Category: Probus In News

Let us say that a doctor is sued for misdiagnosis. Professional indemnity cover provides compensation against any legal fees or compensation.  Professional indemnity insurance is a type of insurance plan that provides coverage to professionals (those who offer professional services or advice) such as engineers, doctors, lawyers, accountants, consultants, architects, etc. It protects them from any… Continue reading What Is Professional Indemnity Cover And Do You Need It?

As FY 2024-2025 is nearing an end, it’s important for the policyholders to understand and explore different ways to optimise their tax liabilities beyond section 80C of the Income Tax Act when opting old tax regime. While most taxpayers are aware of the tax benefits associated with section 80C, many of them might have still… Continue reading Think beyond 80C: How insurance can help optimise your tax liabilities while opting old tax regime

The Consumer Redressal Commission has fined an insurance company Rs 1,57,000 for rejecting a claim because they considered menstruation as a disease. The amount consists of the sum assured, compensation, and legal costs. A person named Subramaniam has maintained a health insurance policy in his wife’s name since 2020. His wife was admitted to a private… Continue reading Consumer Panel Slams Insurer For Treating Menstruation As A Disease

Picture this. Say you already have a life insurance policy (A). You buy another life insurance plan (B) without disclosing to them that you are already covered under plan A. In one of its recent verdicts, the Supreme Court of India ruled that this could be valid grounds for the issuer of your policy B… Continue reading Your life insurance claim may be rejected if you take a new plan without declaring the ones you already have, says SC

Probus, one of India’s leading insurtech companies, has launched ‘Second Innings – Stories of Resilience,’ a compelling podcast series that explores the financial struggles of accomplished individuals and their journey to stability. The series brings to light the often-overlooked financial challenges behind success stories, offering listeners both insight and inspiration. The debut episode features international… Continue reading Probus Launches ‘Second Innings’ Podcast, Showcasing Parag Patil’s Inspiring Journey

Opting for an outpatient department (OPD) rider can help reduce out-of-pocket expenses such as doctor’s fees, diagnostic costs and pharmacy. While a standard health insurance covers inpatient expenses, adding a rider is a flexible and cost-effective way to enhance the coverage for individuals with chronic conditions who require frequent medical attention. In metros, the average cost of OPD services… Continue reading OPD rider enhances your annual health cover

Like in every sphere of life, AI is now being widely used in insurance. AI has brought a significant revolution in the insurance industry, especially underwriting, by enhancing accuracy, efficiency, and speed.  “Furthermore, with an AI-driven underwriting process, it is now possible to detect frauds using ML algorithms, personalize pricing based on an individual’s risk profile,… Continue reading How AI Underwriting Can Make Insurance More Cost-Effective And Inclusive

Government as well as semi-government employees can opt for postal life insurance (PLI).  There are several options to choose from. Whole Life Assurance (Suraksha): This policy offers life-long coverage and a lump sum amount upon surrender or maturity. This provides a sum assured with an accrued bonus either when the insured dies or reaches the age of 80. The minimum sum… Continue reading Postal Life Insurance: A Secure, Low-Cost Option With High Bonus Rates

Flexible health insurance plans have seen an upsurge of almost 300 per cent in the last five years in India, according to a report by Mercer Marsh Benefits (MMB). In the last couple of years, health insurance plans have become extremely modular. This means that customers can now customize their plans according to their requirements.… Continue reading Customized Health Insurance: Flexible Health Plans For Your Specific Needs

Insurers are now suggesting a CIBIL-like system in the industry, according to media reports. First, we need to understand what a credit score is in brief, and how it helps financial companies. The credit score provides individuals with credit history and financial behaviour. The higher the credit score, the better the individual’s creditworthiness. In fact, a high… Continue reading Insurers Are Now Suggesting A CIBIL-Like System In The Industry. What This Can Mean For The Policyholders