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Life insurance policies are generally of long-term in nature. As such, in the interests of all parties, i.e., the policyholders, the intermediaries and other stakeholders, the insurer has to put in place measures to ensure that the policies remain in force all through their full term. The following are some of the issues that normally determine the persistency of life insurance policies: Read more
Health insurance fraud is described as an intentional act of deceiving, concealing, or misrepresenting information that results in healthcare benefits being paid illegitimately to an individual or group. The main purpose of fraud is financial gain.
One of the largest single sources of fraud is the healthcare providers. They usually have a detailed knowledge of the policy condition and reimbursement process which makes it very difficult to detect such frauds. Read more
Welcome relief for life insurers and policyholders. There was a time when only the Life Insurance Council, the industry body representing life insurers, was the sole agency dealing with regulatory knots and consumer issues. In a week’s time, the Insurance Regulatory and Development Authority (IRDA) will set up product-specific committees which will complement the Life Insurance Council. Read more
Both non-life and life insurance companies are keen on cashing in on the growing opportunities in the health insurance segment. They are on course to offer a slew of products, other than Mediclaim, to give more choice to consumers. Read more
With a network of 2048 fully computerized branch offices LIC is taking continuous effort to spread the awareness of life insurance into the rural masses especially in the backward and remote areas and this endeavour has resulted in a steady all round growth in the life insurance industry. Read more