HEALTH INSURANCE POLICY
Have high hopes from GST cut on health, life insurance? Here's why a drastic fall is unlikely to benefit policyholders
GST on insurance: The public demands lowering of GST rate on insurance products as it is too high. However industry experts warn that if the GST rate is cut from 18% to 5% without input tax credit is not given then instead of making the premium affordable, the premiums will rise.
Niva Bupa, Star Health shares jump up to 13% on likely GST reduction for health insurance premia
Health insurance stocks rallied on Tuesday, with shares rising as much as 13% on the BSE, following the Group of Ministers' (GoM) proposal for key GST rate rationalisation reforms for the sector. Niva Bupa Health Insurance surged 12.6%.
Cost of health, life insurance to come down if GST Council decides to reduce taxes on premium: FM
Finance Minister Nirmala Sitharaman stated that insurance costs may decrease if the GST Council suggests lowering GST rates on health and life insurance policies. The GST Council is set to discuss the matter in December. If approved, reductions in GST rates would directly benefit policyholders, particularly in a competitive market.
India plans insurance law changes for unified licence, hiking FDI limit, sources say
The govt is poised to revamp its insurance laws, potentially allowing insurers a single license to operate across life, general, and health insurance. This move, coupled with a proposed increase in foreign direct investment to 100%, aims to boost the insurance sector and increase penetration, currently at a modest 3.8% of GDP.
GoM report on GST on health insurance to be placed before Council when received: Finance Ministry
Parliament was informed on Monday that the recommendations of the Group of Ministers (GoM), which is examining issues related to GST on life and health insurance, will be presented to the GST Council once received. The matter of exempting or reducing GST on life and health insurance was discussed at the GST Council's 54th meeting on September 9, 2024.
Dr. Oz could lead CMS: What it means for Medicare, Medicaid, and Trump's Health Agenda
Former television host and Senate candidate Dr. Mehmet Oz has been nominated by President-elect Donald Trump to lead the Centers for Medicare and Medicaid Services (CMS).
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Ayushman Bharat PM-JAY for 70+: 6 reasons why it can't be the primary health insurance plan for senior citizens
The Union government has expanded its Ayushman Bharat PM-JAY health insurance scheme to cover all senior citizens aged 70 and above, regardless of income. This provides free annual health coverage of Rs 5 lakh to approximately six crore senior citizens. While this is a significant step, the scheme has its limitations. As seniors consider their healthcare options, they must weigh the benefits and drawbacks of this free government health insurance to make informed decisions.
Planning to buy a health insurance? Key terms you must know
While choosing an affordable policy is important, a plan with the lowest premium may not always provide adequate protection. Be careful while buying health insurance policies.
Health insurance tax relief coming soon? GST Council may consider lowering tax rates on insurance in December meeting
The GST Council is likely to consider lowering the tax rate on certain insurance plans, including potentially eliminating the 18% tax on term life insurance. They may also eliminate the tax on health insurance for senior citizens and those with coverage up to Rs 5 lakh. However, broader GST changes are unlikely due to concerns from some states about potential revenue loss.
A guide to understanding tax benefits in digital insurance plans
Digital insurance plans are changing how we manage insurance, offering a convenient and efficient alternative to traditional methods. With these plans, you can buy, renew, and manage policies entirely online, saving time and effort. Beyond convenience, digital insurance plans offer tax benefits, helping you save money while securing your future.
Maharashtra assembly elections: MVA promises ?4k for jobless, ?3k for women every month
The Maha Vikas Aghadi made several promises at a rally in Mumbai. The coalition pledged to give women ?3,000 per month and free travel on state buses. It also announced a farm loan waiver up to ?3 lakh. Unemployed youth would receive ?4,000 per month. The MVA also promised free medicines at government hospitals and a caste census.
6 differences between insurance policy riders and add-ons
If you are confused by personal finance terms, jargon and calculations, here¡¯s a series to simplify and deconstruct these for you. In the 23rd part of this series, ET Wealth explains the difference between insurance riders and add-on covers.
Star Health Insurance launches Industry-first Braille Policy and flexible career options to support visually- impaired individuals
Star Health Insurance launches 'Special Care Gold', India's first health insurance policy in Braille, in collaboration with NAB. The initiative empowers visually-impaired individuals by providing comprehensive medical coverage and creating job opportunities as insurance agents, complete with supportive training and certification assistance.
GST cut on health insurance, life insurance: Your insurance premium likely to drop soon but by how much?
A group of ministers (GoM) tasked by the Goods and Services Tax (GST) Council to oversee rate rationalisation, is considering lowering the tax on life and health insurance premiums. This potential reduction could offer financial relief to individuals and families purchasing insurances. The GoM is expected to submit its report to the GST Council by October 31, and the final decision will be made by the GST council. Could GST on insurance premiums be reduced to zero?
Why health insurance is critical in retirement
Sharma should opt for health plans tailored for senior citizens. Such schemes are more expensive due to the higher frequency and severity of illness in older age. Senior citizen plans come with limitations like mandatory medical check-ups, high premiums, and various exclusions.
Health insurance for newborns: All you need to know
Ensuring health coverage for newborns is important for parents as it provides financial security and access to quality medical care in case of any health issues that may arise in the early stages of life.
Irdai to increase scrutiny of cyber security breaches after Star Health episode
Irdai is intensifying scrutiny of cybersecurity lapses in the insurance sector following a major data breach at Star Health Insurance. Over 31 million customers' data was compromised. The regulator has mandated an extensive audit of Star Health's cybersecurity framework. The audit aims to identify control gaps and recommend measures to prevent future breaches.
How to port group health policy to individual plan
Porting ensures continuity without losing accrued benefits. Here¡¯s how to do it.
Rs 5 lakh health insurance under Ayushman Bharat for senior citizens above 70 years: Who is eligible, benefits, how to apply
Ayushman Bharat health insurance: The government has given the green light for health insurance to be provided for all individuals aged 70 and above, regardless of their income, as part of the flagship initiative known as Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB PM-JAY). This information was conveyed through a Press Information Bureau press release dated September 12, 2024.
Ayushman Bharat health insurance cover for senior citizens above 70 years: Find eligible Ayushman Bharat hospital list near you
Ayushman Bharat health insurance cover for senior citizens: The Ayushman Bharat Pradhan Mantri Jan Arogya Yojana offers each family health insurance coverage of up to Rs. 5 lakh annually for secondary and tertiary care hospitalization. Verify the list of eligible hospitals under the Ayushman Bharat scheme in your vicinity.
Why family health insurance needs timely re-evaluation
Re-evaluating family health insurance plans is crucial to ensure adequate coverage for changing needs. Factors like family changes, job shifts, inflation, and dissatisfaction with current providers necessitate periodic reviews. Choosing the right plan involves considering coverage scope, network hospitals, claim settlement ratios, and other critical factors for optimal financial protection.
Debunking myths: The truth about critical illness insurance
This article dispels common myths about critical illness insurance, clarifying that it covers specific serious conditions, not all illnesses. It addresses misconceptions regarding coverage details, claim processes, and the impact of pre-existing conditions. The importance of critical illness insurance as a supplement to standard health insurance is emphasized, along with potential tax benefits. Ultimately, the article aims to provide readers with essential information to make informed decisions about their health coverage.
Start insurance planning before starting family
Choosing the right insurance product is a critical part of financial planning as insurance is a risk management tool and should not be confused or mixed with investments that serve a completely different purpose.
SBI Life Insurance fined Rs 1 crore for regulatory violations; Irdai asks insurer to adhere to rules to settle death claims
SBI Life Insurance has been fined Rs 1 crore by the Insurance Regulatory and Development Authority of India (Irdai) for violating regulations related to outsourcing, insurance web aggregators. The insurer was found to have engaged with web aggregators without clear agreements specifying services and fees, failed to report outsourcing payments, and repudiated claims beyond the three-year period.
5 reasons health insurance claims get rejected
Every health insurance plan has a waiting period and, if a claim is made during the waiting period, it will be rejected.
Health, life insurance policyholders' rights: Master circular issued by Irdai, know claim settlement time limit, other rules
The Insurance Regulatory and Development Authority of India (IRDAI) has issued a master circular outlining the rights of insurance policyholders. The circular, titled 'Protection of Policyholders' Interests 2024,' covers a wide range of topics, including e-insurance policies, claim settlement timelines of both life and health insurance policies, and the rights of policyholders with multiple health insurance policies. Key points from the circular that you must know as a policyholder
Star Health launches insurance policy in Braille
Star Health Insurance has launched an industry-first insurance policy in Braille, aimed at visually-impaired individuals. The 'Special Care Gold' policy, created with the National Association of the Blind, offers tailored coverage for those with 40% or more disability. This initiative aims to provide inclusive health coverage and support services for a critical but underserved segment of customers.
No-claim bonus in health insurance: All you need to know
The article explored the impact of pollution and other factors on health, and how health insurance with a no-claim bonus can help. The no-claim bonus increases coverage or reduces premiums for claim-free years. It detailed cumulative bonuses, premium discounts, and conditions for retaining bonuses even after filing claims while emphasizing considerations when choosing an insurance provider.
What is the difference between deductible, co-payment in a health insurance policy
If you are confused by personal finance terms, jargon and calculations, here¡¯s a new series to simplify and deconstruct these for you. In the fifth part of this series, ET Wealth explains the difference between deductible and co-payment.
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