Latest news with #PolicyBazaar
Time of India
12 hours ago
- Time of India
Many opt for premium travel insurance cover amid global flight disruptions
1 2 3 Pune: Holiday and business travellers are now increasingly purchasing more expensive travel insurance policies, experts said, as anxieties mounted over possible disruptions such as Covid surges, war, hospitalizations abroad and issues with airline safety. In Pune too, flyers said they did not mind paying the premium, as long as a range of unforeseen events were covered. "A basic travel insurance policy to Thailand typically costs Rs 500-600 for a week, but I paid Rs 1,100 for one that also covered medical emergencies and theft," said Rahul Sejpal, a resident of Wanowrie, who flew recently to the southeast Asian country. Naresh Upadhyay, a resident of Hadapsar, also purchased an expensive insurance cover for an upcoming Europe trip. "There have been serious flight disruptions due to the ongoing Iran-Israel conflict. So I opted for a wider insurance cover, one that accounts for these uncertainties," he said. Meet Kapadia, head of travel insurance at PolicyBazaar, said 62% of travellers today pick policies with coverage of $250,000 (over Rs 2 crore) or more, up from the earlier benchmark of $100,000 (over Rs 86 lakh). Kapadia said: "We've observed a clear shift towards higher-value coverage, especially for destinations such as Europe. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like New Cooling Tech Making Ductless ACs Go Mainstream [take a look] Keep Cool Click Here Undo Individuals between 55 and 70 years of age, in particular, are even opting for coverage exceeding $500,000 (over Rs 4 crore), largely driven by concerns of high hospitalisation costs abroad and need for medical support. " Kapadia also said PolicyBazaar has recorded a 40% increase in purchase of travel insurance policies for the summer this year, compared to the same period last year. Of great concern, have been the geopolitical flare-ups along several key flight paths. Data from real-time plane-tracker FlightRadar24 showed thinning air traffic over regions of Israel, Iraq, Iran and Ukraine as pilots squeezed into safe corridors that avoided these conflict zones. Besides geopolitics, geological events too have hit headlines. The recent eruptions of Mount Lewotobi Laki-laki in Indonesia grounded at least 87 flights to and from Bali — 66 international and 21 domestic ones. Bali airport officials said the volcano impacted critical air connections to Australia, Singapore, Vietnam and Malaysia. The flights resumed three days later, on Thursday, June 19. "There may be a shift towards purchasing additional covers along with travel insurance as a standard part of people's travel preparations," said Bhaskar Nerurkar, head of the health administration team at Bajaj Allianz General Insurance. "Many individuals are now proactively seeking information about various aspects of their policies, particularly regarding trip cancellations, medical emergencies, cancellations for any reason, and protections against geopolitical disruptions," he said. Surender Tonk, vice President of Insurance Brokers Association of India (IBAI), said Covid was another factor. Earlier this month, at least 5 countries and regions, including Hong Kong and parts of US - all experiencing upticks of cases - sent out travel advisories urging people to avoid non-essential travel. "People are opting and preferring to go for higher insured travel insurance policies due to these uncertainties," Tonk said. "The Covid-19 pandemic raised awareness related to travel risks and hence witnessed more demand for comprehensive travel insurance policies," he added.
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Business Standard
2 days ago
- Business
- Business Standard
PolicyBazaar, DLF, Airtel: Trading strategies for Chris Wood-owned stocks
Technical charts suggest that real-estate related shares from Chris Wood's portfolio could see sharper gains going ahead, while PolicyBazaar is likely to trade on a tepid note. Rex Cano Mumbai Listen to This Article Chris Wood, Global Head of Equity Strategy at Jefferies recently rejigged his India portfolio. The veteran investor has added TVS Motor, Home First Finance and Manappuram Finance to his long-only India portfolio, while increasing one per centage point stake in PolicyBazaar and Bharti Airtel. In the Asia ex-Japan long-only portfolio, too, Chris Wood has included PolicyBazaar replacing the investment in Larsen & Toubro. Meanwhile, Chris Wood in his recent note to investors, GREED & fear has flagged caution to investors citing high valuations, mainly in the midcap space.
Bloomberg
15-05-2025
- Business
- Bloomberg
Indian Metal Stocks Emerge as Beneficiary of Easing US-China Trade Tensions
Before the trading day starts we bring you a digest of the key news and events that are likely to move markets. Today we look at: Good morning, this is Ashutosh Joshi, an equities reporter in Mumbai. Risk appetite remains subdued in Asia this morning as traders reassess regional economic prospects. Indian stocks are likely to follow suit, with Nifty 50 futures trading lower. Earnings reports from PolicyBazaar and Tube Investments will be in focus.
Mint
01-05-2025
- Business
- Mint
Here's how NRIs can save up to 18% GST on insurance premiums
Insurance attracts Goods and Services Tax (GST), which increases its price by up to 18%. However, non-resident Indians (NRIs) can save on GST in their insurance premiums. Take the case of Ankit Jain, a 40-year-old NRI who works as a consultant in Germany. He paid ₹ 86,641 for his policy but will receive a ₹ 15,595 GST refund, thanks to sub-clause (iv) of Section 2(6) of the Integrated Goods and Services Tax (IGST) Act. It states that when an NRI buys an insurance policy via a foreign address, it is considered an export of a service and thus exempt from GST, said Ashish Karundiya of Ashish Karundia & Co. In this article, we explain how NRIs can claim a GST refund on their insurance premiums. When an NRI buys an insurance policy, they can specify that they are buying it from abroad by submitting a declaration form, provided by the insurance company. Keep in mind that the payment should be made from a non-resident external (NRE) or foreign currency account. If the payment is made through a non-resident ordinary (NRO) account, the buyer won't be eligible for a GST refund. If the policyholder has already paid premiums for the insurance, including the GST, they can apply for a refund. If the insurer has already deposited the GST with the government, the NRI won't be able to claim a refund. This is because GST is collected directly from the company and individuals cannot apply for a refund on their own. Also read: How you can earn up to 15% returns from old life insurance policies 'If the NRI gave GST to the insurers unknowingly, they can apply for a refund. If they apply within a month, the insurers won't have deposited the GST with the tax authorities and will issue a refund. However, once the company deposits GST with the authorities, it's difficult to get it back," said a person who works with a life insurance company and wished to remain anonymous. He added, 'Some insurers still refund the amount to NRIs from their cash flow, even if they've deposited GST with tax authorities, to remain competitive. But those should be seen as rare cases and not the norm." Sonam Arora, business head - health insurance for NRIs at PolicyBazaar, said most life insurance providers allow policyholders to submit the necessary documents upfront to avoid paying GST. In contrast, most health insurance companies typically charge GST at the time of payment and issue a refund once the required documents are submitted. These refunds are usually processed within two weeks, provided the documentation is complete. However, health insurance companies are now working towards offering an upfront GST waiver, with the rollout expected in the next month or two. The GST rate for term insurance, health insurance, and riders is 18%. For endowment plans, it is 4.50% for the first-year premium and 2.5% for subsequent ones. If it is a single annuity plan, GST is 1.20% of the total premium. Note the GST waiver does not apply to unit-linked insurance plans (ULIPs). The insurance company needs to show the GST authorities that the payment came from an NRI living abroad and was made through an NRE or foreign currency account. Document requirements can vary across insurers. According to Arora, for NRIs to claim GST exemptions or refunds, the following documents are generally needed: • Entry and exit stamps in the passport/visa • NRE bank account passbook • Proof of international address or tax residency certificate (TRC) Arora from Policybazaar said insurance companies typically request documentation at every policy renewal to confirm that the policyholder continues to hold NRI status and that the renewal premium is being paid through an NRE account. This helps ensure compliance with regulations for GST exemption. Experts told Mint that except in the case of LIC, NRIs can apply for a GST waiver or refund online. Alpin Kanabar, an NRI accountant based in Doha, Qatar, contributes ₹ 5 lakh every year to LIC's New Jeevan Labh Plan. At first, he didn't know NRIs were eligible for a GST waiver, but when he found out he could save 2.25% GST on premiums from the 2nd year onwards, he approached his agent. After all, it meant saving ₹ 12,472 every year. Also read: Loan insurance safeguards the family. But is it worth it? However, he found out that LIC did not have an NRI option when he tried to pay the premium online. He found out he had to go to the counter/branch and submit the documents offline to get the GST waiver. He finally got the GST waiver after he couriered the cheque for the premium from his NRE account to his agent, who deposited it and got the waiver for him. For other companies, the process is completely online. In addition to availing of GST benefits on their own insurance policies, NRIs can also act as proposers and buy life and health insurance for their family members—including spouses, children, parents, siblings and in-laws. In such cases, they may also receive a GST waiver or refund. It is important to note that these insurance policies for NRIs only cover medical expenses incurred within India, and not overseas. However, when the policy is purchased for family members living in India, there are options for global coverage plans. Also read | The health insurance puzzle: 83% of Indians aware but only 19% covered
