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Health, car, motorcycle insurance premium to go up from April 1

Change in premium after modification will be limited to +/- 5% of the existing rates

Press Trust of India 

Insurance
Representational image. Photo: iStock

Come April 1 your car, and will cost more with regulator Regulatory and Development Authority of India (Irdai) giving go-ahead to insurers for revision in commission for agents, as reported earlier.

The change in premium after modification will be limited to +/- 5 per cent of the existing rates.

The increase will be in addition to the enhanced third party motor rates, which too will come into affect from April.

The (Payment of Commission or Remuneration or Reward to Agents and Intermediaries) Regulations, 2016 comes into effect from April 1, 2017.

The regulator said, "The regulations bring about certain revisions in commission/ remuneration rates and also introduce the reward system."

These may trigger insurers to revisit the pricing of their products in so far as the costing input relating to commission or remuneration is concerned, said the

However, the change in premium due to the new regulations should be "limited to +/- 5 per cent of the existing premium rates of products/add-ons", it said.

Further, insurers will have to give a certificate that there is "no detrimental change" in premium rates or any other provision of policies already sold.

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Health, car, motorcycle insurance premium to go up from April 1

Change in premium after modification will be limited to +/- 5% of the existing rates

Change in premium after modification will be limited to +/- 5% of the existing rates
Come April 1 your car, and will cost more with regulator Regulatory and Development Authority of India (Irdai) giving go-ahead to insurers for revision in commission for agents, as reported earlier.

The change in premium after modification will be limited to +/- 5 per cent of the existing rates.

The increase will be in addition to the enhanced third party motor rates, which too will come into affect from April.

The (Payment of Commission or Remuneration or Reward to Agents and Intermediaries) Regulations, 2016 comes into effect from April 1, 2017.

The regulator said, "The regulations bring about certain revisions in commission/ remuneration rates and also introduce the reward system."

These may trigger insurers to revisit the pricing of their products in so far as the costing input relating to commission or remuneration is concerned, said the

However, the change in premium due to the new regulations should be "limited to +/- 5 per cent of the existing premium rates of products/add-ons", it said.

Further, insurers will have to give a certificate that there is "no detrimental change" in premium rates or any other provision of policies already sold.
image
Business Standard
177 22

Health, car, motorcycle insurance premium to go up from April 1

Change in premium after modification will be limited to +/- 5% of the existing rates

Come April 1 your car, and will cost more with regulator Regulatory and Development Authority of India (Irdai) giving go-ahead to insurers for revision in commission for agents, as reported earlier.

The change in premium after modification will be limited to +/- 5 per cent of the existing rates.

The increase will be in addition to the enhanced third party motor rates, which too will come into affect from April.

The (Payment of Commission or Remuneration or Reward to Agents and Intermediaries) Regulations, 2016 comes into effect from April 1, 2017.

The regulator said, "The regulations bring about certain revisions in commission/ remuneration rates and also introduce the reward system."

These may trigger insurers to revisit the pricing of their products in so far as the costing input relating to commission or remuneration is concerned, said the

However, the change in premium due to the new regulations should be "limited to +/- 5 per cent of the existing premium rates of products/add-ons", it said.

Further, insurers will have to give a certificate that there is "no detrimental change" in premium rates or any other provision of policies already sold.

image
Business Standard
177 22