Page 4 - Irdai

Moratorium to refund: Reforms in health insurance you must know about

Be meticulous with disclosures during policy purchase despite lowering of moratorium period

Irdai to meet insurers today on Bima Sugam, 'Cashless Everywhere'

Sources said the regulator is likely to discuss the appointment of a CEO for Bima Sugam

IRDAI asks insurers to approve cashless claim in 3 hours: Check all changes

Insurer will be responsible for covering additional charges levied by hospital if the deadline is not met, says IRDAI

Irdai mandates health insurers to decide on cashless claims within 1 hour

Regulator Irdai on Wednesday released a master circular on health insurance specifying that an insurer will have to decide on cashless authorization within one hour of request. The master circular on Health Insurance products repeals 55 circulars issued earlier and it is a significant stride towards reinforcing the empowerment of policyholders and bolstering inclusive health insurance, Irdai said in a statement. "The circular has brought in one place the entitlements in a health insurance policy available to a Policyholder/prospects for their easy reference and also emphasizes measures towards providing seamless, faster and hassle-free claims experience to a policyholder procuring health insurance policy and ensuring enhanced service standards across the health insurance sector, it said. Sharing salient features of the master circular, it said, wider choice to be provided by the insurers by making available products/addons/riders by offering diverse insurance products catering to al

Noida-based Paytm General Insurance withdraws application with Irdai

The company will focus on its insurance distribution portfolio, moving away from making insurance products

Mahindra Finance gets IRDAI nod to sell insurance as corporate agent

Mahindra & Mahindra Financial Services on Wednesday said it has received corporate agency licence from insurance regulator IRDAI, which will enable it to sell life and general insurance policies offered by various insurers. The registration shall be valid from May 21, 2024 to May 20, 2027, Mahindra Finance said in a regulatory filing. The registration as 'Corporate Agent (Composite)' will enable the company to undertake supplemental business activity of soliciting and procuring insurance business in the areas of life, health and general insurance -- both group and individual, it said. The process would augment the company's existing sources of revenue and profits as it would deploy its common infrastructure of branch network and feet on street. Mahindra Finance Managing Director & CEO Raul Rebello said, "This diversification will open new revenue models for us while delivering personalized services to customers across Mahindra Finance's 1360+ branches, thereby enhancing their .

Hinduja led IIHL gets Irdai's nod for acquisition of Reliance Capital

The approval is subject to certain 'regulatory, statutory, and judicial' clearances/compliances, says IIHL spokesperson

Irdai asks insurers to compulsorily meet rural, social sector obligations

With the objective to meet insurance for all by 2047, the sector regulator Irdai on Friday issued a master circular directing life and non-life players to do a certain percentage of business compulsorily towards meeting rural, social sector and motor third-party obligations. All life insurers shall ensure a minimum percentage of lives in identified and allocated gram panchayat, the master circular on rural, social sector and motor third party obligation said. The Life Insurance Council, in consultation with the Ministry of Panchayati Raj, will identify gram panchayat for fulfilling rural sector obligations, it added. Upon identification of gram panchayats, the council should indicate the minimum number to be allocated to each insurer based on mutually agreed parameters, such as market share or any other parameter, it said. After the finalisation of the first gram panchayat for each insurer, the council should share the list with the Insurance Regulatory and Development Authority of

Irdai imposes a fine of Rs 1 crore on IPO-bound Go Digit Insurance

According to recent general insurance council data, the company had a gross written premium (GWP) of Rs 7,941.1 cr in FY24

Pricing key challenge for health insurance of older citizens: Experts

Most companies had an internal policy which did not allow them to sell health insurance products to persons of more than 65 years

Irdai removes age limit of 65 yrs for buying health insurance policies

With a view to widen the market and foster adequate protection from healthcare expenses, insurance regulator IRDAI has removed the age limit of 65 years for individuals buying health insurance policies. This marks a significant departure from the conventional constraints that limited individuals in securing comprehensive coverage. By abolishing the maximum age restriction on purchasing health insurance plans, the Insurance Regulatory and Development Authority of India (IRDAI) aims to foster a more inclusive and accessible healthcare ecosystem, ensuring adequate protection against unforeseen medical expenses. As per the earlier guidelines, individuals were allowed to purchase a new insurance policy only till the age of 65. However, with the recent amendment, which has been effective from April 1, anyone, regardless of age, is eligible to buy a new health insurance policy. In a recent gazette notification, IRDAI said, "insurers shall ensure that they offer health insurance products t

Early in the tenure of non-linked policy you don't like? Surrender it

But if you have held it for long, run the numbers; continuing may be prudent

Red Sea crisis: RBI, Irdai called in to help limit impact on Indian exports

The Ministry of Finance urged these entities to monitor disruptions that could potentially drive up India's export expenses

Irdai raises concern over Hinduja Group-led IIHL's bid for Reliance Capital

Insurance regulator IRDAI has expressed some reservations over Hinduja Group firm IndusInd International Holdings' (IIHL) resolution plan for debt-ridden Reliance Capital, which is also in the insurance business, including non-life, sources said. Insurance Regulatory and Development Authority of India (IRDAI) in a recent communication to Nageshwara Rao Y, the administrator of Reliance Capital has said that the resolution plan submitted by IIHL is not in line with insurance regulations. The regulator has sought clarification regarding equity capital that IIHL, the proposed buyer of insolvent Reliance Capital is willing to put in. It has expressed reservations about debt that IIHL plans to raise to fund the Reliance Capital takeover, sources said. The sector regulator is of the opinion that promoters should invest their own capital as insurance companies deal with the money of policyholders and as a regulator protection of policyholders is the top priority. It has also sought ...

Loan against insurance, minding mental health: Top personal finance stories

Our top stories this week tell you about the pros and cons of using your life policy as collateral and what it takes to be mentally fit

Choose life policy carefully; early surrender can cause major losses

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

Bima Sugam - your one-stop portal for all insurance policies: Details here

It's an online platform where customers can choose a suitable scheme from multiple options given by various companies

LIC, GIC Re and New India Assurance Company retain the 'D-SII' tag

D-Slls are insurance companies which are perceived as 'too big or too important to fail'(TBTF) based on their size, market importance, and domestic and global interconnectedness

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 notifies series of regulations, tweaks rules on surrender charges

Insurance regulator IRDAI has notified a host of regulations, including on surrender charges wherein insurers have to disclose such charges upfront. IRDAI (Insurance Products) Regulations, 2024 merge six regulations into a unified framework aimed at enabling insurers to swiftly respond to evolving market demands, enhancing the ease of conducting business, and boosting insurance penetration. These regulations promote good governance in product design and pricing, including strengthening the principles governing guaranteed surrender value & special surrender value along with disclosures thereof, IRDAI said in a statement. It also ensures that the insurers adopt sound management practices for effective oversight and due diligence, it said. These regulations, which will be effective April 1, 2024, stipulate that the surrender value is expected to remain the same or even lower if policies are surrendered within three years of the purchase. For policies that have been surrendered from .