Page 2 - Policyholder

LIC 3.0 to be listed, nimble and agile, say M R Kumar & K R Ashok

If there is any capital requirement, we will have to approach not only the government but all shareholders, said Kumar

LIC launches campaign for policyholders to revive lapsed policies

To provide continued risk cover to its policyholders, state-run insurer Life Insurance Corporation of India on Monday launched a special campaign for the revival of lapsed individual policies.

ICICI Pru announces Rs 867 cr annual bonus for participating policyholders

Around 980,000 customers are likely to benefit from this bonus

ICICI Pru Life announces highest-ever bonus of Rs 867 cr to policyholders

ICICI Prudential Life Insurance on Monday declared its highest-ever annual bonus of Rs 867 crore for the policyholders for FY21. "ICICI Prudential Life Insurance has announced an annual bonus of Rs 867 crore for all eligible participating policyholders for FY2021. The bonus declared is the highest ever by the company till date and is also 10 per cent higher than the bonus announced in the last fiscal" it said in a release. Bonus is the share of profits generated by the company's participating policyholder's funds, which are added to their guaranteed maturity benefits, thus enhancing the corpus. All participating policies in force as of March 31, 2021, are eligible to receive this bonus and will be added to the policyholders' benefits, said the insurer. A total of 9.8 lakh participating policyholders will benefit from this, taking them closer to their long-term financial goals. ICICI Prudential Life said this is the company's 15th consecutive year of declaring a bonus. The stringe

Former Irdai chairman asks insurers to concentrate on prevention of risk

In the first two quarters after the onset of the Covid-19 pandemic, the insurance industry suffered negative growth. But, it bounced back as soon as the economy opened up post the lockdown

Insurers cannot reject claims based on presumptions and conjectures: Irdai

Insurers need to put in place systems by which policyholders can track the status of claims, says regulator

FM promises safeguards; Rajya Sabha passes Bill to hike FDI in insurance

Bill provides that no insurer shall invest policyholders' funds outside India, says government

Irdai to bring in standard vector-borne disease cover of up to Rs 2 lakh

Policyholders can choose protection against any one or more ailments such as dengue, malaria, filaria, etc; price for every covered disease to be set separately

LIC expects steady growth in life insurance premiums by December quarter

The first quarter of FY21 was a rough one for life insures because NBP contracted 18.64 per cent to Rs 49,335 crore against Rs 60,637 crore in Q1FY20 due the lockdown.

Ensure cashless facility for Covid-19 treatment: Irdai to insurers

It has asked insurers to take appropriate action against hospitals in case they deny cashless facility to policyholders and deviate from the agreed terms of the service level agreements.

Out-of-pocket expenses set to fall for policyholders after new Irdai rules

Now insures have to define the associate medical expenses which will be deducted proportionately if a person opts for a higher room category than the category that is eligible

GI Council warns against experts deceiving policyholders on Covid-19 claims

Normally, business interruption losses are covered under property damage policy

Irdai issues norms to protect group policyholders of merging state banks

Moreover, Irdai has said a bank in its capacity as a group organizer may have group insurance arrangements with any number of insurance firms

Same terms for existing policyholders

Unlike MF mergers, which allow an exit without any load for one month, there is no such provision for insurance firms mergers. Existing policies, including expenses, do not change