Page 8 - Insurance

Insurance for natural disasters: Points to keep in mind while buying it?

Insurance plays a crucial role in mitigating the financial impact of natural disasters by providing a safety net that helps individuals and businesses recover quickly

Irdai retains obligatory cession at 4% for FY26, third year in a row

Obligatory cession is the portion of business that Indian non-life insurers must mandatorily reinsure with GIC Re

ITR to UPI: Money changes in March that will impact you financially

If you have chosen the old tax regime, ensure that your tax-saving investments under Sections 80C, 80D, 80G, and others are made before March 31, 2025, to maximise tax benefits

Health insurance premium growth in slow lane due to tapering demand

Change in accounting norms, sharp decline in premiums from govt. schemes have also weighed on health insurance premium growth

Irdai allows insurers to hedge volatility through equity derivatives

The regulator also issued guidelines aimed at providing insurers with enhanced opportunities for risk management and portfolio diversification

When you buy personal accident insurance, know what does it cover

Experts say customers should maintain personal accident coverage of at least 10 times their annual income

After HDFC Life, insurers brace for Rs 5,500 cr GST demands amid scrutiny

GST Adjudicating Authority upheld a tax demand of Rs 2,400 crore against HDFC Life Insurance, which could set a precedence for others in the insurance industry

Now you can use Bima-ASBA Facility while buying policy from Bajaj Allianz

Policyholders can utilise UPI's one-time mandate to authorise the blocking of a specified amount in their bank account through UPI

Banks continue to rely on certificates of deposits amid liquidity woes

Outstanding amount on CDs hits all-time high of Rs 5.19 trillion as of fortnight ending February 7

Centre kickstarts process for stake sale in PSBs and listed PFIs

According to the government's disinvestment strategy, five public-sector lenders are required to reduce their government stakes to below 75%

Banks' deposit insurance hike may be on the anvil amid periodic review

Should deposit insurance revisits be episodic? Like after the collapse of Bank of Karad in 1992 and the Punjab and Maharashtra Cooperative Bank fiasco in 2019

Bima-ASBA will eliminate unauthorised deductions: Insurance sector players

Irdai's decision to implement ASBA facility for insurance premium payment will benefit customers by eliminating unauthorised deductions and delayed refunds, say experts. Insurance Regulatory and Development Authority of India (Irdai) has directed life and health insurers to provide Bima-ASBA, a facility wherein a policyholder blocks the amount towards premium in his or her bank account which gets debited only when the policy is issued. Insurers have been asked to implement the new payment mechanism Bima-ASBA (Applications Supported by Blocked Amount) through Unified Payments Interface (UPI). ASBA facility or blocking of funds through UPI is widely used by retail investors in stock market. Commenting on the Irdai's decision, Jitendra Attra, Chief Financial Officer, SBI General Insurance said Bima-ASBA is a significant step toward enhancing transparency, security, and ease in insurance premium payments. "By enabling policyholders to authorise premium payments directly from their ban

Bima-ASBA: New UPI payment mechanism for insurance premiums launched

It allows policyholders to block funds in bank accounts via UPI, ensuring a smoother transaction process without immediate debits

Ex-SBI chairman Khara to head panel to implement amendment to insurance law

Highly placed sources in the insurance sector clarified that the panel will not propose any further amendments and that its mandate is to work on the proposed amendments

Irdai permits insurance premium payment through blocked amount on UPI

Both the Life and General Insurance Councils have to issue a standard declaration within a week of Irdai's circular to be included in the proposal for authorisation.

FM calls for one-year free look period to boost insurance policy reviews

Giving customers more time to review a policy will likely reduce complaints, say experts

Govt asks private insurers to increase free look period to one year

Currently, the free look period offered by insurers is one month

Bima Vahak's portal is ready for soft launch in April 2025, says Irdai

The regulator also said, "A compliant, simple, comprehensive, and customer-friendly model has been signed off by the top brass of the industry."

Irdai seeks IPO road map from 10 general and life insurance companies

To list on an Indian stock exchange, an insurance company must meet several performance parameters

RBI rate cut, Government borrowing & spending, Foreign investment, Insurance employees demand pay hike, MSMEs see growth

RBI rate cut Government borrowing & spending Foreign investment in insurance Insurance employees demand pay hike Small businesses see growth