• Insurance Premiums Could Drop if GST Rates are Reduced

Insurance Premiums Could Drop if GST Rates are Reduced, says Finance Minister

By |2024-12-03T10:27:56+05:30December 3, 2024|

Finance Minister Nirmala Sitharaman has suggested that a reduction in the Goods and Services Tax (GST) on health and life insurance could result in lower premiums for policyholders. Speaking in the Lok Sabha on Monday, she confirmed that the GST Council is set to deliberate on this matter during its meeting on December 21, 2024. Currently, these policies attract an 18% GST rate, but proposed changes include exemptions for term life policies, senior citizens’ health insurance, and plans with coverage up to ₹5 lakh.

  • 20 Indian Health Insurers Struggle with Claim Payouts

20 Indian Health Insurers Struggle with Claim Payouts

By |2024-12-03T09:49:38+05:30December 3, 2024|

20 private health insurers in India paid less than 80% of the total amount claimed by insured patients in 2023. The analysis by the Insurance Brokers Association of India (IBAI) sheds light on significant disparities in the claim payout performance across public and private health insurers. The findings have sparked calls for policy reforms and stricter oversight. Experts argue that bridging the gap between public and private insurers is critical for a healthier insurance ecosystem.

  • insurance selling by banks

Bancassurance causes concern to IRDAI, may enforce limit on insurance sales through banks

By |2024-12-01T17:23:26+05:30December 1, 2024|

IRDAI has raised concerns over excessive concentration of business through Bancassurance. Earlier, Finance Minister Nirmala Sitharaman had expressed concern over the rampant mis-selling of financial products, especially insurance, through banks, and highlighted its adverse impact on consumers. She said mis-selling not only leads to financial distress for individuals but also increases borrowing costs.

  • How Insurance Companies are Tackling the Challenge of Insurance Fraud in India

How Companies are Tackling the Challenge of Insurance Fraud in India

By |2024-07-05T10:17:16+05:30July 5, 2024|

Insurance fraud is a major issue in India, affecting both insurance companies and policyholders. Fraudulent activities lead to increased premiums and reduced trust in the system. By employing advanced technologies like artificial intelligence and data analytics, insurers are detecting fraudulent activities more effectively. Collaborative efforts among insurers and stringent regulatory frameworks are also playing crucial roles in tackling this menace.

  • Gold Prices in 2024 expected to touch INR 70000

Gold Prices in 2024 Expected to Touch ₹70,000

By |2024-04-03T08:48:05+05:30January 2, 2024|

Potential surge of gold prices in 2024 to ₹70,000 per 10 grams. Rise in gold prices in 2024 hinges on factors like the dollar index, global economic conditions, and geopolitical stability. Gold retains its allure as a safe-haven asset and a hedge against inflation, setting the stage for an intriguing year ahead in the bullion markets.

  • India's Forex Reserves Rebound as RBI Adds $58 Billion This Fiscal Year

India’s Forex Reserves Rebound as RBI Adds $58 Billion This Fiscal Year

By |2024-04-03T08:46:28+05:30December 31, 2023|

In a remarkable resurgence, foreign exchange reserves of India have surged by $4 billion, reaching an impressive $620 billion as of December 22, 2023, as per recent data released by the Reserve Bank of India (RBI). This fiscal year has seen a substantial addition of $57.59 billion to the country's forex reserves, illustrating India's resilience in bolstering its financial stability.

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