Page 19 - Insurance News

Don't sell Ulips as investment products: Irdai to insurance companies

Insurance companies will have to specifically state that market-linked insurance plans are different from traditional endowment policies and carry risks

ULIPs should not be advertised as 'investment products', says IRDAI

Insurers will have to specifically state that market-linked insurance plans are different from traditional endowment policies and carry risks

Slash GST on health insurance to 5% from 18%: Trade body to govt

Association says that renewal rates of the policies continue to decline due to frequent premium hikes and rising medical inflation

DICGC exceeds global average with month-long depositor payout: Patra

In India, deposit insurance is mandatory for all banks, including foreign banks. As of now, 1,997 banks are covered, which includes 140 commercial banks and 1,857 co-operative banks

Insurers likely to seek clarification from Irdai on new health circular

In the case of porting policies from one insurer to another, the regulator has asked the existing insurers to provide the required details to the acquiring insurance company within 72 hours

Multiple levers with insurers to mitigate higher surrender value: Experts

The Insurance Regulatory and Development Authority of India (Irdai) in its 'Master Circular on Life Insurance Products' issued on Wednesday prescribed enhanced Special Surrender Value (SSV)

Demand for OPD benefits on rise among health insurance policyholders

While demand for OPD benefits was present before, insurance industry experts believe that the Covid-19 pandemic pushed the demand further

Irdai accepts registration withdrawal plea of Paytm General Insurance

Paytm said that it aims to innovate on small ticket insurance products for consumers and merchants alike by focusing on small-ticket general insurance offerings along with our partners

Policy loan now mandatory in all life insurance savings products: Irdai

Issuing a circular, the Irdai also said the free look period, which provides time to review the policy terms and conditions, is 30 days as against 15 days earlier

Insurance helped 46,000 women avoid deadly work during heat waves in India

With climate change raising temperatures during heat waves, millions of Indians face a difficult choice: work in dangerous conditions or go hungry

Insurance companies can't reject claims for lack of documents: Irdai

The regulator said that the insurer cannot reject claim in full or part if the breach of warranty or condition is not relevant to nature or circumstance of loss

Life insurance industry's new business premium grew 15.5% in May

LIC drives growth with 18.7% rise

SBI General Insurance withdraws Arogya Plus policy with effect from Oct 5

According to the press release by the company, "This decision is part of our ongoing commitment to continuously review and refine our product offerings to better serve our customers' evolving needs"

Irdai to meet insurers today on Bima Sugam, 'Cashless Everywhere'

Sources said the regulator is likely to discuss the appointment of a CEO for Bima Sugam

LS poll results: Regulatory focus on growth may continue, say insurers

According to insurance officials, the increase in insurance penetration will be supported by the government irrespective of the political parties because of the sector's importance

Listed private life insurers' FY24 margins fell on rise in Ulip share

According to analysts at Motilal Oswal, VNB margins for all life insurance players declined from the previous year due to adverse product mix and pressure on non-par margins

Irdai directs health insurers to decide on cashless authorisation in 1 hour

Health policy-holders can now avail premium discount in case of no claims in previous year

Irdai mandates health insurers to decide on cashless claims within 1 hour

Regulator Irdai on Wednesday released a master circular on health insurance specifying that an insurer will have to decide on cashless authorization within one hour of request.

Shriram General Insurance Company plans re-entry in crop business

SGIC is all set to re-enter the crop business and also expand its presence in the non-motor segment to 15 per cent

Insurance brokers urge Irdai to allow them to appoint 'Bima Vahaks'

Bima Vahak, a part of Irdai's Bima Trinity, is a women-centric, dedicated distribution channel to sell insurance products