The Indian health insurance market is witnessing a rise in demand for more comprehensive and customized health coverage plans. This has led to expansion in the private health insurance products available which has unveiled newer avenues of growth for the insurance industry. In the last ten years, it has grown at a CAGR of 23%, […]
Articles Tagged: claim
What is a contribution clause and how does it apply during claim settlement?
The principle of contribution is implemented when multiple insurance policies are covering the same property or loss, the total payment for actual loss is proportionally divided among all insurance companies during a claim settlement. To avoid any confusion later, it is important to know the role of Contribution Clause in claim settlement process. The principle […]
Number of diseases covered by a critical illness rider vary across plans
Published in Mint on Oct 27 2016, Written by Abhishek Bondia What is a critical illness rider in a term insurance plan? When is the payment made if one has a critical illness rider with a life insurance policy? What is accelerated rider? —Kaushal Jadhav A critical illness rider provides a lump sum to the […]
You can challenge the rejection of a health insurance claim
Published in Mint on Aug 23 2016, Written by Abhishek Bondia Reports from the pre-issuance medical test and doctors’ consultation are expected to identify pre-existing ailments My mother, 52, has been diabetic for the past 5-6 years. She has a family floater health insurance and I am the sponsor. Her condition was declared at the […]
When fine print stumps your policy claim
Published in Mint on Aug 16 2016 Most people buy insurance in three quick steps: give the agent a quick listen, sign off on the paper and store the policy away. Yes, insurance legalese makes for laboured reading, but ignorance is even more painful. You need to know your policy—the exclusions at the very least—to […]
Claim Insights Handbook -IBAI
Claim Insights Handbook
IRDA’s new circular tackles common claim related concerns of policyholders
IRDA’s new circular tackles common claim related concerns of policyholders My friend, Shivam, missed renewing his car insurance policy because the insurer did not remind him on time about the renewal due date. When he found out that his policy had lapsed, he renewed it but after facing the hassles of getting a car inspection […]
Age required to Buy a Senior Citizen Insurance Plan
Senior citizen health plan are specifically designed to provide coverage for older individuals. Senior citizens aged 80 years can avail comprehensive health coverage under suitable insurance plans. Age consideration is crucial when buying a Senior Citizen Insurance Plan in India because it determines the eligibility, premium cost, and coverage options, ensuring suitable coverage for the […]