Insurance Regulatory and Development Authority of India (IRDAI) had extended the renewal premium payment period for insurance policies four times in view of the countrywide lockdown imposed to curb the spread of COVID-19 in India. All insurance policies whose premium fell due after 25 March 2020 could have been paid before 31 May 2020.
The government plans to launch a cashless treatment scheme for road accident victims with a cap of INR250,000 ($3,300) per case, to ensure that victims have immediate medical care.
As it celebrates its 65th foundation day, the Insurance Institute of India (III), a pioneer insurance training centre in Asia, is taking a number of initiatives to spread insurance awareness and bringing insurance education to the masses.
The Congress Party has demanded that the government declare locust attacks in the country as a natural disaster and farmers be given compensation under the crop insurance scheme.
According to Indian insurance industry, the recent move by the Insurance Regulatory and Development Authority of India (IRDAI) to include home care for COVID-19 patients with mild symptoms in the standard COVID-19 health insurance cover could turn out to be a game changer for the Indian health insurance.
Bima Mandi, an InsurTech launched in India, will focus exclusively on rural markets and make available specific products catering to this segment of the population.
State sponsored pension plans in India are currently not strong enough for individuals to consider them, according to a report by YES Securities on life insurance in India.
The fear of COVID-19 has motivated one in three Indians to buy a health insurance policy. More than 60% of Indians are thinking about buying health insurance cover either after having personally suffered from COVID-19 and been left with a hefty hospital bill or learning of such an experience from friends.
Insurance regulator, Insurance Regulatory and Development Authority of India (IRDAI) has released guidelines for two COVID-19-specific health insurance policies.
India's insurance regulator IRDAI has set up a working group to suggest insurance products covering various risks involved in use of drones.