Page 2 - Insurance Policy

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

Avoid mis-selling at banks, research before buying financial product

Rely on a fee-based advisor instead of bank relationship manager for investment advice

Irdai sets up 12-member committee to simplify insurance policy wordings

This comes in the backdrop of the Irdai's observation that policyholders often find it difficult to understand the terms and conditions in insurance policy contracts

Exclusion clauses must be communicated

The National Commission held there was no evidence to show that Veena had been served the terms and conditions governing the policy

Pair base insurance policy with super top-up to limit premium cost

Opt for insurers with lenient no-claims bonus policies to tackle need to hike sum insured periodically

Travel secured: The insurance cover you must buy before heading out

Consider destination, purpose, trip duration, likely emergencies when you buy travel insurance

Insurance companies get more autonomy to decide on commission amount

Regulator wants every insurer to have a written policy for payment of commission

Insurance companies yet to see fire sale of high-value life policies

Expect higher sales of such policies in March

Choose a policy that needs pre-issuance medical test, say experts

Also avail of annual check-ups; doing so will make claim rejection harder for health insurer

Insurance policies where premium is above Rs 5 lakh no more tax exempt

'A concern is that it should not result in a significant shift towards purely investment oriented unit link insurances'

FinMin asks banks not to use unethical practices to sell insurance policies

Concerned over rising incidence of mis-selling, the finance ministry has directed heads of public sector banks to put in place strong mechanisms to avoid unethical practices for selling insurance policies to customers. The Department of Financial Services has received complaints that fraudulent and unethical practices are adopted by banks and life insurance companies for procuring policies from the bank customers, a letter addressed to chairpersons and managing directors of public sector banks said. There have been instances where life insurance policies were sold to customers aged above 75 years in Tier II-III cities. Usually, branches of the banks push products of their subsidiary insurers. When resisted by customers, branch officials would sheepishly convince that they are under pressure from top. Insurance products are pushed when customers go to seek any kind of loan or buy a term deposit. In this regard, it said, the department has already issued a circular wherein it has been

Don't let bank compel you to buy insurance policy with home loan

Instead of taking an agent's word, do your own research on policy benefits and obligations

BS BFSI Insight Summit 2022: Irdai member Rakesh Joshi to speak at event

Joshi was made the head of a 15-member Health Insurance Consultative Committee set up by Irdai in October. He has more than 37 years of experience in the financial services industry

Port and combine your base health policy with a top-up to prune cost

Features like recharge and guaranteed no-claim bonus enhance the cost-effectiveness of health insurance policies