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A rising demand for health covers evident since COVID-19 outbreak seems to have come as a booster shot for non-life insurers as they posted a 5.20% increase in gross direct premium underwritten for 2020-21.
Comprising general insurers (all of whom deal in health insurance too); standalone health insurers; and the two specialised PSU insurers (ECGC and Agricultural Insurance Company of India) the non-life segment reported ₹1,98,734.68 crore gross direct premium underwritten. For 2019-20, it totalled ₹1,88,916.61 crore.
Flash figures (provisional and unaudited), released on Tuesday by insurance regulator IRDAI, show gross direct premium underwritten of general insurers (25 companies) increasing 3.35% to ₹1,69,840.05 crore (₹1,64,328.20 crore). These companies between them account for over 85% of the non-life market.
ManipalCigna launches ManipalCigna Lifetime Health plan
ManipalCigna launches ManipalCigna Lifetime Health plan
03 March 2021 | News This new regular premium lifetime renewable plan is thoughtfully designed after a period of research which identified that post COVID-19 pandemic, consumer conversation has finally changed from do I need health insurance to how much do I need’
Source: manipalcigna.com
ManipalCigna Health Insurance Company Limited has announced the launch of ManipalCigna Lifetime Health plan. This new regular premium lifetime renewable plan is thoughtfully designed after a period of research which identified that post COVID-19 pandemic, consumer conversation has finally changed from do I need health insurance to how much do I need . Thus keeping in mind the increasing healthcare incidences and cost, the plan offers the benefit of high coverage, optional packages and provides a comprehensive healthcare financing solution to secure an indiv
Health insurers seek higher tax deductions, lower GST on policies
By IANS |
Published on
Thu, Jan 28 2021 14:57 IST |
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GST.. Image Source: IANS News
New Delhi, Jan 28 : The health insurance sector has sought favourable tax treatment from the government to help penetrate this important security to the masses especially on account of rising hospitalisation bills during the pandemic. In a set of recommendations involving tax treatment for health insurance policies, the industry had urged the government to immediately increase the 80 D tax deduction benefit for individuals on their premium payment for health insurance policies.
The limit currently stands at around d Rs 25,000 for health insurance cover for self and family and additional amount of Rs 25,000 for premium payment towards health policies taken for dependent parents upto 60 years of age and Rs 50,000 deduction for cover to patents above 60 years.