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Searched Tag: health insurance

Some of these clarifications pertain to insurance companies since the GST Council exempted premium on individual health and life insurance policies from GST in its September 3 meeting. Previously, these came under the 18 per cent tax slab

Insurance companies can’t claim ITC on certain inputs: CBIC

September 16, 2025, 07:13 PM - 4 min read

Issuing a set of FAQs to provide clarification on the tax rationalisation of the GST, the Central Board of Indirect Taxes and Customs (CBIC) said insurance companies can no longer avail ITC on commissions and brokerages for individual health and life insurance policies

Expectedly, insurance stocks soared on Thursday, with Star Health and Allied Insurance Company surging over 9 per cent, Niva Bupa Health Insurance Company zoomed 9 per cent, ICICI Prudential Life Insurance Company jumped 5.70 per cent, ICICI Lombard General Insurance Company rallied 5 per cent, Life Insurance Corporation of India climbed 5 per cent, HDFC Life Insurance Company went up 4.90 per cent and SBI Life Insurance Company surged 4.88 per cent on the BSE

Insurance stocks shine as life, health insurance exempt from GST

September 4, 2025, 03:06 PM - 5 min read

One of the many outstanding decisions of the rationalisation is that GST has been exempted on individual life insurance, including term, ULIP, and endowment plans and reinsurance services. Currently, premium payment on such policies attracts an 18 per cent tax

Is health insurance a hoax?

May 17, 2025, 06:07 PM - 2 min read

A survey has cast aspersions on the efficacy of health insurance in India, citing rising hospitalisation and medical costs

The Insurance Regulatory and Development Authority of India (IRDAI) has mandated that insurance companies must implement cashless settlement systems for health insurance claims by August 1, 2024.

IRDAI mandates cashless health claims by August 1

June 11, 2024, 06:01 PM - 2 min read

According to IRDAI’s Master Circular on health insurance business, insurers must decide on cashless authorisation requests within one hour of receipt and grant final authorisation within three hours of receiving the discharge request from the hospital.

LIC eyes health insurance amid composite license talks

LIC eyes health insurance amid license talks

May 28, 2024, 02:32 PM - 2 min read

LIC chairman Siddhartha Mohanty announced plans for LIC to enter the health insurance segment, potentially exploring inorganic growth opportunities, as expectations rise for composite licensing in the insurance sector following a parliamentary panel's recommendation.

A recent survey conducted by LocalCircles has shed light on the challenges encountered by health insurance policyholders, with over 40% facing difficulties in securing payments for medical treatments.

Survey finds over 40% of health insurance policyholders encounter claim issues

May 3, 2024, 01:36 PM - 2 min read

Identifying six major issues impacting policyholders, the survey highlighted concerns such as a lack of complete information about claim exclusions and eligibility criteria, confusion arising from complex contract language and technical terms, and claims being rejected due to pre-existing conditions.

Senior citizens in India, regardless of age or existing medical conditions, can now purchase health insurance, bringing a sigh of relief to millions above the age of 65.

Age no longer a barrier: India opens health insurance to all

April 23, 2024, 06:08 PM - 2 min read

This development follows the pledge made by the ruling Bharatiya Janata Party (BJP) in its election manifesto, promising to include "everyone over the age of 70 years" under the government's Ayushman Bharat health insurance scheme.