Most people associate 'accident' with vehicles and the injuries if one is hit by them. But, an accident can be situations such as snake bites, electric shocks, drowning, injury by fire or a fall at home.In May 2019, an Insurance Regulatory and Development Authority (IRDAI) Working Group proposed that home insurance policies must cover accidental deaths due to gas cylinder explosion for a reasonable amount.Almost 4,000 lives are lost every year in India due to gas cylinder or stove blasts. More than a lakh individuals die in road accidents in India every year. The list can go on. Accidents happen and one can’t avoid emotional loss and the trauma arising out those accidents.Close Personal accident insurance policies offer financial protection to the insured person in case of accidental death, or partial or total disabilities arising out of the accident. A personal accident cover accounts for many types of accidents, in addition to those caused by a vehicle hit. related … [Read more...] about Explainer | Personal accident insurance: How does it work?
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Most non-life insurance policies−be it health, personal accident, auto or home−are contracts renewable yearly. Barring a few two- and three-year covers introduced by non-life insurers, most policy holders receive yearly renewal notices for the payment of their premiums to retain their insurance covers. With the advent of technology, it has become a hassle-free act in most cases. All you need to do is to read the text message from your insurer, click on the link given in it, tick the accept term and conditions box and make the payment online. Within a minute or two, the policy document hits your email inbox.Review your renewal notice It is a sacrosanct document, most experts say. It is the base of the contract you are entering into. Do check your name and other details. Check what you are insuring. For example, if you are renewing a personal accident insurance cover, do check the coverage offered for each event−accidental death, total permanent disability and … [Read more...] about Five factors to review before renewing your insurance policy
The Centre will bring soon bring 30-40 financial intermediaries, including wealth managers, insurance brokers, merchant bankers and share transfer agents, under the scope of the Insolvency & Bankruptcy Code (IBC), reports The Times of India.Till date, only non-banking financial institutions (NBFCs) with assets over Rs 500 crore are under IBC purview and the Centre continued to exclude banks, insurance companies and pension funds, the paper said.SEBI Chairman Ajay Tyagi on November 21 said mutual funds will be part of the list. Regulators were recently asked to identify intermediaries under them, which would be brought under IBC in case of a crisis. The insurance and pension regulators will soon identify entities as well.Close These developments come on the back of a prolonged crisis in India’s financial sector, which also lacks targeted and specific law provisions. related news Automation Anywhere raises $290mn funding led by Salesforce Ventures … [Read more...] about Wealth managers, i-bankers, insurance brokers & share transfer agents may soon be brought under IBC
SBI Life Insurance Company share price fell 5.6 percent intraday on November 19 after big block deals at the opening.About 3.3 crore shares (representing 3.4 percent of the total paid-up equity) exchanged hands through several block deals, reported CNBC-TV18.These shares changed hands at an average of Rs 945 per share and these block deals were worth around Rs 3,210 crore.Close Moneycontrol was the first to report on November 18 that private equity firm Carlyle Group has launched a block deal to sell around 3 percent stake in SBI Life Insurance and make a partial exit. related news Suven Life Sciences share price jumps 4% Ujjivan Financial Services share price up 3% as Macquarie raises target price to Rs 325 Morgan Stanley upgrades NTPC, share price gains 3% Carlyle that held 9 percent stake in the company through its investment arm CA Emerald Investments made an impressive 86 percent profit in just eight months since it acquired the stake in March.Life … [Read more...] about SBI Life Insurance share price falls 6% after block deals worth Rs 3,210 cr
Vaidyanathan RamaniBuying a health insurance cover to protect your family from unseen health care expenses is quite a responsible step taken in the right direction. But you must know that to keep the insurance cover valid, you also need to renew it annually. Health insurance cover offers adequate coverage for all possible medical expenses incurred by the policyholder during the policy tenure. Depending on the type of your health insurance policy, you can claim for different medical expenses that can include hospitalisation costs, day-care procedures, surgeries, pre and post-hospitalisation costs, etc. Within your health insurance cover, you may also add different riders and add-ons to make the policy more comprehensive.Renewal of Health Insurance CoverClose Like every other insurance policy, health insurance too needs to be renewed annually to enjoy uninterrupted coverage. You may choose to buy or renew a policy online either through the insurer’s website or from any of the … [Read more...] about 3 important things to keep in mind while renewing your health insurance