Insurance Plans

Insurers urge IRDAI crackdown against OEM-linked motor insurance brokers

Insurance companies are demanding an open architecture where customers can choose policies from multiple insurers without being limited by OEM brokers

Niva Bupa rallies 27% in 2 days on buzz of lower GST on insurance premiums

The company said it has not received any official communication from any government authority or department regarding the change of GST rates on life and health insurance premiums

BFSI Summit: 'New surrender rules painful but will drive insurance demand'

Insurance industry leaders at the Business Standard BFSI Summit spoke about how revised surrender value rules will improve customer confidence and demand, and shared the challenges that come with it

Consumer protection: Changes in insurance policy terms must be conveyed

The National Commission noted that critical illness risk should have been included by the insurer to avoid prejudice caused by the discontinuation of this risk

How income protection insurance will help your family's financial security

Income protection insurance plans ensure that your income is protected and your family has money in crises

To insure or not? Cyber insurance helps recover losses from cyberattacks

Cyber-risk insurance helps to provide a supplementary financial tool after the initial investment in IT security tools

Irdai asks insurers to check vulnerabilities in IT systems, take measures

Recently, there was a data breach at Star Health & Allied Insurance's servers and reportedly sensitive data of 31 million customers were put up for sale

Term insurance for self-employed: Get 10-15X cover, add premium waiver

Self-employed individuals often face hurdles in buying term insurance due to financial documentation that doesn't fully reflect their earnings. This complicates underwriting

JNPA agrees to fulfil demands of Dye-Makers Association at Vadhvan

As part of the agreement, JNPA will facilitate subsidised loans and insurance policies tailored for the dyemakers in the region

Flood insurance: How to protect your home and business from rising risks

How can you protect yourself if flooding is common where you live? The answer is insurance

Insurers have festivities covered as India prepares for celebrations

Step up coverage and costs for organisers and participants as festival season begins

Budget 2024: Govt likely to introduce insurance laws amendment bill

The government is likely to introduce a bill seeking amendments to the Insurance Act, 1938, during the upcoming Budget session to achieve 'Insurance for All by 2047'. Some of the provisions, which could be part of the amendment bill, include composite license, differential capital, reduction in solvency norms, issuing captive license, change in investment regulations, one-time registration for intermediaries and allowing insurers to distribute other financial products, sources said. The move will enable the entry of differentiated insurance companies like in the banking sector. The banking sector is currently categorised as universal bank, small finance bank, and payments bank. The provision of composite licenses would allow life insurers to underwrite health insurance or general insurance policies. As per the provisions of the Insurance Act, 1938, life insurers can only offer life insurance covers, while general insurers can offer non-insurance products like health, motor, fire, .

Fisherfolk insurance premium fixed at Rs 80 under new converged scheme

From June 1, the government has converged two insurance schemes for fishermen to bring down the premium burden and also ease implementation issues

ULIPs should not be advertised as 'investment products', says IRDAI

The Insurance Regulatory and Development Authority of India (IRDAI) has issued a master circular barring the promotion of Unit Linked Insurance Plans (ULIPs) as 'investment products'. Unit-linked or index-linked insurance products shall not be advertised as 'investment products', IRDAI said in a master circular dated June 19. Insurers will have to specifically state that market-linked insurance plans are different from traditional endowment policies and carry risks. Likewise, participating (with bonus) endowment policies will have to state upfront that the bonuses projected in benefit illustrations are not guaranteed. All the advertisements of linked insurance products and annuity products with variable annuity payout option shall disclose the risk factors, it said. "All insurers shall advertise the launch of unit-linked funds or index-linked funds under existing insurance products or new insurance products, only with reference to the underlying life insurance coverage and the ...

Planning to buy top-up health insurance? Here are factors to consider

A top-up is a type of health insurance policy that provides additional coverage for medical expenses at an affordable premium

LIC to enter health insurance market via private health insurer: Report

Earlier, LIC Chairman Siddhartha Mohanty had spoken about exploring "inorganic" options for the company's foray into the health insurance segment

PNB MetLife appoints Sameer Bansal as MD, CEO; to succeed Ashish Srivastava

He joined the firm in 2007 and is currently serving as the Chief Distribution Officer

May enter into health insurance, explore inorganic options: LIC chairman

LIC chairman Siddhartha Mohanty has said that the insurer would enter into the health insurance segment and can explore inorganic options if such an opportunity arises. There are expectations that composite licences may be permitted by amending the Insurance Act. As per the Insurance Act, 1938, and the regulations of the Insurance Regulatory Development Authority of India (IRDAI), composite licensing for an insurer to undertake life, general, or health insurance under one entity is not allowed. LIC is not an expert in general insurance like fire and engineering but it can do health insurance, he said while sharing financial numbers for FY24. "Internal work is going on...we will explore inorganic growth in health insurance," he said. In February, a parliamentary panel suggested the introduction of a composite licence for an insurer to undertake life, general, or health insurance under one entity to increase the penetration of insurance in the country. The panel headed by BJP leader

Insurance brokers urge Irdai to allow them to appoint 'Bima Vahaks'

Bima Vahak, a part of Irdai's Bima Trinity, is a women-centric, dedicated distribution channel to sell insurance products

Online insurance nightmare: 61% trapped in policies they can't cancel

61% users of online insurance sales/ service platforms surveyed who purchased an insurance policy experienced a subscription trap where the platform made it difficult for them to cancel it.