accessible and inclusive through the ONDC Network. He noted that enabling financial products on ONDC will not only diversify the types of services offered but also make strides towards deepening financial inclusion in India, aligning with the organization’s overall vision and mandate of digital inclusion.

This development is a significant milestone in the financial services sector, as it enables the integration of lending, insurance, and mutual fund investments on a single platform. It is an important step towards increasing financial inclusion and providing access to financial products and services to a wider range of consumers.

Among the top insurance companies in India, Aditya Birla, New India, HDFC ERGO, and Bajaj, Star, and Shriram standout with an impressive 90% claims settlement rate, making them a reliable choice for policyholders seeking quick and efficient claim processing.

The Insurance Brokers Association of India (IBAI) has released data on the performance of insurance companies in India for the financial years 2023-24 and 2022-23. The data shows that four companies – Aditya Birla Health, HDFC Ergo, and New India Assurance from the public sector and private sector – have cleared more than 90% of claims sought by beneficiaries. Aditya Birla Health and HDFC Ergo, private sector companies, have achieved a clearance rate of 91.88% and 92.1%, respectively, while New India Assurance, a public sector company, has achieved a clearance rate of 93.13%.

On the other hand, three large private insurers – Bajaj Allianz, Star Health, and Shriram – have shown poor performance in terms of claim settlement, with clearance rates of 73.38%, 74%, and 70%, respectively. Shriram’s claim settlement rate has improved slightly from 69.16% in 2022, but it still lags behind other market leaders.

The data shows that Aditya Birla received over 8.5 lakh claims in 2023 and settled 91.88% of them, while HDFC ERGO handled 52 lakh claims and settled 94.32% of them. New India Assurance processed over 1.5 crore claims and settled 93.13% of them.

The report highlights the performance of insurance companies in India in terms of claim settlement, providing valuable insights for policyholders and insurance brokerages.

Aditya Birla Capital has successfully migrated to ONDC, enhancing the digital shopping experience for its customers.

Aditya Birla Capital, a leading financial services company, is set to launch its services on the Open Network for Digital Commerce (ONDC) platform, making its lending, insurance, and mutual fund investments available to a wider audience. Through the ONDC Network, various live buyer apps will be able to offer Aditya Birla Capital’s personal loan, health insurance, and mutual funds to their customers. This integration aims to bridge the financial gap in rural and underserved areas, providing access to formal credit, insurance, and investment opportunities to consumers who may have previously been excluded.

The CEO of Aditya Birla Capital, Vishakha Mulye, expressed excitement about the partnership, stating that it will enable the company to reach out to a larger audience, particularly in rural areas, and fulfill their financial needs and aspirations. The ONDC Network is designed to facilitate seamless transactions between buyers and sellers, making it easier for consumers to access financial services.

Aditya Birla Capital’s services on the ONDC platform will include personal loans, health insurance, and mutual fund investments. These services will be available to customers through various live buyer apps, making it convenient for them to access financial products and services. The integration is expected to increase financial inclusion, particularly in rural areas, where access to formal credit, insurance, and investment opportunities may be limited.

The partnership between Aditya Birla Capital and ONDC Network is a significant step towards financial inclusion and democratization of financial services. It demonstrates the company’s commitment to reaching out to a wider audience and providing them with access to financial products and services that meet their needs and aspirations. With this integration, Aditya Birla Capital is poised to make a positive impact on the lives of millions of consumers, particularly in rural areas, and contribute to the growth of the financial sector in India.

Aditya Birla Capital pioneers innovation by integrating its lending, insurance, and investment services on the ONDC platform.

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Aditya Birla Capital has become the first financial services company to integrate lending, insurance, and investments on the Open Network for Digital Commerce (ONDC), a government initiative to create an open and interoperable e-commerce platform. This integration allows buyers and sellers to transact across different platforms, promoting inclusivity, competition, and accessibility in digital commerce. As a Wave-1 participant, Aditya Birla Capital has played a crucial role in developing the financial services ecosystem on ONDC.

The company’s offerings, including personal loans, health insurance, and mutual funds, are now live on the platform. These services are accessible through multiple buyer apps, enabling users to access financial products directly without downloading additional applications. This integration aligns with ONDC’s broader mission of creating interoperable networks that connect buyers and sellers seamlessly across apps.

Vishakha Mulye, CEO of Aditya Birla Capital, commented on the development, saying, “Our integration with ONDC will help us reach ‘Bharat’ and fulfill the financial needs and aspirations of consumers who may have previously lacked access to formal credit, insurance, and investment opportunities.”

T. Koshy, CEO of ONDC, added, “Aditya Birla Capital’s integration shows their commitment to democratizing financial products. This step diversifies ONDC’s offerings and strengthens its mission of financial inclusion.”

ONDC connects more than 200 apps, facilitating seamless interactions between buyers and sellers. The platform promotes interoperability and inclusivity, allowing buyers to choose from various apps to purchase products or services regardless of the app used by the seller. Aditya Birla Capital, a part of the $65 billion Aditya Birla Group, offers a comprehensive suite of financial solutions, including loans, investments, insurance, and payments, through its 1,470 branches, 20,000 agents, and a workforce of over 55,000 nationwide.

India’s insurance industry has achieved a milestone, with the lowest-ever rate of claim rejections recorded in the nation.

The Insurance Brokers Association of India (IBAI) has released a handbook that compares the claims repudiation ratios of various Indian insurers. The data is for the fiscal year 2023, the latest available. The claims repudiation ratio is the percentage of claims rejected out of the total number of claims closed by an insurer. A lower ratio is better for customers.

According to the handbook, New India Assurance has the lowest overall claims repudiation ratio of 0.2%, making it the best among all Indian insurers. Its health insurance and motor own-damage insurance claims repudiation ratios are also the lowest at 0.2% and 0.5%, respectively. Other insurers with low overall claims repudiation ratios include HDFC Ergo, Aditya Birla Health, and Future Generali.

The handbook also highlights some insurers with higher claims repudiation ratios in specific segments. In the health insurance sector, Chola MS, Tata AIG, and Star Health have raised concerns with rejection rates of 15.3%, 19.1%, and 18.5%, respectively. In the motor own-damage segment, Chola MS, Magma HDI, and Navi General have higher rejection rates of 9.3%, 10.9%, and 15.8%, respectively.

Interestingly, New India Assurance, the only listed public sector insurer, outperforms other public sector insurers in terms of claims repudiation ratio. National Insurance, Oriental Insurance, and United India have overall claims repudiation ratios of 8.3%, 9.9%, and 5.4%, respectively. Similarly, in the health insurance and motor own-damage segments, these public sector insurers have higher rejection rates.

Overall, the IBAI handbook provides valuable insights into the performance of various Indian insurance companies in terms of claims repudiation ratio. It enables customers to make informed decisions when selecting an insurance provider.

Stay healthy all year round: Exploring seasonal health insurance plans for flu and cold season coverage

As winter approaches, it’s essential to have a comprehensive health insurance plan in place to manage seasonal illnesses such as asthma and bronchitis. According to Rakesh Kaul, Chief Business Officer at SBI General Insurance, winter often brings a rise in respiratory conditions and cardiovascular issues. Having the right health insurance plan can provide peace of mind, ensuring timely care without financial burdens.

Some key features to look for in a winter health insurance plan include coverage for seasonal illnesses, cashless hospitalisation, pre- and post-hospitalisation benefits, critical illness coverage, and wellness benefits. Look for plans that cover respiratory issues, such as asthma and pneumonia, as well as cardiovascular conditions, such as heart conditions. Additionally, opt for plans with cashless treatment at a wide network of hospitals and pre-existing disease coverage.

The article highlights several health insurance plans that cater to winter wellness, including SBI General Super Health Insurance, Aditya Birla Activ One Plan, Bajaj Allianz Health Guard Plan, Care Supreme Plan, Cholamandalam Flexi Health Plan, Digit Health Care Plus Plan, and ACKO Individual Health Insurance Plan.

To stay protected this winter, Kaul advises reviewing your current health insurance policy to ensure it provides adequate coverage for hospitalisation, outpatient treatments, and critical illnesses. Consider adding critical illness riders or wellness programs to your policy for enhanced protection. Using preventive health check-ups and teleconsultation services can also help stay proactive about health risks during the cold months.

In summary, having the right health insurance plan in place can provide essential coverage for winter illnesses, giving individuals peace of mind and financial security. With the right features and benefits, individuals can receive timely care without worrying about the costs.

New India Assurance and Aditya Birla Life Insurance Company lead the way in FY23 with exceptional health insurance claims settlements.

According to data published by the Insurance Brokers Association of India, New India Assurance Co. Ltd. ranked as one of the top players in terms of health claims paid for the year ending March 2023. The company paid out over 95% of health claims received, with Aditya Birla Health Insurance ranking second, paying out over 94.5% of claims. In terms of the amount of claims paid, New India Assurance settled 98.7% of claims, while Oriental Insurance ranked second, paying out 97.4% of claims.

The claims paid ratio is a key metric used to measure the performance of insurance companies in settling claims. It is calculated as the number of claims paid up to a specific quarter (in this case, the fourth quarter of the financial year ending March 31, 2023) to the total number of claims available for processing. A higher claims paid ratio indicates that the insurance company is more efficient in settling claims.

New India Assurance’s high claims paid ratio, both in terms of the number of claims and the amount, suggests that the company has a strong track record of settling claims in a timely and efficient manner. This is good news for customers, as it indicates that they can trust the company to honor their claims and receive the compensation they are due. The company’s high performance in this regard reflects its commitment to providing excellent customer service and settling claims in a transparent and efficient manner.

Aditya Birla Capital successfully launches its three core financial services on the Open Network for Digital Commerce (ONDC) platform.

Aditya Birla Capital, a non-banking finance company, has announced its availability on the Open Network for Digital Commerce (ONDC) platform, providing financial services such as lending, insurance, and mutual fund investments. This integration enables various buyer apps to offer Aditya Birla Capital’s services to their customers without the need to access or download multiple apps. As one of the early adopters, Aditya Birla Finance was part of the pilot phase for credit integration, while Aditya Birla Health Insurance and Aditya Birla Sun Life AMC are among the first to integrate health insurance and mutual fund investments on the network.

The ONDC network comprises over 200 apps, including buyer and seller apps. This integration is expected to simplify the process of accessing financial services, providing customers with a seamless and convenient experience. By leveraging the ONDC platform, customer apps can offer Aditya Birla Capital’s products and services to their users, thereby expanding the reach and accessibility of these financial services.

With this development, Aditya Birla Capital has become the first NBFC to be live on all three core financial services – lending, insurance, and mutual fund investments – on the ONDC platform. This move is likely to boost the company’s ability to offer a wider range of financial services to its customers and increase its market presence in the digital financial landscape.