Insurance Policy

Fire insurance: Declare correct property value to ensure adequate payout

Fire insurance, also called as fire and allied perils policy (and often part of a home insurance policy), covers a range of risks

Insurance portfolio review: Up term cover with rising income, liabilities

A good rule of thumb is to purchase term cover amounting to 7-10 annual income, plus outstanding liabilities

GST Council postpones decision on slashing tax on life, health insurance

The 55th GST Council meeting which is expected to decide on reducing tax rate on health and life insurance, besides considering rate rejigs on 148 items began here on Saturday. The GST Council, chaired by Union Finance Minster Nirmala Sitharaman and comprising her state counterparts, is also expected to deliberate on bringing Aviation Turbine Fuel (ATF) in Goods and Services Tax fold. One of the major items on the agenda of the Council is to decide the GST rate on health and life insurance. A Group of Ministers (GoM) set up by the Council under Bihar Deputy Chief Minister Samrat Chaudhary, in its meeting in November had agreed on exempting insurance premiums paid for term life insurance policies from GST. Also premium paid by senior citizens towards health insurance cover has been proposed to be exempted from the tax. Besides, GST on premiums paid by individuals, other than senior citizens, for health insurance with coverage of up to Rs 5 lakh is proposed to be exempted. However,

PM Modi launches LIC's 'Bima Sakhi Yojana' to empower women agents

Prime Minister Narendra Modi on Monday launched the 'Bima Sakhi Yojana' of LIC here under which 2 lakh woman insurance agents will be appointed over the next three years. 'Bima Sakhi Yojana', an initiative of state-owned LIC, is designed to empower women aged 18-70 years who are Class X pass. They will receive specialised training and a stipend for the first three years to promote financial literacy and insurance awareness. Under the scheme, the woman agents will also get a stipend of Rs 7,000 per month for the first year, Rs 6,000 per month in the second year and Rs 5,000 per month in the third year. Bima Sakhis will also get the benefit of commission. The plan is to appoint 2 lakh Bima Sakhi over three years. After training, they can serve as LIC agents and the graduate Bima Sakhis would have the opportunity to qualify for being considered for Development Officer roles in LIC. Prime Minister will also distribute appointment certificates to prospective Bima Sakhis. The Prime Min

Uncertainties around regularity & tax clarity hang heavy over life insurers

Adjustments to the new surrender regulations, uncertainties surrounding the Insurance Amendments Bill, and potential direct tax reforms in the upcoming Budget may pose short-term challenge

Why NRIs in UAE, US, and Saudi choose health insurance in India: Explained

The surge in demand across term, health, and investment products has driven a 50% rise in NRI customers between 2023 and 2024, according to PolicyBazaar

Travel insurance: Get pre-existing ailments covered by paying extra premium

Non-medical coverage includes trip cancellations, curtailments, flight delays, missed connections, and loss of checked-in baggage, passports, and other important documents

Payments major PhonePe launches firecracker insurance policy for Diwali

The plan can be purchased on the PhonePe app and provides coverage to families by insuring up to four family members, including the user, their spouse, and up to two children

Star Health introduces braille insurance policy for visually impaired

The policy is designed to address the specific requirements of individuals with disabilities of 40% or more, including physical, sensory, or cognitive impairments

Star Health launches insurance policy in Braille: Check details

The new policy, 'Special Care Gold,' is specifically designed for individuals with 40 per cent or more disability

Pvt insurers ceded ground in rural areas in FY24; Tier-II,-III saw growth

LIC share of rural policies more than doubled; ULIPs witnessed increased demand in urban areas

60% car insurance buyers opt for roadside assistance add-on during monsoon

What should you look for when choosing motor insurance? All you need to know

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

Loan facility mandatory for life insurance policies: All you need to know

As of now, it is mandatory for insurers to provide a loan facility against policies, helping policyholders meet their liquidity requirements

Explained: Now, you can buy health insurance even if you are over 65

According to the previous guidelines, individuals were allowed to purchase a new insurance policy only till the age of 65.

E-insurance now mandatory for all policyholders: What it means for you

In an interview with Business Standard, Vivek Bengani, CEO of CAMS Repository, sheds light on the implications of e-insurance, addressing concerns ranging from operational security to the battle again

Working women pip men in life insurance policy ownership, says survey

They also lead in insurance ownership, homemaker women lag

Irdai proposes 30 days 'free look' period for policies from date of receipt

At present, for physical policies the free look period is 15 days while for policies sold online, it can be up to 30 days

PhonePe sells over 9 million insurance policies since September 2021

The Walmart-owned fintech firm said it has contributed to over 65% growth for two-wheeler digital Insurance in India

IRDAI release draft for increasing surrender value of non-par products

The insurance regulator has proposed a high surrender value on non-participating insurance products