The draft Bill, which has been sent for approval by the Union Cabinet before introducing it in Parliament, seeks to remove the 51% floor on government holding, official sources told TOI.
Director of underwriting, products and claims at Max Bupa Health Insurance, Bhabatosh Mishra says that we saw the average ticket size of claims go up from Rs 1.3 lakh to Rs 1.5 lakh. "The period of hospitalization has declined from an average of 14 days to 7-8 days in the last few months," he said.
The regulator also told the court that, apart from the Corona Kavach policy, there were over 19 products offered as insurance policy by general and health insurers, which covered ancillary treatment of Covid-19.
The Biden administration re-opened the country’s online health insurance marketplace earlier this year to give more Americans a chance to opt for benefits provided under the Affordable Care Act (ACA), also known as Obamacare.
The year started on an uncertain note, the pandemic led to a significant loss of human life and now presents a challenge to public health systems, the way of working and the social norms, Parekh said in his address to shareholders in the company’s annual report for 2020-21.
The Indian insurance regulator IRDAI has allowed non-life insurers to offer "homecare/domiciliary treatment" or treatment at home as an add on cover afresh or to their existing policies.
The partnership involves Clovia as the medium of making insurance reach out to consumers through its platform while Alliance Insurance as the insurance partner to facilitate the breast cancer insurance policy.
Small business owners are realising that the Employees’ State Insurance Corporation (ESIC) programme under which they are covered is inadequate and are opting for commercial group cover.
After the pandemic Insurance companies are going through major changes.
In a 7-2 decision, the nation’s highest court ruled that the GOP challengers lacked standing to sue, in a decision that marks the third major challenge to ObamaCare, to be rebuffed by the Supreme Court in roughly a decade, thus preserving the landmark law and its key protections for millions of people with pre-existing health conditions.
According to a press release by Bharti AXA General Insurance, "Health AdvantEDGE is one of the few healthcare products that offer comprehensive wellness benefits as a key differentiator in the domestic health insurance market. It is specially designed to support healthcare and wellness needs of customers."
Insurance regulator Irdai has asked general and health insurance providers to provide standard personal accident cover products to their customers.
Insurance companies have settled claims worth Rs 9,078 crore arising out of the coronavirus pandemic, regulator Irdai’s chairman S C Khuntia said on Friday.
Most health insurance provides no-claim bonus for claim-free years but that usually ranges from 25 per cent to 50 per cent.
Among these, the country’s largest and the only state-run insurer LIC posted a 24.18 per cent jump in new premium income at Rs 12,920.57 crore during the reported month, against Rs 10,404.68 crore in the year-ago month, showed the data from the Insurance Regulatory and Development Authority of India (Irdai).
The Insurance Regulatory and Development Authority of India (Irdai) has said that insurers cannot make any significant changes in coverage of health insurance policies that result in an increase in premium.
The regulator is considering the formation of an Indian pandemic risk pool with contributions from the country’s insurers and reinsurers. A pandemic pool is required to cover risks because international reinsurers do not provide pandemic cover.
"All the insurers shall ensure putting in place systems to enable policyholders track the status of cashless requests/claims filed with the insurer/TPA through the website/portal/app or any other authorised electronic means on an ongoing basis. "The status shall cover from the time of receipt of request to the time of disposal of the claim along with the decision thereon," said the regulator.
With around 55,000 startups, India is touted to be the third largest startup hub globally after the US and China.
The state began the registration for Chiranjeevi Health Insurance Scheme, announced by chief minister Ashok Gehlot in the state budget 2021-22.
The surge follows the second wave of infections that hit the country in February 2021. ICICI Lombard General Insurance’s head of claims Sanjay Datta said that March 2021 has recorded last year’s peak figures driven by claims filed from Maharashtra.
As per a survey by Policybazaar, most consumers are purchasing health plans with a bigger cover, showcasing an uptick in demand for higher sum insured health policies (more than Rs 25 lakh cover) by 40 per cent over the last financial year.
The insurance claims for Covid treatment in hospitals in the first 10 days of April have touched 30%-40% of last-year’s peak application figures. In March, it was 10%-15%.
Ministry said that it is already in talks with the Insurance Company for the new scheme to cover Covid-19 warriors.
Premiums in the overall motor portfolio fell 2 per cent to Rs 67,790 crore, while the crop business dropped by 3.5 per cent to Rs 31,184 crore in fiscal 2021.