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<ul><li>It will give more flexibility to insurance companies to determine what amount of commission they wish to pay to the <keyword id="451509" type="General" weightage="80" keywordseo="Insurance-agents" source="Orion">insurance agents</keyword>. </li><li>The removal of the cap on commission payments would also lead to the development of new distribution models. </li><li>With the potential for increased competition, insurers may need to focus more on meeting customer needs and providing high-quality service.</li></ul>The Insurance Regulatory and Development Authority of India (<keyword id="635172" type="General" weightage="100" keywordseo="IRDAI" source="Orion">IRDAI</keyword>) has removed the cap on commission payments to agents and brokers. While there will still be an overall cap on expenses of management of insurers, the sub limit on commissions have been removed. Expenses of management includes all operating expenses of an insurance company. “The regulatory change announced by IRDAI to remove individual commission payment limits is a major and long-awaited reform in the insurance sector. This shift is anticipated to benefit insurers in a variety of ways, including increased product innovation, the development of new distribution models, and a more customer-centric approach to operations,” says Sanjiv Bajaj, joint chairman and managing director, Bajaj Capital Insurance Broking. <cmsannotation type="cmsannotation" annotationid="Increased product innovation" comment="subhead2" text="Increased product innovation">Increased product innovation</cmsannotation> The removal of the cap on agent commissions will enable insurers to allocate their resources more effectively. “This policy change will encourage insurers to focus on developing new and innovative products,” says Prashant Tripathy, MD and chief executive officer, Max Life Insurance. This development is likely to help in the proliferation of more insurance policies being sold. Companies can introduce new products that cater to all sections of society, thereby penetrating new and previously untapped markets. “The elimination of the commission payment limit is expected to increase competition among insurers, as they will be able to offer more appealing policies and better pricing to customers,” says Vishnu Kumar, chief distribution officer, Aviva India. With the potential for increased competition, insurers may need to focus more on meeting customer needs and providing high-quality service. “This could lead to a more customer-centric approach to business and the development of products and services that better meet the needs of customers,” says Bajaj. <cmsannotation type="cmsannotation" annotationid="More flexibility to manage expenses" comment="subhead2" text="More flexibility to manage expenses">More flexibility to manage expenses</cmsannotation> This will give more flexibility to insurance companies to determine what amount of commission they wish to pay to the insurance agents. This will also increase sales and business. Says Joydeep Roy, partner, PWC, India financial services advisory leader, “Insurers can now decide what commissions they pay for what products and to which distributor. Especially in micro-insurance, the premiums are low, so a premium percentage cap hurts distributors.” That is going to change now. Agrees Bahroze Kamdin, partner, Deloitte India, “So if it is a normal product, insurance companies may pay a lower commission, if it is a new product they may pay higher commissions,” says Kamdin. <cmsannotation type="cmsannotation" annotationid="New distribution models" comment="subhead2" text="New distribution models">New distribution models</cmsannotation> The removal of the cap on commission payments could also lead to the development of new distribution models, which could help insurers reach a wider range of customers. This could in turn lead to increased insurance penetration in India, particularly in remote or underserved areas. Until now, insurance companies were operating under regulated commission structures. This created a challenge for companies as it was difficult to incentivise agents based on their performance. “However, with the recent development by IRDAI, insurance companies now have the freedom to evolve their compensation philosophy. This implies higher pay for higher performance and allows companies to recognise and reward agents who demonstrate higher persistence, therefore retention rates,” says Kumar. Roy believes that it will also help insurance companies to set goals for distribution. Not only will sales matter, but distributors may be incentivised (or penalised) on other parameters like quality of business, better quality of customers, better data collection, and so on, leading to healthier business. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/here-are-the-jobs-chatgpt-says-ai-can-take-from-humans/slidelist/99087522.cms">We asked ChatGPT about jobs that AI can take over from humans – This was its answer</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/as-stores-remain-at-heart-of-business-retail-leasing-to-hit-a-4-year-high-in-2023-cbre/articleshow/99085535.cms">As stores remain at ‘heart of business’, retail leasing to hit a 4-year high in 2023: CBRE</a>

Removal of commission caps for insurance agents likely to boost innovation, customer-centricity

<ul><li><keyword id="635172" type="General" weightage="20" keywordseo="irdai" source="Orion">IRDAI</keyword> has issued a directive to all <keyword id="114713" type="General" weightage="20" keywordseo="insurance-companies" source="Orion">insurance companies</keyword>, earlier this fiscal, instructing them to provide coverage for the expenses related to surrogacy. </li><li>The policy should cover all medical expenses related to pregnancy and delivery, as well as postpartum care for the <keyword id="23767" type="General" weightage="20" keywordseo="surrogate-mother" source="Orion">surrogate mother</keyword>. </li><li>The responsibility of acquiring this surrogacy <keyword id="35492" type="General" weightage="20" keywordseo="insurance-policy" source="Orion">insurance policy</keyword> falls upon the intending parents or individual seeking surrogacy. </li></ul>Surrogacy is a medical process in which a woman agrees to carry and deliver a baby for another couple or individual. The <keyword id="41477" type="General" weightage="20" keywordseo="surrogate" source="Orion">surrogate</keyword> mother is typically implanted with an embryo created by using the intended parents' sperm and egg. Once the baby is born, the surrogate mother's legal rights to the child are terminated, and the intended parents become the child's legal parents. <cmsannotation type="cmsannotation" annotationid="What the law says" comment="Subhead" text="What the law says">What the law says</cmsannotation> In the Surrogacy (Regulation) Rules 2022, there is a provision that highlights the necessity of mandatory insurance coverage. It specifies that the intending woman or couple must acquire a general health insurance policy in favour of the surrogate mother. This insurance policy should have a duration of 36 months and should be obtained from an insurance company or an agent recognized by Insurance Regulatory and Development Authority of India (IRDAI). The coverage amount should be substantial enough to address all expenses related to pregnancy complications, as well as postpartum delivery complications. Recently, IRDAI has issued a directive to all insurance companies, instructing them to provide coverage for the expenses related to surrogacy. “Let us say a couple is covered under a family floater policy. That couple decides to go for surrogacy as they have some medical issue and they are not able to conceive. If they decide to go for surrogacy, they should be able to buy a cover for the surrogate mother,” says Bhaskar Nerurkar, head, health administration team, Bajaj Allianz General Insurance. Hence, every health insurance company should bring in such a cover. <cmsannotation type="cmsannotation" annotationid="Coverage under the surrogacy policy" comment="Subhead" text="Coverage under the surrogacy policy">Coverage under the surrogacy policy</cmsannotation> This surrogacy policy offers a broad range of medical coverage, including antenatal care and checkups, hospitalisation and delivery charges, treatment for pregnancy complications like preeclampsia, gestational diabetes, and premature labour, postpartum care, and treatment for delivery complications, and medical conditions that may arise as a result of the surrogacy procedure. “The couple may have maternity cover under their health insurance policy. The maternity expenses are only covered for the spouse. But in this case the surrogate mother is going to get admitted. So this surrogacy cover will cover maternity expenses and any other expenses related to delivery complications,” says Nerurkar. <cmsannotation type="cmsannotation" annotationid="What to know" comment="Subhead" text="What to know">What to know</cmsannotation> The responsibility of acquiring this surrogacy insurance policy falls upon the intending parents or individual seeking surrogacy. It is crucial to purchase the policy from an insurance company registered with IRDAI and to do so before the embryo transfer procedure takes place. “If I am a surrogate mother, the expectation is that the biological parent should buy the policy for me,”says Bhabatosh Mishra, director, claims, underwriting and product, Niva Bupa, a health insurance company. As mentioned, the coverage should extend for 36 months from the date of embryo transfer and must include expenses related to pregnancy complications and post-partum delivery complications. “The policy must be purchased before the pregnancy starts. Also, since it covers maternity related complications, there is no classical waiting period of two years or so,” says Mishra. Surrogacy is a multifaceted process with both emotional and financial implications. By thoroughly examining the legal and insurance aspects, individuals and couples can navigate the surrogacy journey more effectively, ensuring the well-being of all parties involved.

Explained: What a surrogate mother in India should know about insurance policy

After the pandemic, an upward trend has been seen in the sale of comprehensive health insurance plans assisted by insurer’s nudge to attract more and more customers via value-added offerings. Policyholders are increasingly looking at health insurers for wellness benefits and wider coverage beyond in-patient hospitalization. In-order to cater to the growing needs of customers. Insurers are increasingly offering extra benefits either built-in or as optional riders and add-ons. Let’s look at eight critical factors that every individual must include while buying a health cover: <cmsannotation type="cmsannotation" annotationid="Pre and Post Hospitalization:" comment="subhead" text="Pre and Post Hospitalization:">Pre and Post Hospitalization:</cmsannotation> Pre-hospitalization expenses are medical costs incurred by the insured before getting admitted in a hospital. Post-hospitalization expenses are medical costs incurred after discharge from the hospital. Insurance policies offer extensive periods of coverage under this benefit ranging from 30/60 days to 60/180 days of pre and post hospitalization coverage respectively. Higher the number of days covered will enable the insured to cover a larger period of medical expenses. <cmsannotation type="cmsannotation" annotationid="Co-Payment Clauses" comment="subhead" text="Co-Payment Clauses">Co-Payment Clauses</cmsannotation> Co-payment clause means the insured is bound to pay a pre-defined percentage amount of the hospital bill. Even though these policies would cost less, it would entail unnecessary burden on the insured to foot a portion of the expenses. It would always be advisable to have 0% co-pay, so that there is no additional outlay at the time of hospitalization. But if budget is a constraint, even a 10% co-pay can result in significant decrease in premiums. <cmsannotation type="cmsannotation" annotationid="Waiting Period" comment="subhead" text="Waiting Period">Waiting Period</cmsannotation> There is generally a waiting period attached to pre-existing conditions such as diabetes, hypertension, thyroid etc. There are also waiting periods attached to specific diseases like cataract, arthritis, hernia etc. This period ranges from 12-48 months and the insured members have to wait for this period before they can file a hospitalization claim from these conditions. Depending on the insured requirements, it is critical to choose the right policy as per the waiting period. <cmsannotation type="cmsannotation" annotationid="OPD Treatments" comment="subhead" text="OPD Treatments"><keyword id="6356134" type="General" weightage="80" keywordseo="opd" source="Orion">OPD</keyword> Treatments</cmsannotation> Although OPD treatments are covered as part of pre and post hospitalization, customers are increasingly looking at standalone OPD benefits in insurance. At present, the majority of the OPD expenses in <keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword> are incurred out of pocket and not covered through insurance. Inclusion of OPD cover in the policy is an added benefit that an individual can get in select plans. <cmsannotation type="cmsannotation" annotationid="Room Rent Waiver" comment="subhead" text="Room Rent Waiver">Room Rent Waiver</cmsannotation> Treatment cost at hospitals varies directly with the choice of room type opted. As a result, the claim settlement affects the overall bill when a patient covered by health insurance opts for a room that exceeds his policy limit. At the time of emergency, such critical decisions may be overlooked resulting in a poor claim settlement experience. In order to have a peaceful and hassle-free experience, there has been increasing preference towards opting for health insurance policies without any adverse room rent capping. <cmsannotation type="cmsannotation" annotationid="Need to include mental wellness cover" comment="subhead" text="Need to include mental wellness cover">Need to include mental wellness cover</cmsannotation> Insurance regulator <keyword id="635172" type="General" weightage="50" keywordseo="irdai" source="Orion">IRDAI</keyword>, vide its circular dated August 16, 2018, stated that insurance is liable to be provided for mental illnesses upon the enactment of the Mental Healthcare Act 2017. However, the cover is still subjected to sub-limits and doesn’t cover treatment on OPD basis which forms most of the healthcare expenditure towards mental illness. <cmsannotation type="cmsannotation" annotationid="Home Care Treatment" comment="subhead" text="Home Care Treatment">Home Care Treatment</cmsannotation> While domiciliary treatment is covered by the majority of retail health insurance plans, it comes with its set of conditions with respect to unavailability of hospital room or inability of patient to be taken to a hospital. Certain illnesses such as dengue, pancreatitis, COPD management and many more can be treated from the comfort of home. There are certain policies that are now offering home care treatments as well. <cmsannotation type="cmsannotation" annotationid="New trends in health insurance policy:" comment="subhead" text="New trends in health insurance policy:">New trends in health insurance policy:</cmsannotation> <cmsannotation type="cmsannotation" annotationid="Tele-consultation" comment="subhead" text="Tele-consultation">Tele-consultation</cmsannotation> Thanks to the affordable internet and advent of Covid, there has been an increased adoption of doctor tele-consultations. Insurers have started addressing the needs of customers by rolling out in-built and optional tele-consultation coverages. Most insurers as of today have a built-in second medical opinion for major critical illness cover built-in for the insured. In a country with a poor doctor to patient ratio, it becomes a win-win proposition for all stakeholders i.e. insurers, medical staff and patients. <cmsannotation type="cmsannotation" annotationid="Critical Illnesses" comment="subhead" text="Critical Illnesses">Critical Illnesses</cmsannotation> Hospitalization costs for certain major chronic illnesses such as cancer, organ transplant, renal failure are major outliers compared to average hospitalization costs for other surgeries. At such instances, the health insurance coverage opted by customers falls short of requirements. Customers are increasingly looking at lump sum or indemnity-based critical illness or cancer covers in conjunction with their health insurance. There remain plenty of areas where there is scope to add value. Dental coverage, high-end diagnostic tests, allowing portability for combining two policies into one, end-to-end digital claim filing etc. are some features that insurers should evaluate and add to service their customers better. India continues to be at an inflection point where growing demand for good quality healthcare needs to be complemented by comprehensive and affordable medical insurance. The author Anuj Parekh is the co-founder and CEO of Healthysure.in.

8 things to consider while buying health insurance, after the pandemic

New Delhi, Mar 31 () In the wake of coronavirus outbreak, insurance sector regulator Irdai has allowed insurers to submit their reinsurance plans for 2020-21 with a lag as the pandemic has disrupted operations across sectors. Issuing guideline on relaxation of timelines for certain provisions of the IRDAI (Re-insurance) Regulations, 2018, the sectoral watchdog said in view of Covid-19 pandemic, the Government of India has initiated various measures including enforcement of lock-down in various areas. Similar steps are also initiated by governments of various countries which could result in disruption in the operations of reinsurers, Irdai said. In the interest of operation of affairs of insurance companies pertaining to their submission of their final reinsurance programme for financial year 2020-21, the regulator has permitted relaxations. "As per extant regulatory provisions, insurers has to file its board approved Final Re-insurance Programme by 30th April 2020 along with a synopsis of catastrophe modelling report."In view of COVID-19 pandemic, it may be difficult for some insurers to adhere with above stipulated time lines. Thus, the insurers may comply with the above regulatory provisions on or before 31st May, 2020," Irdai said. The regulator said the relaxation is for financial year 2020-21 only. KPM MKJ

Irdai relaxes timeline for insurers to submit reinsurance plans for FY21

New Delhi, May 10 () Irdai has further extended the grace period for renewal of life insurance policies whose premium was due in March till May 31 in wake of the extension of lockdown to fight spread of coronavirus. On March 23 and April 4, Irdai had announced additional grace period of 30 days for policies where premium fell due in the months of March and April. This was done to provide "relief" to life insurance policyholders in wake of the unprecedented lockdown situation as a result of global pandemic COVID-19, the Insurance Regulatory and Development Authority of India (Irdai) had said. Now as the lockdown has been further extended up to May 17, 2020, the regulator has allowed extended grace period up to May 31 for all life insurance policies whose premium was due in March keeping in view the difficulty faced by some policyholders to renew the policies in time. "On a review of the recent situation of lockdown resulting from global pandemic of COVID-19 across the country and representations received, it has been decided that, for all life insurance policies where the premium falls due in the month of March 2020, the grace period shall be allowed till May 31, 2020," it said in a release. All policyholders are requested to note that the objective of grace period allowed is to pay all the premiums due within that period so as to keep the policy coverage in force, Irdai further said. The regulator also added that life insurance companies are equipped to provide facility to pay premiums online. NKD RVK

COVID-19: Irdai again extends grace period for life insurance policies

New Delhi, Apr 22 () Irdai has allowed insurers to collect health insurance premiums in instalments for products they deem appropriate, in view of the prevailing conditions due to COVID-19 outbreak, which has adversely affected economic activities. In September last year, the Insurance Regulatory and Development Authority of India (Irdai) had permitted insurers to add premium payment options (frequency/payment of premiums in instalment) in individual health insurance products on certification basis. "In view of prevailing conditions owing to COVID-19 outbreak, considering the need for easing the payment of health insurance premiums, all the insurers are allowed to collect health insurance premiums in instalments...as they may deem appropriate for any specific product(s)," Irdai said in a circular. It further said "there shall be no change" in basic premium table and charging structure under the approved individual product to which new premium payment mode (frequency) is being added. The premium payment frequency could be monthly, quarterly or half-yearly. Further, insurers will have to ensure that "the resulting premium amounts under each mode (frequency) are consistent with premium amounts under other premium modes (frequencies) of the underlying product", it added. Irdai also said that the premium instalment facility may be offered either as a permanent feature by duly complying with the norms or as a temporary relief for a period of 12 months (one policy year) in respect of all the health insurance policies that are due for renewal up to March 31, 2021. Towards this, Irdai has relaxed the norms under 'Guidelines on filing of minor modifications in the approved individual insurance products offered by general and stand alone health insurers on certification basis', that mandate a gap of at least 12 months for effecting minor modifications. The regulator has also asked insurers to publish on their website the names of the products that are offered the facility of payment of premiums in instalments. NKD RVK

COVID-19: Irdai allows insurers to collect health insurance premiums in instalments

New Delhi, Mar 23 () Insurance regulator Irdai on Monday asked life insurers to provide their customers an additional window of up to 30 days for paying renewal premiums in view of disruptions caused by lockdowns after the coronavirus outbreak."In case of health insurance policies, the insurers may condone delay in renewal up to 30 days without deeming such condonation as a break in policy," said the Insurance Regulatory and Development Authority of India (Irdai) in a circular. In case of life insurance policies, there is a grace period for payment of renewal premiums, it said, and added insurers have been asked to enhance the grace period by additional 30 days if desired by the policyholders.To prevent the spread of Covid-19, the Government of India has initiated various measures and several states have enforced lockdown in some areas. "This may result in some disruption in the operations of insurance companies and other entities connected with the insurance industry. "To ensure proper service to policyholders and customers, all the insurers have been asked to maintain continuity of business operations through possible alternate modes including telephonic and digital contact," it said. Also, all insurance companies have been asked to display on their websites, the information on functioning of their offices and the alternate arrangements made for premium payments, renewal, settlement of claims and lodging of other service requests. In case of board meetings of insurers, Irdai said the meetings due till June 30 could be held through video-conferencing or other audio-visual means. NKD CS MKJ

Irdai asks insurers to provide 1-month grace period for renewal premium payments

New Delhi, Jan 22 () ICICI Lombard on Wednesday said it has received Irdai's approval to pilot five innovative applications and programs in its health and motor portfolio under the Sandbox Project.
 Insurance Regulatory and Development Authority of India's (Irdai) Regulatory Sandbox Project has provided the insurance industry with the flexibility to explore new products and services that suit today's technology and data driven world. 
"This is the highest number given to any company under the Irdai-introduced project. ICICI Lombard is to pilot the five proposals from February 1, 2020 to July 31, 2020," ICICI Lombard said in a statement. 
The insurer has secured approval for APP Monitored Diabetes Mellitus Wellness Program, APP Monitored Dyslipidaemia Management Program under the health insurance portfolio, Pay As You Use (PAYU) policies for Private Car, Pay How You Use (PHYU) policies for Private Car and Single owner multiple vehicle (Motor floater policy).
"The Sandbox route is a progressive step by the regulator to facilitate innovation in the insurance sector......We look forward to offer consumer differentiated and convenient experience through this new-age offerings," said Sanjay Datta, Chief - Underwritings, Claims and Reinsurance, with the company.
This methodology allows insurers to launch and test a product with a select group of people for a period of six months, after which, on the basis of the results of the pilot run and the feedback, it will be launched commercially for the public. NKD ANU
ANU

ICICI Lombard gets Irdai nod to pilot 5 projects under Regulatory Sandbox

In the current scheme of things, when medical inflation is on the rise, a doctor visit to get a diagnosis for small illnesses, like cold and cough, can burn a hole in the pocket of an average Indian. The situation becomes worse in case of critical ailments related to heart and kidney. As a result, healthcare costs have also increased in different states as seen in the below image. 
 
 
Source: <a href="http://www.livemint.com/Opinion/DSH1OnDr2LG0zAcHhl29XJ/The-growing-burden-of-healthcare-costs.html">Livemint.com</a> 
 To combat this exorbitant medical cost, it is advised to buy a <keyword id="6362363" type="ORGANIZATION" weightage="20" keywordseo="health-insurance">health insurance</keyword> policy. However, the insurance helps you only if it is adequate. As per the study conducted by BigDecisions.com, the extent of underinsurance is around 60-62% among people in the age group of 25-35 years. It is high in the 45+ age group, where it is around 69%. 
 
The number of policies renewed has also fallen drastically. As per <a href="http://timesofindia.indiatimes.com/india/74-79-lakh-health-insurance-policies-renewed-during-2014-15/articleshow/51341937.cms">Insurance Regulatory and Development Authority of India</a> (<keyword id="635172" type="ORGANIZATION" weightage="20" keywordseo="IRDAI">IRDAI</keyword>), only 74.79 lakh policies were actually renewed as against 92.67 lakh policies during 2014-15. In some cases, it is due to high premium rates that compel people to stay away from health policies. If your <a href="http://www.businessinsider.in/Budget-of-Small-Things/articleshow/51194648.cms">limited budget is affecting your decision</a> of buying a health cover, here are some tips that can help you to get a health policy at low rates without reducing the coverage. 
<ol>
	<li>
		Buy mediclaim policy when you are young: There are various factors which decide premium rates of a health insurance policy, and age is one of them. If a policyholder moves to a high age band, renewal premiums get increased. Though, there is nothing that can be done to avert such hikes, but if you are yet to sign up for a health insurance policy, you should buy it as soon as possible. With the increasing age, the chances of health risks also rise and so do your health insurance premiums. Therefore, it is always best to purchase your health insurance policy when you are young.</li>
	<li>
		Choose a medical insurance policy that doesn’t consider previous claims: There are various insurers which increase premium rates if a policyholder has made a claim in previous years. Therefore, you should go for a policy where the burden of previous claims is less to trim your premium rates.</li>
	<li>
		Opt for family floater policies: If you are thinking to buy health policies for the entire family, it is good to go for a family floater health policy. In case of family floater health insurance plans in India, the overall cost is divided among insured members. As a result, premiums are low as compared to individual health plans.</li>
	<li>
		Go for a high deductible: The deductible clause refers to the particular amount up to which the insured is not covered under the policy. Policyholders can opt for a higher voluntary deductible to lower their premium rates. As said by <a href="http://www.business-standard.com/article/pf/reduce-your-health-insurance-cost-114030900613_1.html">Amit Bhandari</a>, Vice-President, Health Underwriting and Claims, ICICI Lombard, "The main aim behind such plans is for bigger claims to be paid by the insurer. Based on their paying capacity, policyholders pay smaller claims from their pocket, thus cutting the insurer's and their own cost." At the time of claim settlement, this part has to be paid by the policyholder before the insurer steps in and pays the remaining balance. In this way, the insurer reduces the yearly premiums, depending upon the terms and conditions of the policy.</li>
	<li>
		Use the benefit of co-payments: Under a co-payment, a fixed percentage of the claim amount has to be borne by the insured. After which, the insurer settles the claim amount as per the limits mentioned in the policy document. The concept of co-payment is more prevalent in a corporate health insurance, where the employer offers health coverage for employees and their families. In certain cases, employers insist on co-payments in case of parents of employees. As medical cost is high in case of senior citizens, a co-payment clause ensures that at least a part of the claim is paid by the employee itself.</li>
	<li>
		Go for two-year policies: Now various insurers offer two-year health policies. By opting for a two-year policy term, you can enjoy discounted premium rates. For instance, some insurer’s offer 10% discount to policyholders who opt for two-year policies.</li>
	<li>
		Get benefits of a no claim bonus (NCB): There are various insurance companies which offer a benefit of no claim bonus if there is no claim in the previous year. Before purchasing a policy, do not forget to check whether the insurer offers a no-claim bonus or not. You can use this bonus to get an additional sum insured without paying any extra premium. For instance, a <a href="https://www.icicilombard.com/health-insurance/complete-health-insurance.cms">Complete Health Insurance Plan</a> offers an additional sum insured of 10%, if there is a claim free year, subject to a maximum of 50%.</li>
	<li>
		Buy medical insurance online: As online <keyword id="390050" type="UNKNOWN" weightage="20" keywordseo="Mediclaim-policies">mediclaim policies</keyword> are much cheaper than their offline counterparts, it is advised to buy policies online to lower your premium burden. In online policies, the agent’s role is eliminated and thus, the insurer saves on commission and administration costs. This benefit is passed on to prospect insurance buyers in the form of low premium rates.</li>
	<li>
		Get healthy and fit: This is an important aspect to be considered not only to cut your premium rates but also for your own well-being. If you are a smoker, you should quit it today. If you are obese, hit the gym. Insurance companies reward healthy people in the form of low premiums rates.</li>
</ol>
These are some smart ways to lower your insurance burden. If you follow them prudently, you can surely trim your premium rates. 
 
(The article has been authored by <a href="https://plus.google.com/+UtkarshSahu9?rel=author">Utkarsh Sahu</a>, a digital strategist and contributor to business magazines, such as Business Insider, Huffington Post, Tech Radar, etc.) 
 
(Image: Thinkstock)

9 tips to cut your health insurance premium outgo

<ul><li>Once you have reported the theft to the police, get in touch with your insurance provider immediately to report the incident. </li><li>Providing incorrect or misleading information or granting someone else permission to use the vehicle at the time of the theft can lead to claim rejection. </li><li>The amount of motor insurance claim settlement is calculated based on the insured declared value (IDV). </li></ul>In a recent court ruling, an insurance company was asked to pay 70% of the claim amount for a <keyword id="69401" type="General" weightage="20" keywordseo="bike-theft" source="Orion">bike theft</keyword> – this was despite the claim being filed 100 days after the theft. The Insurance Regulatory and Development Authority of India (IRDAI), however, is yet to issue clarifications on the matter. With <keyword id="6514325" type="General" weightage="20" keywordseo="vehicle-theft" source="Orion">vehicle theft</keyword> a serious issue in India, it’s important to know all the rules around vehicle theft claims, so that your claim is not rejected. A comprehensive insurance policy offers protection against vehicle theft, but the insured needs to be completely aware of the claim process. “The first step after your vehicle is stolen is to file a police report [FIR]. This report will provide important details about the theft, such as the date, time, location, and a description of the parking details and last usage details of the stolen vehicle,” says TA Ramalingam, chief technical officer, Bajaj Allianz General Insurance. Notify the insurance company immediately In case of vehicle theft, time is of the essence. “It is recommended that the insurer is immediately notified on the discovery of the vehicle theft, and the claim should also be filed without delay, as any delay in filing the claim can potentially affect the processing and settlement of the claim,” says Parthanil Ghosh, president, retail business, HDFC ERGO General Insurance. The specific time limit for filing a claim for vehicle theft may vary depending on the terms and conditions of the insurer. Your insurer will furnish you with a claims form that will help you through the process of filing the claim. Your insurance company will probably require some supporting documentation to substantiate your claim. This could involve submitting the police first information report (FIR), the original registration certificate (RC), all original keys, and any other pertinent records to your insurance provider. Agrees Yagnesh Dosshi, co-founder and director, Raghnall Insurance Broking and Risk Management. “Once the FIR is filed, the policyholder needs to report the theft to the insurance company immediately and initiate a claim request as soon as possible, ideally within 24-48 hours of the theft.” Why your vehicle theft claim may rejected An insurance company may deny a claim for vehicle theft under certain circumstances. It is important for the policyholder to report the theft to her insurance provider as soon as possible, as any delay in reporting may result in the denial of the claim. Providing incorrect or misleading information to the insurer or granting someone else permission to use the vehicle at the time of the theft can also lead to rejection of the claim. Additionally, if the policyholder's insurance policy was inactive at the time of the theft, the claim may be denied by the insurer. “Also, if the insurance company has reason to suspect that the policyholder was involved in the theft of their own vehicle, they may reject the claim, which is called a breach of trust and is against the principle of utmost good faith in insurance,” says Ramalingam. How much compensation are you entitled to? In the event that a claim for vehicle theft is approved, the amount of compensation you receive will be determined by the terms and conditions of your insurance policy as well as the insured declared value (IDV) of the stolen vehicle. The IDV is the amount that you had declared as the vehicle's value when you purchased the insurance policy, and it serves as the maximum amount that your insurer will pay out in the event of a total loss or theft. “In case the vehicle has been purchased with a bank loan then the insurer will reimburse the payout amount to the bank,” says Ghosh. If the stolen vehicle is found, the insurance company will compensate for any damages that occurred to the vehicle during the theft.

Victim of a car theft? Here is all you need to know about claims

<ul><li>The <keyword id="6367143" type="General" weightage="20" keywordseo="lic" source="Orion">LIC</keyword> management will soon meet the top management of the crisis-ridden <keyword id="6367820" type="General" weightage="80" keywordseo="adani-group" source="Orion">Adani Group</keyword>.</li><li>LIC's investment into <keyword id="76451" type="General" weightage="100" keywordseo="adani" source="Orion">Adani</keyword> group firms' stock has come under criticism by the opposition parties as well as investors</li><li>We are soon going to call them to meet us and explain. We want to understand what is happening in the market and in the group, said LIC chairman.</li></ul>The LIC management will soon meet the top management of the crisis-ridden Adani Group and seek clarification on the crisis being faced by the diversified conglomerate, chairman M R Kumar said here on Thursday. LIC's investment into Adani group firms' stock has come under criticism by the opposition parties as well as investors after US-based short-seller Hindenburg Research made a litany of allegations against the Gautam Adani-led group, saying its companies manage and manipulate share prices, run offshore shell companies for round-tripping and lacking in corporate governance practices. "Though our investor team has already sought clarifications from the Adanis, our top management could not contact them yet as we have been busy preparing the results. We are soon going to call them to meet us and explain. We want to understand what is happening in the market and in the group," the chairman told reporters at the earnings conference on Thursday. "We'll be calling them in sometime soon to know how are they managing the whole crisis," Kumar added. Kumar, however, refused to give a timeline of the meeting between LIC and Adani group officials. LIC, which is the nation's largest institutional investor, is the second largest shareholder in most of the listed Adani group companies, with a cumulative investment of Rs 36,474.78 crore as of January 27, which in percentage terms is 4.23 per cent of the total public holding in those companies. But for LIC's Rs 44.76 lakh crore investment asset under management, this is only 0.97 per cent. As of January 27, this investment was valued at over Rs 56,000 crore, LIC had said on January 30, but since then these shares have further lost -- cumulatively about USD 100 billion or about 60 per cent of their January 24 market value. When asked, the chairman categorically said, "Our investments are still in the green and we have not made any provisions either for equity, which is the vast majority or for the debt. Our equity holding in the group is 4.23 per cent of the total public holding of those firms. But from our total market investment of Rs 44.76 lakh crore, this is only 0.97 per cent." He said the Irdai (Insurance Regulatory and Development Authority of India) norms on investment caps it at 15 per cent of a company's equity, but "we have some exception wherein we hold more than 30 per cent in some companies". "Why should we be making provision when they are in the green. To some of the group companies (ACC and <keyword id="105382" type="General" weightage="50" keywordseo="ambuja-cements" source="Orion">Ambuja Cements</keyword>) our investments go back to more than two decades," he said. On January 30, LIC issued a public statement saying: "Our total holding in the Adani group companies under equity and debt a on date is Rs 36,474.78 crore. This was Rs 35,917.31 crore as of December 31, 2022. Total purchase value of these equities of the group companies, bought over the past many years, is Rs 30,127 crore and the market value for the same at close of market hours on January 27, 2023 was Rs 56,142 crore." LIC has exposure to all the 10 listed Adani group companies. However, it did not disclose about its exposure on an individual company basis. Even after the Hindenburg report, LIC invested about Rs 300 crore in buying 9,15,748 shares in Adani Enterprises' Rs 20,000-crore follow-on public offer as an anchor investor. Kumar said, the book value of its Rs 44.75 lakh crore market asset under management is only Rs 6.87 lakh crore, and according to the same book value its exposure to the Adani group companies is only 4.23 per cent. Since the publication of the Hindenburg report on January 24, three days before the launch of the group's flagship Adani Enterprises' Rs 20,000-crore follow-on public offer (FPO), the value of the group companies' stocks have lost more than USD 100 billion or about 60 per cent from their January 24 value. The FPO was fully subscribed but called off a day later by the management. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/adani-group-stocks-snap-2-day-rally-tank-in-morning-trade/articleshow/97758799.cms">Adani group stocks snap 2-day winning streak to trade in the red</a> <a href="https://www.businessinsider.in/business/startups/news/startup-founders-focus-on-profitability-hope-for-higher-valuations-innoven-capital-report/articleshow/97769944.cms">Startup founders focus on profitability, hope for higher valuations: InnoVen Capital report</a> <a href="https://www.businessinsider.in/business/news/trais-move-to-display-callers-names-endangers-privacy-imposes-costs-iamai/articleshow/97777301.cms">TRAI's move to display callers' names endangers privacy, imposes costs says industry body IAMAI</a>

Will meet Adani Group top management soon says LIC chairman

The Micro, Small &amp; Medium Enterprises (MSMEs) have been contributing significantly to the country’s economy and serve as a robust platform for business innovation. According to the MSME ministry data, there are about 6.3 crore MSMEs in India, which provide employment to approximately 11.10 crore Indians and contribute to about 27% to the country's GDP. It is important to note that the micro segment is more than 99% of the MSME population, while the Small &amp; Medium segment is less than 1% of the MSME universe. Compared to large or multinational firms backed by relatively deeper pockets, MSMEs require a bare minimum protection plan for managing the risks. The Union Budget FY22-23 also re-emphasised the need to make the MSME sector more robust and provide ways and means to mitigate the risks such as fire, theft, or worker safety. Most of these MSMEs often are business ventures where the promoter has invested their lifetime savings or borrowed money to start a new business. Given their small size and scale of operations, most of these MSME units are prone to risks that threaten their overall business objective – something that they put in years to scale up. Insurance offers protection from sudden shocks and uncertainties and helps mitigate adverse effects on the long-term business plan of the MSME, thus ensuring longevity and sustenance of the business. Why do MSMEs need to insure their business? MSMEs should understand and evaluate their risks and identify the optimal size of insurance covers based on their business activity and asset size. The probability of certain threats and perils might seem low and to save premiums these firms might remain underinsured or even uninsured. However, in the face of adversities, the damage caused and the stakes lost end up being much higher. MSMEs must pick the right insurance plan to avoid being underinsured. As the business grows, so does the allocated budget for insurance and risk mitigation measures. The decision on which kind of insurance protection plan an MSME unit needs must be made bearing certain factors in mind – nature of business, employee strength, and financial capability of the company, among others. Some of the key products that MSMEs could opt for are: 1. Bharat <keyword id="11967149" type="General" weightage="80" keywordseo="sookshma-udyam-suraksha" source="Orion">Sookshma Udyam Suraksha</keyword> &amp; Bharat Laghu Udyam Suraksha <ul><li>This is the newly devised asset insurance products for MSME sector from insurance regulator (IRDAI) and effective from April 1, 2021. These products protect MSME from fire, flood, and earthquakes among other perils. There are two schemes under this</li><li>Bharat Sookshma Udyam Suraksha, which is for MSME units having value at risk up to ₹5 crores</li><li>Bharat Laghu Udyam Suraksha for units having value at risk above ₹5 crore.</li></ul>2.Trade Credit InsuranceThis protects the enterprise from payment risks resulting from an issue regarding delivery of goods and services. 3. <keyword id="1672191" type="General" weightage="80" keywordseo="cyber-insurance" source="Orion">Cyber Insurance</keyword> coverage Adequate cyber insurance coverage is a must in today’s environment and can be the perfect risk mitigating tool against cyber threats of all kinds. 4. Marine Cargo Insurance Provides wide coverage for loss or damage caused to the cargo whilst in transit between any two points by sea/air/rail/road/courier. 5. <keyword id="5139309" type="General" weightage="80" keywordseo="group-medical" source="Orion">Group Medical</keyword> coverage policy For the employees of the MSME thereby building employee loyalty and faith by promoting a cohesive, healthy working environment. Besides these, there are numerous other insurance covers like Liability Insurance, Motor Insurance, etc. that cover multiple aspects depending on the nature of business of an MSME business While there is a rise in awareness about insurance, MSMEs are gradually understanding the importance of insurance as a risk mitigation tool because that is often the only saviour that helps them get back on their feet as quickly as possible, when adversity strikes, and the pandemic has made this more evident than ever before. This article is authored by Anand Pejawar, Deputy Managing Director at <keyword id="6400643" type="General" weightage="80" keywordseo="sbi-general-insurance" source="Orion">SBI General Insurance</keyword>. The opinions expressed are those of the author and do not necessarily reflect the views of Business Insider India.

MSMEs run on promoter’s savings and need insurance as much as other businesses

<ul><li>HDFC acquired a 51% stake in health insurer Apollo Munich for Rs 13.36 billion.</li><li>It will merge with general insurance company HDFC Ergo.</li><li>The combined entity will have a market share of 8.2% in health and accident segments.</li><li>It will merge with general insurance company HDFC Ergo.</li><li>The combined entity will have a market share of 8.2% in health and accident segments.</li></ul>HDFC has acquired a 51% stake in health insurer Apollo Munich for ₹13.36 billion. The mortgage lender will merge it with its own general insurance company HDFC Ergo, making this combined entity the second largest private insurer in the accident and health segment. This merger comes after the government has been trying to formalise the plan to merge three of its general insurers---New India Assurance, United India Insurance, National Insurance and Oriental Insurance Company to <a href="https://www.financialexpress.com/industry/banking-finance/experts-back-merger-of-new-india-assurance-national-insurance-united-india-and-oriental-india-insurance-company/1607907/">unleash economies of scale</a>. Now, private players have seem to have taken a cue to become bigger and stronger. The combined entity of HDFC Ergo and Apollo Munich will have a market share of 8.2% in health and accident segments. In the non-life insurance segments, it will have a market share of 6.4%. “The combined expertise of HDFC ERGO and Apollo Munich will result in greater product innovation, wider distribution and enhanced servicing capabilities, benefiting their 1.2 crore policy holders,” said <keyword id="6448020" type="DEFINITION" weightage="20" keywordseo="Deepak-Parekh">Deepak Parekh</keyword>, Chairman of HDFC Ltd and HDFC ERGO General Insurance. This acquisition is subject to approval from various regulators including National Housing Bank (NHB), Insurance Regulatory and Development Authority of India (IRDAI) and Competition Commission of India (CCI). Munich Health Germany which is a partner of Apollo will also pay ₹2.94 billion (₹294 crore) to Apollo Hospitals Enterprise and Apollo Energy to support the transaction. “The funds from the divestment will enable us to focus on investing and growing our core healthcare business,” said Shobana Kamineni, Chairperson Apollo Munich Health Insurance and Vice Chairperson Apollo Hospitals Enterprise. This merger would make one player less in India’s crowded general insurance where there were 34 players, before this deal. However, the number of people who have any kind of insurance in the country are less than 3.69% of the population, according to the latest annual report from the regulator, Insurance Development Authority of India (IRDAI).

India had 34 general insurance companies till now-- there will be one less after HDFC’s ₹13.3 billion deal to buy Apollo Munich

New Delhi, Apr 26 () Union Bank of India, which received 30 per cent stake in insurance joint venture IndiaFirst Life Insurance by virtue of the mega bank consolidation exercise of the government, plans to pare its holding to less than 10 per cent, a senior official said. Union Bank received the stake after Andhra Bank was merged with the Mumbai-based lender, effective April 1. As per guidelines of the Insurance Regulatory and Development Authority of India (IRDAI), one promoter cannot hold more than 10 per cent stake in two insurance ventures. Union Bank also holds 25.10 per cent equity stake in Star Union Dai-ichi Life Insurance, with the other partners being Bank of India and Dai-ichi Life Holdings of Japan. "We will continue the process started by erstwhile Andhra Bank to divest the stake to bring it below 10 per cent," Union Bank of India Managing Director and Chief Executive Officer Rajkiran Rai G told . Last year, Andhra Bank had initiated the process for selling its part or full stake in the insurance venture with Bank of Baroda (44 per cent stake) and Carmel Point Investments, owned by Warburg Pincus, holding the remaining 26 per cent. Both the insurance ventures are doing well and the valuation is going to improve further, he said, adding the stake sale will happen at opportune time and at good valuation. As per the government's mega consolidation plan, 10 state-owned banks were merged into four to create global size lenders, beginning April 1. Besides Andhra Bank, Corporation Bank was also merged with Union Bank. United Bank of India and Oriental Bank of Commerce were merged with Punjab National Bank; Syndicate Bank was merged with Canara Bank; and Allahabad Bank was amalgamated with Indian Bank. The merger of Oriental Bank of Commerce with PNB resulted in transfer of 23 per cent stake in Canara HSBC OBC Life Insurance to the latter. This too created a similar situation as that of Union Bank of India, as PNB is a promoter of PNB Metlife Insurance with the highest stake of 30 per cent. DP ABMABM

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