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.
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.
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.
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%
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.
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.
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.
Roopam Asthana, CEO and whole-time director, Liberty General Insurance Ltd, answers your queries on HEALTH and AUTO insurance.
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.
This recognition is a testimony of India's strong belief in promoting entrepreneurship
The Bill will come up for discussion in the upcoming winter session of the Parliament.
While the costs of auto and home covers have gone down, that of health cover has gone up.
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.
Insurance penetration in India at 3.9%, below world average.
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.
PSU divestment, LIC IPO, fiscal deficit: Budget 2021 marks a clear change in the Modi government's stance from fiscal conservatism to growth orientation.
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.
With the discount, the third-party premium for vintage cars works out to Rs 625 from the present Rs 2,500.
The devastation caused by the current deluge has damaged hundreds and thousands of homes and vehicles.
Max New York plans foray into micro insurance.
A customer can also appoint a surveyor on his own expense
Most people do not know how to use it. At best, it provides tax benefit.
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.
Motor insurance claims will also come in, due to the extensive damage to vehicles.
Mannapuram Finance, Mahindra and Bharti Axa are some of the firms known to have bought office spaces worth more than Rs 100 crore
Typically, an individual buys a health cover between Rs 3 lakh and Rs 5 lakh.
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.
The rise in premiums could be in the range of 5-25 per cent, depending on the features that each insurance company adds on its products. Insurance firms have been given time till September 30 to include modifications mandated by the regulator.
The finance ministry has proposed to decriminalise a host of minor offences, including those relating to cheque bounce and repayment of loans, in as many as 19 legislations to help businesses tide over the crisis caused by the coronavirus outbreak. The 19 legislations include Negotiable Instruments Act (cheque bounce), SARFAESI Act (repayment of bank loans), LIC Act, PFRDA Act, RBI Act, NHB Act, Banking Regulation Act and Chit Funds Act.
'The government has realised that the finances of the government are in a precarious state.' 'We are borrowing to fund the ever-burgeoning revenue deficit.' 'Then you are paying interest on the fresh borrowing.' 'For the first time, the government has realised that this cannot go on.'
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
Did you know that your home insurance covers valuables in bank locker?
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