Abhishek Securities

  Non-life  insurers  are seeing rising demand for  health policies  under the equated monthly instalment (EMI) option. Insurers attribute this to reduced affordability due to a fall in income and job losses, even as the need for a cover has gone up due to the pandemic. In September 2019, the Insurance Regulatory and Development Authority of India (Irdai) allowed companies to sell policies with monthly, quarterly or yearly mode of payment. After the Covid pandemic broke out, in April this year, Irdai directed insurers to extend this facility. Over a dozen companies now offer this option. Most people opting for EMI mode are new-to-insurance customers. “As high as 40-45% in the EMI segment are first-time buyers. About 40% opt for  health coverage  of Rs 5-10 lakh, and another 40% opt for the Rs 25 lakh-Rs 1 crore sum insured,” said Policybazaar business head (health) Amit Chabra. The average premium range is from Rs 7,000-18,000 per year. So the monthly ...

  AU Small Finance Bank entered into agreement with Care Health Insurance Company for health insurance products as Corporate Agent. The Bank has been issued certificate of registration CA0515 under Registration of Corporate Agents - Regulations, 2015 by Insurance Regulatory and Development Authority of India (IRDAI) and Bank has entered into agreement with Care Health Insurance Company (formerly known as Religare Health Insurance Company) for health insurance products, AU Small Finance Bank said. This tie up shall be mutually beneficial for Care Health Insurance Company and AU Small Finance Bank in terms of business, market penetration and reach. The announcement was made after market hours yesterday, 3 November 2020. Shares of AU Small Finance Bank rose 0.28% to settle at Rs 771.80 yesterday. AU Small Finance Bank is a scheduled commercial bank which transited from an Asset Financing NBFC to an SFB; started in 1996; commenced banking operations in 19 April 2017. Sandip Ginodia , C...