Beshak In The News

“Insurance is a scam.” This is something that a lot of people have heard or thought before. However, we should take a moment to reflect because this is not the only side of the tale. Let's uncover the myths, the realities, and the best ways to safeguard your future when it comes to insurance in India as Beshak's founder, Mahavir Chopra, breaks it down in simple terms

The Insurance Regulatory and Development Authority of India (IRDAI) has taken a mission-focused approach to make 'Insurance for All' a reality by 2047. Patanjali Ayurved and DS Group, the maker of Rajnigandha, will purchase Magma General Insurance from Sanoti Properties LLP for a valuation of Rs 4,500 crore.

According to insurance companies, the primary cause for price hikes in health insurance premiums is the increase in claims. In the last decade, a majority of policyholders witnessed their premiums increase by 5-10% annually. This resulted in their Rs 100 premium growing to Rs 162-259 over the span of 10 years.

IRDAI's 10% cap on health insurance premium hikes for senior citizens offers much-needed relief, but it also raises questions about long-term sustainability, insurer practices, and the future of affordable healthcare.

Irdai has capped annual increases at 10%. While this ensures predictability for policyholders, experts warn of potential challenges, including stricter underwriting and claim settlements.

Customers are increasingly favouring pure term plans over return-of-premium (ROP) policies, while also improving coverage with additional benefits, or riders.

Saif Ali Khan, a renowned Indian actor, has filed a claim of ₹35,95,700 based on the expected cost of his treatment due to injuries sustained during alleged burglary attempt. His insurance provider, Niva Bupa Health Insurance, approved ₹25 lakh. This has sparked a debate on social media on discrimination. Some of the doctors and insurance expert has shared their insights.

Cancer-specific policies, which only cover cancer, are available as indemnity-based or fixed-benefit plans. Fixed-benefit plans offer a lump sum payout upon diagnosis and sometimes include an income benefit. Cancer-specific policies typically cover all stages of the disease.

A good rule of thumb is to purchase term cover amounting to 7-10 annual income, plus outstanding liabilities