Page 28 - Latest Updates on IRDAI
Irdai launches standard personal accident cover, max Rs 1 cr sum assured
General and standalone health insurers will have to offer product from April 1, full claim payable on death with 12 months of accident date, even after the end of policy period
 "Irdai launches standard personal accident cover, max Rs 1 cr sum assured")
IRDAI approves Axis entities' stake acquisition in Max Life Insurance
In addition, Axis entities have the right to acquire an additional stake of up to 7 per cent in Max Life in one or more tranches which they intend to acquire in the next few years
 "IRDAI approves Axis entities' stake acquisition in Max Life Insurance")
Axis entities get Irdai approval to acquire stake in Max Life Insurance
Axis Entities will have the right to acquire another 7 per cent in the life insurance company, in or more tranches
 "Axis entities get Irdai approval to acquire stake in Max Life Insurance")
Irdai forms panel to review security guidelines to deal with cyber-attacks
Irdai on Wednesday said it has formed a committee to review its information and security guidelines due to exponential increase in cyber-attacks across the globe in the wake of COVID-19
 "Irdai forms panel to review security guidelines to deal with cyber-attacks")
Banks, brokers get most complaints for mis-selling insurance products
In 2018-19, banks received more than 12,000 mis-selling complaints; brokers close to 11,000. The number was even higher in FY18.
 "Banks, brokers get most complaints for mis-selling insurance products")
Irdai urges general insurers to file products for drone coverage
If the bodily injury results in permanent disability, the insurer will have to pay 125 per cent of the sum assured.
 "Irdai urges general insurers to file products for drone coverage")
General insurers' underwriting losses up 6.3% in FY20: Irdai Annual Report
While state-owned insurers' losses rose 1.12% to Rs 18,741 cr, those of private insurers were up over 26% to Rs 3,647 cr
Unable to get health cover? Buy a standard vector-borne disease insurance
Standard policy will make price comparison across insurers easy
 "Unable to get health cover? Buy a standard vector-borne disease insurance")
Irdai Working Group bats for introduction of index-linked insurance plans
With investment markets turning volatile, customers are preferring guaranteed products. This, in turn, has increased the balance sheet risk for insurers
Irdai panel suggests introduction of index-linked insurance products
An Irdai panel has made a case for the introduction of index-linked insurance products (ILIP) an apt alternative to the current conventional guaranteed products and ULIPs
Exploring indexing annuity rates to inflation or G-secs: Irdai Chairman
Annuity products may switch to floating rates from fixed, which generally give lower returns to customers
 "Exploring indexing annuity rates to inflation or G-secs: Irdai Chairman")
Policybazaar.com sells 400,000 health policies in April-December 2020
Covid-19 pandemic and increased awareness about health plans, along with factors such as flexible payment options and availability of higher sums insured created a surge in demand
 "Policybazaar.com sells 400,000 health policies in April-December 2020")
Saral Pension promises higher liquidity than existing plans: Details here
Surrender, loan options will encourage those wary of illiquid annuities
 "Saral Pension promises higher liquidity than existing plans: Details here")
Irdai introduces 'Saral Pension', a standard individual annuity product
It is an immediate-anuuity product comes that all life insurers must start offering by April 1
 "Irdai introduces 'Saral Pension', a standard individual annuity product")
Insurers asked to adopt one aspirational district each, says IRDAI Chairman
IRDAI chairman is concerned over low level of insurance penetration in the country
 "Insurers asked to adopt one aspirational district each, says IRDAI Chairman")
Auto dealers can work as sales channel for motor insurance: Irdai panel
They may work as insurance intermediaries in much the same way as an insurance broker, but must solicit motor insurance business only
 "Auto dealers can work as sales channel for motor insurance: Irdai panel")
Irdai working group proposes 'traffic violation premium' in motor insurance
It will float over own damage and third party sections and can be attached to any section of motor insurance cover bought
 "Irdai working group proposes 'traffic violation premium' in motor insurance")
Forge agreement on coronavirus treatment rates: Irdai to insurers
However, the insurers should make efforts to have agreement with health providers on rates for treatment of Covid-19 similar to other diseases
 "Forge agreement on coronavirus treatment rates: Irdai to insurers")
IRDAI sets up panel to examine availability of health insurance products
Irdai set up a panel of experts to examine the availability of health insurance products in the country considering the need of the Indian society and recommend suitable products and processes.
Irdai for extending validity of sandbox regulations by another 2 years
Due to Covid-19, most could not be completed within six months and they have been granted six months' extension
 "Irdai for extending validity of sandbox regulations by another 2 years")