Insurance Policies

A district-level consumer disputes commission in Kerala has ordered Life Insurance Corporation (LIC), India's largest insurer, to pay Rs 50 lakh in compensation to the family of a policy premium payer who succumbed to COVID-19, citing the insurer's technical lapse. The commission fined LIC Rs 50 lakh for violating its own guidelines, which require policy issuance within 15 days of receiving premium payment. In this case, LIC received over Rs 20 lakh as premium, but refunded it only after nine months. The Kottayam District Consumer Disputes Redressal Commission further observed that LIC failed to inform the applicant about the temporary suspension of life insurance policies for non-resident Indians during the COVID-19 pandemic, prior to his demise. This omission denied him the chance to secure alternative coverage, constituting a grave service lapse, it said. According to an official release here, Jemon, a London-based expatriate, had purchased a Jeevan Umang life insurance policy f

ECGC has an impressive track record of adopting innovative insurance policies to aid and assist Indian exporters in enhancing their export performance

LIC's Jeevan Shanti is an annuity plan that offers deferred annuity options, available through a one-time lump sum payment

Professional Indemnity Insurance safeguards professionals and businesses from financial liabilities arising from errors or omissions in their services

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

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

By purchasing policies in the name of family members, you can maximise tax benefits

Mohanty called for a framework facilitating regular interaction among regulators

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

The survey covered over 40,000 households, both rural and urban from 25 states.

Regulator Irdai on Friday said it has given permission to Go Digit Life Insurance Limited to carry the life insurance business in India. Go Digit, a firm backed by Canada-based Fairfax Group, is already in the general insurance business. With the latest addition, the number of insurers operating in the life insurance segment has gone up to 26. "Insurance Regulatory and Development Authority of India (Irdai) in its 122nd meeting held on June 02, 2023, has granted a Certificate of Registration to a new life insurer namely, Go Digit Life Insurance Limited to carry life insurance business in India," the regulator said. Go Digit General Insurance is also proposing to come out with an IPO and has already filed papers with markets regulator Sebi.

The policies provide cover till age 90-100 years; if payout comes as death benefit, it will be tax-free in the hands of nominees

Analysts say a New Delhi plan to tax high-value insurance policies will reduce demand, leading the industry to cut back on bond investments

The stocks of life insurance companies reacted sharply to the announcement of the finance minister on Wednesday, with most scrip witnessing around 10 per cent fall in a day

Age, returns and security are some factors you must consider before your purchase a plan

Hike health insurance coverage as well to keep pace with medical inflation

Dematerialisation of insurance policies is being promoted by the regulator to ensure robust electronic mode of policy solicitation, servicing, and storage

There are three main components of an insurance policy: premium, sum assured and deductibles

Roadside assistance and outstation emergency add-ons are useful

The District Commission ordered LIC to pay and settle the claim under all the 13 policies