General insurers violated IRDA norms on discounts. IRDA reveals plans for 2008
Farmers will no longer have to wait endlessly for claiming their payments from the government.
With the general insurance penetration at a dismal 0.60 per cent (measured as a percentage of GDP), many companies feel that selling the policies through photo studios, grocery stores and even telephone booths would help improve the figure. "If telecom companies are able to use grocery stores, petty shops and other small outlets, why not insurance companies?" said an Insurance Regulatory and Development Authority official.
Prime Minister Narendra Modi on Wednesday said the government has no business to be in business and his administration is committed to privatising all PSUs barring the bare minimum in four strategic sectors. "It is government's duty to support enterprises and businesses. But it is not essential that it should own and run enterprises," he said. Modi also said the Centre's policy is to either monetise or modernise public sector enterprises, with the intent that the government has "no business to be in business".
Roopam Asthana, CEO and whole-time director, Liberty General Insurance Ltd, will answer your queries on HEALTH insurance and AUTO insurance.
The new regulations will allow the insurers to charge an extra premium from policyholders who wish to buy riders with unit-linked insurance plans.
The general insurers have sought well-crafted strategies from interested consultants to withstand competition from the private sector which is more customer-oriented in terms of both services and products.
There is immense pressure on Biyani to go ahead with the RIL offer after FRL defaulted on its interest payments of Rs 100 crore on July 22.
Ministry of Finance, Joint Secretary -- insurance, Anoop Wadhwa, had reviewed the progress of development of micro-insurance products at a meeting in the national Capital on Tuesday.
For the vehicle-owner, the overall cost of buying a car can go up by 2% to 3$%. For two-wheelers, the cost can rise by 1% to 1.5%
Neeraj Prakash, MD, Shriram General Insurance, explains how new measures proposed in the Motor Vehicles Act can smoothen the lives of the insured and insurer and how the government plans to make more vehicles owners buy insurance.
25,600 cases of banking fraud totalling Rs 1.79 billion were reported up to December 2017. 'There is an inherent legacy when it comes to insuring crime.' 'Generally, most banks are uncomfortable in sharing data about employee fraud.'
Cyber crimes caused by the insured's employees also get covered under the policy but would exclude the actual perpetrator.
State Bank of India (SBI) is asking prospective partners for its general insurance foray to pay it Rs 300 crore (Rs 3 billion) to Rs 350 crore (Rs 3.5 billion) as entry premium, insurance industry sources said.
While the costs of auto and home covers have gone down, that of health cover has gone up.
The Bill will come up for discussion in the upcoming winter session of the Parliament.
This recognition is a testimony of India's strong belief in promoting entrepreneurship
Under the scheme, which seeks to open 75 million accounts by January 26, 2015, an accident insurance cover of Rs 100,000 is provided with every RuPay debit card offered by the National Payments Corporation of India.
As soon as general insurers are freed from the shackles of standard products, they could offer a motor insurance policy that provides for settlement of full claims amount without any deductions for depreciation as per the current practice.
This is an initial assessment, but the actual loss to insurers will be known after the fire is completely doused and claims start pouring in.
Insurance penetration in India at 3.9%, below world average.
Striking a balance between the cover needed and the premium outgo is critical.
The free pricing regime in the general insurance industry has come into force, with the Insurance Regulatory and Development Authority clearing all the revised rates filed by general insurers.
Roopam Asthana, CEO and whole-time director, Liberty General Insurance Ltd, answers your queries on HEALTH and AUTO insurance.
With the discount, the third-party premium for vintage cars works out to Rs 625 from the present Rs 2,500.
PSU divestment, LIC IPO, fiscal deficit: Budget 2021 marks a clear change in the Modi government's stance from fiscal conservatism to growth orientation.
Max New York plans foray into micro insurance.
A customer can also appoint a surveyor on his own expense
The devastation caused by the current deluge has damaged hundreds and thousands of homes and vehicles.
Most people do not know how to use it. At best, it provides tax benefit.
Motor insurance claims will also come in, due to the extensive damage to vehicles.
Public sector general insurance employees across the country began a two-day strike on Wednesday demanding wage revision, pending since Aug 2002 and resumption of promotion exercise, which was stopped last year.
Typically, an individual buys a health cover between Rs 3 lakh and Rs 5 lakh.
Mannapuram Finance, Mahindra and Bharti Axa are some of the firms known to have bought office spaces worth more than Rs 100 crore
From July 10, when it was launched till August 7, 1,087,030 lives have been covered under Corona Kavach through 648,276 policies with premium of Rs 182 crore and sum assured for Rs 42,956 crore. In addition, 186,347 lives have been covered under Corona Rakshak through 156,695 policies with premium of Rs 25.5 crore and sum assured for Rs 3,293 crore, an Irdai official said.
Having an agent can help in the case of older consumers with pre-existing diseases or if there is a break in policy. Otherwise, online is cheaper and there is help, too
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