Claim rejection lower in health policies purchased online

DisclosureS made by the customer about health issues and habits is much higher in an online purchase of policy compared to offline purchases. Claim rejection is also lower in this category of policies, according to insurers.
Rejection of claims, including those filed before the end of the waiting period, is 1.5 per cent in digital policies, whereas it is 4 to 5 per cent in offline policies, finds insurance aggregator Policybazaar.

New policy assures 8% annual return

LIC on Tuesday launched a long-term endowment policy Jeevan Umang, that covers up to 100 years and offer a combination of income and protection, including an assured 8 per cent annual return.
The plan provides for annual survival benefits from the end of the premium paying term till age 99 and a lump sum payment at the time of maturity or on death of the policyholder, LIC chairman VK Sharma said here.

LIC’s profit from market soars 72% to Rs 19,000cr in FY17

The continuing rally in the stock market has had the nation's largest financial investor LIC booking a steep 72 per cent more profit at Rs 19,000 crore from its equity play in FY17, even though its incremental investment into equities has been steadily falling.

Insurance coverage of TB negligible in India

Although India carries a huge burden of tuberculosis (TB), only a miniscule number of patients are covered by insurance as health insurers have not yet penetrated to the economic classes, which register a higher incidence of the disease.
As per World Health Organisation data, India has the highest incidence if TB with 2.2 million out of the global 9.6 million cases in 2011. This number was revised to 2.8 million in 2015.

LIC to accept debit cards at cash counters

Ritu (name changed) is an LIC policyholder and stays in a rented accommodation in Delhi to pursue her career in journalism. She is not fond of using plastic money and usually deals in cash. Forget about paying LIC premiums, after demonetisation, she finds it troublesome to withdraw enough cash ev­en to meet her daily expenses and pay her landlord, who flatly refused to accept rent of Rs 20,000 in any other mode to avoid paying taxes.