Written by Puneet Gupta 17/08/19 |

How the new Union Budget 2019 impacts the insurance industry

Union Budget

July 5 2019, was an eventful day for the new Modi Government as the newly appointed Finance Minister, Mrs Nirmala Sitharaman, made her debut and delivered the first Union Budget of the new regime. While the earlier Interim Budget was touted to be a populist one, this budget was largely seen as a roadmap for the growth of the Indian economy in the long run. The Finance Minister, Mrs Nirmala Sitharaman paved the way for the economic growth of the nation through long-term and sustained efforts in investment. She announced various positive changes in many aspects of the economy, insurance being one of them.

Written by Puneet Gupta 17/08/19 |

Insurers cannot deny coverage for mental illness, adventure sport enthusiasts

Insurance regulator IRDAI on Friday came out with new rules which will have widespread ramifications for health insurers and the general public. Insurers henceforth cannot decline coverage to people who have used opioids or anti-depressants. Nor can they exclude those with a history of clinical depression, personality disorders, sociopathy, psychopathy, or neurodegenerative disorders. They cannot exclude children affected by development disorders like Down’s syndrome, brain disease, and autism, or those suffering from a learning disorder, stuttering and different disorders of speech and language. Batting for the LGBTQ community, IRDAI has same that insurers cannot discriminate on the premise of gender and identity. Insurers cannot refuse to provide coverage or reject claims if an individual is on life support. Insurers can reject claims on condition that the patient is certified as being in a very vegetative state, however, even then insurers are required to provide coverage/pay expenses until that date. For young women and older women that suffer from excessive bleeding, hormonal changes because of the onset of puberty or menopause, insurers can not exclude coverage or payment for treatment prices. Insurers cannot deny coverage to geriatric patients, affected by age-related macular degeneration (ARMD) and people suffering from rare or orphan diseases.

Written by Puneet Gupta 17/08/19 |

Buying a term insurance plan? Don’t forget to include riders

Who doesn’t like something extra which provides a value-added benefit? In a term insurance plan, there are extra coverage benefits which you can opt and make your cover more comprehensive. Do you know about such extra benefits? They are called riders. If you are looking for a term insurance plan, you would come across the word ‘rider’ in many plans. Most of you don’t understand the meaning of the word and so avoid opting for the available riders. This is a mistake. Riders provide you with a better scope of coverage and make your plan comprehensive.

Written by Puneet Gupta 17/08/19 |

Understanding Car Insurance Portability

When you are unhappy with the current car insurance service provider you can switch to another Insurer with car insurance portability. One can switch car insurance company at the time of car Insurance renewal by comparing the best car insurance quotes. If the insured policy expectation is not matching with the current service provider, the customer can avail the option of car insurance portability.