Page 11 - Irdai

Pricing key challenge for health insurance of older citizens: Experts

Most companies had an internal policy which did not allow them to sell health insurance products to persons of more than 65 years

Irdai removes age limit of 65 yrs for buying health insurance policies

With a view to widen the market and foster adequate protection from healthcare expenses, insurance regulator IRDAI has removed the age limit of 65 years for individuals buying health insurance policies. This marks a significant departure from the conventional constraints that limited individuals in securing comprehensive coverage. By abolishing the maximum age restriction on purchasing health insurance plans, the Insurance Regulatory and Development Authority of India (IRDAI) aims to foster a more inclusive and accessible healthcare ecosystem, ensuring adequate protection against unforeseen medical expenses. As per the earlier guidelines, individuals were allowed to purchase a new insurance policy only till the age of 65. However, with the recent amendment, which has been effective from April 1, anyone, regardless of age, is eligible to buy a new health insurance policy. In a recent gazette notification, IRDAI said, "insurers shall ensure that they offer health insurance products t

Early in the tenure of non-linked policy you don't like? Surrender it

But if you have held it for long, run the numbers; continuing may be prudent

Red Sea crisis: RBI, Irdai called in to help limit impact on Indian exports

The Ministry of Finance urged these entities to monitor disruptions that could potentially drive up India's export expenses

Irdai raises concern over Hinduja Group-led IIHL's bid for Reliance Capital

Insurance regulator IRDAI has expressed some reservations over Hinduja Group firm IndusInd International Holdings' (IIHL) resolution plan for debt-ridden Reliance Capital, which is also in the insurance business, including non-life, sources said. Insurance Regulatory and Development Authority of India (IRDAI) in a recent communication to Nageshwara Rao Y, the administrator of Reliance Capital has said that the resolution plan submitted by IIHL is not in line with insurance regulations. The regulator has sought clarification regarding equity capital that IIHL, the proposed buyer of insolvent Reliance Capital is willing to put in. It has expressed reservations about debt that IIHL plans to raise to fund the Reliance Capital takeover, sources said. The sector regulator is of the opinion that promoters should invest their own capital as insurance companies deal with the money of policyholders and as a regulator protection of policyholders is the top priority. It has also sought ...

Loan against insurance, minding mental health: Top personal finance stories

Our top stories this week tell you about the pros and cons of using your life policy as collateral and what it takes to be mentally fit

Choose life policy carefully; early surrender can cause major losses

Switch credit card if changes in reward structure do not align with your needs

Bima Sugam - your one-stop portal for all insurance policies: Details here

It's an online platform where customers can choose a suitable scheme from multiple options given by various companies

LIC, GIC Re and New India Assurance Company retain the 'D-SII' tag

D-Slls are insurance companies which are perceived as 'too big or too important to fail'(TBTF) based on their size, market importance, and domestic and global interconnectedness

Irdai retains surrender value norms, positive for life insurers: Analysts

Insurance industry leaders believed that higher surrender values could lead to the premature exit of policyholders from long-term insurance policies

Irdai notifies series of regulations, tweaks rules on surrender charges

Insurance regulator IRDAI has notified a host of regulations, including on surrender charges wherein insurers have to disclose such charges upfront. IRDAI (Insurance Products) Regulations, 2024 merge six regulations into a unified framework aimed at enabling insurers to swiftly respond to evolving market demands, enhancing the ease of conducting business, and boosting insurance penetration. These regulations promote good governance in product design and pricing, including strengthening the principles governing guaranteed surrender value & special surrender value along with disclosures thereof, IRDAI said in a statement. It also ensures that the insurers adopt sound management practices for effective oversight and due diligence, it said. These regulations, which will be effective April 1, 2024, stipulate that the surrender value is expected to remain the same or even lower if policies are surrendered within three years of the purchase. For policies that have been surrendered from .

Irdai allows firms to offer customised insurance to match customer needs

That there is no flash in the pan has been made clear by the insurance regulator when it announced these changes through a series of gazette notifications on Friday

Bima Sugam likely to reduce dependence on intermediaries for insurers

According to IRDAI's annual report for FY23, the online sales channel of life insurers contributed to 0.84 per cent of the individual new business premium (NBP)

Will end FY24 with growth rate of over 30%: CEO Shriram Life Insurance

In life insurance, it is about creating distribution capacity and solutions for customers. We are constantly working on that Casparus JH Kromhout, managing director and chief executive officer said

Banks to insurers: Using the ombudsman system to get complaints resolved

A guide to how banks, insurers, brokers and tax officials are supposed to listen to you

IRDAI approves Bima Sugam, 7 other regulations in 125th board meet

The board of the insurance regulator approved the 'Bima Sugam' platform where the policyholders can compare premiums and purchase a wide array of insurance products

Galaxy Health gets Irdai approval to launch health insurance business

According to the regulator, this is the sixth registration granted by IRDAI in around one year across the Life, Non-life, and Health segments

Burmans ask Care Health to cancel Rs 350 cr ESOP given to Religare's Saluja

Dabur owners, the Burman family, has increased their stake in Religare to 25.18%, which allows them to block special resolutions at Religare

Unclaimed insurance funds higher in agent-sold policies: Analysts

LIC accounted for more than 90% of total unclaimed funds in the last five years

Irdai retains obligatory cession of business to GIC Re at 4% for FY25

Obligatory cession refers to the part of the business that general insurance companies have to mandatorily cede to the national reinsurer