Under a mediclaim policy, the insurance company is required to reimburse the cost of hospitalization and treatment. What happens when the follow-up treatment after discharge requires use of expensive medical equipment? Is the insurance company liable to reimburse the cost of the equipment? Yes, says a significant ruling of the Delhi State Commission.

Insurers liable to pay for life-saving equipment

Business Standard

The country&rsquo;s largest life insurer, which reported a 10.3 per cent rise in net actuarial surplus at Rs 22,716 crore for 2010-11, compared to Rs 20,586 crore in the previous year, allocated Rs 21,580 crore for paying annual bonus to policyholders.

LIC increases bonus after two years

Life Insurance Corporation of India is set to offer up to six per cent annual return on Pension Plus, its unit-linked pension product.

LIC to give 6% annual return on Pension Plus

Draft norms reduce investment ceiling from 25% to 5%.

Irda to slash exposure to promoter companies

In a move that may further dent sales of unit-linked life insurance plans (Ulips), the Insurance Regulatory and Development Authority (Irda) is set to scrap the highest Net Asset Value (NAV) guarantee products.

Curtains on highest NAV guarantee cover plans

Health insurance portability to be limited to non-life insurers.

Pay higher premium for lower cover

In a bid to ensure higher volumes, New Pension Scheme (NPS) fund managers have told the Pension Fund Regulatory and Development Authority (PFRDA) that they should be allowed to use their respective distribution networks (mutual fund agents) to sell the pension plan.

Let MF agents sell pension products: NPS managers

Reliance Life stake sale gets Irda nod

ICICI Prudential Life Insurance Company on Thursday announced the launch of ICICI Pru Elite Life and ICICI Pru Elite Wealth. These ULIP products are designed to provide the best-in-class value along with multiple options of investment strategies.

ICICI Pru offers two new Ulip schemes

Regulator plans minimum death benefit at five times the annual premium.

After Ulips, traditional plans come under Irda scanner

The non-life insurance industry is expected to grow by over 18 per cent by 2015 to become a Rs 90,000-crore sector from the current level of Rs 47,000 crore, the Associated Chambers of Commerce and Industry of India (Assocham) has estimated.

Non-life insurance sector to reach Rs 90,000 cr by 2015

Insurance companies may have to set a minimum rate of return for each category of debt instruments they invest in.

Insurance cos may have to standardise debt returns

After roping in Nippon Life in the life insurance business, Reliance Capital is now looking to sell 26 per cent stake in Reliance General Insurance Company, its subsidiary.

R-Cap may sell 26% in general insurance firm

My car was inadvertently insured twice with two different insurers. I feel there is no point in keeping both the policies.

General Insurance: Gaurav Garg

The much-awaited bancassurance guidelines might take some more time to come out. The regulator is considering the reaction to certain issues, such as protests from bank-backed insurance companies and the Life Insurance Corporation of India (LIC).

Wait for bancassurance norms gets longer

Insurance excludes instruments, cars and drivers, already covered globally.

$100 mn cover for Formula 1 Grand Prix

With flows for Ulips drying, life insurance companies invest just a fraction of what they did last year.

New Ulip rules rob market of insurance

Looking beyond the price could help you pick the right cover.

Shopping for life cover online?

Premium collection of the life insurance industry in India continued to decline in August. During the April-August period, the industry collected premiums worth Rs 71,565.49 crore by writing new policies. This was a fall of 22.07 per cent, compared with Rs 91,833.94 crore collected in the corresponding period last year.

Life insurers' premium mop-up falls

I have paid two annual premiums of Rs 40,000 each for a unit-linked insurance plan (Ulip) which is currently in loss. I also recently came to know of the high charges levied, which weren&rsquo;t explained to me by my agent. I want to cancel the policy.

Life Insurance: V Philip

Life insurance companies and agents are looking at life beyond strict regulatory guidelines. Lending a helping hand are &lsquo;riders&rsquo;, that is, the add-ons with the base policy.

Riders get rewarding for life insurers

Insurance News: Visit Business Standard to know about the latest Insurance Industry News, online insurance information, expert views and updates.

Insurance News: Latest Insurance News, Insurance Industry Policy Headlines and Updates | Business Standard

Visit Business Standard to know about the latest Insurance Industry News, online insurance information, expert views and updates.

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