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‘Act of God’ refers to natural disasters that are not caused by any human intervention. In fact, it pertains to natural catastrophic occurrences that are beyond the slightest degree of human control.

Despite the spectacular growth of the insurance industry in the last two and a half decades of regulatory reforms, insurance penetration in India has hardly reached its optimum.

Worried about wedding costs in India? What if the wedding is postponed or cancelled? Secure your financial future with insurance!

Claudia Goldin is only the third woman to be awarded the Nobel Prize and she is the first woman to have been awarded this as a solo winner.

Discover how embedded insurance in India is driving industry collaborations through technology and understand what its advantages are.

Insurance has the potential to transform lives, which is why it is considered essential. The potential to ignite financial confidence is synonymous with transformative change that percolates down to local communities worldwide. However, not all industry players and decision makers appreciate the power of InsurTech and embedded solutions. Only data-driven, razor-sharp visionaries can recognise i...

As our loved ones age, it becomes crucial to prioritise their health and well-being. The ongoing pandemic has highlighted the significance of senior citizen health insurance, given the higher vulnerability of older adults. Such insurance plans can offer comprehensive coverage and access to quality healthcare without exhausting their life savings. When purchasing a health insurance plan for your mother, consider factors like coverage for pre-existing conditions, the network of hospitals covered, an adequate sum insured, co-payment clauses, waiting periods, renewal age, premiums, and claim settlement ratio. By carefully evaluating these aspects, you can select a plan that meets your mother's healthcare needs and ensures her continued well-being.

One can’t ignore the low insurance penetration in India and the efforts made by the Insurance Regulatory and Development Authority of India (IRDAI) to promote innovation and digitisation in the insurance sector. The introduction of the BIMA SUGAM/BIMA VAHAK joint digital platform allows customers to directly transact with insurance companies, enhancing accessibility and convenience. Digitisation has become a necessity for traditional insurance distributors to remain competitive and relevant. Implementing relevant modules, such as digital portals for policy management and claims initiation, improves efficiency. Product innovation, including niche products targeted to specific customer bases and geography, and combo offerings, cater to evolving customer needs and strengthen relationships between financial institutions and customers.

Bima Sugam is a forthcoming digital platform in India that aims to transform the insurance industry by providing a comprehensive single-window platform for purchasing insurance policies. Supported by the IRDAI, Life Insurance Council, and General Insurance Council, the platform will offer a wide range of insurance products and services, making it easier for customers to compare and purchase policies based on their preferences. It is anticipated to enhance transparency, accessibility, and competition in the insurance sector while saving customers time and effort. Although the launch has been postponed, Bima Sugam is eagerly awaited as it has the potential to simplify and streamline insurance policy purchases in India, ultimately increasing insurance penetration.