Insurance News

Third-party insurance premium for cars, two-wheelers and transport vehicles may go up with the regulator Irdai proposing substantial increase in premium rates for the current financial year.

The Insurance Regulatory and Development Authority of India (Irdai) has proposed to increase the motor third party (TP) premium rates for cars below 1000 cc to Rs 2,120 from the existing Rs 1,850 for the fiscal 2019-20. Similarly, for cars falling between 1,000 cc and 1,500 cc also, premium is being proposed to be increased to Rs 3,300 from the existing Rs 2,863. However, for luxury cars (with engine capacity of over 1,500 cc) no change in TP premium has been proposed from the existing Rs 7,890. Normally, the TP rates are revised from April 1. However, this time, the Irdai had decided to continue with the old rates until further order. Now, the regulator has come out with a draft of new rates for TP premium for the current financial year. It has sought comments from stakeholders on the proposed rates till May 29. According to the draft, TP for two-wheelers below 75 cc is proposed at Rs 482, up from Rs 427. Hike has also been proposed for those between 75 cc and 350 cc. However, no rate hike has been proposed for superbikes (exceeding 350 cc). Also, no change has been proposed in the single premium rate -- 3-year for new cars and 5-year for new two wheelers. The Irdai has also proposed a discount of 15 per cent, on motor TP premium rates for electric private cars and electric two wheelers. It also does not propose to raise TP premium rates for e-rickshaw. However, the rate could go up in case of school buses. Rate increase has also been proposed for taxis, buses and trucks. The premium on tractors may also go up. Irdai said the data provided by the Insurance Information Bureau of India (IIBI) has been used for arriving at the Motor TP premium rates and the claims paid data in respect of each of the accident years starting from the year 2011-12 up to 2017-18 has been considered. Also, gross written premiums for the 2011-12 to 2017-18 have been considered, it added. Read More ...

Instabima Insurance Web Aggregator Private Limited | 21 May 2019 18:57 PM
HDFC Ergo rolls out virtual claim process for Car Insurance Claims

HDFC Ergo General Insurance Company has introduced a new claim process that enables customers to file their claims virtually. Part of the company’s ‘Jaldi Claim’ services, the new claim services is suitable for filing claims for minor damages of their cars/two-wheelers. To file the claim, the users need to take the image of their damaged vehicle. Share them using the insurer’s Insurance Portfolio Organizer (IPO) mobile app. Then they have to select the self-survey option on HDFC ERGO’s IPO app on their mobile phone or through the HDFC Ergo website. After that, the user will have to upload the images of the damages to the vehicle along with necessary documents. The documents will be reviewed and sent for approval to the insurance company’s central team. Once approved the claimant will be given the option to choose for instant cash. If they choose to go with instant cash, the approved amount will be credited immediately to the customer’s bank account. Those who do not want instant cash, the claim amount will be provided on the basis of the pre-approved assessment to the assigned workshop. The newly launched service can be used to submit claims for only up to INR20,000. It also abolishes physical surveyor’s inspection and reduces the time required for the approval of the claim. Read More ...

Instabima Insurance Web Aggregator Private Limited | 18 May 2019 12:14 PM
India: Regulator aims to ease the KYC process for insurers

The insurance regulator plans to urge the government to allow the use of Aadhaar, a 12-digit identification number issued to each resident of India, to make the online know-your-customer (KYC) process simple and quick for insurers and policyholders. Read More ...

Asia Insurance Review | 17 May 2019 19:09 PM
Genetic diseases, mental illness cannot be excluded from health insurance coverage: IRDAI

IRDAI has bought out a set of incidents that have to mandatorily covered under a health insurance product. Read More ...

Money Control | 17 May 2019 19:07 PM
Mobile-only insurance can change the way policies are stored

Mobile-only insurance policies could be a reality in a few years. Imagine a scenario where you no longer need insurance papers. An insurance agent comes home and suggests a policy that is appropriate for your needs. After the payment a unique identity number is generated, which acts as the policy document. Read More ...

Money Control | 13 May 2019 18:34 PM