Page 9 - Insurance

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

Goal is for Axis Max Life Insurance to become a listed entity: MD

In first nine months, we have grown at 25 per cent versus private sector growth of 19 per cent and overall industry growth of 14 per cent. So we are gaining market share as we go along, the MD said

India's ad industry may grow at 6.5% to hit Rs 1.1 trillion by year-end

Digital media has emerged as the largest platform for advertising spending, accounting for 49 per cent, that is Rs 49,251 crore, of the Indian advertising industry

Draft bill seeking 100% FDI in insurance to be sent to Cabinet soon: DFS

The finance ministry will soon send the draft bill seeking to increase FDI limit in the insurance sector to 100 per cent to the Union Cabinet for its approval, Financial Services Secretary M Nagaraju said on Monday. "Finance Minister has already given her approval and announced in the Budget. Now we will prepare a draft bill with the help of the law ministry," he said in an interaction with media here. Thereafter, the draft bill will be sent to the Cabinet for approval. The intent of the Department of Financial Services (DFS) is to get the bill introduced during the current Budget session, he said. Finance Minister Nirmala Sitharaman in her Budget speech proposed to raise the foreign investment limit to 100 per cent from existing 74 per cent in the insurance sector as part of new-generation financial sector reforms. "This enhanced limit will be available for those companies which invest the entire premium in India. The current guardrails and conditionalities associated with foreig

Ulips post-Budget: Assess suitability, examine costs before investing

Investors prioritising liquidity and flexibility should stick to a term plan-MF combo

Budget 2025: How 100% FDI will benefit the Indian insurance industry

The government seeks to fully unlock the potential of India's insurance industry, and has announced opening up of the sector to 100 per cent FDI

Budget 2025: Charting a new growth path amid excess capacity, FDI concerns

Net FDI inflows are plummeting due to repatriation by foreign firms, coupled with increased outbound foreign investment by Indians

Charting a new growth path: Budget highlights falling insurance penetration

Limited choice of insurance products and absence of people-friendly claim settlement mechanism is leading to lower insurance coverage in rural India