Tag Archives: insurance

Armenia proposes universal health insurance – and a hefty tax increase

Armenia’s Ministry of Health has proposed an ambitious program for implementing a mandatory, universal health insurance system in the country. But many Armenians are balking at the cost, which the ministry said would require a 6 percent income tax on every working citizen. The ministry published a draft of program on November 22, resulting in much social media grumbling. On the website where the ... Read More »

You can get insurance for your mobile screen

MUMBAI: New-age non-life company Go Digit General Insurance has introduced a policy for used mobile phones that will compensate the user if there is any screen damage. This low-value cover has been made feasible by a small software that enables the company to remotely assess the condition of the phone — both for underwriting and claim settlement. The software is similar to ... Read More »

With fewer exclusions, will health insurance cost more?

The insurance regulator recently issued a draft on standardizing and rationalizing exclusions in health insurancepolicies. The draft seeks to redefine terms such as pre-existing ailment to remove ambiguity, seeks to include new lines of treatment due to medical advancement, besides making other customer-friendly recommendations such as giving insurers an eight-year moratorium after which a policy is not contestable except for proven ... Read More »

Viewpoint | Having only health insurance in old age for health-related expenses. Is it enough?

When you are young, medical expenses are not much and rare. So it is not much of a concern. But once you cross the 50s, these expenses become regular. Just ask those who are past this age and you will realize how common it is for them to spend regularly on healthcare. People are now living much longer than previous generations. ... Read More »

How to choose right insurer for life insurance and health insurance

Besides premium and settlement ratios, there are several other metrics you need to consider to pick the right insurer. Life Insurance You need to opt for an insurer with lower customer complaints, faster claim settlements and higher customer retention. High persistency ratio shows trustworthiness The ratio reflects the insurer’s customer retention record. The higher the persistency ratio, the better it is, as ... Read More »

Health Insurance Coverage For Healthy Groceries? More Food-Based Interventions May Be Coming

Shutterstock Health insurance plans cover a variety of medical procedures, prescriptions and provider visits. A recent change in how some plans interpret health-related insurance benefits may see more plans offering food-based benefits, including meals and healthy groceries. Hippocrates, of the eponymous Oath, famously wrote “Let food be thy medicine.” A little over a decade ago, the editor of the British Medical ... Read More »

Health insurance and cancer — How to choose the best plan for your needs

Naval Goel “Health is like money, we never have a true idea of its value until we lose it.” It is clear that it is not only about having a healthy body, but also about having a healthy mind. In simple terms, a good health is all about the condition where your body and mind function properly. These days when ... Read More »

6 customer-friendly changes the new insurance regulator should make

Photo: Indranil Bhoumik/Mint The insurance industry, in its liberalised avatar, is young. Where large international insurers are over a 100 years old, we have been in existence for just 18. If business is a race, then these 18 years are just a start off the block. But what a start it has been. Between 2000 and 2005, the basic regulatory ... Read More »

Term of the day: Insurance persistency ratio

Photo: Indranil Bhoumik/Mint In life insurance, persistency ratio is an important metric to track as persistency is a key driver of profitability for an insurer. In insurance parlance, policy retention is known as “persistency” and “persistency ratio” measures how long customers stay with their policies, by looking at the number of policy renewals year after year. The ratio is measured ... Read More »

Why Women Need To Buy Separate Health Insurance

Image for representational purpose only (Image Courtesy: AFP Relaxnews) Women are the pillar of a family. From being a humble housewife to a confident professional to a loving mother, a woman plays multiple role in a society. Today’s women are all-rounders or we can say are ‘doing-it-all’. But in midst of taking care of everyone, have they forgotten themselves? Although, ... Read More »