Almost nine out of 10 Indians feel they are unprepared for retirement and do not have any alternative income, a pan-India survey by PGIM India Mutual Fund has found.
The IRDAI has formed a working group to look into introducing a standard cyber liability insurance plan, following in the wake of standard health and life insurance policies.
A survey conducted by the Insurance Institute of India (III) has recommended that the life and health insurance industry must increasingly target the Gen Y segment who are tech savvy risk takers but lack insurance literacy.
Health insurers should design disease-specific insurance plans like for diabetics, heart or kidney related diseases, and focus on providing preventive care to policyholders, says IRDAI chairman Subhash Khuntia.
The sale of Corona-Kavach health insurance policies has grown tenfold in a month to 10.1m from 1.5m. This is a record sales figure that makes it the hottest selling insurance product in decades in the Indian insurance market.
Auto major Mahindra and Mahindra is offering COVID-19 insurance cover to customers of its popular range of pick-up vehicles - underwritten by Oriental Insurance Company.
The IRDAI has directed all life insurance companies to offer a standard term insurance plan - Saral Jeevan Bima - with effect from 1 January next year.
Health insurance claims from COVID-19 are rapidly growing and as at end of September 2020 they were 40% of the total claims of the Indian general insurers.
With a surge in the number of COVID-19 cases across the country, the Insurance Regulatory and Development Authority of India has instructed insurers to settle claims for telemedicine and online consultation under health insurance policies.
Indians will soon have a simple standard term life insurance cover 'Saral Jeevan Bima' to add to their financial security during uncertain times like COVID-19 pandemic.