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Contract of insurance is of utmost good faith, says Supreme Court

Contract of insurance is of utmost good faith, says Supreme Court

Finance
NEW DELHI: A contract of insurance is of “utmost good faith” and a proposer who seeks to obtain life insurance policy is duty bound to disclose all material facts bearing upon the issue, the Supreme Court has said. The apex court said this while setting aside the March this year verdict of the National Consumer Disputes Redressal Commission (NCDRC) which had dismissed the plea of an insurance firm against the order asking it to pay full death claim along with interest to the mother of the deceased. A bench headed by Justice D Y Chandrachud noted that the proposal form requires a specific disclosure of pre-existing ailments, so as to enable the insurer to arrive at a considered decision based on the actuarial risk. “A contract of insurance is one of utmost good faith. A proposer who seeks t

Corona Kavach insurance policies cross 1 crore milestone

Finance
(This story originally appeared in on Oct 17, 2020)BENGALURU: The market for Corona-Kavach policies has grown 10-fold in a month to 1.1 crore from 15 lakh. A record sales figure that makes it the hottest selling insurance product in decades. Irdai chairman S C Khuntia announced the figure while addressing a CII meeting on Thursday. While there have been a few group health purchasers, the overwhelming majority of sales is coming from individual retail customers. “Growth in corona-specific policies are driven by rising Covid-19 cases, with continuous uncertainty and a surge in related medical expenses,” said Subrata Mondal, EVP and head underwriting, IFFCO Tokio General Insurance. Media reports on hospitals’ bills have played a role, say insurers. “About 75% of customers are preferring to t
Flipkart, Bajaj Allianz launch cyber insurance to cover online financial frauds

Flipkart, Bajaj Allianz launch cyber insurance to cover online financial frauds

Finance
Bengaluru: Flipkart and Bajaj Allianz General Insurance Company have come together to offer 'Digital Suraksha Group Insurance' for customers who want to cover themselves against financial losses caused as a result of cyber-attacks, cyber frauds, or other such malicious activities across various online platforms. This insurance compensates for direct financial loss (up to the sum insured) due to unauthorised digital financial transactions as a result of identity theft arising out of cyber-attacks, phishing/spoofing and SIM-jacking, a joint statement said. "Customers can opt for a one-year cover at premiums as low as Rs 183 for a cover of Rs 50,000," the statement added. Let's block ads! (Why?) Banking/Finance-Industry-Economic Times

Covid booster: Health cover now top segment in general insurance

Finance
(This story originally appeared in on Aug 19, 2020)MUMBAI: The Covid-19 pandemic has provided a booster shot to the health insurance business in the country. With 130 new products launched in four months, the segment has overtaken motor to become the largest business for non-life companies. According to the insurance regulator, the dominance of health will only increase by the end of the year. However, the protection gap (between ailments and claims) in smaller cities remains a concern. "The insurance industry has come up with 500 health insurance products in the last 20 years. Since March 2020, we have approved 130 new products. Health is already bigger than motor insurance and at the current rate will increase the gap by leaps and bounds by the end of the year," said T L Alamelu, member...
Muthoot Finance, Kotak Mahindra General Insurance tie up to offer COVID-19 cover

Muthoot Finance, Kotak Mahindra General Insurance tie up to offer COVID-19 cover

Finance
New Delhi: Muthoot Finance on Monday said it has tied up with Kotak Mahindra General Insurance to offer COVID-19 insurance cover of up to Rs 1 lakh against gold loan. Muthoot Finance Ayush Gold Loan is an exclusive initiative of Muthoot Group through which they will provide complimentary COVID-19 insurance cover to their eligible customers, it said in a release. This cover however will be available only for the customers availing gold loan under the Super Loan scheme, it added. "As a part of our ongoing customer loyalty programme and social commitment, we are providing the customers insurance coverage with an objective to build confidence and help move ahead in life without any fear," Muthoot Finance Managing Director George Alexander Muthoot said. Jagjeet Singh Siddhu, EVP & Head,...