Weekly Insurance Round-up Tuesday, February 15, 2022
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We're back with the latest edition of Beshak's Weekly News Round-up 🗞️ - an analysis of all Insurance News & Updates, straight from our in-house research team! 🧐
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✴️ Demand for OPD covers increases during Covid-19 third wave ⬆️
✴️ LIC policyholders can now revive their lapsed policies 📜
✴️ Premium income of life insurance companies increased by 2.65% in January 2022 📈
✴️ HDFC Ergo partners with Visa for insurance cover on select bank cards 💳
✴️ ICICI Lombard ties up with Airtel Payments Bank to offer cyber insurance 🤝
- With hospitalisation rates going down and the rates of doctor consultation and diagnostic investigation going up, insurers are witnessing an increase in demand for the Outpatient Department (OPD) covers.
- OPD cover is an add-on provided by insurers to cover the expenses incurred during OPD consultations, like normal check-ups, diagnostic tests, etc. This cover can be availed by paying an additional premium to the insurer while buying a new policy or at the time of renewal.
- Insurers like ICICI Lombard, Digit Insurance, Bajaj Allianz, Acko Insurance, and Kenko Health, a health management organisation, have witnessed the increase in demand for OPD covers.
Source: The Times Of India
- Life Insurance Corporation of India(LIC) policyholders can now revive their lapsed individual policies through LIC’s policy revival campaign, which began on 7th February 2022 and will continue till 25th March 2022.
- Policyholders can revive only those policies that have lapsed in the last 5 years but haven’t completed the term.
- They can also get concession benefits for their policies (except for term assurance and high-risk plans), depending on the total premiums they’ve paid. The concession provided is as follows:
|Total receivable premium||% Concession of the late fee allowed||Maximum concession allowed|
|Up to ₹1,00,000||20%||₹2,000|
|From ₹1,00,001 to ₹3,00,000||25%||₹2,500|
|₹3,00,001 and above||30%||₹3,000|
- A full concession in late fee is being offered for micro-insurance plans which are eligible for revival.
- This campaign is launched by LIC for the benefit of those policyholders who were unable to pay the premiums due to unavoidable circumstances.
- A similar campaign was launched by LIC in the past as well from 23rd August 2021 to 22nd October 2021.
Source: The Times Of India
- As per the latest New Business Statement Of Life Insurers released by IRDAI on 7th January 2022, the new business premium income of all life insurers has increased by 2.65%.
- The new business premium for January 2022 was ₹21,957.03/- Cr. as compared to ₹21,389.70/- Cr for January 2021.
- On a cumulative basis, the new business premium collected by the life insurers was ₹2,27,188.89/- Cr. up to 31st January 2022 which was 6.49% more than ₹212,436.09/- Cr collected up to 31st January 2021.
- The private life insurer’s new business premium for January 2022 was ₹9,020.75/- Cr. which was 9.39% more than ₹8,246.06/- for January 2021 and the new business premium on a cumulative basis increased by 27.35% up to 31st of January 2022.
- The new business premium of LIC for January 2022 was ₹12,936.28/- Cr. which was 1.58% less than the new business premium collected for January 2021 i.e. ₹13,143.64/- Cr.
- The new business premium collected by LIC up to 31st January 2022 i.e. ₹1,38,951.30/- Cr was also 2.93% less than the premium collected up to 31st January 2021 i.e. ₹1,43,148.07/- Cr.
Source: Zee Business
- HDFC Ergo and Visa have come together to provide tailored insurance covers for Visa platinum card holders for select public sector banks.
- As the usage of cards for digital transactions has increased during the pandemic, it has given way to payment frauds and unauthorised transactions.
- With this partnership, HDFC Ergo aims to insure the risk of fraudulent transactions by enabling the issuing banks to offer zero liability to their cardholders.
- Airtel Payments Bank and ICICI Lombard have come together to offer customers insurance for cyber crimes and financial frauds.
- ICICI Lombard aims to provide financial protection to customers and minimise insurance fraud linked with banking, credit or debit card, identity theft, phishing or email spoofing, and more.
- Customers of Airtel Payments Bank can buy the insurance policy through the Airtel Thanks app and also make multiple claims in a policy year as per the limits of the policy.
- The insurance plan provides a 90 day discovery period and 7 day reporting period. Meaning, if the customers learn about an unauthorised transaction processed from their card or account on the 90th day from the transaction date, they can still report it in the next 7 days to the mobile wallet company or the issuing bank.
- The IRDAI had cited the importance of cyber insurance as digital fraud and cyber theft increased during the pandemic. So, this tie-up will be an innovative solution from ICICI Lombard.
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