"health insurance"

Aditya Birla Firm Registered as Sixth Player in Health Insurance

Posted on 28 Jul 2016 by Easypolicy

Aditya Birla Health Insurance has become the sixth company in India to be registered in the segment, regulator IRDA today said. 

The newest health insurance is promoted as joint venture of Aditya Birla Financial Services Limited (ABFSL) of India and MMI Strategic Investments (Pty) Limited (MMI) of South Africa. 

The company has been registered as a health insurer for conducting health insurance business, Insurance Regulatory and Development Authority of India (IRDA) said, adding that the Certificate of Registration was issued on July 11. 

With this registration, the total number of Health Insurers registered with the Authority has gone up to six. 

This is the first health insurance company to be issued Certificate of Registration, after the amendment of the Insurance Act, 1938 which recognized the segment as a separate class of business.

Source: Economic Times

Dated: 18th July, 2016

Tax-free medical reimbursement limit may be hiked

Posted on 16 Feb 2015 by Easypolicy

New Delhi: The government is reviewing the tax free medical reimbursement limit, currently fixed at Rs 15,000 a year, besides looking at making it more attractive for individuals to buy medical insurance policies.

As per the sources both the issues are being looked at ahead of the Budget with some indicating that there is a possibility that the limit on tax-free medical reimbursement from employers may be raised to Rs 25,000 a year, given the rising medical costs in the country.

The government which allows a deduction of Rs 15,000 a year for medical insurance premium paid for spouse, children as well as the policyholder, is looking at encouraging individuals to buy a higher cover. In case of senior citizens, the limit is Rs 20,000.

Aditya Birla Group soon to enter into health insurance business

Posted on 12 Feb 2015 by Easypolicy

New Delhi: Aditya Birla Nuvo Ltd (ABNL), a diversified conglomerate is soon planning to enter into health insurance business in the country.

The Group said in the presentation, “Gaining market share in the life insurance business through good quality sales driven by an efficient distribution network with acceptable expense levels...Foray into the health insurance business.”

The government recently has allowed to raise the foreign direct investment (FDI) limit in insurance sector from 26% to 49%.

The penetration ratio in the life insurance sector is 4.4% and in the non-life segment, it is 0.76%.

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