Navigating the world of health insurance can be daunting, but understanding key terms can make a world of difference. This article highlights 10 essential health insurance terminologies that every policyholder in India should know. By being familiar with these terms, individuals can make informed decisions when selecting or reviewing a policy, ensuring that they are fully prepared for any medical expenses that may arise.
Finance Minister Nirmala Sitharaman declared that the Pradhan Mantri Jan Dhan Yojana (PMJDY) scheme, launched by Prime Minister Narendra Modi in 2014, has revolutionized the banking and financial landscape of India. With over 53.14 crore beneficiaries and a deposit balance of Rs. 2.3 lakh crore, the PMJDY has successfully provided millions of unbanked adults with basic banking services and a free accident insurance cover. The Finance Minister also highlighted the scheme's focus on empowering women, with 55% of accounts opened by women.
The Department of Posts, under the leadership of Postmaster General Shri Krishna Kumar Yadav, celebrated the 78th Independence Day with great fervour and pride. Various initiatives, including the 'Har Ghar Tiranga' campaign and the 'Dak Chaupal' event, were organized to promote patriotism and public awareness about government schemes. Postmen were also highlighted as key players in providing essential services such as Aadhaar enrollment, savings accounts, and insurance at the doorstep. The Director of Postal Services, Ms. M.K. Shah, highlighted the vital role that postal services have played in independent India's development and connectivity.
A group of young thieves attempted to break into Mitchell's Ice Cream, a longtime business in the Mission District of San Francisco, but were unsuccessful in their attempt. This is the latest in a series of break-ins at businesses in the area, including The Rock Bar and Cafe Seventy8. The attempted break-in resulted in minimal damage and the store has insurance to cover the cost of repairs.
After a tumultuous day of record losses, the Japanese stock market saw a historic rebound with a 9.40% gain in the Nikkei Stock Average, the largest intraday point gain ever recorded. The surge was seen across all industry categories, driven by strong performance in transportation, consumer credit, and insurance shares. The rise was also attributed to better-than-expected U.S. service sector data, which eased concerns about a potential recession. However, experts warn that volatility may continue in the coming days.
The National Insurance Brokers Association (NIBA) has officially kicked off its 2024 Broker Market Survey, in partnership with NielsenIQ. The annual survey aims to provide an independent evaluation of the insurance industry by gathering feedback from NIBA members. Its key features include measuring broker expectations and brand perceptions, as well as improving broker-insurer relationships. The survey will also determine the winners of several prestigious awards, which will be announced at the 2024 NIBA Convention in October.
Indian health insurance company, Star Health, has announced its plans to double its Gross Written Premium (GWP) to a whopping Rs 30,000 crore in the next four years. This comes following their impressive Q4 results which saw a 40% increase in profit to Rs 142 crore. The company has also launched home healthcare services in 50 cities, posing further competition to other players in the industry such as Niva Bupa and Cholamandalam Insurance. However, not all may be smooth sailing for Star Health as it faces tough competition from insurance giant LIC, which has denied any plans of entering the health insurance market, as well as exploring inorganic options. This news comes amidst a surge in life insurance premiums, which have seen a 23% increase in the first quarter of fiscal year 2025 and is expected to further grow with health insurance being a key focus in Union Budget 2024.
Mumbai-based health-tech startup, Watch Your Health, announced today that it has raised $5 million in a Series A funding round co-led by Cornerstone Ventures and Conquest Global. The company plans to use the funds to expand its operations and user base, and enhance its technological capabilities. Co-founded in 2015, Watch Your Health serves in the B2B space, providing insurers and pharmaceutical companies with advanced analytics and personalized recommendations for their customers to improve their health. The company also aims to introduce new features such as electronic behavior records, mental health support, and advanced predictive analytics to prevent diseases and manage chronic conditions. Stay updated with the latest business news, stock market updates, and more through Zee Business's coverage, and save money with their personal finance coverage and income tax calculator. Follow Zee Business on Twitter, Facebook, and YouTube for live business updates.
Union Minister Nitin Gadkari has expressed discomfort over the Finance Minister's decision to impose a GST on life and medical insurance premiums, citing it as a burden and deterrent for growth. This statement comes in the wake of criticism by opposition parties who have labeled the Union Budget 2024 as biased towards BJP's allies in Andhra Pradesh and Bihar. The BJP leader has urged for the withdrawal of this tax on priority and hopes for a consideration of his suggestion.
SBI Life Insurance Company reported a 36% increase in first-quarter profit, driven by strong demand for market-linked insurance plans (ULIPs). The company's profits rose to 5.2 billion rupees, while net premium income and investment income also saw growth. Market watchers warn that the government's decision to hike taxes on capital gains could dampen investor sentiment in the stock market.