CASHLESS CONSUMER
Group health insurance claims: 5 common claim deductions and disputes employees should know about
Most group plans cover pre-existing diseases from day one, and individual employees are not medically underwritten. Barring a few exceptions, disputes are rarely about whether a claim is admissible. They are mostly about deductions.
The business of running a hospital: Balancing profitability, patient trust and scale
A hospital’s financial health depends on more than occupancy and revenue, requiring a careful balance of cost control, cash flow and patient trust.
₹10 lakh dengue health claim rejected over 2-year waiting period for a spinal disc condition; here’s why the policyholder won
A significant ruling by the Delhi State Consumer Disputes Redressal Commission found in favor of a policyholder whose dengue hospitalisation claim was denied by HDFC Ergo due to a waiting period clause. This case highlights the importance of understanding policy exclusions and the need for insurers to substantiate their claims rejections with clear policy terms.
HealthRail: Turning India's hospital receivables into growth capital
In a strategic move to streamline hospital cash flow, HealthRail is offering expedited access to accrued revenues. This initiative specifically addresses the payment delays that hospitals experience with insurance providers and public funding programs. By lowering days sales outstanding for qualifying receivables, this system aims to substantially bolster hospitals' liquidity.
India-Chile trade negotiations: A quiet and strategic deal beyond tariffs
India and Chile are progressing with negotiations for a Comprehensive Economic Partnership Agreement to enhance trade relations. The agreement will focus on sectors such as digital services, critical minerals, and investment. Both nations seek to diversify their trade partnerships and reduce reliance on single markets, particularly in mineral exports.
AI can decode your insurance policy, but can it predict your claim? Know the limits
Navigating health and life insurance policies can be daunting due to complex jargon and lengthy documents. AI can simplify understanding by highlighting key terms and clauses, making it easier to identify coverage and exclusions. However, reliance on AI has its limits; understanding the nuances of individual claims still requires personal context and human interaction.
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Only ₹2 lakh was paid by Star Health against a claim of ₹4.28 lakh, citing a sub-limit clause: Here’s why the policyholder won ₹2.28 lakh more
A recent case involving Star Health and Allied Insurance highlights the complexities of health insurance policies with disease-specific sub-limits. After a renewal and an increased sum insured, a claim for cerebrovascular accident treatment faced limitations due to alleged sub-limits. The consumer commission found deficiencies in service, raising important questions about transparency and policy terms in health insurance contracts.
Apple Pay launches in India: Here's everything you need to know
In an exciting development, Apple has rolled out its payment service, Apple Pay, in India through a collaboration with Axis Bank. Users holding Axis Bank cards can easily enact contactless transactions. The process of adding cards is straightforward with the Wallet app or the Axis Bank app, with no need for PINs or OTPs.
Apple Pay comes to India with Axis Bank Visa, Mastercard credit cards
Apple Pay has officially launched in India, allowing users to make contactless payments using Axis Bank credit cards. Users can add their Visa and Mastercard credit cards to Apple Pay to facilitate these payments. The service provides a secure and private method for transactions without requiring PINs or OTPs. This launch marks a significant expansion in digital payment options available to Indian consumers.
IRDAI insurance commission curbs: Why the industry is facing a reckoning
The IRDAI's move to tighten commission caps in India's insurance sector has sparked considerable attention. Despite previous regulatory attempts, gaps in the system have allowed questionable practices to thrive amongst distributors. The latest adjustments aim for enhanced transparency and robust consumer safeguards. Consequently, the sustainability and credibility of the insurance industry are now being critically assessed by stakeholders.
New indicator for New India: 25 stocks whose numbers can reveal what is in store for the economy and the stock market
For decades, there was a familiar way to understand the Indian consumer. Economists waited for GDP, industrial production, inflation, credit growth and other official numbers, and then used them to work out whether households were spending more or pulling back. Those indicators still matter. But the Indian consumer has changed faster than the dashboard used to track consumption and spending patterns. Check out Stock Reports Plus, powered by Refinitiv, for price targets of over 4,000 listed stocks along with detailed company analysis focusing on five key components – earnings, fundamentals, relative valuation, risk, and price momentum – to generate standardised scores. SR+ Reports is a complimentary offering to ETPrime members.
Cashless health insurance claims: What policyholders can do when hospitals and insurers clash over bills, approvals, and deductions
Inflated bills, delayed approvals, arbitrary deductions. As hospitals and insurers trade charges, policyholders are left footing the bill. What will it take to fix the system?
You may soon buy motor insurance via Bima Sugam when buying a new car; dealers can't deny cashless repairs if IRDA proposals are implemented
IRDAI's proposed reforms could revolutionize motor insurance purchases, making them more transparent and customer-friendly. With direct digital buying options, increased awareness of alternatives, and safeguards against dealer biases, these changes aim to empower policyholders and enhance competition. Discover how these adjustments could impact your next car or two-wheeler insurance policy.
Tighter mis-selling rules, easier insurance buying and more: 4 prominent changes proposed by IRDAI that could affect policyholders the most
The IRDAI has proposed transformative reforms to enhance insurance distribution in India, focusing on affordability and transparency. Key changes include limits on insurer expenses, greater disclosure of commissions, and measures to reduce mis-selling. While these reforms aim to empower consumers, concerns about the impact on market competition and the viability of low-premium policies remain.
UPI vs credit cards - How India's payments system is boosting savings and benefitting multiple stakeholders
The Anglo-Saxon economies of the US, United Kingdom and Australia show a reduction in household savings rates along with a growth in credit card usage, while European nations such as Germany, France and the Netherlands— that encourage the use of debit cards over credit cards—report a higher household savings rate.
PVR INOX asks to pay using UPI only; customer sends legal notice for refusing to accept cash payment
PVR INOX asked an Ahmedabad advocate to pay using UPI only and refused to accept his cash payments. He has sent a legal notice to PVR INOX Ltd after its Palladium Mall cinema refused to accept cash for a movie ticket and food, forcing him to pay via UPI. The notice cites the RBI Act on legal tender and the Consumer Protection Act, and seeks a response within seven days, failing which the advocate may move a consumer commission.
Psychology says people who always keep a lot of cash in their wallets may be seeking more than financial security
People may carry cash for very different reasons. For some, it is a practical way to control spending; for others, it provides reassurance in case of an emergency. Some may simply feel more comfortable using money they can physically see and hold.
Rs 5 lakh health insurance claim denied by insurer over waiting period for pancreatitis; here's why the policyholder's wife won
A health insurer cannot automatically reject claims using waiting-period clauses. The Mumbai Consumer Commission ruled that insurers must prove a condition was pre-existing, not just rely on policy terms. This landmark decision emphasizes fairness and consumer protection, reminding policyholders to understand their policy's nuances and challenge unjustified rejections.
Google removes five rogue lending applications
These apps, whose names resembled legit companies, offered users short-term credit at very high interest rates and then, in some cases, harassed or abused the borrowers for repayment
Satya MicroCapital collects Rs 100 crore through cashless transactions
18% was collected by the MFI in the first year of its operations, 40% in the second year and 42% during the first half of 2019.
Post note ban, most retailers ready to accept cashless payments, finds CDFI-IIMB survey
The study, which compared trends before and after demonetisation, found that about 76% of the consumers still “always” prefer to use cash, but this number seems to be reducing.
Government asks states to accept power tariff in digital transactions only
Power, coal, renewable energy and mines minister Piyush Goyal are scheduled to meet power ministers of all states in Delhi in a two-day conference on Wednesday.
70% want charges imposed on cash transactions to be removed: Survey
While banks are posing this move as another step towards making India a cashless economy, consumers are calling it a bad decision, according to survey conducted by LocalCircles.
No updates for 50 per cent UPI apps in 50 days
The UPI platform is managed by the National Payments Corporation of India (NPCI), which enables bank account holders to send and receive money instantly
Ensure 100% cashless dealings within 15 days deadline: Ram Vilas Paswan
Ram Vilas Paswan said that an advisory will be issued to state governments to promote cashless transactions at ration shops.
PM Narendra Modi asks ministries, departments to go cashless
Officials have been asked to send status report about their respective ministries and departments to PMO. A follow-up Cabinet meet too could be held soon.
Techprocess ties up with NumberMall for cashless payments in rural kirana stores
Paynimo is inter-operable with more than 185 payment modes, including credit and debit cards, net-banking, e-wallets and the likes.
Digital wallet company Freecharge announces partnership with Barista
Freecharge which had earlier partnered with McDonald's and Cafe Coffee Day, said that the partnership is aimed at making the bill payment process swifter and more secure for consumers.
Not providing cashless service costs ICICI Lombard Rs 50K
Consumer Court directs ICICI Lombard to pay Rs 50,000 as compensation to one of its policy holders for harassing him by not providing cashless medical facility.
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