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Source: Live Mint Life insurance is a crucial pillar of financial security, offering peace of mind and protection for your loved ones. However, customers often find themselves with policies that don’t align with their actual needs. Sometimes, what customers truly require is not what they’re offered, as the focus shifts toward savings or investments rather…
Source: Live Mint The Insurance Regulatory and Development Authority of India (IRDAI) has warned general and health insurance companies against rising commission payouts, which have led to higher premiums for insurance holders, reported CNBC-TV 18, citing sources on Tuesday. The regulator has also urged firms to contain commissions to avoid strict actions in the future….
Source: Live Mint NEW DELHI : A couple, in their 60s, bought a family floater health insurance policy from a private insurer in 2018. They never had to use it. Still, their premium surged 20% to ₹49,874 in February 2024. It was ₹41,813 in February 2023. They were shocked to see the further rise in…
Source: Live Mint While the move promises stability, it also raises a crucial question: Will insurers find new ways to offset costs, tightening underwriting and claim scrutiny? There are some areas where additional refinements could enhance consumer protection and clarity. Shielding seniors The 10% cap offers much-needed relief by preventing the sudden, steep premium hikes…
Source: Live Mint In a recent Ombudsman ruling concerning litigation with an insurer, my claim was limited to 25% based on the policy’s terms and conditions for Bevacizumab used in my cancer treatment under ‘coverage for modern treatment or procedures.’ I am seeking clarification on how the term ‘modern’ is defined in this context? Is…
Source: Live Mint Insurance grievances can be frustrating, especially when your claim is rejected, delayed, or unresolved. To help individual policyholders resolve such issues efficiently and cost-effectively, the Government of India introduced the insurance Ombudsman scheme. This impartial mechanism addresses complaints without the need to go to court. Currently, there are 17 insurance Ombudsman offices…
Source: Live Mint My wife has been diagnosed with Glioblastoma (brain cancer). After surgery and radiation, her doctor has prescribed Temozolomide for five days as part of chemotherapy which will continue for 9 -12 months. Unlike other chemotherapy treatments that require hospitalization and allow for cashless claims, this medication—costing around ₹40,000 per month—does not require…
Source: Live Mint Read this | Can a high sum-assured Ulip offer better cover, returns? An index fund typically tracks a broad index, like the Nifty50 or NiftyNext50, without the need for an active fund manager to pick stocks. However, some index funds are designed with specific rules—known as “factors”—such as value, momentum, or growth,…
Source: Live Mint I have been diagnosed with diabetic retinopathy. The doctor recommends intravitreal injections over a few months. It’s a daycare procedure and doesn’t require hospitalisation. However, it is an expensive treatment. Will my health insurance cover the expenses? -Name withheld on request Insurance coverage for intravitreal injections, an essential treatment for diabetic retinopathy,…
Source: Live Mint My health insurance company has rejected my claim because I am unable to furnish internal hospital papers. I have submitted all the required documents. What are my options to ensure that my grievance is addressed fairly? —Name withheld on request If your insurance claim has been rejected due to lack of documentation,…
