India’s insurance landscape is undergoing a significant transformation, propelled by technological innovation, evolving consumer preferences, and progressive regulatory reforms. As 2024 comes to an end, both global and local developments are reshaping the insurance industry, presenting new challenges and opportunities. The Rise of Insurtech Insurtech is at the forefront of revolutionizing the insurance sector. Startups […]

Ashneer a financially literate 40 something found himself screaming at the top of his voice. He was at the office of an insurer to renew his Fire policy. But the premium of his policy had increased by about 40%. What the hell he thought. Am I in a dream? But the Insurer told him that […]

The mostly awaited budget-2024 is finally out. This budget was eagerly anticipated as it is the first budget being presented after NDA stormed to power for the third consecutive time in India. However, with BJP falling short of majority and forming the government with allies, many people expected the government to announce “freebies” and put […]

Summer is here and the mercury levels are rising with every passing day. Hyderabad has recorded the highest temperature of 44.2° C in May,2024 and it is further expected to increase in this May. One can find the streets and roads deserted in the afternoon when the intensity of the sun is at its peak. […]

The rise of cashless claim settlements has transformed the healthcare experience for many in India. This convenient process eliminates the need for upfront payments at network hospitals, offering a smoother experience during medical emergencies. However, the system is not without its challenges. Despite the advantages of cashless claims, a significant number of policyholders still resort […]

Most of us might have seen the recent news of TVS group foraying into the health insurance industry in India. Currently, there are 5 standalone health insurance companies in India offering only health insurance plans in addition to the nearly 33 general insurance companies offering health insurance plans as a part of their portfolio. On top of […]

Insurance is a subject matter of solicitation, meaning that insurance should be asked or requested by a customer and not be forced upon by selling to an individual. In short, the request for insurance should come from an individual, and only then should the sale happen. However, we might have encountered many instances where the […]

Annuity plans are a kind of financial product that provides guaranteed regular payments to policyholders for the rest of their lives or a certain period as decided by the policyholders in return for making a lump sum or staggered payment over a period of time. The annuity market is picking up pace in India and […]

Insurance penetration in India decreased to 4% in FY-23 compared to 4.2% in FY-22, whereas the global insurance penetration stood at 6.8%. On the other hand, the insurance density, measured as the ratio of premiums collected to the total population, increased from $91 in FY22 to $92 in FY23. This could be attributed to various factors such as Covid-19, […]

Insurance regulatory and development authority of India has come out with updates related to the waiting period and moratorium period of insurance plans. These updates which are effective from April 1, 2024 would benefit both the existing policyholders as well as the new policyholders taking any health insurance plan.  Continue reading to know the updates […]

Starting April 1, 2024 there are two insurance rules that may impact the policyholders. These 2 rules are:  Mandatory issuance of insurance policies in electronic accounts  Change in surrender charges for life insurance plans.  Mandatory e-Insurance Account is for all the new insurance policies that would be issued from April 1, 2024 and the change […]

India’s insurance landscape is undergoing a significant transformation, and at the heart of this change lies Bima Sugam, an ambitious initiative promising to simplify and democratize access to insurance for all. Let’s delve into this game-changer, exploring its essence, evolution, and potential impact. What is Bima Sugam? Bima Sugam, translating to “easy insurance” in Hindi, […]

Life Insurance Trust:  Life insurance trusts hold a life insurance policy within them and are designated to manage the policyholder’s life insurance policy. Life insurance policyholders can establish a trust and link their existing life insurance policy to it or take a new one and link it with the trust. The premiums are to be […]

In a major reform for the healthcare industry in India, general and health insurance companies have come together to launch a revolutionary initiative called “Cashless Everywhere.” This initiative aims to transform the way medical claims are settled by allowing policyholders to get cashless treatment at any hospital they choose, regardless of whether the hospital is […]

In the complex landscape of insurance contracts, grasping the significance of material facts is crucial. As a policyholder with Ethika Insurance Broking, comprehending these facts is pivotal for making informed decisions about coverage. The Crucible of Clarity: Material Facts in Insurance Contracts Unraveled Defining Material Facts Material facts are key information influencing an insurer’s decision […]

In the dynamic realm of insurance, a groundbreaking concept has emerged, taking centre stage and transforming the way we perceive risk protection – embedded insurance. This innovative approach endeavours to seamlessly integrate insurance into the customer’s purchase journey, promising accessibility and convenience. However, as we delve into the landscape of embedded insurance, a critical consideration […]

Insurance in India was introduced by the establishment of the Oriental Life Insurance Company in Calcutta in the year 1818. The first insurance company was regulated by the British and was according to British laws. In the years following India’s independence, an insurance regulator and Development Authority for India (IRDAI) was set up to manage […]

The Indian Finance Budget 2023 has brought about significant changes poised to shape the landscape of various sectors in the country. One such sector that has garnered attention is the insurance sector. In this article, we will delve into the implications of the budget on the insurance sector, focusing on Ethika Insurance Broking, the impact […]

On December 7, 2011, Chemmanur Jewellers Store at Dasarahalli in Bengaluru faced its worst fear when the staff found out about the robbery that had taken place, resulting in a loss of nearly 80 lakhs. The jewelers were glad they took an insurance policy from New India Assurance on March 10, 2011, for one year […]

When selecting a health insurance policy, it’s crucial to look beyond the premium and consider metrics that indicate the insurer’s reliability and financial stability. The Claim Settlement Ratio (CSR) and Incurred Claim Ratio (ICR) are two such metrics that offer valuable insights. The Claim Settlement Ratio reveals the percentage of claims an insurer successfully settles, […]

The most trusted health insurance company in India by 2023 will be the one that can offer top health insurance plans with more hospitals in the network, the highest rate of settlement for claims, the most efficient customer services, and an easy claim settlement. The best health insurance is the policy that provides the best […]

What is Blacklisting of Hospitals in the Insurance Industry? Blacklisting is placing a hospital in a position where there would be no further dealing with it in any case. Once blacklisted, Insurers do not empanel or engage with such hospitals. Customers should consult their insurance companies before making a claim. They should ensure their preferred […]

What is Retail Business Insurance? Retail business insurance plans are those plans that are designed to protect the property and interests of retail businesses in India. Retail business insurance plans are those that a customer buys directly from the insurance company to cover certain unforeseen events which would cause loss or damage to the insured’s […]

What is Interior Decoration Business Insurance? Interior decoration business insurance is designed to cover the losses or expenses arising from their operations due to unexpected or unforeseen consequences. Interior designers and decorators deal with creative assignments that form their major income source. There might arise lawsuits due to deficiency in the services provided by the […]

What is Manufacturing Sector Insurance? Manufacturing sector insurance plan is designed to protect the interests of manufacturing company owners. Various perils would cause damage or loss to the manufacturing sector and are covered under the manufacturing insurance plans. Manufacturing insurance plans cover property damage, liability towards third parties for bodily injury and property damage, employees’ […]

What is Construction Sector Insurance? The construction insurance plans provide comprehensive cover that includes various civil engineering works such as building, water tanks, erection of buildings, sewage treatment plans etc. Construction insurance plans are designed to cover the damages or losses arising during the construction period due to any insured peril at the time of […]

What is Startup Insurance? Startup insurance refers to insurance coverage specifically designed to protect the financial interests of start-ups and small businesses. Start-up insurance covers business losses and damages from various risks such as natural calamities, liability from third parties, property damage and financial loss. Some common types of start-up insurance are general liability insurance […]

What is Business Insurance? Business insurance plan is one type of insurance that offers coverage to businesses for covered perils. Business insurance would cover the damages or losses to the property from insured perils and protects from third-party damages and legal expenses. All organizations can take business insurance to safeguard their interests and provide them […]

What is real estate sector insurance? Real estate sector insurance provides coverage for property owners who rent or lease their properties that could be used for office spaces or any commercial purpose. Real estate insurance covers the loss or damage to properties leased or rented out due to natural or man-made perils. The real estate […]

What is Agriculture Insurance? Agriculture insurance is the protection given to the agriculturists against damage caused to their properties against the named perils. Agriculture insurance is a risk management tool that provides farmers with financial protection against agricultural losses such as loss of crop or loss of lives of livestock etc. Types of crop insurance […]

The network hospitals have a dedicated insurance desk to help the customers have the health cards of the group health insurance or retail health insurance.

Non-network hospitals are those that are not tied up with the insurance company and cannot offer cashless claim settlement services to the customers of the insurance company.

Insurance companies outsource the claim settlement part to the TPA to reduce the cost as it would take much of the time and manpower of the insurance companies.

Insurance policy renewal is the most important thing for any customer. Personal health insurance renewal would be done by the customer just before the expiry of the policy to prevent the policy from lapsing. Insurance renewal happens every year for most insurance products except for long-term insurance policies, where the insurance premium is paid for […]

Here is a list of health insurance schemes in India by 2022 offered by various state governments. This list also includes the Indian government schemes which cover the below poverty line families. Almost all the government health insurance schemes mentioned below are free health insurance schemes where the premium is borne by the state and […]

What is it? The Workmen’s compensation policy is a type of liability insurance policy which covers the legal liability of the employers under the Workmen’s Compensation act, 1923, and Fatal accidents act,1855. The act was passed to provide monetary compensation to the employees injured at the workplace. The act specifies that the employer will be […]

The claim settlement ratio of personal health insurance is the number of health claims settled to the number of health claims received by the insurance company. The health insurance claim settlement ratio depends on the number of claims settled by the insurance company compared to the number of claims received by the insurance company during […]

Twenty two years and we finally seem to be reaching a singularity touch point, to borrow from Ray Kurzweil, in the Insurance industry. In the next couple of years, technology would probably be inseparable from insurance; technology would have affected the way insurance is sold, the way it is serviced and everything in between. But […]

Of late there seems to be a renewed sense of activity with public sector general insurers (PSIs)—offices are being amalgamated, and closed every other day; new incentive schemes aimed at cajoling employees into Sales & Marketing are the talk of the town. There seems to be a sense of urgency that colors the air. Could […]

What is the first emotion that comes to mind when you think about insuring risk? Is it fear? A fear of being duped? fear of being lost in long drawn paper work? Fear of not knowing who to talk to, when? Welcome to the world of information asymmetry, or as the world knows it, insurance. […]

Time and again IRDA, the Regulator of the Insurance sector, has had to come down with a heavy hand to protect the Consumer (Insured) from getting entangled in a web of complexities that the consumer should ideally not have to contend with. Some time back, it had to intervene, to ask insurers to review claims […]

A recent news article caught my fancy yesterday. The article was titled “One state run insurer might be privatized ahead of banks”. The article piqued my curiosity, primarily because one of my cousins who started his career in the Insurance Industry has made his millions there. While at it, he had offered me to join […]

Social security schemes are the schemes imposed and controlled by the Government to provide social benefits to the members of a community as a whole or of particular sections of the community. These include health schemes by the Indian government which would help the weaker sections to avail health care benefits in times of need. […]

In a recent development IRDA is planning to link insurance frauds with the individual’s credit score. This means that the credit score of an individual would be affected if found guilty of doing an insurance fraud. This means the Pan card of an individual should be submitted at the time of taking the insurance policy […]

Health is Wealth. This is a saying which every one of us will agree and vouch for. However, it an unwelcome situation where the hard-earned wealth has to be spent to regain the health which got deteriorated for some reason or the other. It is from this concept that the ideology of Health insurance cropped […]

In the guidelines released by the Ministry of Home Affairs, it has been made mandatory to have health insurance for workers when the restarting of operations starts on April 20th. Normally, in a factory or manufacturing premises, the workers are covered under Workmen’s Compensation for occupational hazards and not for medical insurance. Some workers covered […]

Lack of awareness Indian culture is rich in a lot of things, but financial consciousness is not one of them. Children and young adults are educated in social do’s and don’ts, but not in matters of financial planning. All of us have seen examples around us when risk planning is discussed on the hind side. […]

The insurance industry is presently seeing many reforms. A recent amendment to the Insurance Act to increase the FDI to 74% has made this sector very lucrative. The whole world is looking at India as a minefield of insurance opportunities. The current market penetration in Insurance is only 3% which is half of other developing […]