After the World Health Organization declared the new coronavirus to be a pandemic, insurers general declared that claims under defined benefit health insurance plans would not be applicable as this disease is not not included in these policies. However, claims arising from indemnity-based health insurance plans will be honored by the insurance companies. Under indemnified health insurance plans, insurers cover both treatment during the quarantine period and hospitalization costs, while in defined benefit plans, health care is paid in a lump sum regardless of actual hospital costs.
Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited today announced the launch of the iSelect + Term plan. It is a very flexible and user-friendly long-term plan that can be aligned with life stages and customer requirements. It offers different options not only for coverage, but also for premium payment and benefit payment. This plan is designed to provide death benefit and terminal illness, and includes additional options for accidental death benefit, accidental total and permanent disability benefit and child support.
The Insurance Regulatory and Development Authority of India may soon allow life insurance companies to sell indemnity-based health insurance plans to the customers. Currently, only general insurance firms and specialised health insurance companies are allowed to offer indemnity-based health policies. This is a health insurance plan that reimburses the policyholder the cost of medical expenses. These plans will reimburse the policyholder with the actual amount incurred as expenses during a hospitalisation stay up to the sum insured under the policy.
SEBI has launched recently a mobile app named SCORES for investors. This is a convenient way through which investors can lodge their complaints against an investment advisor or they can raise a grievance against mutual fund house. After registration, it will help the investors to know about the company credentials immediately. They can also check their status of any entity like investment schemes here. This mobile application is fully designed by SEBI.
The liability insurance premium for cars, two-wheelers and transport vehicles is likely to increase, as the Insurance Regulatory Development Authority is proposing a substantial increase in third-party insurance premium rates for the financial year 2020-21. However, according to the press release published on March 5, 2020, a 15% discount is offered for electric private cars, electric two-wheelers, electric goods transporting commercial vehicles and electric passenger cars. Also, a 7.5% discount on third-party premium rates for hybrid electric vehicles is also proposed.
The first online insurance provider 'Digit' plans to roll out a coronavirus insurance plan - Health Care Plus policy. The policy covers the cost of treatment in India for COVID-19 or coronavirus infection. This is a fixed-benefit individual insurance policy and can be purchased directly on the Digit's Insurance website online or through its partner program. Anyone up to age 75 can purchase this policy. The sum insured varies from Rs 25,000 to Rs 2 lakh. The premium starting price is Rs 299 plus GST.
The coronavirus rapidly spread to over 70 countries and has killed more than 3000 people globally. The WHO on 30 January declared this outbreak a global health emergency. In this pandemic situation, Digit has announced the launch of its latest insurance product for Indian people, which will cover the coronavirus disease. But the insured should not be suffering from any symptoms of the diseases. The company offering a flat benefit cushion cover by this product for both positive and quarantined cases.
All general and health insurers have to come out with a standard health insurance product as IRDAI has made it mandatory to make the health insurance simple, from 1st April 2020 onwards. policyholder's basic hospitalization needs will cover here. The premium will also be low compared to previous products. It will be much easier for policyholders to claim the policy. Users can port their policy without being worried about losing their benefits. here, the minimum and maximum insured sum range are Rs 1 to 5 lakh.
Largest public sector State Bank of India (SBI), announced that the gemstone and jewellery industry should have insurance cover for banks. Lack of insurance coverage hurts loans to gems and jewellery banks. If there is insurance coverage, this will help the bank to courageously lend to the sector. The presence of insurance coverage will also reduce the industry's capital requirements for jewellery exports. Also, the gemstone and jewellery industry should be more transparent in terms of ownership, management and valuation.
Often people buy insurance plans to meet their tax requirements. A term insurance premium qualifies for tax exemption under Section 80C. The proceeds received from this plan also exempted from the tax. Even the nominee also gets the benefits. If you add riders like accidental death benefit, critical illness, and disability, etc. with your plan to cover additional risk events at a very low cost, that is also eligible for tax benefits. It will cover your uncertainties in life.