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Insurance Policies

Insurance industry seeks tax incentives, Insurance Act amendment in Budget

Considering the low penetration in the country, experts believe additional funding could provide vital support for the segment

Insurance industry seeks tax incentives, Insurance Act amendment in Budget
Updated On : 14 Jan 2025 | 11:13 PM IST

LIC ordered to pay Rs 50 lakh to Covid policy premium payer's family

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

LIC ordered to pay Rs 50 lakh to Covid policy premium payer's family
Updated On : 30 Aug 2024 | 9:42 PM IST

How ECGC covers detrimental risks faced by exporters to boost exports

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

How ECGC covers detrimental risks faced by exporters to boost exports
Updated On : 23 Aug 2024 | 8:45 PM IST

LIC Jeevan Shanti plan: Know investment age limit and other key details

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

LIC Jeevan Shanti plan: Know investment age limit and other key details
Updated On : 09 Aug 2024 | 10:01 AM IST

Professional Indemnity Insurance: All you need to know

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

Professional Indemnity Insurance: All you need to know
Updated On : 23 Apr 2024 | 10:07 AM IST

Choose life policy carefully; early surrender can cause major losses

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

Choose life policy carefully; early surrender can cause major losses
Updated On : 29 Mar 2024 | 10:11 PM IST

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 retains surrender value norms, positive for life insurers: Analysts
Updated On : 26 Mar 2024 | 11:33 PM IST

Non-linked policies' tax-exempt premium: Rs 5 lakh individual limit

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

Non-linked policies' tax-exempt premium: Rs 5 lakh individual limit
Updated On : 16 Feb 2024 | 10:38 PM IST

Insurers should be allowed to invest in new asset classes: LIC Chairman

Mohanty called for a framework facilitating regular interaction among regulators

Insurers should be allowed to invest in new asset classes: LIC Chairman
Updated On : 28 Dec 2023 | 5:04 PM IST

Irdai sets up 12-member committee to simplify insurance policy wordings

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

Irdai sets up 12-member committee to simplify insurance policy wordings
Updated On : 27 Oct 2023 | 11:43 PM IST

3/4 of all Indian households are debt-free, 69% save in banking instruments

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

3/4 of all Indian households are debt-free, 69% save in banking instruments
Updated On : 06 Jul 2023 | 2:08 PM IST

Go Digit Life Insurance gets Irdai nod to carry life insurance business

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.

Go Digit Life Insurance gets Irdai nod to carry life insurance business
Updated On : 09 Jun 2023 | 9:01 PM IST

How wholelife plans can help transfer tax-free wealth to next generation

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

How wholelife plans can help transfer tax-free wealth to next generation
Updated On : 01 Mar 2023 | 10:32 PM IST

$19 bn derivative bond trade in India at risk from Modi's new tax

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

$19 bn derivative bond trade in India at risk from Modi's new tax
Updated On : 28 Feb 2023 | 8:03 AM IST

Budget 2023: Tax on high-premium policy may hit life insurers' top line

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

Budget 2023: Tax on high-premium policy may hit life insurers' top line
Updated On : 03 Feb 2023 | 12:06 AM IST

Mixing investment and insurance: Finding the right balance for your needs

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

Mixing investment and insurance: Finding the right balance for your needs
Updated On : 27 Jan 2023 | 6:26 PM IST

Buy more insurance cover if your liabilities have increased in the year

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

Buy more insurance cover if your liabilities have increased in the year
Updated On : 11 Dec 2022 | 9:42 PM IST

Demat of insurance policies: LIC mulls creating its own repository

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

Demat of insurance policies: LIC mulls creating its own repository
Updated On : 15 Sep 2022 | 10:56 PM IST

Planning to buy an insurance policy? Here is what you need to know

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

Planning to buy an insurance policy? Here is what you need to know
Updated On : 23 Jul 2022 | 6:10 AM IST

Get car engine insurance to keep you afloat during rains, say experts

Roadside assistance and outstation emergency add-ons are useful

Get car engine insurance to keep you afloat during rains, say experts
Updated On : 25 May 2022 | 6:07 AM IST