Insurance companies have started coming out with policies covering alternative treatments after the new health insurance regulations earlier this year allowed coverage for AYUSH (ayurveda, siddha, unani and homeopathy) treatment.
Raj Kumar Kohli, 61, a Delhi-based government servant, has purchased multiple insurance policies over his lifetime. For some of his policies he still gets communications from the insurer, and he has managed to keep track of those.
Sanjay Bare had taken a policy from Life Insurance Corporation of India (LIC). For a cover of Rs 39 lakh, the yearly premium was Rs 1,68,609. The policy was for 24 years starting November 25, 2004. The policy lapsed for non-payment of premium.
The general insurance sector is all set to get its first telematics offering for motor insurance. The sector will get a glimpse into pay-per-use format of insurance where driving patterns and distance covered will be the key focus to determine premiums.
So far, insurance products were being sold to you by agents, insurers’ direct sales force, corporate agents, brokers, web aggregators and microfinance institutions. This year, another channel called insurance marketing firms (IMFs) began operations.
The number of life insurance agents with public sector behemoth Life Insurance Corporation (LIC) of India declined by about 76,000 over the one-year period ended July 2016. For the industry as a whole, the number of agents declined by 27,000 over the same