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...
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...
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...
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...
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...
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...
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...
- 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...
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...
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...
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...
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...
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...
Applications are now open for the LIC Golden Jubilee Scholarship for the academic year 2025-26.
The Life Insurance Corporation of India (LIC) is offering the LIC Golden Jubilee Scholarship for the academic year 2025-26. This scholarship is designed to support students from economically weaker sections who are pursuing higher studies. To be eligible for the scholarship, students must have passed Class 10 or 12 with a minimum of 60% marks or...
Star Health’s latest campaign draws a stark line between care and crisis
Star Health Insurance has launched a new campaign film that highlights the emotional and financial struggles faced by families without health insurance. The film, released after World Insurance Day, uses a split-screen narrative to contrast the experiences of the same family with and without health insurance. On one side, the family is shown...
Star Health Insurance has settled claims worth over Rs 2800 crore in Karnataka over the last 5 years.
Star Health Insurance, a leading health insurance provider in India, has announced that it has settled claims worth over Rs. 2800 crore in Karnataka over the last five years. This significant achievement demonstrates the company's commitment to providing comprehensive health insurance coverage to its customers in the state. The settlement of...
In India, Alzheimer’s and dementia are covered by insurance through various policies and schemes. Here’s an overview:
Health Insurance: Many health insurance policies in India cover Alzheimer’s and dementia, including:
- Individual Health Insurance Policies: Some insurance companies offer coverage for Alzheimer’s and dementia as part of their individual health insurance policies.
- Senior Citizen Health Insurance: Specialized senior citizen health insurance policies often cover age-related diseases, including Alzheimer’s and dementia.
- Critical Illness Insurance: Critical illness insurance policies may cover Alzheimer’s and dementia, providing a lump sum payment to help with treatment and care.
Government-Sponsored Schemes: The Indian government offers several schemes to support individuals with Alzheimer’s and dementia, including:
- Rashtriya Swasthya Bima Yojana (RSBY): A health insurance scheme for below-poverty-line families, which covers hospitalization expenses, including those related to Alzheimer’s and dementia.
- Ayushman Bharat: A national health protection scheme that provides coverage for secondary and tertiary care hospitalization, including treatment for Alzheimer’s and dementia.
- National Programme for the Healthcare of the Elderly (NPHCE): A program that provides health care services, including diagnosis, treatment, and care, for elderly individuals with Alzheimer’s and dementia.
Private Insurance Companies: Several private insurance companies in India offer policies that cover Alzheimer’s and dementia, including:
- ICICI Lombard: Offers a comprehensive health insurance policy that covers Alzheimer’s and dementia.
- Bajaj Allianz: Provides coverage for Alzheimer’s and dementia through its health insurance policies.
- Max Bupa: Offers a senior citizen health insurance policy that covers age-related diseases, including Alzheimer’s and dementia.
- Apollo Munich: Provides coverage for Alzheimer’s and dementia through its health insurance policies.
- Star Health: Offers a senior citizen health insurance policy that covers age-related diseases, including Alzheimer’s and dementia.
Limits and Exclusions: While many insurance policies cover Alzheimer’s and dementia, there may be limits and exclusions, such as:
- Waiting Period: A waiting period may apply before coverage kicks in.
- Sub-Limits: Sub-limits may apply for specific treatments or expenses.
- Exclusions: Certain expenses, such as long-term care or home care, may be excluded from coverage.
- Pre-Existing Conditions: Pre-existing conditions, including Alzheimer’s and dementia, may be excluded from coverage or subject to a waiting period.
It’s essential to review policy terms and conditions carefully and consult with an insurance expert to understand the coverage and limitations.
Families of patients with Alzheimer's disease or other forms of dementia often face uncertainty and financial burdens due to medical expenses and long-term care. While health and critical illness insurance policies can cover some hospitalization and severe-stage treatment costs, they usually exclude long-term care and routine support....
The Insurance Regulatory and Development Authority of India (IRDAI) has initiated an investigation into a whistleblower complaint regarding the promoter stakes in Star Health and Allied Insurance, as well as Kiwi General Insurance.
The Insurance Regulatory and Development Authority of India (IRDAI) has received a whistleblower complaint alleging a conflict of interest involving WestBridge Capital, a private equity firm. The complaint claims that WestBridge Capital holds a significant stake in two insurance companies, Star Health and Kiwi General Insurance, which operate in...
Niva Bupa is a casualty of GST removal on individual health insurance because the removal of GST has significantly reduced the cost of health insurance for individuals, making Niva Bupa’s premiums less competitive. As a result, the company is facing a decline in sales and revenue, ultimately affecting its business operations and profitability. The removal of GST has led to a decrease in the premium amounts that individuals have to pay, making Niva Bupa’s offerings less appealing to customers who are now opting for more affordable options. This has put pressure on Niva Bupa to revisit its pricing strategy and restructure its products to remain competitive in the market.
The recent changes to the goods and services tax (GST) rate on insurance have put Niva Bupa Health Insurance Co. Ltd in a difficult position. The company must decide whether to remain competitive by not raising premiums, thereby sacrificing profit margin, or to become uncompetitive by raising premiums and protecting its profit margin. This...
Health insurers are struggling financially, even after implementing increases in premium rates.
The Indian health insurance industry is facing a challenging time due to rising medical costs and increasing claims. Despite multiple premium hikes, insurers are struggling to contain losses, with many reporting deteriorating loss ratios. The main factor contributing to this trend is the estimated 14% inflation in medical-related costs, which is...
LIC to acquire a substantial stake in a pure health insurer, with an announcement expected by March 31.
The Life Insurance Corporation of India (LIC) is in the final stages of discussions to acquire a substantial stake in a pure health insurance company. According to Siddhartha Mohanty, Managing Director and CEO of LIC, the company is likely to announce the decision before March 31. This move is seen as a natural choice for LIC to expand its...
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...
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...
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...
Bulk annuities latest: Deals for Standard Life, Aviva, L&G
Several UK companies have recently secured buy-ins for their defined benefit (DB) pension schemes, ensuring the benefits of their members are protected. Amtico, a flooring manufacturer, completed a transaction with Standard Life last month, securing the benefits of 425 members. The deal also ensures that members with both DB and defined...
Aviva has appointed Navinder Dhillon as the CEO of Aviva Canada, according to Coverager.
Aviva has announced the appointment of Navinder Dhillon as the new CEO of Aviva Canada. This move is part of the company's effort to strengthen its leadership team and drive growth in the Canadian market. Dhillon brings a wealth of experience in the insurance industry, having held various senior roles in Canada and internationally. As CEO of...
Tesco and Aviva have formed a partnership to provide life insurance to shoppers.
Aviva, a leading insurance provider, has partnered with Tesco Insurance & Money Services to offer life insurance to Tesco shoppers and Clubcard members. This partnership aims to provide customers with access to life cover while benefiting from Tesco's customer rewards. The life insurance proposition will be marketed by Tesco through various...
Aviva is actively seeking to improve long protection application turnaround times for complex cases.
Aviva, an insurance company, has announced that it is working to improve the turnaround times for protection applications that require underwriting and a GP report. This comes after an adviser revealed that one particular application was expected to take 39 working days to be assigned to an underwriter. According to Daren Boys, Aviva's protection...
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...
Tata AIG has joined Star Health and Niva Bupa in discontinuing cashless claim settlement at Max Hospitals.
Tata AIG General Insurance has suspended its cashless settlement arrangement with Max Hospitals, effective September 10, 2025. This move comes after a dispute over tariffs, with Tata AIG seeking further rate cuts and Max Healthcare refusing to comply. The hospital chain had signed a two-year tariff agreement with Tata AIG, but the insurer...
Beginning next month, Bajaj Allianz will no longer offer cashless treatment, and CARE Insurance has also received a notice, according to the Association of Healthcare Providers India (AHPI).
The Association of Healthcare Providers-India (AHPI) has directed its member hospitals in north India to suspend cashless treatment facilities for Bajaj Allianz General Insurance policyholders starting September 1, 2025. A similar notice has been sent to CARE Health Insurance, with a deadline of August 31, 2025, for a response. If no response is...
15,200 hospitals have suspended cashless treatment for Bajaj Allianz policyholders due to unresolved issues.
The Association of Healthcare Providers India (AHPI) has expressed concerns over the reimbursement rates offered by Bajaj Allianz, a health insurance provider. Dr. Girdhar Gyani, Director General of AHPI, stated that the current rates are outdated and unsustainable, which may compromise patient care. The key issues raised by hospitals include...
Davos 2025: Bajaj Allianz can withstand turbulence, Allianz withdrawal not a concern, says CEO Tapan Singhel
At the Davos 2025 summit, Tapan Singhel, CEO of Bajaj Allianz, expressed confidence in the company's ability to withstand any turbulence in the market. This comes amid concerns over the withdrawal of Allianz, the German partner of Bajaj Allianz, from the Indian market. Singhel downplayed the impact of Allianz's withdrawal, stating that it is not...
Bajaj Allianz Life has announced a record bonus of ₹1,833 crore for its policyholders for the financial year 2025.
Bajaj Allianz Life, a private life insurer, has declared a bonus for the 24th consecutive year, demonstrating its commitment to delivering value to customers through effective fund management and surplus distribution. The bonus will be distributed to policyholders of the company's traditional participating products, including Bajaj Allianz Life...
Eight of the top 10 firms saw their market capitalization increase by a combined Rs 1.69 lakh crore, with Bajaj Finance leading the gains, while LIC and HUL were the only two to lose value.
The market capitalization (M-cap) of the top-10 firms in India witnessed a significant surge, with eight out of the ten companies adding a staggering Rs 1.69 lakh crore to their cumulative valuation. Bajaj Finance emerged as the leader of the rally, with its M-cap soaring by Rs 34,423.92 crore to reach Rs 4,51,941.92 crore. The other major...
The insurance industry is seeking government support to extend Input Tax Credit (ITC) benefits to include distribution costs and renewals, according to the CEO of Aditya Birla Sun Life Insurance.
The life insurance industry in India is set to approach the government with new demands after the GST Council recently exempted individual life and health insurance policies from tax. The industry's primary request is to extend input tax credit (ITC) benefits to distribution costs and renewal premiums of past policies, even under the new zero-GST...
Farhan Akhtar leads Aditya Birla Sun Life Insurance’s new #YeAkelaHiKaafiHai campaign for Super Term Plan
Aditya Birla Sun Life Insurance Company Limited (ABSLI) has launched a new campaign, #YeAkelaHiKaafiHai, to promote its Super Term Plan. The campaign features acclaimed actor, director, and musician Farhan Akhtar, who showcases the plan's unique benefits in a series of digital films. The Super Term Plan is a comprehensive insurance solution that...
As health insurers and hospitals engage in disputes, policyholders seek protection.
The healthcare industry in India is experiencing a tumultuous period, with hospitals and insurers at odds over treatment tariffs and empanelment terms. Recently, the Association of Healthcare Providers of India (AHPI) advised its member hospitals to suspend cashless insurance services provided by Bajaj Allianz General Insurance, citing...
Aditya Birla Sun Life Insurance has launched the #YeAkelaHiKaafiHai campaign, which features Farhan Akhtar.
Aditya Birla Sun Life Insurance has launched a new product campaign titled #YeAkelaHiKaafiHai, which showcases its all-new Super Term Plan. The campaign features Farhan Akhtar, an actor, director, and musician, who embodies the essence of a multi-faceted personality. The Super Term Plan is a comprehensive protection plan that offers life cover,...
Aditya Birla Capital reported revenue of ₹10,949 crore in Q3 FY25.
Aditya Birla Capital Limited has announced its unaudited financial results for the quarter and nine months ended December 31, 2024. The company's consolidated revenue grew by 10% year-on-year to ₹10,949 crore in Q3 FY25, while the consolidated profit after tax was ₹708 crore, compared to ₹736 crore in Q3 FY24. The overall lending portfolio,...
1.6 lakh+ Get Health Interventions from Aditya Birla Health Insurance
On the occasion of World Health Day, Aditya Birla Health Insurance Co. Ltd. (ABHICL) announced that over 1 lakh policyholders have benefited from their HealthReturns model, which encourages healthier lifestyle choices and good heart health. The model focuses on regular physical activity, with access to expert health guidance, and has delivered...
Aditya Birla Sun Life Insurance has launched a campaign called #YeAkelaHiKaafiHai, which features Farhan Akhtar.
Aditya Birla Sun Life Insurance has launched a new campaign called #YeAkelaHiKaafiHai, which highlights the benefits of their Super Term Plan. The campaign features Farhan Akhtar, a well-known actor, director, and musician, who embodies the essence of a multi-faceted personality. The Super Term Plan is a comprehensive protection plan that offers...
HDFC ERGO has partnered with Park+ to provide a seamless digital car insurance experience to over 2 crore Park+ users.
HDFC ERGO General Insurance, a leading private general insurance company in India, has partnered with Park+, a popular auto-tech super app, to offer a fully digital motor insurance experience. This collaboration aims to revolutionize the motor insurance industry by providing convenience, reliability, and a streamlined digital process. With over 2...
HDFC ERGO and Park+ have launched a digital car insurance product for users.
HDFC ERGO General Insurance has partnered with Park+, an auto-tech platform, to provide a seamless and fully digital motor insurance experience. This collaboration aims to simplify the insurance journey, making it more convenient, reliable, and digital-first. With this partnership, over 20 million Park+ users will have access to car insurance...
HDFC ERGO has partnered with Park+ to provide a seamless digital car insurance experience to over 2 crore Park+ users.
HDFC ERGO General Insurance, a leading private general insurance company in India, has partnered with Park+, a popular auto-tech super app, to offer a fully digital motor insurance experience. This collaboration aims to revolutionize the motor insurance industry by providing convenience, reliability, and a seamless digital process. With this...
CamCom Technologies, an Indian company, has announced a strategic partnership with ERGO Group AG, marking a significant milestone in the global deployment of artificial intelligence in the insurance sector.
CamCom Technologies, an award-winning computer vision platform, has partnered with ERGO Group AG, one of the largest insurance groups in Germany and Europe. This partnership marks a significant milestone in CamCom's global journey, affirming its position as a world-class platform delivering enterprise-ready AI solutions for critical sectors. The...
HDFC ERGO’s TechPreneur Season 2 Grand Finale Features Groundbreaking ‘Deep Connect’ Innovations, Shaping the Future of Insurance Today
HDFC ERGO General Insurance Company, a leading private sector general insurer in India, has announced the winners of Techpreneur Season-2, a program designed to encourage tech-innovation in the insurance sector. The program, backed by BCG and Google, invited startups to present scalable solutions using new-age technologies such as AI, machine...
61% of Gen Z and millennials prefer health insurance, yet 44% remain unaware of its importance, according to HDFC ERGO.
A recent survey conducted by HDFC ERGO General Insurance and NielsenIQ (NIQ) has shed light on the attitudes and preferences of India's Gen Z and Millennials towards health insurance. The survey, which covered 2,200 respondents across 17 Tier 1 and Tier 2 cities, found that 61% of young people prefer to invest in health insurance, with 37% citing...
IRDAI takes action against health insurance claim lapses, targets 8 insurance companies: Report
The Insurance Regulatory and Development Authority of India (IRDAI) has conducted inspections at eight general insurance companies, including New India Assurance, ICICI Lombard General Insurance, and HDFC ERGO General Insurance, among others. The inspections aimed to review adherence to the Health Master Circular, a directive that streamlines...
In India, Alzheimer’s and dementia are covered by insurance through various policies and schemes. Here’s an overview:
Health Insurance: Many health insurance policies in India cover Alzheimer’s and dementia, including:
- Individual Health Insurance Policies: Some insurance companies offer coverage for Alzheimer’s and dementia as part of their individual health insurance policies.
- Senior Citizen Health Insurance: Specialized senior citizen health insurance policies often cover age-related diseases, including Alzheimer’s and dementia.
- Critical Illness Insurance: Critical illness insurance policies may cover Alzheimer’s and dementia, providing a lump sum payment to help with treatment and care.
Government-Sponsored Schemes: The Indian government offers several schemes to support individuals with Alzheimer’s and dementia, including:
- Rashtriya Swasthya Bima Yojana (RSBY): A health insurance scheme for below-poverty-line families, which covers hospitalization expenses, including those related to Alzheimer’s and dementia.
- Ayushman Bharat: A national health protection scheme that provides coverage for secondary and tertiary care hospitalization, including treatment for Alzheimer’s and dementia.
- National Programme for the Healthcare of the Elderly (NPHCE): A program that provides health care services, including diagnosis, treatment, and care, for elderly individuals with Alzheimer’s and dementia.
Private Insurance Companies: Several private insurance companies in India offer policies that cover Alzheimer’s and dementia, including:
- ICICI Lombard: Offers a comprehensive health insurance policy that covers Alzheimer’s and dementia.
- Bajaj Allianz: Provides coverage for Alzheimer’s and dementia through its health insurance policies.
- Max Bupa: Offers a senior citizen health insurance policy that covers age-related diseases, including Alzheimer’s and dementia.
- Apollo Munich: Provides coverage for Alzheimer’s and dementia through its health insurance policies.
- Star Health: Offers a senior citizen health insurance policy that covers age-related diseases, including Alzheimer’s and dementia.
Limits and Exclusions: While many insurance policies cover Alzheimer’s and dementia, there may be limits and exclusions, such as:
- Waiting Period: A waiting period may apply before coverage kicks in.
- Sub-Limits: Sub-limits may apply for specific treatments or expenses.
- Exclusions: Certain expenses, such as long-term care or home care, may be excluded from coverage.
- Pre-Existing Conditions: Pre-existing conditions, including Alzheimer’s and dementia, may be excluded from coverage or subject to a waiting period.
It’s essential to review policy terms and conditions carefully and consult with an insurance expert to understand the coverage and limitations.
Families of patients with Alzheimer's disease or other forms of dementia often face uncertainty and financial burdens due to medical expenses and long-term care. While health and critical illness insurance policies can cover some hospitalization and severe-stage treatment costs, they usually exclude long-term care and routine support....
Health insurers are struggling financially, even after implementing increases in premium rates.
The Indian health insurance industry is facing a challenging time due to rising medical costs and increasing claims. Despite multiple premium hikes, insurers are struggling to contain losses, with many reporting deteriorating loss ratios. The main factor contributing to this trend is the estimated 14% inflation in medical-related costs, which is...
Motilal Oswal recommends a Buy for Tech Mahindra, anticipating over 20% upside, while YES Securities maintains an Add call for ICICI Lombard.
Brokerage firms have expressed selective optimism about mid-tier IT and insurance companies following their recent quarterly results. Motilal Oswal has recommended buying Tech Mahindra, citing expected margin growth and stable growth prospects. Choice Broking has suggested adding L&T Technology Services to portfolios, highlighting the company's...
Bajaj and ICICI Lombard are considering partnerships as the competition for preferred insurer status gains momentum.
The competition for Tesla's insurance partners in India is heating up, with Bajaj Finserv Ltd. and ICICI Lombard General Insurance Co. joining the fray. Both companies are in early discussions with Tesla to form non-exclusive insurance partnerships, according to sources familiar with the matter. This comes after Tesla launched its first showroom...
ICICI Lombard’s evaluation shift highlights mixed technical indicators and strong fundamentals.
ICICI Lombard General Insurance Company has undergone a recent evaluation adjustment, reflecting a complex technical outlook. The company's technical indicators present a mixed picture, with some suggesting bearish trends and others indicating bullish momentum. The MACD shows mildly bearish trends on both weekly and monthly bases, while the...
ICICI Lombard has secured the branding rights for the Siddhivinayak metro station.
ICICI Lombard, a private general insurance company, has acquired the branding rights for the Siddhivinayak Metro Station on Mumbai Metro Line 3 (Aqua line). The station, located in the heart of Mumbai, will be known as the ICICI Lombard Siddhivinayak Metro Station. This association is a strategic move by the company to become an integral part of...
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...