Insurance company can’t deny claim if someone gets delay in filing: Supreme Court

This is one of the best announcement done by Supreme Court that people don’t have to suffer anymore with their insurance policy while claiming even if there is a delay. There has been an on-going issue while claiming insurance policy if there is a delay due to any reason.

Supreme Court has also said that this needs to be taken care by all insurance companies otherwise people will lose confidence in this industry.

A bench of Justice R K Agrawal and Justice S Abdul Nazeer set aside the verdicts of various consumer courts, including the National Consumer Disputes Redressal Commission (NCDRC), which had ruled that insurance companies could deny the benefit of cover for the delay in filing the claims.

A recent news that Supreme Court has asked “Reliance General Insurance Company” to pay Rs 8.35 lakh to a Hisar-based customer whose insured truck was stolen but his claim rejected on the grounds of delay in filing it.

Justice Nazeer (who wrote the judgment) said that “It is true that the owner has to intimate the insurer immediately after the theft of the vehicle. However, this condition should not bar settlement of genuine claims, particularly when the delay in intimation or submission of documents is due to unavoidable circumstances. The decision of the insurer to reject the claim has to be based on valid grounds. Rejection of the claims on purely technical grounds in a mechanical manner will result in loss of confidence of policyholders in the insurance industry”.

The court also said that a practical approach has to be taken in these type of cases because people who lose their vehicle may not go to the insurance company straight away rather they want to trace it first themselves.

So basically, facts need to be checked before rejecting the claim and claim should not be rejected just because there is a delay while contacting the insurance company.

HDFC Life, Apollo Munich team up for dual cover

This is just great news for all of us that HDFC Life insurance and Apollo Munich Health have decided to launch a plan “Click2Protect Health Plan”, which will provide both Life and health cover under a single plan.

Both companies have combined their plan as below:

  • The benefits of HDFC Life’s ‘Click2Protect 3D Plus (term) protection plan and
  • Apollo Munich’s ‘Optima Restore health indemnity plan.

Subrat Mohanthy (Senior EVP, HDFC Life) said that “We have combined our flagship term insurance product with Apollo Munich’s flagship health insurance product. The regulatory encouragement to actually have a combination product, which offers a combination of life and health insurance benefits, gave us the idea that we should bring these two products together”.

He also said that “Through a single proposal form, single medical, single premium, customers can get both the products together, making it convenient for them. It is also cheaper because there is an overall 5 percent discount if the customer buys the two products together”.

Both companies have issued a joint statement below:

Include the waiver of future premiums on account of accidental total permanent disability or in the diagnosis of critical illness, and special premium rates for women and non-tobacco users.

Multiplier benefit

Further, hospitalization profit blankets in-patient treatment, pre-and post-hospitalisation costs alongside restore profit (cover sum is restored to an additional disease alternately gang member) What’s more multiplier profit (upon a claim-free year, that essential whole of cash guaranteed individually expands by 50 percentage and, whether those second quite a while excessively awful will be claim-free, after that the fundamental aggregate guaranteed individual may be doubled).

As stated by those statements, the arrange likewise hails for incredulous point rider coating eight basic illnesses, for example, such that cancer and heart ailments, Furthermore additionally gives cashless medicine abroad to these illnesses.

Partnership between A US small finance bank and Aditya Birla Health Insurance

AU small finance bank will be selling health insurance product of Aditya Birla Health Insurance as per their Agreement.

The Bank (AU Small Finance Bank) said while regulatory filling that we have entered into the agreement with Aditya Birla Health Insurance Company Ltd (ABHICL) to act as a corporate agent for health insurance business.

AU Bank said that, considering benefit for both the companies mutually in terms of business, market penetration as well as reach.

AU bank is a small finance company and provides services as:

  • savings and current account
  • Term deposit
  • Debt card
  • Insurance
  • Retail loans as well as wholesale banking.

Initially, it was known as Non-Banking Finance Company (NBFC) – AU Financers and it is based in Jaipur.

In December 2016, AU Transformed into the role of a SFB as AU small finance bank (SFB) after approval from RBI.

AU started the small finance banking in April this year and it hits the stock market in an initial public offer (IPO) in July this year.

In the first quarter ended June of the current fiscal, company’s net profit grew by 4.6 percent to Rs 61.83 crore, as against Rs 59.08 crore in the same period year ago.

The total assets, as on June 30, 2017, stood at Rs 10,972.83 crore.

Shares of the company were trading at Rs 562.40, down 0.27 percent on BSE in the afternoon today.