Latest news with #HDFCERGOGeneralInsurance
Time of India
28-05-2025
- Business
- Time of India
General insurance industry to invest Rs 100 cr annually for next 3-5 yrs in nationwide awareness campaign
The general insurance industry has committed to investing Rs 100 crore each year for the next 3–5 years in a awareness campaign to improve insurance adoption. Backed by the General Insurance Council and regulatory support, the campaign is looking to bridge the gap between insurance availability and its penetration across vast population and diverse geographies. The industry leaders today came together to discuss the need for the campaign- Achha Kiya Insurance Liya- with a vision to increase the insurance penetration which at 1% of the GDP against the global average of 3.3%. Tapan Singhel, MD & CEO of Bajaj Allianz General Insurance , said the industry quietly pays claims when it matters the most, that is at the time of need. 'Last year alone, 2.69 crore families benefited from health claims worth ₹83,000 crore. During COVID-19, the industry paid five times its annual profit in claims, without a single bailout request from the government. Insurance silently cushions people in their most vulnerable moments,' he said. Live Events Drawing a sharp comparison between developed and developing economies and how the two gets affected post a catastrophe, he said, in Florida, when a hurricane hits, the state's GDP goes up, thanks to insurance payouts fueling recovery. 'In India, GDP dips because of underinsurance. This campaign is about changing that reality,' he said. He said that ninsured MSMEs take the biggest hit during catastrophes, dragging GDP down by 1.82%. 'If we plug this leaking bucket, India's 6–7% GDP growth can climb to 10–11%. That's the power of insurance,' he said. Anuj Tyagi, Joint MD, HDFC ERGO General Insurance , stressed the role of digital infrastructure in expanding reach saying that with data from IIB, we can now pinpoint uninsured vehicles on Indian roads. 'This opens the door to precise, data-driven enforcement and outreach,' he said. 'Insurance is the only product needed from birth to death,' said Mayank Bhatwal, CEO of Aditya Birla Health Insurance. 'Whether rich or poor, people don't want to compromise on quality healthcare, and only insurance can make that quality accessible.'
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Business Standard
22-05-2025
- Business
- Business Standard
Study abroad gone wrong? Insurance now covers visa, job loss for Indians
When Sakshi, a student from Lucknow, moved to Canada to study business administration at a private college in Quebec, she thought she had her future sorted. But in 2023, the college shut down after running out of funds. With no alternative, Sakshi had to return to India, and her family had to pay for her return flight and resettlement. To protect against such experiences, Indian insurers are now offering travel plans that cover events like visa cancellation, university closures, and job loss — risks that were not usually accounted for in traditional student insurance. What's covered in these new insurance policies 'For Indian students studying abroad, navigating potential visa cancellations or job loss requires specialised insurance coverage,' said Vivek Chaturvedi, chief marketing officer and head of direct sales at Digit Insurance. Most plans still revolve around emergency medical coverage, but newer offerings also cover situations that disrupt a student's academic stay abroad. 'For instance, if a university is declared insolvent, some insurance policies may cover the student's cost for temporary accommodation and a one-way economy ticket home,' said Chaturvedi. 'The same applies if their visa is revoked as a result of the university's closure.' Ajay Shah, head of distribution at Care Health Insurance, added, 'Coverage typically kicks in once the student has entered the host country. In the event the university becomes insolvent during the course, policies cover accommodation expenses and/or return travel to India.' Limitations and exclusions Like all insurance, these policies come with exclusions. Some insurers restrict coverage for students going to countries with diplomatic tension or immigration instability. 'Policy issuance may be limited in such cases,' said Parthanil Ghosh, executive director at HDFC ERGO General Insurance. Ghosh said students should always read the policy document carefully. General exclusions often include: * Self-inflicted injury or suicide * Injuries sustained during adventure sports * Terrorism and war-related incidents 'Visa revocation due to a student's own fault — such as academic misconduct, disciplinary issues, or exceeding work-hour limits — is excluded from coverage,' said Meet Kapadia, head of travel insurance at Policybazaar. Kapadia added that immigration restrictions or visa bans imposed by the destination country are also not covered. 'Similarly, if the student fails to meet course requirements or engages in illegal activity, the insurer will deny the claim,' he said. Fine print on job loss and reimbursements Job loss is not automatically included in most student insurance packages, but some insurers offer it as an optional add-on. 'It's intended for involuntary job loss — like layoffs due to restructuring or company shutdowns. It won't apply to poor performance or resignation,' Kapadia said. Shah said reimbursements linked to university insolvency usually include one-way return airfare and temporary lodging. However, coverage is capped — often at $7,500 — and only applicable in certain circumstances. For instance, HDFC ERGO only provides repatriation in case of accidental death, Ghosh said. Medical evacuation is covered during health emergencies. Making a claim: documents required To file a claim under these policies, students typically need: * A declaration confirming compliance with university rules * A copy of the complaint filed against the university * Original receipts for travel and lodging expenses * A valid visa showing the same university name For medical or death-related claims: * Original bills and prescriptions * Hospital or physician's certificate * Death certificate or police FIR, if applicable Kapadia said, 'Most claims take 7 to 30 working days to be processed, depending on the insurer and whether all required documents are submitted.' Sample plans for students Digit Insurance offers the 'On The Move' policy for students, which includes coverage for return travel and accommodation in case of medical emergencies, natural calamities, or family issues. The plan also covers up to $1 million in medical expenses and offers benefits like trip cancellation, loss of personal belongings, and study interruption. Care Health Insurance has two products: 'Student Explore' and 'Student Explore Health Unlimited'. These cover: * Medical and dental care * Mental health and sponsor protection * Bail bond assistance * Unlimited sum insured in some plans * Coverage for trip interruptions, liabilities, and study disruption Reliance General's student travel insurance includes coverage for medical evacuation, passport loss, trip delays, and emergency repatriation. Life-threatening pre-existing conditions may also be covered if declared in advance. Niva Bupa's TravelAssure Student Plan offers hospitalisation, outpatient treatment, and maternity benefits as an option. The plan also includes sponsor protection, study interruption, and compensation for lost baggage or documents. What's excluded Across most policies, the following are excluded: * Self-harm or substance abuse * Pre-existing conditions not disclosed earlier * Illegal activity or criminal charges * Travel to countries under advisories or sanctions * Medical travel against advice of a doctor Premiums vary depending on: * Age of the student * Destination country * Trip duration * Coverage selected With more Indian students pursuing higher education in countries like the US, UK, Canada, and Australia, the need for robust insurance coverage has grown. Traditional international insurance policies are often expensive and do not cater to the specific needs of Indian students.
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Business Standard
16-05-2025
- Business
- Business Standard
Insurance on WhatsApp: How to buy and manage policies, claim settlements
Paperwork reduced and instant assistance assured on platform, say top insurance companies WhatsApp serves various daily purposes: messaging, booking travel tickets and making cashless payments. Now, insurance companies are using the digital platform for selling policies and settling claims. Customers can manage their insurance plans in a WhatsApp conversation, just like texting a friend. Several top insurers and platforms have rolled out WhatsApp-based services. Here's a look at the frontrunners: HDFC ERGO General Insurance WhatsApp number: +91 8169500500 Offers policy purchases, renewals, claims, and health card access, all within the chat. Real-time claim tracking and 24/7 support make the experience user-friendly. ICICI Lombard General Insurance WhatsApp Number: +91 7738282666 From cyber to health insurance, users can buy, renew, and even get health tips. Claim filing and document retrieval happen seamlessly through chat. Policybazaar WhatsApp Number: +91 8506013131 The insurance aggregator enables quick policy recommendations, document access, and two-wheeler insurance renewals via integrated payments. Aditya Birla Health Insurance WhatsApp Number: +91 8828800035 Aims for a hassle-free experience with options for premium payments, renewals, and document uploads — all within a guided chat interface. Bajaj Allianz Life Insurance (BALIC) WhatsApp Number: +91 8806727272 Offers over 20 services, including claim tracking and premium payment. Users can switch from chatbot to live support for complex queries. Tata AIA Life Insurance WhatsApp Number: +91 7045669966 Provides term plans, ULIPs, and wellness rewards in chat. Policy tracking and coverage customization are just a message away. Why it matters WhatsApp insurance offers: Instant access to policy services Less paperwork and app fatigue Personalised support and reminders Secure, in-chat payment options
