Published in Mint on 20th Jan 2015, Written by Abhishek Bondia Why should my place of residence affect the premium amount of my motor vehicle insurance? —Karthika Several insurers now charge different rates for various cities as road quality and driving behaviour vary by city. If you see underwriting practices in developed countries, the pricing […]
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Voluntary abortion is not covered under health insurance
What should I do if my health claim is rejected? —M. Chourasia An insurer has to clearly specify the reason for rejection and cite the specific clause under which the claim is rejected. In case you do not agree with the insurer’s interpretation, you can challenge it at multiple forums. Typically, my first port of […]
Don’t have to declare existing insurance when buying new one
Published in Mint on 17th Feb 2015, Written by Abhishek Bondia I suffered a fire-related accident at home and was hospitalized. I have two insurance policies. How can I claim from these companies as the hospital said it will provide only one discharge form? —Karen D’Silva Most medical insurance policies are indemnity policies. You are […]
Some policies have 9 months waiting time for maternity costs
Published in Mint on 10th March 2015, Written by Abhishek Bondia Is the no-claim bonus discount transferable if I decide to shift insurers? —Pradyuman Sahay Yes, it is possible to transfer the benefit of your no-claim bonus in a portability case. The receiving insurer will give you the continuity benefit on the entire sum assured, […]
Can standardisation of exclusions in health insurance policies help customers?
Published in Mint on 31st July 2018. Malti Jaswal, chief operating officer, Health Insurance TPA of India Ltd Need to rationalise scope of exclusions One of the most contentious issues, which is also the reason for the highest number of grievances lodged by health insurance policyholders, pertains to “exclusions” under a health insurance contract. As more […]
LIC-IDBI Bank deal: The good, the bad, the ugly
Published in Mint on 4th July 2018. Through special permission from the Insurance Regulatory and Development Authority of India (IRDAI), the Life Insurance Corp. of India (LIC) has been allowed to pick an estimated, additional 43% stake in IDBI Bank Ltd that will make LIC the largest shareholder of the bank. This made headlines for two […]
Should insurers pay hereditary commission?
Published in Mint on 26th June 2018. Tarun Chugh, Managing director and CEO, Bajaj Allianz Life Insurance Co. Ltd Insurers can have their own policy Under the amended Insurance Act of 1938, payment of renewal commissions to terminated agents after 5 years of service or payment of hereditary commissions to legal heirs of agents after […]
Packing for trip? Don’t forget insurance
Published in Mint on 19th May 2018. In between all the shopping for your next holiday abroad, don’t forget to take adequate travel insurance along with you. You get a travel insurance cover for both domestic as well as international trip. It is important to get an insurance cover for international trip as a medical […]
The complete guide to Aadhaar
Published in Mint on 19th May 2018. If you have been reading about the Supreme Court verdict on Aadhaar, you might be wondering whether you should have an Aadhaar or not? The Supreme Court of India has ruled that Aadhaar, the country’s biometric identity system, is constitutional but not mandatory for all services. The court […]
Three tasks before the new insurance regulator
Published in Mint on 3rd May 2018 The Insurance Regulatory and Development Authority of India (Irdai) has got a new chairman: Subhash Chandra Khuntia, a former chief secretary to the Karnataka government. He will succeed T.S. Vijayan, who retired in February. Khuntia has his work cut out both in the life and the non-life space. […]