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Did you notice these five important changes to your health insurance? No-claim bonus and more…- The Week

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Did you notice these five important changes to your health insurance? No-claim bonus and more…- The Week

The central insurance watchdog of India, the Insurance Regulatory and Development Authority of India (IRDAI), recently stepped up its efforts to bring more people under health insurance. With the goal of “insurance for all” by 2047, the IRDAI’s latest norms hint at a more customer-centric approach, adding more clarity and inclusivity to the mix.

From the start of the financial year in April 2024, IRDAI made some very crucial changes in rules governing health insurance, including the slashing of cancellation fees on certain plans. These changes came via various notifications from the regulator.

While the rules came into effect earlier this year, the regulator gave insurance firms a transition time till the end of September to fully comply with the new rules that were released in March and May this year. This also included existing policies in force. So, if you are a health insurance policyholder, it would be beneficial to note the latest update to the rules.

1. Health insurance gets a no-claim bonus!

If you drive an automobile, you would be familiar with the concept of a no-claim bonus in vehicle insurance. According to the new changes to the rules, there are two ways in which the insurance companies can provide you with a bonus, as long as you haven’t filed any claims for the year.

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They can offer the customer a choice for either a discounted premium for the upcoming year or an increase in the overall sum insured without changing the premium.

2. Cancelling a health insurance policy gives you a better refund

If you are not happy with the current health insurance policy and want to cancel it, it is now easier than ever. Yes, this applies even if you have made a claim. According to the new regulations, if a customer provides the insurance company with a written notice of seven days, you will get a refund in accordance with the time remaining in the policy. For instance, if you paid Rs 50,000 for a policy and decided to cancel it after six months have passed, you will get half of it—Rs 25,000—as a refund, provided you haven’t made any claims. IRDAI has also slashed the cancellation fees.

ALSO READ | Who is Rishit Jhunjhunwala, the new CEO of Truecaller?

3. Higher scrutiny on claims but less paperwork for the customer

The IRDAI has instructed the insurance companies to collect the relevant documents for each claim from the hospitals. On top of that, each claim will now go through a “claims review committee” by the insurance company for approval. If the claim is denied either fully or partially, the committee needs to give proper reasons and point to the exact documentation.

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4. No more ‘missing’ important policy details and information

All insurers need to display prominent information regarding health insurance. For instance, they need to display which hospitals and healthcare providers can provide cashless claim settlements, which ones are included in the network, and a clear set of details needed from the customer for reimbursement if claimed in hospitals outside the network, along with steps to follow for cashless claim settlements and reimbursements. They also need to provide clear information on the time period needed to service the claims and process the reimbursements.

5. Insurers will be slapped with fines if they go against the ombudsman

The IRDAI increased the fines on insurance companies if they delay following an order from the ombudsman. If the insurer does not follow the order within 30 days, they also need to pay a penal interest in accordance with the ‘Protection of policyholders’ regulations published in the Gazette.

Most insurance companies have already updated their websites, as these rules have come into full effect since October began.

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Giorgia Meloni launches renewed effort to detain migrants in Albania

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The Italian navy ship Libra arrives at the port of Shengjin, Albania, on Friday, with the second group of migrants

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Italy made a second attempt at detaining Europe-bound asylum seekers in Albania on Friday, after a court sent the first group back last month.

The Italian government’s plan to hold up to 3,000 asylum seekers in two Italian-run centres in Albania is a cornerstone of Prime Minister Giorgia Meloni’s effort to curb the influx of irregular migrants into Italy from across the Mediterranean Sea.

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Her controversial plan suffered a serious setback last month, when an immigration judge in Rome ruled against the government’s move to hold 12 asylum seekers from Bangladesh and Egypt in Albania. The judge said the migrants had the right to be taken to Italy because their countries of origin could not be labelled as “safe countries”.

The ruling infuriated Meloni who complained that it was not “the judges’ competence to determine which countries are safe and which are not”. Her cabinet has since formally declared 19 countries, including Bangladesh and Egypt, as ‘safe’ for returns.

The latest group of eight asylum seekers who arrived in Albania on Friday all come from Bangladesh and Egypt. They were selected from hundreds of irregular migrants rescued by Italian authorities in the Mediterranean Sea in recent days. The men are expected to appear within 48 hours before an immigration judge, who must decide whether to approve their continued detention in Albania, or order their transfer to Italy.

Meloni said on Friday that her Albania scheme had drawn “extraordinary interest” from other European leaders at a summit in Budapest as they were all keen to find ways to curb irregular migrant inflows into their own countries.

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She said some leaders shared her concern about judges rejecting what a government deems as ‘safe’ for the return of those without genuine asylum claims.

According to those rulings, Meloni said there was a “risk of facing a reality where there are no safe countries”, which would undermine efforts to curb illegal migration.

Under Italy’s deal with Albania, only healthy adult men who come from countries that Rome deems safe can be held in the centres, which have the capacity to hold up to 3,000 people at a time. Once their asylum process is complete, those whose claims are rejected will be sent back, while those found eligible will get the right to stay in Italy.

Critics, including Italy’s opposition parties, have slammed the scheme as costly political theatre given the small percentage of irregular migrants arriving in Italy that are actually likely to be held there.

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So far this month, nearly 2,500 irregular migrants have arrived in Italy by boat from across the Mediterranean, according to interior ministry statistics.

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Rightmove reports ‘softer’ than expected activity on new build homes

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Murdoch’s REA ups Rightmove offer to £6.2bn

While Rightmove’s new homes developer partners are encouraged by the government policy support, new build activity remains softer than last year.

The post Rightmove reports ‘softer’ than expected activity on new build homes appeared first on Property Week.

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Ducati’s new 2025 Streetfighter V2 and V2S heading to India, priced at…- The Week

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Ducati's new 2025 Streetfighter V2 and V2S heading to India, priced at...- The Week

Indian Ducati fans are in for a treat as the new V2-based motorcycles, which are both powerful and light on the bank, make their way to India. Over the past few days, the Indian website of the Italian superbike brand has undergone significant changes, headlining the new Panigale and Streetfighter. While Panigale is a racing model, Indian markets were awaiting the nimble and powerful naked models under the Streetfighter tag.

Ducati has finally provided a much-needed update on its V2 motorcycles. The 2025 Streetfighter V2 and V2S are not your typical can’t-afford-a-V4-so-here-we-are bikes.

Earlier, V2s were getting the rap with many a rider opting for 208HP V4 over the 153HP V2—carrying a hefty price tag of USD 18,000 (about Rs 15.1 lakhs). But the latest 2025 Streetfighter V2 with a 120HP-producing 890cc V2 V-twin engine will cost you just below USD 15,000 (around Rs 12.5 lakhs) according to their global page, widening its gap from the V4. And suddenly, the Streetfighter could be an attractive buy that will go to war against the likes of KTM Duke 990, Triumph Street Triple, and Yamaha MT-09.

ALSO READ | EICMA 2024: India’s Royal Enfield goes all out at Milan

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The new Streetfighter V2S will now cost a bit more than the earlier V2, but it bears the Ducati’s “S” brand, making it a top-shelf beast. Both V2 and V2S get a 5-inch TFT dashboard derived from the one you stop in their new Panigale V4.

The India Ducati page has yet to update the price specs for the V2-based Streetfighters, but the V4 and V4S begin at ex-showroom tags of Rs 24.6 lakhs and Rs 27.8 lakhs, respectively. Indian buyers hope for a much more affordable price range, for these new V2s may have more takers.

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Sesame Bankhall acquires strategic stake in mortgage broker

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7IM buys Rockhold Asset Management

Sesame Bankhall Group (SBG) has acquired a strategic stake in New Homes Mortgage Services (NHMS) LLP.

NHMS is the largest appointed representative mortgage and protection firm in SBG’s Sesame Network, of which it has been a member for almost 30 years.

The deal sees SBG acquire a significant stake in the 40-adviser strong business, with the option to increase the shareholding in the future.

This is the first advice firm investment since SBG launched its new business growth strategy under CEO Richard Harrison earlier this year.

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The Cannock-based NHMS is a mortgage and protection advisory business specialising in the new build market.

It has 40 advisers and 80 employees and looks after the needs of 45,000 clients, with over £760m of mortgage lending and £1.4m of protection premiums annually.

While Richard Harrison will join the NHMS Board, the management team will remain unchanged, as will the roles and responsibilities of employees.

The news follows the recent announcement of a new strategic partnership between SBG’s PMS Mortgage Club and Bankhall businesses and intermediary platform Acre to jointly invest and create bespoke technology solutions for the Directly Authorised (DA) adviser market.

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Harrison said: “The investment in New Homes Mortgage Services is a significant step in our own journey and a clear indication of our ambitious business strategy and commitment to grow and develop our adviser network and the wider Group, through both organic growth and investment in like-minded adviser businesses.

NHMS managing director, Stewart Bartle, added: “We have ambitious plans to grow the business, and this was a natural next step in our journey to enable us to do that.

“From day one, it was clear that Sesame Bankhall Group’s own adviser-led growth strategy and vision matched ours, making them the perfect partner to support our long-term aim to become the UK’s largest mortgage broker, helping more people to achieve their home ownership goals.”

Sesame Bankhall Group is wholly owned by Aviva and provides support services to financial advisers across the UK. It is currently home to over 10,000 advisers.

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Global food prices rise to highest level in 18 months

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Global food prices rise to highest level in 18 months

Increases signal grocery price pressures likely to rise further over the coming quarters

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Travel

IAG reports €2.01 billion profit in third quarter

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IAG reports €2.01 billion profit in third quarter

The result is up 15.4% on the same period in 2023, with the group stating that it expects its “strong financial performance to continue for the rest of the year”

Continue reading IAG reports €2.01 billion profit in third quarter at Business Traveller.

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