HEALTH INSURANCE

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• How will IRDAI move to extend health insurance to above 65 age group pan out for insurers?

  Insurers are likely to encounter difficulties in accurately pricing premiums for senior citizens due to limited past experience.

  

• This HDFC Bank special FD offers up to 7.75% interest rate along with hospital cash insurance; who can invest, tenure, investment amount, interest payment

  HDFC Bank special FD: When you open HDFC Bank HealthCover fixed deposit, you will be eligible for hospital cash cover for the first year. Here are important things to know about HDFC Bank HealthCover special FD.

  

• Insurance regulator IRDAI abolishes age restriction on health insurance product

  By abolishing the maximum age restriction on purchasing health insurance plans, the Insurance Regulatory and Development Authority of India (IRDAI) aims to foster a more inclusive and accessible healthcare ecosystem, ensuring adequate protection against unforeseen medical expenses.

  

• Non-Life Insurance Booms: Health premiums exceed Rs 1 tn, motor crosses Rs 90,000 crore mark in FY24 surge

  In the fiscal year 2023-24 (FY24), India's non-life insurance industry experienced significant growth primarily fueled by the health and motor insurance segments. Health insurance premiums surpassed Rs 1 trillion, marking a 20.2% increase, while motor insurance reached Rs 91,781.3 crore with a growth rate of 12.9%. Read on to know more:

  

• BJP, Congress bet big on Insurance in their 2024 election manifestos

  Going by the published party manifestos of BJP and Congress for the 2024 Lok Sabha Elections, both parties are betting big on expanding insurance coverage, be it through health insurance schemes or crop insurance. BJP's 'Sankalp Patra' and Congress' 'Nyay Patra' have already evoked much interest. Here's what they offer:

  

• How will the Indian non-life insurance sector fare in FY25?

  Non-life premiums grew in double-digits for FY24; Health breached Rs 1 lakh crore and motor crossed Rs 90,000 crore.

  

• Rising consumer consciousness in life insurance, new-age insurtechs intensify competition: Report

  A recent report by NIQ highlighted the growing consumer consciousness in Life insurance, alongwith increased consumer engagement and category consideration in life, health and motor insurance. However, it is also revealed that new-age insurtechs intensify the competition.

  

• Crucial role of cashless health insurance in expediting medical treatment during emergencies

  Technology plays a crucial role in solving the issues of awareness and accessibilty. With the help of artificial intelligence, complex policy terms are made easier to understand. Most major insurance companies now offer user-friendly mobile apps, which let you manage your policies anytime, anywhere – right from your phone. In just a few clicks, one can buy a new policy, renew an existing one, or even make changes to the coverage. Furthermore, with the integration of AI and machine learning algorithms, insurers can now assess claims much faster and more accurately.

  

• New insurance rule: 30-day free-look period now to return unwanted, mis-sold policies; how much will you get back from insurer?

  IRDAI extends the free-look period for life and health insurance policies to 30 days. This means policyholders have a month to review policy terms and return them. Insurance policyholders are eligible for a refund if they cancel the policy during the free-look period, regardless of how they purchased it (online or offline). Previously, only electronically purchased policies had a 30-day free-look window. How much

  

• New insurance rule: 30-day free-look period now to return unwanted, mis-sold policies; how much will you get back from insurer?

  IRDAI extends the free-look period for life and health insurance policies to 30 days. This means policyholders have a month to review policy terms and return them. Insurance policyholders are eligible for a refund if they cancel the policy during the free-look period, regardless of how they purchased it (online or offline). Previously, only electronically purchased policies had a 30-day free-look window. How much

  

• General insurance industry misses ₹3 trillion mark in FY24, agri drags growth

  While the non-life insurance industry maintained double-digit growth in gross premium in FY24, it fell short of touching the Rs 3 trillion mark amid a slowdown in several segments, as per the General Insurance Council data. Particularly Agriculture Insurance Company (AIC) contributed the most to the sluggish growth this year.