Page 5 - Insurance Plans

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ICICI Lombard gets GST notice of over Rs 5.66 cr for alleged short payment

ICICI Lombard on Wednesday said it received a demand notice for alleged short payment of GST of over Rs 5.66 crore. In a regulatory filing, ICICI Lombard General Insurance Company said it has received an order from the Joint Commissioner CGST & Central Excise, Bhopal, Madhya Pradesh, raising a GST demand of Rs 5,66,02,264 and levying a penalty of Rs 56,60,226. Taking into account the GST and penalty, the total demand amount is over Rs 6.22 crore. Plus, an interest u/s 50 of the GST act would be levied. "The company will be filing an appeal against the said order," it said. The GST demand has been raised on the grounds of computation of input tax credit eligible to the company and alleged undischarged tax liability due to differences between returns filed by the company, ICICI Lombard said. Shares of ICICI Lombard were trading at Rs 1413.05, down 0.22 per cent over previous close on the BSE.

Non-linked insurance plan: Surrender or stay? Do the math before deciding

The new norms contained in IRDAI's exposure draft, if implemented, will make surrendering less painful

LIC to play key role in achieving 'Insurance For All by 2047': Chairman

In a bid to achieve 'Insurance For All by 2047', LIC will play a significant role and to meet that objective it is planning to launch a product especially designed for rural areas. "The focus would be how to cover maximum rural masses who actually need insurance. In coming days, rural share will also go up to our total business kitty," LIC Chairman Siddhartha Mohanty told PTI. He said to achieve the objective of 'Insurance For All by 2047', LIC will play a very significant role and in that direction the insurer has already started working. "I must thank the regulator. The regulator IRDAI has already proposed 'Bima Vistar', a composite product. The product will consist of life, health and property insurance," he said. To sell those products Bima Vahak would be engaged, he said, adding, it will be a women-centric distribution channel model. Prime Minister Narendra Modi has given a clarion call to make India a developed nation by 2047, when the country achieves 100 years of independe

India's 95% population uninsured, 73% lack health coverage: Report

As much as 95 per cent of the country's population is uninsured despite the government and the insurance regulator's efforts to expand coverage, National Insurance Academy said in a report, which was released on Thursday. Unveiling the report, Irdai Chairman Debasish Panda urged the industry to emulate steps that led to the massive success of the UPI, opening of bank accounts, as well as mobile penetration. Panda said a compulsory natural calamity insurance in high-risk regions -- as recommended in the report -- is needed if the country wants to achieve insurance for all by the time the nation completes a hundred years as a republic. According to the report, 95 per cent of the country's population of 144 crore is uncovered. The high prevalence of lack of insurance coverage assumes importance in the light of the increase in the number of natural calamities and other climate-related disasters to hit the country. Further, it said 84 per cent people from low- and middle-income categor

Bank held liable for delay in insurance purchase

The National Commission observed that procrastination by the bank in deducting the premium, despite having obtained authorisation, had led to a delay in policy issuance

Increased awareness, digital threat drives cyber insurance demand

Cyber-attacks on rise post pandemic; Nearly 40% growth in cyber policies in 2023

Life insurance companies clock a 25.28% drop in premiums, shows data

Among the private insurance companies, SBI Life Insurance, the largest private insurer, reported a 9.84 per cent decline in premiums to Rs 2,381.73 crore

Acko's car, bike insurance will now be available on PhonePe

As of now, PhonePe offers a number of insurance products, including health insurance, car insurance, bike insurance, and travel insurance, among others

Term insurance plans of 9 companies explained in single chart

Premium, rules, and tenure of coverage are listed in Policybazaar chart

Want guaranteed long-term returns? Consider non-par insurance plans

Get an expert to calculate internal rate of return; ensure premium doesn't exceed Rs 5 lakh annually for tax-free return

Insurance claim rejected? A guide for policyholders to seek redress

In case, the complaint is not resolved within two weeks or if you are not satisfied with their resolution, You can directly register your grievance on Bima Bharosa System

WC 2023: Injured during cricket match? There's insurance for only Rs 100

Digital insurance player ACKO has hopped on the bandwagon, introducing 'The 100 Over Cover,' an insurance policy that provides coverage for all personal injuries sustained during the match

Tech age of insurance: India emerges as fastest-growing market globally

A country where insurtech companies are rapidly gaining market share. These are firms that make innovative use of technology in insurance

IRDAI constitutes taskforce to review existing Bancassurance framework

In order to achieve this objective and considering the interest of the policyholder, Irdai has set up a taskforce to examine the bancassurance framework

Irdai mandates TP insurance to employees travelling in employer's vehicle

IRDAI added that no additional premium will be charged until further directions are issued

Kerala launches insurance cover for MSME sector to safeguard businesses

In a boost to Kerala's thriving MSME sector, the state government has introduced a comprehensive insurance scheme covering Micro, Small, and Medium Enterprises. This initiative aims to safeguard these businesses from various risks and instill confidence in them to thrive in a competitive business environment, an official release said here. The Department of Industries and Commerce formalised agreements with four public sector insurance companies in the presence of Minister for Industries, Law, and Coir, P Rajeeve. Emphasising the importance of this initiative, Rajeeve said this was an upfront initiative that will provide financial protection to MSMEs against all kinds of risks that can have a detrimental impact on their businesses. As of now, Kerala boasts over three lakh MSMEs, out of which approximately 1,40,000 have registered as part of the government's Year of Enterprises initiative. However, only around 15,000 of them have insurance coverage against various risks. Suman Bil

Bharti to acquire JV partner AXA's 49% stake in Bharti AXA Life Insurance

Bharti Group on Wednesday said it has entered into a binding agreement with its joint venture partner AXA to acquire its 49 per cent stake in Bharti AXA Life Insurance. Post transaction, Bharti Life Ventures Private Limited (BLVPL), the holding company of Bharti AXA Life Insurance Company, will own 100 per cent stake in the life insurer. Currently, France-based AXA owns 49 per cent stake in the joint venture with Bharti. The transaction is subject to receipt of requisite regulatory approvals, Bharti Group said in a statement. Pursuant to the two parties' decision to merge Bharti AXA General Insurance with ICICI Lombard in 2020, and the subsequent exit of AXA from the shareholding of ICICI Lombard, BLVPL has now entered into an agreement to acquire AXA's 49 per cent shareholding and fully own the company, it said. Bharti's intention is to ensure that the life insurance business continues to serve the Indian market and, in this regard, it is engaging with other strategic and financi

Insurance companies disregarding guidelines issued by regulator: AHPI

The Association of Healthcare Providers India (AHPI) has accused insurance companies of "unfairly" rejecting claims by patients and blatantly disregarding guidelines laid down by the Insurance Regulatory and Development Authority of India. The AHPI, which is a collective of hospitals and other healthcare providers, contended that private insurance companies have formed an "alarming cartel". These companies are collectively discontinuing cashless facilities provided to hospitals, depriving patients of their right to choose treatment and healthcare providers in an arbitrary manner, the AHPI charged in a statement. The real victims in this situation, the AHPI said, are the insured patients. As claims are denied, individuals find themselves in urgent need of funds to cover mounting medical expenses, especially those seeking emergency care while private hospitals find themselves grappling with escalating costs and mounting losses due to the conduct of these insurance companies, the ...

Why India must put a premium on affordable healthcare for its citizens

Millions depend on health insurance. Comprehensive coverage for diseases and medical procedures ensures that policyholders pay only for what they need