Latest news with #HimaliPatel
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Business Standard
5 days ago
- Business
- Business Standard
Beware pressure tactics: Limited-time deals and fear-based appeals
This National Insurance Day, let us look at the various types of fraud that are taking place and how you can avoid falling prey to them Himali Patel Mumbai Listen to This Article A 65-year-old retired resident of Mumbai lost ₹2.36 crore to an online insurance refund scam. Fraudsters posing as officials from regulatory bodies like the Insurance Regulatory and Development Authority of India (Irdai), National Securities Depository Limited (NSDL), and National Payments Corporation of India (NPCI) contacted him via WhatsApp in November 2024, promising refunds for premiums of seven lapsed insurance policies. After paying an initial processing fee, the victim was asked to make several more payments under various pretexts. When no refund materialised, he realised in May 2025 that he had been defrauded and lodged a complaint. This National Insurance Day,
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Business Standard
25-06-2025
- Business
- Business Standard
Bank's group coverage: Affordable, easier to acquire; but check for limits
Group insurance from banks may be affordable and easy to onboard but customers must watch for coverage limits, exclusions, and renewal risks before signing up Himali Patel Listen to This Article Sagar Malik, 54, a Delhi-based content writer, was recently informed by his bank that a group policy for which he had been paying the premium for several years was being terminated. The abrupt termination of the policy left him feeling short-changed. Range of group policies Banks offer a wide range of group insurance plans — personal accident, health, hospital cash, home insurance, credit protection, and critical illness. 'Typically, these products are linked to savings accounts, fixed deposits (FDs), credit cards, and other core banking products,' says Arti Mulik, chief technical officer, Universal Sompo General Insurance.
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Business Standard
18-06-2025
- Business
- Business Standard
Undisclosed crypto income: Respond to taxman's notice, file revised return
Underreporting or misreporting crypto income can lead to penalties ranging from 50 to 200%, even imprisonment of up to seven years Himali Patel Listen to This Article The Income-Tax (I-T) Department has detected widespread tax evasion involving cryptocurrencies and, according to media reports, has issued emails to thousands of defaulting taxpayers seeking transaction details. Investors must understand the tax rules governing crypto assets and respond promptly to these emails. How evasion is detected The department gathers data on cryptocurrency activity from several sources. 'Reporting agencies such as cryptocurrency exchanges and banks are obligated to report transactions through the Statement of Financial Transactions (SFT) to the tax department. Since July 1, 2022, TDS deduction is applicable on crypto transfers, which serves as a direct reporting to the I-T
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Business Standard
02-06-2025
- Business Standard
Travel insurance: Choose sum insured based on health, age and trip type
Longer trips, adventure activities and remote destinations require higher coverage; policy sub-limits, pre-existing conditions and travel risks must be factored in premium Himali Patel Listen to This Article Indians wish to travel more frequently and are prepared to spend more on travel. Thomas Cook and SOTC's India Holiday Report 2025 says that 85 per cent of respondents in a recent survey planned to increase their holidays from two per year to four or six trips annually. Around 84 per cent intend to boost their travel spends by 20–50 per cent in 2025, with over 18 per cent aiming for a 50 per cent increase. Before setting out for a foreign destination, holidaymakers must purchase a travel insurance policy with an adequate sum insured and sufficient limits for each
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Business Standard
21-05-2025
- Business
- Business Standard
Unlimited health cover is helpful, but ensure your plan has these features
A cumulative bonus rider can increase the sum insured without an increase in premium Himali Patel Listen to This Article Future Generali India Insurance has launched 'Health Unlimited', an insurance plan that offers unlimited coverage once in a lifetime. ICICI Lombard had earlier introduced a similar offering — Elevate (with the Infinite Care add-on). While this benefit is significant, policyholders should ensure their plan includes additional features that can help them cope with steep medical inflation. Buy adequate sum insured Families living in metro cities should opt for a higher sum insured. 'Health care costs in India are rising sharply, driven by an annual medical inflation rate of 14 per cent. Moreover, the cost of advanced treatments is also high
