The New Year is set to usher in a string of changes that will affect your money box. From renewing your bank locker agreement to taking note of revised insurance KYC norms and mutual fund rules, here are six developments you ought to bear in mind.
The Insurance Regulatory and Development Authority of India (IRDAI) went on overdrive this year to facilitate ease of doing business, LIC went public, life insurance companies sold guaranteed return products on the back of higher interest rates while health insurers rolled out wellness and OPD benefits.
Buying a term life insurance policy is the decision of a lifetime. So, it’s important that the amount arrived at is correct. Human life value (HLV) is one of the methods of computing the right cover amount.
Insurance penetration in India during 2021-22 was 4.2 per cent, remaining same as in 2020-21.
For group health insurance, Flexi GMC is the next frontier. Employees are increasingly seeking greater participation in designing the benefits that are most relevant to them. The one-size-fits-all has its limitations.
The regulatory changes proposed by IRDAI will give a further boost to growth and also improve penetration, says actuarial firm Milliman India has said
Buying health insurance when you are comparatively younger and healthier will supplement your employer-provided cover for any higher hospitalisation bills and there will be no hassles in terms of renewability. If you want to buy insurance at an advanced age and have some new health issues, insurers may not even be willing to cover you.