Latest news with #Navi
Time of India
5 days ago
- Business
- Time of India
Navi Technologies renamed to Navi
Navi Technologies has announced that it has officially changed its name to Navi , aligned with the company's evolution from a technology-led disruptor to a holistic financial services destination built around the needs of Indian consumers. The rebranding underscores the company's focus to position itself as an integrated, customer-centric institution encompassing lending, insurance, asset management and UPI services, committed to making money simple, seamless and accessible for millions of Indians. 'The new name fits who we are today. Not only are we a technology provider, we are a full-fledged destination for financial services for our customers,' said Sachin Bansal, Founder and Executive Chairman of Navi Group . 'It signals both simplification and scale - two ideas core to our philosophy.' Rajiv Naresh, managing director and chief executive officer of Navi added, 'This change aligns with the company's evolution. While technology remains core to how we build, our focus today is broader. The new name reflects the company we've become: more integrated, more customer-focused, and ready for the next phase of growth.' Navi's offerings are built to serve Indians across every stage of their financial journey whether they're just starting out with digital payments via UPI or planning for long-term goals through investments and insurance. The focus is a unified, seamless experience anchored in transparency, speed, and trust. The name change is also aligned with Navi's longer-term roadmap - continued focus on sustained value creation for its users and stakeholders. Customers and partners will see the change reflected in official communications, app interfaces and brand assets over the coming weeks. The company's operations, leadership, and business priorities remain unchanged.
Hans India
7 days ago
- Business
- Hans India
Kotak Bank Clarifies False UPI Balance Report, Advises App Use for Accurate Info
Kotak Mahindra Bank has asked customers to check their account balance only through its official mobile app or net banking. This comes after reports claimed that a person saw a very large (37-digit) balance using a third-party UPI app. The bank clarified that this information was wrong, and the balance shown was not real. Why Did This Happen? The customer used a UPI app called Navi. UPI apps connect to your bank account to show your balance or make payments. Sometimes, these apps may show incorrect information due to technical errors. What You Should Do To get the correct account balance: Use the Kotak mobile banking app Or visit the official Kotak website ( How UPI Apps Work UPI apps like Navi, PhonePe, or Google Pay let you send money and check balances. They link your bank account using your mobile number and a UPI PIN. Every account gets a Virtual Payment Address (VPA) — this is used instead of your account number. When you check your balance, the app sends a request to your bank through NPCI. The bank replies with your actual balance. But if the app has a bug or technical problem, it may show the wrong amount.
The Hindu
15-07-2025
- Business
- The Hindu
Two senior citizens from Hyderabad lose ₹58.8 lakh after clicking social media ads
In separate incidents of cyber fraud, two senior citizens in Hyderabad have been duped of over ₹58.8 lakh after falling prey to a deceptive online schemes, one through an Instagram-based trading platform, and the other via a misleading YouTube advertisement promising a high-value coin sale. In the first case, a 60-year-old resident of Jubilee Hills lost over ₹57.4 lakh after being misled by a fraudulent investment platform called 'FX Road'. The victim came across the platform through an Instagram advertisement, which led him to engage with individuals posing as 'trading experts'. After convincing him to register and sign documents digitally, they guided him to invest via credit card payments and bank transfers, claiming the funds were being used to trade in crude oil, precious metals, company stocks like Tesla, and cryptocurrencies. To build trust, the platform initially displayed fake profits. Later, the scammers pressured the victim to deposit more funds to maintain 'margin levels' as the market became volatile. This led him to borrow ₹7–8 lakh from Navi, a financial services platform, and pledge his ICICI Prudential Savings Suraksha policy to raise an additional ₹17.5 lakh. He was further asked to deposit a further ₹25–32 lakh. Realising he had been deceived, the victim reported the matter to the national cybercrime helpline (1930). Investigations later revealed that the fraudsters had impersonated representatives of a reputed brokerage firm, Trade Bulls, and used forged documents to run a well-orchestrated scam. In a second incident, a 68-year-old resident of Dar-ul-shifa lost over ₹1.46 lakh after responding to a YouTube advertisement falsely claiming that a ₹20 coin could be sold for ₹50 lakh. Tempted by the offer, the victim called the number provided and was contacted by a man who identified himself as 'Raj Gyani.' Claiming to be a collector, the fraudster initially requested ₹1,500 to 'create a file' for the transaction, then continued to extract money under various pretexts including documentation and clearance charges. Trusting the process, the victim transferred multiple payments totalling ₹1,46,100. When the fraudster demanded an additional ₹1 lakh, the victim realised he had been conned and subsequently reported the fraud to the cybercrime helpline. Investigation is underway.
Time of India
02-07-2025
- Business
- Time of India
Have to pay a big hospital bill? Here's how you can split this claim into multiple health insurance policies
Navigating medical bills with multiple health insurance policies can be complex, but it's possible to split claims effectively. Inform all insurers, prioritising the least expensive plan first, which is often a family floater or employer's policy. for many.. Utilise Form 64 for smoother processing between multiple insurers. Read on to know how you can effectively split a big claim across more than one insurer. Tired of too many ads? Remove Ads Inform all insurers, but focus on the least expensive plan first Tired of too many ads? Remove Ads How do I split a big health claim across 3 different insurance policies? Type of policy Sum insured (In Rs) Policy conditions, if any Personal plan Rs 35 lakh No co-payment clause Family floater plan Rs 25 lakh Common cover for you+spouse+children No co-payment clause Employer (Group) Plan Rs 20 lakh Covers you+spouse 10% co-payment Tired of too many ads? Remove Ads Dont ignore co-payment, sub-limits clauses Consider top-up, super top-up plans Things to remember while making multiple claims How many health insurance policies should I ideally have? Medical emergencies don't exactly come with a warning, and often leave behind hefty bills. You might think having several health insurance policies -- like a corporate group policy from your employer, a floater plan that covers your family and even an individual health insurance plan -- would make handling those big medical bill here's the big question: if one of your health insurance plans doesn't cover the entire bill, can you use multiple policies to clear the bill? The answer is yes! However, the next question is, how do you split a large claim among different health policies? Many policyholders get pretty confused about how to allocate a significant claim across the various policies they have. Keep reading to find out how to split your claim wisely and maximise your Read: Latest claim settlement ratio of health and general insurance companies released by IRDA in 2025, Navi, Acko take lead, Star Health, Zuno fall below 90% If you know that a big medical bill, like a long hospital stay, is coming up, it's a good idea to inform all your insurers ahead of time. This way, you can dodge any surprises or claim rejections. Plus, this is mandatory, as per IRDAI Pankaj Nawani, CEO, CarePal Secure, 'Before deciding on your primary insurer, or the insurer on which you will be making the biggest claim, look closely at the benefits and exclusions under each policy. Some policies may have sub-limits for room rent or specific treatments. The total sum insured, any cumulative bonuses you've built up over the years, and how easy the claim process is—especially with corporate policies—should also guide your decision. Lastly, think about preserving your no-claim bonus and portability benefits in personal plans'.See this: Health and general insurance claim settlement: 5 fastest and 5 slowest insurers to settle claims within 3 months According to Suman Pal, Chief Claims Officer at Onsurity, individuals should opt for the most liberal, least expensive insurance policy to make their primary claim. 'For most, this is their family or personal floater policy. However, if your employer's policy has good coverage, low sub-limits or co-payment clauses and is cashless-in-network for your hospital, that can be used first', he reason why you should max out your corporate policy first in such cases is that, since the premium is paid by your employer, it won't affect your own policy's no-claim bonus or increase future as Mr. R Balasundaram, Secretary General, IBAI explains, corporate plans often come with zero sub-limits, no waiting periods, and quicker claim processing as compared to other plans. However, the only downside is that coverage might be limited compared to personal plansSuppose you have a Rs 70 lakh bill to be paid. You have 3 different policies at hand, namely:To start, you can utilise your employer's (group) plan. If all other conditions are satisfied, the employer's plan will cover Rs 18 lakh due to a 10% co-payment clause, which means you'll still have Rs 52 lakh in pending you can claim another Rs 25 lakh from your family floater plan. Since there is no co-payment clause here, you can claim the full amount, which leaves you with Rs 27 lakh in bills. These can be claimed from your personal plan, and even after that, you'll have Rs 8 lakh left as sum insured, which you can use, if necessary, during the rest of the policy in mind that sub-limits or co-payment clauses in your health insurance plans can create financial gaps that you might need to cover out of your own instance, if your personal health insurance plan had a sub-limit of Rs 15 lakh for this specific disease, you could end up paying the remaining amount yourself. With a co-payment of Rs 2 lakh and a Rs 10 lakh shortfall due to sub-limit, you'd have to fork out a total of Rs 12 lakh from your own pay close attention to these clauses in your corporate health insurance plan. Some employers might let you eliminate this co-payment clause if you are okay with paying a bit more in premiums. It's worth checking with your employer about can also consider having a top-up or super top-up plan, since they are generally designed for bigger claims. However, they kick in only after you hit a certain threshold or deductible.'They're great for big medical expenses like surgeries, cancer treatment, or organ transplants. Hence, rather than purchasing multiple base plans, it is a good idea to buy a top-up or super-top-up policy above a threshold (e.g. 5L or 10L). This enhances your primary plan's SI (sum insured) and takes over when you spend down the base policy. It effectively adds overall cover without the hassle of a second identical policy', adds Pal from case of multiple claims during one hospital stay, getting the entire treatment on a cashless basis is typically not possible. So you may use one policy to start the treatment on a cashless basis, and once its limit is exhausted, you may have to pay the remaining amount from your pocket. Afterwards, you can use the reimbursement process to claim the remaining amount from different insurers. Says Nawani, 'Submit original hospital bills to the first insurer you claim from. For others, send certified copies along with a claim settlement letter. Use Form 64 (Claim Settlement Summary) to make the process smoother between insurers'.Form-64, or claim settlement summary, is a statement you get when your primary insurer settles its part.'Once you have this statement, you can claim the unpaid balance to your subsequent insurers by presenting the first insurer's settlement letter and the hospital bills. They will process this as a new claim. Do this again if there is a third insurer. Each insurer pays up to its portion of the balance claim', says suggest that while IRDAI allows multiple policies, more is not always merrier. Most suggest having 2-3 health covers at most.'A savvy policyholder typically maintains one good personal plan (or floater) plus one group cover, and maybe a top-up for extra buffer. Make sure the combined sum insured across plans comfortably exceeds your potential bill, but don't chase insurance in sheer quantity. Maximising the benefits of 2–3 policies usually suffices for any claim. Keeping it simple prevents claim delays and guarantees you receive the required coverage', explains Nawani.
Time of India
01-07-2025
- Business
- Time of India
Don't punish policyholder for hospital's lapses, court tells insurer
Bengaluru: An insurance company cannot punish a policyholder for the alleged lapses of a hospital, the Bengaluru Urban District Consumer Disputes Redressal Commission has said, pulling up Navi General Insurance for rejecting a hospitalisation claim and cancelling a policy without due process. "If the insurer believed the hospital reports were unauthentic, it should have acted against the hospital, not the insured," the commission said, directing Navi to compensate 29-year-old Veeresh Rathod and restore his policy after branding him fraudulent and denying his Rs 14,500 claim without evidence. Rathod, a Bengaluru resident, had bought a group health policy from Navi in 2022 to cover himself and his elderly parents. Over three years, he paid Rs 67,606 in premiums without making a single claim. In April 2024, his mother was admitted to Sharavathi Hospital for acute gastroenteritis. After her discharge, Rathod submitted a reimbursement claim for 14,500. You Can Also Check: Bengaluru AQI | Weather in Bengaluru | Bank Holidays in Bengaluru | Public Holidays in Bengaluru However, Navi not only rejected the claim but also cancelled his policy, citing procedural discrepancies and suspected fraud. The company alleged that broad-spectrum antibiotics (Piptaz) were administered without a culture sensitivity test, that five doses were bought when only three were used, that the discharge summary lacked a doctor's authentication, and that blood reports were signed by a technician, not a pathologist. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch vàng CFDs với sàn môi giới tin cậy IC Markets Tìm hiểu thêm Undo Invoking the fraud clause, the firm terminated the policy and even issued an internal industry alert labelling Rathod as a fraudulent claimant — a move the commission deemed reputationally damaging and disproportionate. Rathod's appeals to the Insurance Regulatory and Development Authority and insurance ombudsman went unanswered. He then approached the consumer forum on June 24, 2024, alleging deficiency in service. Navi defended its actions, claiming the complaint was unfounded and that the discrepancies pointed to deliberate manipulation. But the commission, after examining the evidence, ruled otherwise. It said treatment decisions such as choice of antibiotics or minor documentation issues could not be pinned on the insured. Buying five vials instead of three, it said, did not amount to fraud. Importantly, Navi had neither issued Rathod the mandatory 15-day notice for policy termination, nor initiated action against the hospital for the alleged irregularities. The commission noted with concern the insurer's aggressive stance over a low-value claim and warned against turning procedural gaps into grounds for claim rejection. "Consumers, despite paying premiums, are being pushed into prolonged legal battles over small sums," the bench observed, finding Navi's objections unconvincing and unsupported by proof of fraudulent intent. On May 16, the forum ordered Navi to pay Rathod Rs 1 lakh as compensation for mental agony, Rs 14,500 towards the rejected claim with interest, Rs 10,000 as litigation costs, and Rs 50,000 as punitive damages to the Consumer Welfare Fund. The insurer was directed to issue a fresh policy for the remaining period and to honour renewals thereafter. It must also remove Rathod's name from the fraud alert database. Get the latest lifestyle updates on Times of India, along with Doctor's Day 2025 , messages and quotes!
