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The number of insurance claims related to treatment for COVID-19 rose to 40 per cent of the total health insurance claims in September, according to an analysis. Based on its analysis of industry data, insurance aggregator Policybazaar.com said “most people filing the claim for COVID-19 treatment are senior citizens of age group 60 years and more, followed by people in the age bracket of 41-45 years”. In September, the insurance aggregator said COVID-19-related claims accounted for 40 per cent of the total health insurance claims. It has been steadily increasing from 8 per cent in May. In July and August, it stood at 23 per cent and 34 per cent, respectively. Overall, coronavirus cases have been on the rise, especially in few states. The recovery rate is also high. During the April-September period, COVID-19 claims accounted for 26 per cent of the overall health claims pie while the non-COVID-19 claims stood at 74 per cent. Other claims were mainly related to cardiovascular and respira

The Reserve Bank of India has appealed to the country’s top court to let banks classify loans as nonperforming, saying a ban imposed to help borrowers in the COVID-19 pandemic could greatly harm the nation’s financial system. The central bank, in a filing to the Supreme Court late on Friday, warned that failure to immediately lift an interim stay on banks classifying any loan as a non-performing asset (NPA) would also undermine the central bank’s regulatory mandate. The court granted the stay last month, responding to a plea filed by an optician, later joined by a wide range of borrowers whose income or revenue was hit by the COVID-19 pandemic. The court is set to rule on the matter on Tuesday. The ruling could have far-reaching consequences not only for millions of borrowers, but also for banks and the country, as state-run banks dominate the sector. To help borrowers weather pandemic-related stress, the RBI has let banks offer a moratorium on loan payments for up to six months and pe

Equity mutual funds witnessed an outflow of ₹ 734 crore in September, making it the third consecutive monthly withdrawal, mainly due to pull-out from multi-cap space. Besides, investors pulled out over ₹ 51,900 crore from debt mutual funds (MFs) last month compared to ₹ 3,907 crore in August, data from the Association of Mutual Funds in India showed on Thursday. Overall, the mutual fund industry witnessed a net outflow of a little over ₹ 52,000 crore across all segments during the period under review, as against ₹ 14,553 crore in August. This outflow could be attributed to withdrawals from liquid, equity and hybrid schemes. As per the data, the outflow from equity and equity-linked open-ended schemes was at ₹ 734.40 crore in September, compared to ₹ 4,000 crore in August and ₹ 2,480 crore in July. Equity MFs saw their first outflow in over four years in July on profit-booking. Equity schemes attracted ₹ 240.55 crore in June, ₹ 5,256 crore in May, ₹ 6,213 crore in April, ₹ 11,723 crore

Life Insurance Corporation (LIC)’s New Jeevan Anand plan comes with a dual benefit of protection and savings. The plan pays the surviving policyholder a lumpsum amount at the end of its term, or pays the nominee in case of death of the policyholder, according to LIVE’s website – www.licindia.in. LIC is the country’s largest life insurance company with provides a range of products, including life insurance plans, pension plans, unit plans, endowment plans and money-back plans. Age Requirement The minimum age for buying the LIC New Jeevan Anand policy is 18 years, and the maximum age is 50 years, according to the LIC website. Term The policy comes with a minimum term of 15 years, and a maximum of 35 years. Sum Assured Any individual can buy LIC New Jeevan Anand policy for a minimum basic sum assured of ₹ 1 lakh. There is no maximum limit for the sum assured. Benefits The policyholder gets basic sum assured, along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any,

The government’s collection of Goods and Services Tax (GST) climbed to ₹ 95,480 crore in September, in signs of economic revival and return of demand due to lifting of COVID-19-related restrictions. That marked the highest level of GST collection in a month since the beginning of the lockdown to curb the spread of GST. The latest reading was 4 per cent higher compared to the corresponding month last year, and nearly three-times the mop-up in April 2020. Gross GST revenue collected in September 2020 stood at ₹ 95,480 crore, the Finance Ministry in a statement. That included collection of ₹ 17,741 crore under Central GST, ₹ 23,131 crore under State GST, and ₹ 47,484 crore under Integrated GST. The September tally also included the collection of ₹ 22,442 crore on import of goods, and cess of ₹ 7,124 crore (including ₹ 788 crore collected on import of goods), according to official data.  GST collections were at ₹ 86,449 crore in August, Rs 87,422 crore in July,  Rs 90,917 crore in June, ₹

Hyderabad , Tuesday, July 07, 2020 : In the face of an ongoing economic crisis, Future Generali India Insurance Company Limited (FGII), the general insurance arm of the joint venture between retail giant Future Group and global insurer Generali, announced promotions, annual increments & variable payouts to all its employees. The company declared that there will be no layoffs of its employees during these unprecedented and volatile times. They also made provision of an immediate relief fund of INR 50,000 to each of its business-active agents and their families if they are tested positive for COVID-19. With over 125 branches across India, the company has decided not to compromise on hiring and plans to recruit employees as per the business requirement. During this lockdown phase alone, FGII has onboarded over 70 employees across various levels using various digital tools for engaging, interviewing, enrolling, and inducting. The company will continue to hire as in any other year.

Mumbai, 6th July’20: India's homegrown financial technology platform Paytm (owned by One 97 Communications Limited) along with Vijay Shekhar Sharma is set to acquire Mumbai based private sector general insurer Raheja QBE. The acquisition is subject to customary conditions, including approval from the Insurance Regulatory and Development Authority of India (IRDAI). Raheja QBE is owned 51% by Prism Johnson and 49% by QBE Australia. Paytm is set to acquire both stakes and would own 100% of the company. All employees of Raheja QBE would continue working at Mumbai and other locations. This strategic acquisition is through QorQl Pvt. Ltd, a technology company with majority shareholding of Vijay Shekhar Sharma and remaining held by Paytm. After enabling millions of Indians with services of homegrown Payments bank, it is now setting sights on democratising general insurance services. India's Paytm has a large consumer base for it's digital payments & financial services offer

New Delhi, J uly 6, 2020 : In its endeavor to make the Atal Pension Yojana attractive and to benefit 2.28 Crore subscribers enrolled under the scheme, PFRDA has asked all banks to process upgrade/ downgrade of pension amount requests of APY subscribers throughout the year with effect from 1st July 2020, however; once in a financial year. This arrangement will enable the APY subscribers to increase/decrease their pension plans as per their changed income levels and capacity to pay APY contributions, which is very important to continue contributions in the scheme till 60 years. Earlier this facility was available only during the month of April of every year. Apart from the above, from 1st of July, 2020 auto-debit of APY contributions has also started ,which was stopped till 30th June, 2020 due to PFRDA’s circular issued on 11th April, 2020 for providing relief to the APY subscribers from out-break of Covid-19. As per current arrangements, if all the pending APY contributions due between

The Coronavirus infection has impacted thousands of people worldwide. For those impacted, the stress goes beyond health and involves high medical costs, loss of pay (in some case) and associated financial stress. It is important for people to be aware that if they have a regular health Insurance plan from any insurer paying for medical costs either through a cashless facility or reimbursement, all illnesses including Covid-19 are covered.Further in view of serious challenges by this pandemic for customers, Edelweiss General Insurance has taken the following steps for its customers: As mentioned above, the Edelweiss Health Insurance policy covers COVID-19. However, we have decided to cover hospitalization for not only those who have a confirmed diagnosis but also those who have been quarantined in specific facilities identified by the government. The coverage amount is up to the sum insured under the policy Further for quarantined patients, the health policy ensures coverage for the en

~ ‘Faayde Ki Baat’ campaign spearheaded by General Insurance Council aims at increasing awareness and educate on the benefits of non-life insurance Mumbai: In a bid to increase awareness and adoption of non-life insurance, the General Insurance Council (GIC), the apex body of general insurers, with support from the Insurance Regulatory Authority of India (IRDAI) today launched an awareness and education campaign, ‘Faayde Ki Baat’. All 25 General Insurance, 6 SAHI (Standalone Health Insurance) and 2 Specialized Insurance companies in India, along with 11 Reinsurers have come together in a joint effort to raise awareness and educate the people of the country about the importance of non-life insurance. Under this campaign, GI Council aims to increase awareness about General Insurance and at the same time educate people on how to safeguard themselves and their assets especially their health, home and motor vehicle. The campaign titled, ‘Faayde Ki Baat’ is in line with the current focus ar

Mumbai, 10 th  October 2019:  InsureNearby will embark on a journey to train their vast network of 7.5 lakh retail agents, registered under its sister organization PayNearby, and convert them into POS agents. The geographical reach of these last mile retail outlets will enable the company to provide insurance to marginalized customers in the most far flung towns and villages of the country. The aim is to create a force multiplier, where people who have never sold insurance are trained to sell to people who have never before bought the product. The objective is to Insure India and make protection available for all. In 2018, around 1.5 lac people lost their lives in road accidents and 25% of those were on motorcycles. Two-wheelers are the cause of 34% of road accidents and 98 helmetless riders die every day.  Most fatalities in road accidents are young Indians, with 72% falling in the age group of 18-45 years and 14% of these are pedestrians, making a strong case for mandatory third par

Conveys gratitude and pays ode to ‘Nurses’ across the nation Celebrating the festival that marks the strong bond between brothers and sisters, this Raksha Bandhan, Max Bupa Health Insurance – one of India’s leading standalone health insurance players has launched a unique #SabKiSister campaign. Through the campaign, Max Bupa aims to celebrate the invaluable contribution of the unsung heroes of healthcare – the nurses, who look after the patients in the time of need. Fondly called as ‘sisters’, the nurses work relentlessly every-day to ensure appropriate delivery of treatment and care, and enable millions of patients to regain good health. Marking a tribute to the Nurses, Max Bupa has released a digital film on the brands social media channels including YouTube, Facebook, Instagram, LinkedIn and Twitter to launch the campaign. The video shows the protagonist, who is an old man, surrounded by a loving family going back to the hospital on Raksha Bandhan to thank a nurse who looked after

Mumbai:  The proposed 4% stake sale in SBI General Insurance Co. has drawn interest from at least three global private equity investors, including KKR, Singapore’s Temasek Holdings Pvt. Ltd and Canada Pension Plan Investment Board (CPPIB), two people directly aware of the development said, requesting anonymity. “All the above funds have expressed initial interest and are expected to submit the binding bids but more bidders are expected to place bids,” said one of the persons cited above. The sale process, which was announced by the State Bank of India (SBI) in August, is being managed by Kotak Investment Banking. SBI General Insurance stake sale attracts KKR, Temasek, CPPIB Emails sent to SBI, Kotak Investment Banking and CPPIB remained unanswered until press time, while spokespeople for Temasek and KKR declined to comment. The 4% stake sale is part of the pre-offer valuation exercise of SBI General Insurance before its planned initial public offering (IPO) by the end of March this ye

Two wheelers are the most affordable and convenient form of personal transport. In a country like India, where the traffic congestion is increasing with each passing day, hence travelling in cars can be frustrating. Two wheelers are at an advantage as they can be maneuvered easily and can be parked even in cramped spaces. Which is why many individuals turn to two wheelers such as bikes and scooters for their daily commute. If you are planning to buy a two wheeler, you will be inundated by the numerous choices existing in the market today. Hence it is important to do a little research by yourself so that you make the right purchase decision. Here are some important pointers to keep in mind before buying a two wheeler in India: – Pick the Brand Carefully Buying a two wheeler is a long term investment, hence you need to make the decision carefully. It’s always a great idea to buy your vehicle for a well-established brand as quality is of utmost importance. Some of the top two wheeler man

When it comes to health insurance, ignorance is not bliss. What you don’t know can be turned against you at the time claim settlement. Hence, it is very important to have a thorough knowledge of mediclaim plan s . While you can read up the policy details on the policy documents, there are certain things that your health insurance company won’t tell you. Knowing these things will certainly help you understand the policy better and help you avoid problems later. You Can Get Coverage for Out-Of-Network Hospitals Whether you have enrolled in a regular health insurance online or a critical illness insurance plan, you can get coverage even if you choose to get treatment from an out-of-network hospital. You can deliberately choose to seek treatment from your preferred healthcare provider, even if it is not listed on your insurance company network. So if you already know that you will opt for an out-of-network provider, you can ask your insurance company for a written contract about the same

Future Generali’s ‘Cancer Financial Preparedness Survey’ reveals alarming statistics Majority of the respondents will either dip into personal savings or take a personal loan to finance the cost of treatment Oncologists determine that 2 out of 3 cancer patients get diagnosed with cancer only in the 3rd or the 4th stage thus, implying higher medical costs     Bhopal, 20th December, 2017 : Future Generali India Life Insurance (FGILI), unveiled the findings of a national ‘Cancer Financial Preparedness Survey’ conducted in association with IPSOS, a leading global research firm. This unique and multidimensional study surveyed two different groups (1) People in the 25 & above age bracket across 11 major cities, and (2) 40 seasoned oncologists across key metro cities.  The objective of the research was to evaluate the awareness levels, the financial preparedness and gap between perception & reality of financial implications of cancer.   Lack of sufficient cancer awareness The result

The initial public offer (IPO) of state-owned General Insurance Corporation of India was subscribed 80 percent on the first day of the bidding today. GIC Re’s Rs 11,370-crore IPO received bids for 9,93,04,384 shares against the total issue size of 12,47,00,000 shares. The portion meant for QIB was subscribed 1.55 times, but non-institutional investor category received just 1 percent subscription and retail segment received 6 per cent bids, according to the NSE data. The reinsurance company has fixed the price band at Rs 855-912 for its IPO which closes on October 13. If fully subscribed at the upper end of the price band, this will be the largest public float by a domestic company after the October 2010 offer by Coal India which had raised Rs 15,000 crore. The issue comprises fresh issue of 1,72,00,000 shares by the Corporation and an offer for sale of 10,75,00,000 shares by the promoter. The company proposes to utilise the proceeds towards augmenting the capital base to support growt

Mumbai, March 30, 2017:  TATA AIG General Insurance Company Limited, one of India’s leading private sector General Insurance Company has been conferred the ‘iAAA’ rating (pronounced as I triple A) for their Claims Paying Ability by the rating agency ICRA. The ‘iAAA’ rating is the highest for claims paying ability for an insurance company in the industry.  The ratings indicate TATA AIG’s fundamentally strong position in the market and that the prospect of meeting policyholder obligations is best. The rating takes into account the parentage of TATA AIG as well as, the strong commitment of both the partners – the Tata Sons Ltd and AIG. The rating factors in, TATA AIG’s strong presence in niche segment like travel, liability and marine cargo insurance. Moreover, the company has also established moderate underwriting profitability indicators, reinsurance and product development and higher share of commercial business in the product mix. Commenting on this achievement, Neelesh Garg, MD &

Kolkata:         &n bsp;  To facilitate commercial vehicle owners in India, GIBL.IN has introduced online commercial vehicle insurance for the first time in India . Owners can now avail the commercial vehicle insurance policy at the lowest price after comparing over 25 insurance companies in India including PSUs at GIBL.IN. According to an official press release GIBL has become the prime one stop destination in India for all types of commercial & private vehicle insurance needs . Customers can purchase and download the policy document anytime and the renewal can be done online in just a few minutes. “Commercial vehicle owners now can just take a photo of their existing policy and send via Whatsapp for quick online renewal” – said Subir Mukherjee, the Founder Director of GIBL.IN. The release said these technological advancements have made GIBL stands out from its competitors.  Mr. Subir Mukherjee further added – “ We give complete transparency to the fleet owner or an individ