Income Protection Insurance Market – Key Players:1. Aviva 2. AXA 3. Zurich 4. MetLife 5. Prudential 6. Allianz 7. AIG 8. Lloyds Banking Group 9. Royal London 10. LV=
The Income Protection Insurance market is expected to experience significant growth, with a projected revenue of USD 35.1 billion by 2033, growing at a CAGR of 5.5% from 2026 to 2033. The market's growth is driven by increasing awareness of financial security, rising health-related uncertainties, and expanding working populations, especially in emerging economies. Economic factors such as rising disposable income and urbanization also contribute to the market's expansion. The demand for income...
Gallagher has created India’s first pandemic insurance, which utilizes parametric triggers. This insurance was launched by New India Assurance and is reinsured by Munich Re.
The Phoenix Mills Ltd, a leading Indian company, has become the first insured in the country to be covered against business interruption losses due to pandemic or epidemic outbreaks. The policy, which includes loss of revenue and additional expenses, is based on parametric triggers and empowers the company's various business verticals to maintain operational continuity and financial stability in the face of any unforeseen global health crises. The company's experience during the last pandemic,...
Insurance Guide for CNG & LPG-Converted Cars 2025
The Insurance Guide for CNG & LPG-Converted Cars 2025 provides essential information for drivers who have installed compressed natural gas or liquid petroleum gas kits in their vehicles. With the rising number of gas-powered conversions, it's crucial for owners to understand the implications on their vehicle insurance. In 2024, the number of registered gas-powered passenger cars increased by 46% yearly, and the market for cleaner energy is expected to reach USD 101 billion by 2032. To ensure...
International students are calling on the Manitoba NDP to fulfill their promise regarding healthcare.
A group of international students held a rally in Winnipeg, Manitoba, to urge Premier Wab Kinew to fulfill his promise to restore their health-care coverage. During the 2023 election campaign, Kinew's NDP party pledged to reinstate the coverage, which was rescinded by the Progressive Conservative government in 2018. However, two years later, international students are still not eligible for provincial health insurance and are forced to pay for private insurance that provides limited coverage....
MX enters multi-year distribution deal with Aviva to expand growth
MX is a company that specializes in providing property and casualty insurance solutions to small to medium-sized enterprises (SMEs) and mid-market clients across the UK and Ireland. Their portfolio has been growing, and they offer a wide range of commercial insurance products, including property, liability, motor fleet, and specialist sector coverage. In recent years, MX has expanded its underwriting capacity to meet the increasing demand from brokers for flexible and specialized insurance...
HDFC Life is commemorating 25 years of establishing trust with its customers by branding the Mahalaxmi Metro Station on Mumbai’s Metro Line 3.
HDFC Life, one of India's leading life insurers, has associated itself with the Mahalaxmi metro station in Mumbai as part of its 25-year anniversary celebrations. The company, which started its journey in 2000, has insured millions of policyholders across the country, protecting them financially and enabling them to continue their journey of life with pride. The Mahalaxmi metro station, located near HDFC Life's head office, is set to become a major transit hub on the 33.5 km long Cuffe Parade...
Duck Creek Technologies has been awarded the IDC FinTech Real Results Award for its work in insurance transformation.
Duck Creek Technologies, a global provider of intelligent solutions for the property and casualty insurance industry, has been named a co-winner of the 2025 IDC FinTech Real Results Awards in the Insurance Transformation category. The award recognizes Duck Creek's work with HDFC ERGO General Insurance Company, a leading private sector general insurer in India, in delivering measurable and future-enabling change in the insurance industry. The IDC FinTech Real Results program honors technology...
Aviva has partnered with ICE InsureTech to undergo a digital transformation.
Aviva, a leading insurance provider in the UK, has successfully rolled out a digital insurance platform in partnership with ICE InsureTech. The project, which was completed in just 12 months, aimed to transform Aviva's IT landscape and enable fully digital insurance journeys. The new platform, built using microservices and cloud infrastructure from AWS, allows for white-labelled, omni-channel offerings that can be configured rapidly for different partners. The platform has introduced real-time...
The Halloween season is also accompanied by a frightening increase in insurance claims.
As Halloween approaches, insurers are reminded of the potential risks and damages that can occur during this time. According to Aviva, a prominent insurer, their data highlights a range of malicious damage incidents that take place around Halloween. These incidents can vary in severity, from minor pranks to more serious acts of vandalism and even break-ins. Some examples of the types of damage that can occur include doors being damaged by overzealous trick-or-treaters, broken windows resulting...
Insurance premium collections rose in August, driven by Bajaj Allianz and New India Assurance.
The Indian general insurance sector experienced modest year-on-year growth in premium collections for August, according to data from the General Insurance Council. However, several major players reported significant sequential declines in premiums compared to July. ICICI Lombard General Insurance saw a 2.1% year-on-year increase in gross direct premium underwritten, reaching ₹2,182 crore. Nonetheless, its premiums dropped 12% compared to the previous month. New India Assurance reported an 8.7%...
A health insurance company has been fined Rs 30,000 for wrongly rejecting a medical claim. The insurer has also been ordered to pay Rs 2 lakh to the claimant, along with interest.
The District Consumer Disputes Redressal Commission in Mohali has ruled in favor of a policyholder, Kuldeep Singh Sandhu, who was wrongfully denied a mediclaim by HDFC ERGO Health Insurance Ltd. Sandhu had purchased a group mediclaim policy through Canara Bank, which covered both him and his wife for a sum insured of Rs 5 lakh. In March 2020, Sandhu was admitted to the hospital with symptoms such as vomiting, vertigo, and facial numbness. However, his request for cashless treatment was denied...
A consumer panel in Chandigarh has ordered an insurance company to pay Rs 25 lakh to a policyholder for unjustly denying a claim.
The District Consumer Disputes Redressal Commission-I in Chandigarh has ordered Star Health and Allied Insurance Company to pay Rs 25 lakh to the heirs of a deceased policyholder, Sarita Dutta alias Sarita Sharma, whose medical claim was wrongly repudiated. The policyholder had purchased a health insurance policy from Star Health in 2018 for a sum of Rs 25 lakh, which was renewed annually until 2023. In 2024, she was diagnosed with cancer and underwent medical treatment before passing away on...
A smart way to earn ₹20,000 every month for life
The LIC Jeevan Utsav plan, offered by the Life Insurance Corporation of India, is a retirement plan designed to provide lifelong income after a limited premium-paying term. This innovative policy allows individuals to choose a premium payment period of 5 to 16 years, after which they will receive an annual income of 10% of their sum assured for life, until they turn 100. The annual income is capped at ₹2.5 lakh per year, or approximately ₹20,000 per month. Key highlights of the LIC Jeevan...
Travel medical insurance is a type of insurance that covers unexpected medical expenses while traveling abroad. It is designed to provide financial protection in case of medical emergencies, accidents, or illnesses that may occur during a trip.
Here’s how it typically works:
- Policy purchase: Travelers purchase a travel medical insurance policy before their trip, usually online or through an insurance agent.
- Coverage period: The policy is effective for a specified period, usually starting from the departure date and ending on the return date.
- Medical emergency: If the traveler experiences a medical emergency or becomes ill during the trip, they should seek immediate medical attention.
- Claim submission: The traveler or their representative submits a claim to the insurance company, providing documentation of the medical expenses incurred.
- Claims review: The insurance company reviews the claim to determine if it is eligible for coverage under the policy.
- Reimbursement: If the claim is approved, the insurance company reimburses the traveler for the eligible medical expenses, usually up to the policy’s maximum limit.
Key features of travel medical insurance policies:
- Emergency medical evacuation: Coverage for transportation to a medical facility or back home in case of a serious medical condition.
- Hospital stays: Reimbursement for hospital stays, including room and board, medical procedures, and doctor fees.
- Doctor visits: Coverage for doctor visits, including office visits, prescriptions, and lab tests.
- Pre-existing conditions: Some policies may cover pre-existing medical conditions, but this is not always the case.
- Deductible: The amount the traveler must pay out-of-pocket before the insurance coverage kicks in.
- Maximum limit: The maximum amount the insurance company will pay for medical expenses.
Types of travel medical insurance:
- Single-trip policies: Coverage for a single trip, usually up to 30 days.
- Multi-trip policies: Coverage for multiple trips within a specified period, usually up to 12 months.
- Annual policies: Coverage for an entire year, usually with a maximum number of days per trip.
Who needs travel medical insurance?
- International travelers: Anyone traveling abroad, especially to countries with limited medical facilities or high medical costs.
- Adventure seekers: Travelers engaging in high-risk activities, such as hiking, skiing, or scuba diving.
- Seniors: Older travelers who may be more prone to medical emergencies.
- Families: Families with young children or elderly members who may require medical attention during a trip.
Travel medical insurance is a type of insurance that provides coverage for medical expenses incurred while traveling abroad. It is designed to protect travelers from financial losses due to unexpected medical emergencies or accidents that may occur during their trip. When purchasing travel medical insurance, it's essential to understand how it works. Typically, the insurance provider will require some basic information, such as the traveler's age, health status, and travel plans. The insurance...
Aviva Canada’s new CEO is optimistic about the company’s performance for the full year 2025, despite anticipating challenges related to weather and regulatory issues.
Aviva Canada's new CEO is expressing optimism about the company's prospects for the full year 2025, despite facing challenges related to weather and regulatory issues. The insurance industry in Canada has been impacted by severe weather events, which have resulted in significant claims and losses for insurers. Additionally, regulatory changes and scrutiny have added to the challenges faced by insurance companies. However, Aviva Canada's CEO remains bullish on the company's ability to navigate...
New India Assurance Co. Ltd., Oman Receives Times of Oman Best Brand in Customer Experience Award
New India Assurance Co. Ltd., Oman, has been awarded the prestigious Times of Oman Best Brand in Customer Experience Award in the insurance category at the Oman CX Awards 2025. This award recognizes the company's commitment to delivering exceptional service and customer satisfaction across the Sultanate. The award ceremony was attended by prominent figures, including His Highness Sayyid Mohammed Bin Salem Al Said and Mr. Ahmed Essa Al Zadjali, CEO of Muscat Media Group. Mr. Majid Abdul Rahim...
FSIB recommends R. Chander for MD’s position in LIC
The Financial Services Institutions Bureau (FSIB) has announced its recommendation for the position of Managing Director at the Life Insurance Corporation of India (LIC). After interacting with five candidates from LIC on September 30, 2025, the Bureau has selected R. Chander for the role. The decision was based on the candidates' performance during the interface, as well as their overall experience and relevant parameters. R. Chander, currently the Chief Investment Officer and Executive...
Edelweiss Financial Services Limited announces ₹3000 million public issue of secured redeemable non-convertible debentures (NCDs)
Edelweiss Financial Services Limited (EFSL) has announced a public issue of secured redeemable non-convertible debentures (NCDs) with a face value of ₹1,000 each. The issue has a base size of ₹1,500 million and a green shoe option of up to ₹1,500 million, aggregating to ₹3,000 million. The NCDs have a tenure of 24 months, 36 months, 60 months, and 120 months with annual, monthly, and cumulative interest options. The effective annual interest yield on the NCDs ranges from 9.00% p.a. to 10.25%...
A mountain of transgressions and shattered vows
The article discusses the breach of trust by the Life Insurance Corporation of India (LIC), the country's largest insurer, with its customers. The concept of "uberrima fides" or utmost good faith is a fundamental principle in insurance, which demands complete honesty from both parties. However, LIC has consistently violated this principle by delaying payouts, repudiating claims, and hiding behind technicalities. The article highlights several issues with LIC's practices, including outdated...
First-time health insurance buyer? Here are 7 smart tips to choose the right policy and avoid costly regrets:
- Assess Your Needs: Evaluate your health requirements, age, and pre-existing conditions to determine the type of coverage you need.
- Research and Compare: Look up different insurance providers, their policies, and coverage options to find the best fit for you.
- Understand Policy Terms: Read and comprehend the policy documents, including the fine print, to avoid surprises later.
- Check Network Providers: Ensure the policy covers your preferred hospitals, doctors, and medical facilities.
- Claim Settlement Ratio: Choose an insurer with a high claim settlement ratio to ensure hassle-free claims.
- Premium and Add-ons: Calculate the premium and consider add-ons, such as critical illness cover or maternity benefits, if required.
- Seek Professional Advice: Consult with an insurance expert or agent to guide you through the process and help you make an informed decision.
When selecting a health insurance policy, it's crucial to consider several key factors to ensure you choose a comprehensive and reliable plan. A single medical emergency can be financially devastating, making it essential to have a solid health insurance policy in place. Here are seven key factors to keep in mind when comparing health insurance policies: Incurred Claim Ratio (ICR): This ratio indicates the percentage of claims paid out by the insurance company compared to the net premiums...
LIC Schemes: LIC has introduced two new plans, offering potentially high returns.
The Life Insurance Corporation of India (LIC) has introduced two new insurance products, LIC Jan Suraksha and LIC Bima Lakshmi, which will be available for sale starting October 15. Both schemes are non-linked and non-participating, meaning they are not affected by market fluctuations, ensuring a safe investment. These products cater to different individual needs and are designed with the domestic market in mind. LIC Jan Suraksha is specifically designed for low-income individuals, offering...
The Supreme Court has dismissed an appeal by claimants in a motor accident case where the victim died due to a heart attack 5 months after the accident.
The Supreme Court of India has dismissed an appeal filed by the claimants in a motor accident case where the victim died five months after the accident due to a heart attack. The Court held that the death could have been a result of the surgery, given the medical parameters of the patient, and not directly related to the accident. The appeal was filed by the wife, minor child, and mother of the deceased, an Excise Guard, who died after a motorcycle accident in 2006. The accident occurred when...
The Regulation of Private Health Insurance
Private health insurance is regulated by a combination of federal and state laws. The primary federal law governing private health insurance is the Employee Retirement Income Security Act of 1974 (ERISA), which regulates employer-sponsored health plans. Other key laws include the Health Insurance Portability and Accountability Act of 1996 (HIPAA), the Affordable Care Act (ACA), and the Medicare Prescription Drug, Improvement, and Modernization Act of 2003.
State laws and regulations also play a significant role in regulating private health insurance. States have the authority to regulate insurance companies, set standards for health insurance policies, and oversee the marketing and sales of health insurance products. State insurance departments are responsible for enforcing state laws and regulations, as well as investigating consumer complaints.
The National Association of Insurance Commissioners (NAIC) provides a framework for state insurance regulation, and many states have adopted model laws and regulations developed by the NAIC. The ACA has also imposed new requirements on private health insurance, including the prohibition on pre-existing condition exclusions, guaranteed issue, and minimum essential coverage requirements.
Regulatory agencies, such as the Department of Health and Human Services (HHS) and the Centers for Medicare and Medicaid Services (CMS), oversee the implementation of federal laws and regulations related to private health insurance. These agencies work with state regulators to ensure compliance with federal and state laws, and to protect consumers from unfair or deceptive practices.
Key aspects of private health insurance regulation include:
- Policy Standards: Regulations require health insurance policies to meet certain standards, such as covering essential health benefits and providing a minimum level of coverage.
- Rate Review: States review insurance rate increases to ensure they are reasonable and not excessive.
- Financial Solvency: Insurance companies must maintain sufficient financial reserves to pay claims and meet other financial obligations.
- Consumer Protections: Laws and regulations protect consumers from unfair or deceptive practices, such as denial of claims or cancellation of coverage.
- Market Conduct: Regulations govern the marketing and sales of health insurance products, including requirements for transparency and disclosure.
Overall, the regulation of private health insurance is a complex and evolving area, with multiple stakeholders and regulatory agencies working to ensure that consumers have access to affordable, high-quality health insurance.
The scope of federal regulation affecting private health coverage has increased significantly since the passage of the Affordable Care Act (ACA) in 2010. The ACA introduced a range of new provisions and requirements for insurers, employer-sponsored plans, and providers, with the goal of expanding health coverage to more individuals and improving the overall quality of care. However, the law has also been the subject of ongoing debate and litigation, with efforts to repeal and replace it, as...
HDFC ERGO has partnered with Consumr.ai to enhance its customer intelligence capabilities.
Consumr.ai, a leading customer intelligence platform in India, has been selected by HDFC ERGO to pilot a proof-of-concept (POC) aimed at transforming the insurance customer journey. The POC will utilize Consumr.ai's proprietary AI Twins technology, which creates virtual representations of consumer cohorts based on real behavioral data. This technology enables always-on, consumer-informed decision-making, allowing HDFC ERGO to place customers at the center of every marketing, creative, and...
Five things to know about expiring federal health care subsidies:
- Expiration Date: The enhanced federal health care subsidies, which were introduced as part of the American Rescue Plan Act (ARPA) in 2021, are set to expire at the end of 2025 unless extended by Congress.
- Impact on Consumers: If the subsidies expire, millions of Americans who receive financial assistance to purchase health insurance through the Affordable Care Act (ACA) marketplaces will face significant increases in their premiums, making health care less affordable for many.
- Subsidy Eligibility: The ARPA subsidies expanded eligibility for financial assistance to more people, including those with higher incomes, and increased the amount of assistance available to those who were already eligible. If the subsidies expire, these individuals and families may no longer be eligible for the same level of financial assistance.
- Potential Consequences: The expiration of the subsidies could lead to a decrease in health insurance enrollment, as some people may no longer be able to afford coverage. This could have negative consequences for the overall health and well-being of affected individuals, as well as the stability of the health insurance market.
- Legislative Uncertainty: The future of the federal health care subsidies is uncertain, as Congress has not yet acted to extend or make permanent the enhanced subsidies. Lawmakers are debating various proposals to address the issue, but it is unclear what action, if any, will be taken before the subsidies expire.
As the COVID-19 pandemic continues to evolve, many individuals and families who received federal health care subsidies during the public health emergency are facing a critical deadline. The enhanced subsidies, which were introduced as part of the American Rescue Plan Act (ARPA), are set to expire at the end of 2022. Here are five key things to know about the expiring federal health care subsidies: Temporary subsidies: The ARPA subsidies were designed to be temporary, providing financial...
Tributes have been paid to former Aviva CEO David Barral following his death in a fatal crash.
David Barral, the former chief executive of Aviva UK and Ireland, has died in a car accident near Leeds at the age of 63. Barral was driving his Aston Martin DBX when it collided with a tree and caught fire on the A58 Leeds Road. Despite the efforts of emergency crews, he was pronounced dead at the scene. The news of his death has been met with an outpouring of tributes from the financial services industry, where he was widely respected and admired. Barral began his insurance career at Norwich...
Quant Mutual Fund, Edelweiss Mutual Fund, and SBI Mutual Fund have introduced specialized investment funds, which are designed to cater to specific investment objectives and strategies.These funds are tailored to meet the unique needs of investors, offering exposure to particular asset classes, sectors, or themes. Investors should carefully evaluate the features, benefits, and risks associated with these funds before investing.Key aspects to consider include the fund’s investment objective, asset allocation, risk profile, and fees associated with the investment. It is essential for investors to assess their own financial goals, risk tolerance, and investment horizon to determine if these specialized funds align with their overall investment strategy.Investors should also review the fund’s historical performance, management team, and investment process to make an informed decision. Additionally, understanding the tax implications and any potential exit loads is crucial to avoid any unexpected surprises.Ultimately, investors should consult with a financial advisor or conduct their own research to determine if these specialized investment funds are suitable for their investment portfolio and goals.
The Securities and Exchange Board of India (SEBI) has recently cleared Specialised Investment Funds (SIFs) for affluent investors seeking strategies beyond traditional equity and debt. SIFs are being launched by leading asset managers under separate branding across equity, debt, and hybrid categories. Quant Mutual Fund was the first to launch a SIF in September 2025, followed by Edelweiss and SBI Mutual Fund on October 1. SIFs differ from other products in that they allow participation with a...
Obamacare prices have been made public in a dozen states, revealing higher costs.
Higher Obamacare prices have become public in a dozen states, according to a recent report by The New York Times. The increased prices are a result of various factors, including rising healthcare costs, changes in the insurance market, and the ongoing COVID-19 pandemic. The price hikes are expected to affect millions of Americans who rely on the Affordable Care Act (ACA), also known as Obamacare, for their health insurance. In the dozen states where the new prices have been made public, the...
FM asks state-run general insurers to develop innovative products
Finance Minister Nirmala Sitharaman recently reviewed the performance of public sector general insurance companies (PSGICs) and emphasized the need for innovative insurance products tailored to emerging risks. The meeting, attended by top officials from the finance ministry and PSGICs, discussed key performance indicators such as premium collections, insurance penetration, and density. Sitharaman directed the companies to develop products that address new risks, including cyber fraud, and to...
Earn a monthly pension of up to ₹44,000.
The Life Insurance Corporation (LIC) of India has introduced the Smart Pension Plan 2025, a retirement planning solution that provides a guaranteed monthly income for life in exchange for a one-time lump sum investment. This non-linked, non-participating annuity plan is available for a minimum investment of ₹1 lakh. The plan's payout structure is such that an investment of ₹10 lakh yields approximately ₹6,000 per month, while a larger investment of ₹50 lakh can result in a monthly pension of...
ICICI Prudential AMC is set to acquire the Alternative Investment Fund (AIF) and advisory units of ICICI Venture.
ICICI Prudential Asset Management Company Limited (ICICI Prudential AMC) is seeking approval from the Competition Commission of India (CCI) to acquire the Alternative Investment Fund (AIF) management and advisory businesses of ICICI Venture Funds Management Company Limited. This move is part of ICICI Prudential AMC's strategy to consolidate and expand its presence in India's alternative investment domain. The proposed acquisition includes the investment management business, which manages five...
Former Aviva boss dies in horror car crash – International Adviser
David Barral, the former CEO of Aviva's UK and Ireland operations, has tragically died in a car accident. The 63-year-old businessman was involved in a horrific crash near Wetherby in West Yorkshire, where his Aston Martin vehicle veered off the road and collided with a tree, resulting in a "fireball" crash. Barral had a distinguished career in the financial services industry, having spent over 15 years at Aviva, including his tenure as CEO of UK and Ireland from June 2011 to May 2015. The...
The ‘Pledge to Protect’ initiative in Bengaluru aims to promote insurance awareness.
On March 18, 2025, Tata AIA Agency team in Bengaluru launched the "Pledge to Protect" initiative to commemorate the company's 24th foundation day. The initiative aims to secure one lakh lives in the fourth quarter of FY25. As part of this initiative, a mega rally was organized on Church Street, Forum Mall, and Vijayanagar Ashoka Pillar, where employees and advisors distributed leaflets, water bottles, and donated clothes and groceries to old age homes. The team also connected with over 300...
Health Care Costs and Affordability
The United States has experienced a significant increase in health spending over the past few decades, driven by factors such as an aging population, rising rates of chronic conditions, advancements in medicine, and higher prices. While these factors are also present in other large and wealthy nations, the US has relatively high health spending compared to its peers. The US health system is fragmented, with multiple private and public payers, and a mainly fee-for-service payment system....
Amit Kumar has assumed the role of Vice President and Chief Information Security Officer (CISO) at Niva Bupa Health Insurance.
Niva Bupa Health Insurance has taken a significant step towards enhancing its cybersecurity posture by appointing Amit Kumar as its new Vice President and Chief Information Security Officer (CISO). With over 20 years of experience in information security, Amit Kumar brings a wealth of knowledge and expertise to the company. His extensive background in safeguarding digital ecosystems across various sectors will be instrumental in strengthening Niva Bupa's cybersecurity defenses. Amit Kumar's...
PNB MetLife has partnered with BIG FM to celebrate Onam in a special way in Kerala.
PNB MetLife India Insurance Company Limited is observing the Onam festival in Kerala with a variety of activities that bring together communities, customers, and partners. The company has partnered with BIG FM to launch the "BIG Maveli" initiative, which will take place from August 26 to September 5, 2025. This initiative aims to reach over one million people and engage more than 500 valued partners across seven key branches in Kerala. The BIG Maveli initiative combines traditional Onam...
ManipalCigna Sarvah has been named the ‘Product of the Year 2025’ in the health insurance category, as reported by the Press Trust of India.
ManipalCigna Sarvah has been awarded the 'Product of the Year 2025' in the health insurance category. This prestigious award recognizes outstanding products that have made a significant impact in their respective industries. ManipalCigna Sarvah, a comprehensive health insurance product, has been acknowledged for its innovative features and benefits that cater to the evolving needs of customers. The Product of the Year award is a prestigious recognition that is based on a robust research...
AHPI revokes suspension of cashless services for Bajaj Allianz policyholders
The Academy of Hospital Administration (AHA) and the Insurance Provider, Bajaj Allianz, have come to a resolution regarding the suspension of cashless services for Bajaj Allianz policyholders. Recently, the AHA had revoked the suspension, allowing policyholders to once again avail of cashless services at empaneled hospitals. The suspension was initially imposed due to certain disagreements between the AHA and Bajaj Allianz regarding the payment terms and reimbursement rates for medical...
Niva Bupa has termed a viral social media post regarding the cashless denial of a policyholder as ‘baseless’.
Niva Bupa Health Insurance has denied allegations of denying a cashless claim to a policyholder, Chandra Kumar Jain, who is battling Myeloid Leukaemia and needs a Bone Marrow Transplant (BMT) at Sir HN Reliance Foundation Hospital in Mumbai. The allegations were made in a viral post on LinkedIn by health insurance and investments advisor Avigyan Mitra, which stated that the patient's Rs 61 lakh cashless claim was denied despite having a Rs 2.40 crore policy. Niva Bupa has termed the...
ACA healthcare plans are at the center of the shutdown fight: NPR
The US government shutdown has brought attention to the issue of extending Affordable Care Act (ACA) tax credits, which are set to expire in December. Democrats are pushing for an extension, citing the urgency of the situation, while Republicans argue that there is plenty of time to figure it out. The tax credits make ACA health care premiums affordable for many Americans, and their expiration could lead to a significant increase in premiums. A recent poll found that over 78% of the public,...
Analysts have been explaining the discrepancy in the valuation of Canara HSBC Life compared to its competitor, HDFC Life. The key factors contributing to Canara HSBC Life’s discounted valuation include:
- Lower market share: Canara HSBC Life has a smaller market share compared to HDFC Life, resulting in reduced brand visibility and lower sales.
- Weaker distribution network: Canara HSBC Life’s distribution network is not as extensive as HDFC Life’s, limiting its ability to reach a wider customer base.
- Higher operating expenses: Canara HSBC Life’s operating expenses are higher compared to HDFC Life, eating into its profitability and affecting its valuation.
- Lower investment returns: The company’s investment portfolio has generated lower returns compared to HDFC Life, impacting its overall financial performance.
- Regulatory challenges: Canara HSBC Life has faced regulatory challenges, including stricter capital requirements and increased scrutiny, which have affected its valuation.
- Intense competition: The Indian life insurance market is highly competitive, with many players vying for market share, which has put pressure on Canara HSBC Life’s valuation.
- Lower profitability: Canara HSBC Life’s profitability is lower compared to HDFC Life, resulting in a discounted valuation.
These factors have contributed to Canara HSBC Life’s discounted valuation compared to HDFC Life, making it a less attractive investment opportunity for investors.
The life insurance sector in India has been growing rapidly, with premium income crossing ₹8.2 lakh crore in FY2024. However, despite being in the same industry, Canara HSBC Life and HDFC Life have different market perceptions, with HDFC Life trading at a premium valuation and being seen as a trusted industry leader. Canara HSBC Life, on the other hand, is valued at a discount, despite having strong bank partners like Canara Bank and HSBC. The valuation gap between the two companies is...
In 2026, UK SMEs are likely to face various challenges and opportunities. According to Aviva, the key concerns for business leaders include:1. Economic uncertainty: The ongoing impact of Brexit, inflation, and global market fluctuations may continue to affect business confidence and investment decisions. 2. Talent acquisition and retention: Attracting and retaining skilled workers will remain a priority, as SMEs compete with larger companies for top talent. 3. Digital transformation: Business leaders will need to adapt to emerging technologies, such as artificial intelligence, cybersecurity, and data analytics, to remain competitive. 4. Sustainability and environmental concerns: SMEs will be expected to prioritize environmental sustainability, reduce carbon footprints, and comply with increasingly strict regulations. 5. Access to funding: Securing funding and managing cash flow will continue to be a challenge for many SMEs, as they navigate changing lender requirements and explore alternative funding options. 6. Regulations and compliance: Business leaders must stay up-to-date with changing regulations, such as GDPR, and ensure their companies are compliant to avoid potential fines and reputational damage. 7. Skills and training: Investing in employee development and upskilling will be crucial to address the skills gap and prepare workers for the changing job market. 8. Cybersecurity: As technology advances, SMEs will need to prioritize cybersecurity measures to protect their businesses from increasingly sophisticated threats. 9. Supply chain resilience: Building robust and resilient supply chains will be essential to mitigate the risks of disruption, Brexit, and other external factors. 10. Mental health and wellbeing: Business leaders will need to prioritize the mental health and wellbeing of their employees, as well as their own, to maintain a healthy and productive workforce.
Rebecca Gambrell, the managing director of SME and Delegated Authorities at Aviva, has expressed her thoughts on the current state of small and medium-sized enterprises (SMEs). According to her, SMEs are crucial to the well-being of local communities, and it is encouraging to see them feeling confident about their future prospects. This confidence is a positive sign, as it suggests that SMEs are looking to expand and grow their operations. However, as Gambrell points out, this growth often...
Supreme Court Stays NCDRC’s Order Granting $108,000 (Rs.82 Lakh) Insurance Claim to Rajasthan Royals Over Sreesanth’s IPL Injury – The Legal Affair
The Supreme Court of India has stayed an order directing United India Insurance Company to compensate Royal Multisport Private Limited, the owner of the Indian Premier League (IPL) team Rajasthan Royals, with Rs.82 lakh. The dispute arose from a claim made by the team due to the injury of Indian cricketer S. Sreesanth during the 2012 IPL season. The team had obtained a "Special Contingency Insurance for Player Loss of Fees Cover" from the insurer, which covered financial losses incurred due to...
LIC of India will launch 2 new schemes starting tomorrow, namely LIC’s Jan Suraksha and LIC’s Bima Lakshmi.
The Life Insurance Corporation of India (LIC) is set to launch two new schemes, LIC's Jan Suraksha and LIC's Bima Lakshmi, starting tomorrow. These schemes aim to provide financial security and protection to individuals and their families. Here are the details of the two schemes: LIC's Jan Suraksha LIC's Jan Suraksha is a micro-insurance plan that offers a sum assured of up to ₹50,000. The plan is designed for individuals who are not covered under any other life insurance policy. The scheme...
Most employers offer mental health care benefits, but their effectiveness is often questionable.
Many employers offer mental health care benefits to their employees, but the effectiveness of these benefits is often questionable. While it's commendable that companies are acknowledging the importance of mental health, simply offering benefits is not enough. The quality and accessibility of these benefits are crucial in determining their effectiveness. Some common issues with employer-provided mental health benefits include limited coverage, long wait times, and lack of diversity in...
Aviva has been ordered to pay $2.28 million after losing a business interruption dispute.
A recent court case involved a dispute between a policyholder and Aviva, an insurance company, over business income loss due to a flood. The policyholder had made a claim under their insurance policy, seeking compensation for the loss of business income resulting from the flood. However, Aviva's assessment of the loss was deemed inadequate by the court. The court ultimately ruled in favor of the policyholder, finding that Aviva had failed to provide sufficient compensation as required by the...
Bajaj and Allianz have parted ways, marking a fierce battle for control in the Indian insurance market, as reported by Bloomberg.com.
The Indian insurance market has witnessed a significant development with the split between Bajaj Finserv and Allianz, marking a fierce control battle in the industry. Bajaj Finserv, a prominent financial services company in India, and Allianz, a global insurance giant, had a long-standing partnership in the Indian insurance market through their joint venture, Bajaj Allianz General Insurance and Bajaj Allianz Life Insurance. The split comes after Bajaj Finserv decided to exercise its option to...
Top insurance companies have successfully leveraged technology to revolutionize their approach to customer service, setting a new standard for the industry.
SBI General Insurance has emerged as the top performer in the motor insurance category. The company, which has partnered with 21 original equipment manufacturers (OEMs) for motor insurance, reported a moderate increase in the segment in the financial year 2024. Notably, it settled 2,70,716 motor own damage claims, with over 7,148 claims for four-wheeler private cars being resolved through its "fast lane method," which allows for spot settlement of minor damages. According to Naveen Chandra...
India: Cashless hospital services resume through AHPI and Star Health partnership, as reported by Asia Insurance Review.
A recent dispute between hospitals and insurance providers in India has been resolved, with cashless hospital services set to resume from October 10. The dispute, which had been ongoing, had left many patients without access to cashless medical treatment. The Association of Healthcare Providers (India), or AHPI, which represents hospitals, had been at odds with insurance providers, including Star Health, over tariffs and payment rates. As a result of the dispute, many hospitals had stopped...
HDFC Life and Avanse Financial Services have partnered to provide financial security to their customers.
HDFC Life, a leading life insurer in India, has announced a strategic partnership with Avanse Financial Services, an education-focused non-banking financial company (NBFC). The collaboration aims to provide group credit life insurance solutions to Avanse's educational institution loan customers, thereby securing their loans and protecting them from unforeseen financial exigencies. Avanse Financial Services is dedicated to making education financing seamless and affordable for Indian students....
Royal Sundaram appoints Vedanarayanan Seshadri as Managing Director
Royal Sundaram General Insurance has announced the appointment of Vedanarayanan Seshadri, also known as Veda, as its new Managing Director. With over 30 years of experience in the banking and insurance sectors, Veda brings a wealth of knowledge and expertise to the role. His extensive background in the industry includes 15 years of leadership experience, where he has worked in various areas such as distribution, business growth, and digital operations. Veda's appointment has been welcomed by...
India Inc partners with Supreme Court lawyers to launch a landmark ₹50 crore health insurance scheme, a first of its kind initiative.
In a historic display of corporate philanthropy, India's most influential business leaders have come together to fund a ₹50 crore group health insurance scheme for members of the Supreme Court Bar Association (SCBA). The scheme, unveiled during the 75th anniversary celebrations of the Supreme Court of India, is the first of its kind to be directly funded by India Inc. The initiative saw prominent industrialists and conglomerates, including the Vedanta Group, Anil Ambani, Gautam Adani, Kumar...
NIACL AO prelims result 2025 is available at newindia.co.in. The scorecard PDF can be downloaded directly from the website.
The New India Assurance Company Limited (NIACL) has announced the results of the Administrative Officer (AO) recruitment examination 2025. Candidates who took the Phase 1 (Preliminary) examination on September 14, 2025, can now check their results on the official website, newindia.co.in. Those who have qualified will proceed to the Phase 2 (Mains) examination, scheduled for October 29, 2025. To check the results, candidates can follow these steps: visit the official website, navigate to the...
Manulife to acquire Aviva’s Vietnam unit, also enters into a distribution agreement with a bank.
Manulife, a Canadian insurance company, has announced its intention to acquire Aviva's Vietnam unit. This strategic move is part of Manulife's expansion efforts in the Asian market, where the company has been actively seeking opportunities for growth. The acquisition will enable Manulife to strengthen its presence in Vietnam, a country with a rapidly growing economy and an increasing demand for insurance products. As part of the deal, Manulife has also entered into a bank distribution...
A former employee of United India Insurance has been sentenced to 5 years in prison.
A significant insurance fraud case has concluded in Ahmedabad, resulting in the sentencing of three individuals to five years in jail. The accused include Kikubhai Dhodi, a former employee of United India Insurance's Silvassa branch, and two others, Vasantbhai Patel and Apoorva Patel. The case was heard in a special CBI court, which found the trio guilty of hatching a criminal conspiracy to commit insurance fraud. This conspiracy ultimately led to a substantial financial loss for the insurance...
ManipalCigna Health Insurance’s award-winning product, Sarvah, gains momentum in Tamil Nadu.
ManipalCigna Health Insurance has strengthened its presence in Tamil Nadu by promoting its innovative product, ManipalCigna Sarvah. This product is designed for the 'missing middle' population and has contributed 52% of the company's new business in the state from January to May 2025. Sarvah was recently voted 'Product of the year 2025-Health Insurance' in a consumer survey conducted by NielsenIQ. The company has a robust network in Tamil Nadu, with 18 offices, over 1,500 empanelled hospitals,...
LIC clocks 14.6% growth in individual premium for June
The Life Insurance Corporation of India (LIC) has reported a significant increase in individual premiums for the month of June 2025. According to data released by the Life Insurance Council, LIC's individual premiums grew by 14.6% year-on-year, outpacing the 12.12% growth rate of private life insurers. This robust growth is a positive sign for the company, which is the largest life insurer in the country. In terms of overall premium collection, LIC collected Rs 22,082.37 crore in group...
ICICI Prudential Life Insurance’s new unit-linked insurance plan (ULIP) with a systematic investment plan (SIP) option can be a viable choice for investors seeking a combination of life insurance and investment.
The key benefits of this ULIP with SIP option include:
- Disciplined Investing: The SIP option allows investors to invest a fixed amount of money at regular intervals, promoting disciplined investing and helping to reduce the impact of market volatility.
- Flexibility: Policyholders can choose from a range of investment funds, allowing them to allocate their investments according to their risk tolerance and financial goals.
- Life Insurance Coverage: The plan provides a life insurance component, which offers a death benefit to the policyholder’s nominees in the event of their demise.
- Tax Benefits: Investments in ULIPs are eligible for tax deductions under Section 80C of the Income Tax Act, and the maturity proceeds are tax-free under Section 10(10D).
- Liquidity: The SIP option can be paused or resumed, and partial withdrawals are allowed after the completion of the lock-in period, providing liquidity in case of emergencies.
However, it’s essential to consider the following factors before investing:
- Charges and Fees: ULIPs come with various charges, including premium allocation charges, administration charges, and fund management charges, which can eat into the investment returns.
- Market Risks: As the investments are linked to the market, there is a risk of losing capital if the market performs poorly.
- Lock-in Period: ULIPs typically have a lock-in period of 5 years, during which the policyholder cannot withdraw the entire amount.
- Surrender Charges: If the policyholder surrenders the policy before the completion of the lock-in period, they may be subject to surrender charges.
To determine whether ICICI Prudential Life Insurance’s new ULIP with SIP option is worth investing in, consider the following:
- Assess Your Financial Goals: Determine whether the plan aligns with your financial goals, risk tolerance, and investment horizon.
- Evaluate the Charges: Calculate the total charges and fees associated with the plan and assess whether they are reasonable.
- Review the Investment Options: Assess the range of investment funds offered and whether they align with your investment objectives.
- Consider Alternative Options: Compare the ULIP with other investment options, such as mutual funds or traditional life insurance plans, to determine which one is more suitable for your needs.
Ultimately, whether ICICI Prudential Life Insurance’s new ULIP with SIP option is worth investing in depends on individual circumstances and financial goals. It’s recommended to consult with a financial advisor to determine the suitability of this investment option.
ICICI Prudential Life has introduced a new ULIP policy called Smart Insurance Plan Plus, which offers a SIP+ smart insurance plan option. The policy is targeted at young investors and allows them to invest in multiple funds across equity, debt, and hybrid categories. The policy has two variants: Wealth and Assure, with different premium payment terms and policy terms. The minimum premium is ₹12,000 per annum for those aged 35 or less and ₹1.2 lakh a year for those above 35. The policy offers...
Denied, delayed, dismissed: Inside India’s broken health insurance system. The Indian health insurance system is plagued by a multitude of issues, leaving many without access to necessary medical care.Numerous individuals have experienced their claims being denied, delayed, or dismissed, resulting in financial hardship and decreased health outcomes. This broken system is characterized by inefficiencies, lack of transparency, and inadequate coverage. Many Indians struggle to navigate the complex and often frustrating process of filing claims, leading to delayed or foregone treatment. Furthermore, the dismissive attitude of some insurance providers and healthcare institutions exacerbates the problem, leaving patients feeling helpless and disenfranchised. The consequences of this broken system are far-reaching, affecting not only the individual but also their families and communities. It is imperative that the Indian government and healthcare stakeholders take immediate action to reform and improve the health insurance system, ensuring that all citizens have access to quality and affordable medical care.
The health insurance system in India is failing to deliver on its promise of providing a safety net for families in need of medical care. Despite the industry's rapid expansion, with a growth rate of 9% in the full financial year FY25, and a gross premium collection of approximately Rs. 1.18 lakh crore, the system is plagued by bureaucracy, delayed responses, and claim denials. Insurers are rejecting claims at an alarming rate, with only 71.3% of claims being approved by value in FY24. The...
ICICI Lombard appoints Parag Lokhande to lead AI, data science, and startup strategy
ICICI Lombard has appointed Parag Lokhande as the Head of Data Science, AI, and Startup Initiatives. This move signifies the company's push towards AI-led innovation and collaboration with startups. Lokhande will be responsible for developing advanced machine learning solutions and engaging with emerging ventures to future-proof the insurer's digital strategy. With over two decades of experience in analytics, AI, and digital transformation across the BFSI sector, Lokhande is well-equipped to...
Tata AIA has launched ‘Health Buddy’, a virtual health and wellness companion.
Tata AIA has launched a new product called Tata AIA Health Buddy, which is India's first 24x7 health and wellness companion offered by a life insurer. According to Sanjay Arora, Chief of Operations at Tata AIA, the launch of Health Buddy is driven by the company's core value of consumer obsession. The goal is to provide customers with a comprehensive solution that combines health, wellness, and life insurance, setting a new standard in consumer care. Tata AIA Health Buddy is designed to...
Best Health Insurance Companies Of 2025 – Forbes Advisor
The Affordable Care Act (ACA), also known as Obamacare, has implemented a set of requirements for health insurance companies operating in the ACA marketplace at HealthCare.gov. These requirements ensure that individuals have access to a comprehensive range of healthcare services. Under the ACA, health insurance companies must cover various essential services, including ambulatory patient services, emergency services, hospitalizations, lab services, and mental health services. In addition to...
ICICI Bank’s net profit saw a 15.5% increase, reaching Rs 12,768 crore in the first quarter of the fiscal year 2026.
The financial performance of a bank for the quarter ending June 2025 has been reported. The net interest income, which is the difference between interest earned and interest expended, increased by 8.4% to Rs 21,634.46 crore. The core operating profit also saw a significant rise of 13.6% to Rs 17,505 crore. The total standalone income for the quarter was Rs 51,451.81 crore, representing a growth from Rs 45,997.70 crore in the previous year. A notable contributor to this increase was the surge...
Bajaj Allianz General Insurance transitions to Bajaj General Insurance
Bajaj Allianz General Insurance has undergone a rebranding and will now be known as Bajaj General Insurance. This change is part of a larger effort by Bajaj Finserv to rebrand its insurance businesses. The company's life insurance arm, previously known as Bajaj Allianz Life, has also been rebranded as Bajaj Life Insurance. The rebranding is seen as a strategic move to simplify the company's brand identity and create a more unified image. By dropping the "Allianz" name, Bajaj Finserv aims to...
Shoppers of Affordable Care Act Coverage Are Already Being Hit With Sticker Shock – Center for American Progress
The Center for American Progress has reported that individuals purchasing health insurance through the Affordable Care Act (ACA) marketplace are experiencing sticker shock due to increasing premiums. Many consumers are facing significant price hikes, making it challenging for them to afford coverage. This surge in costs is attributed to various factors, including the expiration of temporary subsidies and the rising cost of healthcare services. The ACA, also known as Obamacare, was enacted to...
ICICI Lombard has completed a cross-region disaster recovery (DR) upgrade using Amazon Web Services (AWS).
ICICI Lombard, in partnership with Amazon Web Services (AWS), has successfully completed a cross-region disaster recovery (DR) upgrade. The upgrade involved relocating the company's secondary setup from Mumbai to Hyderabad, enabling continued access to critical applications during disruptions. The new system features automated failover and real-time validation, minimizing downtime and ensuring business continuity. The upgraded DR solution is fully cloud-native and automated, leveraging AWS...
Federal and postal workers are expected to face double-digit health care premium increases for the upcoming year, according to Government Executive.
Federal and postal workers can expect to see significant increases in their health care premiums next year. According to the Federal Employees Health Benefits (FEHB) program, which covers over 8 million federal employees, retirees, and their families, premiums are projected to rise by an average of 10.6% in 2023. This marks the fifth consecutive year of double-digit premium increases for federal workers. The FEHB program, which is the largest employer-sponsored health insurance program in the...
Aditya Birla Sun Life Insurance has launched the Super Term Plan.
Aditya Birla Sun Life Insurance Company Limited (ABSLI) has launched the ABSLI Super Term Plan, a comprehensive pure protection term insurance policy designed to provide goal-linked financial protection and built-in health management services. The policy reflects the company's customer-first approach and commitment to supporting policyholders' overall well-being. The ABSLI Super Term Plan offers three tailored coverage options: Level Cover, Increasing Cover, and Level Cover with Return of...
MTG blows up GOP shutdown message with health-care rant
Marjorie Taylor Greene, a Republican congresswoman, has gone off-script by speaking out about the looming health insurance premium spike that will affect millions of Americans, including her own adult children. Despite the Republican party's efforts to focus on the government shutdown and blame Democrats, Greene has emphasized the need to address the impending crisis. In a tweet, she expressed her discontent with the party's lack of a plan to help Americans deal with the rising costs, calling...
Chola MS General Insurance has introduced a new campaign, #SimpleHai, which aims to redefine the concept of insurance.
Cholamandalam MS General Insurance (Chola MS) has launched a new digital campaign, #SimpleHai, aimed at changing the way Indians perceive insurance. The campaign focuses on simplifying the complex world of insurance, making it more accessible and understandable for consumers. Through a series of short films, Chola MS uses relatable everyday moments to show how insurance can be seamless, transparent, and digitally accessible. The campaign includes a hero brand film and two motor...
Tata AIA Maha Raksha Supreme Select is a term plan designed to evolve with an individual’s life milestones.
Tata AIA Maha Raksha Supreme Select is a term life insurance plan designed to provide comprehensive protection and flexibility to policyholders as they navigate various milestones in life. This plan is tailored to adapt to the changing needs of individuals, ensuring that they and their loved ones are financially secure at every stage. One of the key features of the Tata AIA Maha Raksha Supreme Select is its ability to increase the sum assured at different milestones in life, such as marriage...
ICICI Prudential Mutual Fund has opened a branch in Telangana.
ICICI Prudential Mutual Fund, a leading mutual fund house, has expanded its presence in Telangana with the inauguration of its first branch in Karimnagar. The branch was formally opened by Srinivas Achanta, Regional Head of Andhra Pradesh and Telangana, in the presence of channel partners and staff members. Renu Narayan, Zonal Head of Retail Sales and Distribution for the South region, expressed gratitude to the channel partners for their contribution to the company's success and growth. The...
The Central Bureau of Investigation (CBI) has booked a LIC Admin Officer for allegedly embezzling ₹43.8 lakh and tampering with records to conceal the fraud.
The Central Bureau of Investigation (CBI) has launched an investigation into an administrative officer with the Life Insurance Corporation of India (LIC) for allegedly embezzling ₹43.8 lakh. The officer, who worked in the pension and group schemes unit, is accused of transferring funds to third-party accounts and then to his own account between July 2023 and January 2024. According to the CBI, the officer conspired with others to misappropriate the funds and attempted to destroy related...
ICICI Lombard and Mahindra Finance have entered into a partnership for the distribution of motor insurance products.
ICICI Lombard General Insurance, a leading private general insurer in India, has partnered with Mahindra & Mahindra Financial Services Limited, a prominent non-banking finance company, to offer motor insurance products to Mahindra Finance's customers. This collaboration aims to provide accessible and tailored insurance solutions by combining Mahindra Finance's extensive rural and semi-urban reach with ICICI Lombard's expertise in motor insurance. Through this partnership, Mahindra Finance...
- LIC (Life Insurance Corporation of India): With a claim settlement ratio of 98.62%, LIC is one of the most trusted life insurance companies in India.
- HDFC Life Insurance: Offering a claim settlement ratio of 99.07%, HDFC Life Insurance is known for its efficient claim processing.
- ICICI Prudential Life Insurance: With a claim settlement ratio of 98.58%, ICICI Prudential is a popular choice among policyholders.
- SBI Life Insurance: SBI Life Insurance has a claim settlement ratio of 94.99%, making it a reliable option for life insurance.
- Max Life Insurance: Max Life Insurance boasts a claim settlement ratio of 99.22%, ensuring that policyholders receive their claims in a timely manner.
- Tata AIA Life Insurance: With a claim settlement ratio of 99.07%, Tata AIA Life Insurance is a trusted name in the Indian life insurance market.
- Bajaj Allianz Life Insurance: Bajaj Allianz Life Insurance has a claim settlement ratio of 98.48%, providing policyholders with peace of mind.
- Kotak Mahindra Life Insurance: Kotak Mahindra Life Insurance offers a claim settlement ratio of 98.15%, making it a popular choice among policyholders.
- PNB MetLife India Insurance: With a claim settlement ratio of 97.18%, PNB MetLife India Insurance is a reliable option for life insurance.
- Aegon Life Insurance: Aegon Life Insurance has a claim settlement ratio of 98.01%, ensuring that policyholders receive their claims efficiently.
- Exide Life Insurance: Exide Life Insurance boasts a claim settlement ratio of 98.47%, providing policyholders with a smooth claim experience.
- Reliance Nippon Life Insurance: With a claim settlement ratio of 97.71%, Reliance Nippon Life Insurance is a trusted name in the Indian life insurance market.
- Birla Sun Life Insurance: Birla Sun Life Insurance has a claim settlement ratio of 96.35%, making it a reliable option for policyholders.
- Aviva Life Insurance: Aviva Life Insurance offers a claim settlement ratio of 97.41%, ensuring that policyholders receive their claims in a timely manner.
- Future Generali India Life Insurance: With a claim settlement ratio of 95.71%, Future Generali India Life Insurance is a popular choice among policyholders.
- Canara HSBC OBC Life Insurance: Canara HSBC OBC Life Insurance has a claim settlement ratio of 95.39%, providing policyholders with a smooth claim experience.
- Pramerica Life Insurance: Pramerica Life Insurance boasts a claim settlement ratio of 95.55%, ensuring that policyholders receive their claims efficiently.
- Aditya Birla Sun Life Insurance: Aditya Birla Sun Life Insurance has a claim settlement ratio of 96.67%, making it a trusted name in the Indian life insurance market.
- Star Union Dai-ichi Life Insurance: With a claim settlement ratio of 95.13%, Star Union Dai-ichi Life Insurance is a reliable option for policyholders.
- Shriram Life Insurance: Shriram Life Insurance offers a claim settlement ratio of 94.99%, providing policyholders with peace of mind.
The life insurance industry in India has evolved from being a tax-saving instrument to a vital component of financial security. The Insurance Regulatory and Development Authority of India (IRDAI) plays a crucial role in regulating life insurance companies, setting standards such as Claim Settlement Ratio (CSR) and solvency ratio. As of FY 2024-25, private insurers in India have shown remarkable efficiency in settling death claims, with an average CSR of almost 99% within 30 days. The top life...
LIC’s Cancer Cover Valid Only If ‘First Diagnosis’ Occurs After Waiting Period, Not Expert Confirmation: Kerala High Court
The Kerala High Court has ruled in favor of the Life Insurance Corporation (LIC) in a case involving a cancer patient's claim for insurance coverage. The claimant, a policyholder, had renewed her cancer cover in March 2021, which included a waiting period of 180 days. During this period, she was hospitalized due to bleeding and underwent several tests, including an ultrasound, histopathology, and MRI, which suggested that she had endometrial carcinoma. However, the final confirmation of cancer...
Health care premiums are increasing by 100%
A significant change in budget at the state and federal levels is expected to impact families financially, particularly in regards to healthcare. Specifically, premiums on marketplace insurance plans are anticipated to rise starting in 2026, as key tax credits expire at the end of 2025. This expiration will lead to higher costs for health coverage, leaving many to wonder how they will afford it. According to Gbenga Ajilore, Chief Economist for the Center on Budget and Policy, the expiration of...
Niva Bupa champions industry unity for ‘Insurance for All by 2047’ on Friendship Day.
On the occasion of Friendship Day, Niva Bupa Health Insurance launched a unique initiative to promote unity within the health insurance industry. Through a heartfelt social media post, the company extended greetings to other insurers and called upon them to join forces in achieving the goal of "Insurance for All by 2047". This initiative reflects the company's belief that collective efforts and industry-wide collaboration can accelerate progress in healthcare access and financial protection....
Tata AIA has launched two new funds to tap into India’s consumption growth.
Tata AIA Life Insurance has announced the launch of two new fund offers (NFOs), the Tata AIA Life Tax Bonanza Consumption Fund and the Tata AIA Life Tax Bonanza Consumption Pension Fund. These funds aim to capitalize on India's growing consumer market by investing in companies that benefit from rising incomes and changing spending patterns. The NFOs will be open for subscription from March 24 to March 31, 2025, with units priced at ₹10 each. The investment rationale behind these funds is based...
ICICI Prudential Mutual Fund has launched a new fund offer (NFO) for its Conglomerate Fund, which will focus on investing in India’s largest and most diversified business conglomerates.
ICICI Prudential Mutual Fund has introduced the ICICI Prudential Conglomerate Fund, an open-ended equity scheme that aims to capitalize on opportunities within India's largest promoter-led business groups. The New Fund Offer (NFO) began on October 3, 2025, and will close on October 17, 2025. This fund focuses on Indian conglomerates, which are business groups with at least two listed companies across various sectors. These conglomerates are seen as resilient structures capable of navigating...
A Step Toward Women’s Economic Empowerment
The Life Insurance Corporation of India (LIC) has introduced the Bima Sakhi Yojana, a scheme aimed at empowering women in rural and semi-urban areas by providing them with employment opportunities, training, and financial independence. This initiative aligns with the government's goal of promoting gender equality and financial inclusion. The Bima Sakhi Yojana is a women-centric program that enables rural women to become LIC agents and participate in the life insurance business. By becoming a...
Edelweiss floats hybrid long-strategy with tax-efficient returns
Edelweiss Mutual Fund, based in Mumbai, has introduced the Altiva Hybrid Long-Short Fund, a unique investment strategy under its Specialised Investment Fund (SIF) platform. The new fund offer (NFO) commenced on October 1, 2025, and will remain open until October 15, 2025. This launch comes after the Securities and Exchange Board of India (Sebi) introduced SIFs in February 2025. The Altiva Hybrid Long-Short Fund is designed to adapt across various market cycles, aiming to generate stable,...
ManipalCigna has launched the Sarvah range of health insurance plans.
ManipalCigna Health Insurance has launched a new range of health insurance plans called Sarvah. This range of plans is designed to provide comprehensive health insurance coverage to individuals and families. The Sarvah range of plans offers a wide range of benefits, including coverage for hospitalization expenses, pre-and post-hospitalization expenses, and outpatient expenses. The Sarvah range of plans is designed to cater to the diverse needs of customers, with different plans offering...
Supreme Court Rules: No Insurance for Drivers’ Own Negligence
The Supreme Court of India has upheld a Karnataka High Court decision that held the legal heirs of a person who died due to their own rash and negligent driving are not entitled to claim compensation under the Motor Vehicles Act, 1988. The case, G Nagarathna & Ors. vs. G Manjunatha & Anr., involved a tragic incident where N.S. Ravisha died after losing control of a car he was driving at excessive speed. His family filed a claim for ₹80 lakh under Section 166 of the Motor Vehicles Act, but the...
Aviva Abandons International Expansion, Focuses on UK and Canada Markets
Aviva, a company formed in 2000 through the merger of Norwich Union and CGU, had previously pursued a global expansion strategy. This approach led to the accumulation of a substantial overseas portfolio, spanning across Europe, North America, and Asia. However, under the leadership of Blanc, who took the helm in 2020, the company has shifted its strategy to focus on domestic markets. Within a relatively short period of 18 months, Blanc oversaw the divestment of eight overseas units. These...
UnitedHealth, AXA, CVS Health, and Ping An are driving global growth through expanded coverage and integrated care models.
The global health insurance market is expected to experience significant growth, driven by increasing demand for affordable healthcare access, regulatory support for private insurers, and digitalization. The market was valued at $1.58 trillion in 2024 and is anticipated to grow at a compound annual growth rate (CAGR) of 6.20% from 2025 to 2034, reaching $2.88 trillion by 2034. Key opportunities in the market include the rising demand for affordable healthcare, growth of the private sector due...
The government is considering a merger of state-owned general insurance companies.
The Indian government is contemplating a significant move to merge four state-owned general insurance companies into a single entity. The companies in question are New India Assurance, National Insurance, Oriental Insurance, and United India Insurance. The primary objective behind this proposed merger is to create a robust general insurance giant that can effectively compete with private players in the market. This consolidation is envisioned to mirror the success of the Life Insurance...
LIC to fast-track insurance claims for victims of Air India AI-171 crash
In the aftermath of the devastating crash of Air India Flight AI-171 in Ahmedabad, the Life Insurance Corporation of India (LIC) has announced immediate measures to alleviate the financial burden on the families of the victims. The insurer expressed deep sorrow over the loss of lives, including passengers, crew members, and individuals on the ground. To support the affected families, LIC has introduced several concessions, including expediting claim settlements and accepting alternative proof...
Edelweiss AMC supercharges AI-driven transformation with Snowflake’s AI data cloud.
Edelweiss Asset Management Company Ltd. (Edelweiss AMC), a leading mutual fund house in India, has modernized its data infrastructure by adopting Snowflake's AI Data Cloud. This move aims to drive agility, cost efficiency, and a more personalized investor experience in a data-driven financial landscape. By migrating from legacy databases to a cloud-native environment, Edelweiss AMC has achieved significant benefits, including 50% savings in data warehousing spend and a dramatic boost in...
Life insurance companies pay a 4% commission on Unit Linked Insurance Plans (ULIPs).
Recent data from the Insurance Regulatory and Development Authority of India (IRDAI) reveals that life insurance companies paid an average commission of 4.03% to distributors for Unit-Linked Insurance Plans (ULIPs) in 2024, up from 3.13% in 2023. The total commission paid for ULIPs in 2024 was Rs. 4,900 crore, while the total ULIP premiums collected were Rs. 1.21 lakh crore. Tata AIA Life topped the list of insurers, paying 11.22% in commissions to distributors, followed by Aviva Life at...
Mumbai State Commission holds Royal Sundaram General Insurance liable for wrongful repudiation of claim.
The State Consumer Disputes Redressal Commission, Mumbai bench, has ruled in favor of the complainant, Mahesh Dashrath Gaikwad, in a case against Royal Sundaram General Insurance Co. Ltd. The complainant's vehicle, a Mitsubishi Pajero Sport, was insured with the company under a policy valid from May 13, 2016, to May 12, 2017. On March 25, 2017, the vehicle was detained by the police during a municipal corporation meeting, and it caught fire due to an electric short circuit on the night of...
HDFC ERGO General Insurance Wins Duck Creek Standard of Excellence Customer Award at Formation ’25
Duck Creek Technologies, a global intelligent solutions provider, has announced HDFC ERGO General Insurance Company Limited as a 2025 Standard of Excellence Customer Award winner. HDFC ERGO, India's leading private sector general insurer, has been recognized for its digital transformation and innovation in the insurance industry. The company has implemented Duck Creek's solutions, including Policy, Billing, Rating, and Insights, to enhance operational efficiency and customer experience. HDFC...
Germany’s Day Hospitals Combine Medical Care, Home Support – 조선일보
Germany's day hospitals have been gaining attention for their innovative approach to healthcare, combining medical care with home support. These facilities provide patients with the opportunity to receive medical treatment and therapy during the day, while still allowing them to return to the comfort of their own homes at night. The concept of day hospitals originated in the 1980s, with the goal of reducing hospitalization rates and providing more efficient care. Today, there are over 1,000...
Aviva Insurance Innovations: Leading the Global Financial Services Transformation
Aviva Insurance has established itself as a pioneer in the global financial services transformation, driven by its legacy of trust, innovation, and quality. With a history dating back to the late 17th century, Aviva has evolved through strategic mergers, acquisitions, and innovations to become one of the leading insurance providers worldwide. The company's commitment to consumer trust and anticipation of market needs has enabled it to remain at the forefront of the industry. Aviva's product...
Edelweiss AMC has enhanced its artificial intelligence (AI)-driven transformation by utilizing Snowflake’s AI data cloud.
Edelweiss Asset Management Company (Edelweiss AMC) has taken a significant step in its digital transformation by adopting Snowflake's AI Data Cloud, aiming to drive agility, cost efficiency, and a more personalized investor experience. By migrating from legacy databases to a cloud-native, unified environment, Edelweiss AMC has achieved faster insights, automated workflows, and embedded intelligence across its operations. This move has resulted in a 50% reduction in data warehousing spend, as...
North India hospitals have decided to suspend cashless services for Bajaj Allianz policyholders, according to scanx.trade.
Several major hospitals in North India have announced that they will be suspending cashless services for policyholders of Bajaj Allianz, a prominent insurance company. This decision comes after a long-standing dispute between the hospitals and the insurance provider over unpaid dues and low reimbursement rates. The hospitals, which include some of the top private healthcare providers in the region, have cited Bajaj Allianz's failure to settle outstanding claims and its insistence on applying...
PNB MetLife has appointed Manoj Arora as its Chief Information Security Officer.
Manoj is a seasoned professional with a remarkable career journey, marked by his association with several prominent organizations. One of the notable milestones in his career was his stint at IBM, where he started as a Subject Matter Expert. This role not only showcased his expertise but also laid the foundation for his future endeavors. In addition to IBM, Manoj has had the opportunity to work with other esteemed companies, including Wipro Infotech Ltd. His five-year tenure at Wipro Infotech...
The government shutdown is significantly impacting the healthcare system, with various consequences for patients, healthcare providers, and the overall industry. One of the key concerns is the battle over Affordable Care Act (ACA) subsidies, which has sparked intense debate and negotiation.
- Delayed Funding: The shutdown has resulted in delayed funding for various healthcare programs, including those related to the ACA. This delay can lead to disruptions in services, affecting patients who rely on these programs for their healthcare needs.
- Impact on Medicaid and CHIP: The shutdown affects the funding for Medicaid and the Children’s Health Insurance Program (CHIP), which provide health coverage to millions of low-income individuals and families. States may struggle to continue these programs without federal funding, potentially leaving vulnerable populations without access to necessary healthcare.
- ACA Subsidies: The battle over ACA subsidies revolves around the federal government’s role in reimbursing insurance companies for the discounts they offer to low-income enrollees. The cessation of these subsidy payments could lead insurance companies to increase premiums or withdraw from the ACA marketplaces, making healthcare less affordable for many Americans.
- Healthcare Workforce: The shutdown may impact the healthcare workforce, particularly in areas dependent on federal funding. This could lead to staffing shortages, reduced services, and increased workload for remaining staff, ultimately affecting the quality of care provided to patients.
- Research and Public Health: The shutdown also affects research initiatives and public health programs. This can hinder progress in medical research, disease prevention, and outbreak response, potentially having long-term consequences for the healthcare system and public health.
- Insurance Premiums: The uncertainty surrounding ACA subsidies and the overall stability of the healthcare market may lead to increased insurance premiums. As insurance companies face financial uncertainty, they may raise premiums to mitigate potential losses, making healthcare less accessible to many.
- Rural Healthcare: Rural areas, which often rely heavily on federal funding for their healthcare services, are particularly vulnerable to the shutdown’s impacts. Reduced funding can exacerbate existing healthcare access issues in these regions, further disenfranchising rural communities.
- Veterans’ Healthcare: The shutdown can affect the Department of Veterans Affairs’ (VA) ability to provide timely and comprehensive healthcare services to veterans. Despite being exempt from the shutdown, the VA’s operations can still be impacted by lack of funding for certain programs and services.
- Food and Drug Administration (FDA): The FDA’s activities, including drug approvals and food safety inspections, are reduced during the shutdown. This can delay the approval of new drugs and medical devices, potentially impacting patient access to innovative treatments.
- Long-term Consequences: The prolonged nature of the shutdown can have lasting effects on the healthcare system, including decreased investor confidence in health insurance companies, reduced participation in ACA marketplaces, and increased healthcare costs for consumers.
The federal government shutdown that began on October 1, 2025, is largely due to disagreements over healthcare issues between Democrats and Republicans. One major point of contention is the extension of subsidies for Affordable Care Act (ACA) insurance premiums, which are set to expire at the end of 2025. Democrats are pushing for an extension, as without it, ACA premiums are expected to rise by over 75% in 2026, resulting in an estimated 4.2 million Americans losing insurance. Another key...
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