With daily hospitalisation cash benefit, waiving off the premium for people with minor conditions and providing cover for most critical illnesses like Cancer, Cardiac, Liver and Neuro, the plan will address the insurance needs for most Indian consumers across the country.
The Insurance Regulatory and Development Authority of India (IRDAI) has proposed to introduce colour coding in health plans. For insurers, the colour coding will help in explaining consumers various product offerings in a simpler and easy to understand way.
COVID-19 pandemic brought in a shift towards the level of awareness in health insurance. The one positive impact of COVID-19 is health insurance, which was earlier seen as optional, has become inevitable from a consumer perspective.
The Indian insurance sector is experiencing a technological shift. Technology in the insurance sector is transforming the ecosystem not just in scale but also in fundamental aspects.
General insurance products hardly find favour with customers in India. People buy travel and motor insurance when they are mandatory, but home, cyber security or sachet sized insurance products such as cycle/dengue insurance, etc, do not have many takers.
Car maker Maruti Suzuki India Ltd is under the antitrust regulator Competition Commission of India’s (CCI) radar for pushing buyers to purchase insurance policies offered by the company. According to a recent Reuters report, in June last year, CCI received an anonymous complaint alleging that customers paid more for insurance plans recommended by Maruti dealers compared to other options available in the market.
An individual health insurance policy is a standard health insurance product that only covers a single person (the policyholder) for expenses on medical exigencies. If you get hospitalised due to a sudden illness or accident, the policy will cover the expensive medical treatment (pre and post hospitalisation), ambulance charges, diagnostic tests, room rent, medicines and daily cash benefits, etc. against the maximum sum insured defined in the policy.
The insurance companies deny it, but mis-selling of life insurance policies is a routine practice. From Dec 1, all this will hopefully be a thing of the past as the new customer-centric guidelines of the regulatory body become operational
We have already established the fact that AI will certainly play a key role in transforming the future of Indian financial services. With various fintech business models in place, BFSI industry is now adopting the AI-based fintech solutions at a much larger scale than ever.
Most of us keep our gold and valuable items in bank lockers thinking that it is safer to keep there than at home. The probability of theft is much lower in case of banks as compared to a house but did you know that banks bear no responsibility for the contents kept in the locker as they are not aware of the contents of the locker? Suddenly you may no longer feel comfortable leaving your jewellery in a locker but the fact is bank lockers are definitely a much safer option but the safest would be to insure the contents.