Page 2 - Insurance Plans

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.

Compare features, costs regularly to find a better health insurance

Combine base policy with super top-up, buy multi-year policy to cope with rising health insurance premiums

Customise insurance riders to fit your family's medical background

Understand the exclusions in each rider; consider a standalone policy for comprehensive coverage

Hinduja rejigs consortium to acquire cash-strapped Reliance Capital

New structure will help meet FDI ceiling of 74% for insurance sector

Air India saves costs by taking insurance cover for merged entity

The insurance cover has been provided by a consortium of Indian insurance companies including Tata AIG General Insurance

Insurance surrender value; voice as career: Top personal finance stories

This week learn about the implications for insurance policyholders as surrender values are revised; in a separate story we write about training your voice

Engineering insurance premium doubles in 4 years on infrastructure push

Partly aided by premium rates that up by 10-15% since FY20

Paws n Claws: An insurance plan for pets that covers trip cancellations too

This isn't a "one size fits all" situation! Choose from a comprehensive (all-risk) cover or a customizable plan that allows you to pick and choose the coverage you need.

Insurance: High surrender charges deter exits

Policyholders are not the only sufferers. Taxpayers subsidise insurers' and banks' profits via unjustified tax concessions given to the maturity value of life policies

TPG Investments exits Shriram Group; Sanlam ups stake in SGIC and SLIC

Sanlam has already entered into a share purchase deal to buy 6.29 per cent in SGIC and 7.04 per cent in SLIC from TPG India Investments

TPG exits Shriram Group; Sanlam ups stake in SGIC and SLIC

Sanlam has already entered into a share purchase deal to buy 6.29 per cent in SGIC and 7.04 per cent in SLIC from TPG India Investments

Indian term insurance is being favoured by NRIs. Here is why

Term policies from India cost up to 30-50% less for NRIs residing in the UAE and Singapore.

Next big reform in Indian insurance will be indemnity cover for shipping

Amendment to have such a facility could be part of new government's early legislative agenda

Ensure timely completion of disciplinary cases: CVC to govt dept, PSBs

The Central Vigilance Commission (CVC) has asked all government departments, public sector banks and insurance companies to ensure that disciplinary cases are brought to a logical conclusion within the prescribed timelines and without any inordinate delay. The commission has said the Department of Personnel and Training (DoPT) and it have issued guidelines from time to time, impressing upon the organisations concerned for a timely conclusion of disciplinary proceedings. "However, it has been observed that on many occasions, there is inordinate delay in bringing the cases to logical conclusion, which is against the principles of natural justice and also defeats the very purpose of initiating disciplinary action," the CVC said in an order. The commission said it has prescribed model timelines for investigation and conclusion of disciplinary proceedings till the issuance of final orders. The CVC said the existing instructions and guidelines as issued by the commission and DoPT are ...