The Union Cabinet on Friday approved 100 per cent foreign direct investment (FDI) in the insurance sector, a move that was welcomed by industry as it would help attract more capital and global expertise, while boosting insurance coverage in the country. A bill to amend the insurance law is likely to be tabled on Monday in Parliament, whose winter session is slated to conclude on December 19.
The life and non-life insurance industries are hopeful of a reduction in the goods and services tax (GST) on health and life insurance premiums, after Prime Minister Narendra Modi, in his speech on Friday, announced GST relaxations aimed at providing relief to ordinary citizens, farmers, the middle class, and the small and medium enterprises (MSME) sector.
The Indian insurance industry is set to focus on customer-centric technological adoption and expansion into rural areas to drive growth in 2025.
Health insurance policy-holders will be able to avail a discount on the premium payable if there were no claims made in the previous year, according to the circular released by the regulator.
In an appalling incident, national Kabaddi player Dolly Singh was allegedly abused and manhandled by a group of local men in Kanpur.
The Insurance Regulatory and Development Authority of India (IRDAI) has issued guidelines that will allow car dealers to become Motor Insurance Service Providers (MISP) and offer the policies of multiple general insurers, says Sanjay Kumar Singh.
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