Says market regulator's order is misconceived and not in public interest.
This will help expand the distribution channels, said Subhash Chandra Khuntia, chairman of the insurance regulatory and development authority of India.
In its master circular on general insurance products, which takes immediate effect, Irdai specified, 'The customer may be required to submit only those documents directly related to claim settlement.'
According to sources close to the development, major domestic banks and institutions such as State Bank of India (SBI), Bank of India (BoI) and Life Insurance Corporation (LIC) have sought the permission of their respective regulators - the Reserve Bank of India (RBI) and the Insurance Regulatory and Development Authority (Irda) to participate in the equity derivatives market (F&O segment) as traders.
Errors in filing income-tax returns frequently lead to scrutiny notices, additional liabilities, or delayed refunds.
The incentive of the insurance advisor is definitely not in favour of the individual wanting an insurance policy.
Customers frequently sign without reading the terms and conditions, resulting in a poor understanding of coverage, and eventually leading to partial payouts
After tying up with 15 banks, state-owned National Insurance Company on Friday signed a memorandum of understanding with leading NGO, HelpAge India, to distribute its products.
Here's all you want to know about insuring your priced possession!
It will help in reducing the turnaround time.
After the Delhi high court's ruling, blanket exclusion of genetic disorders from coverage is likely to become a thing of the past.
Currently, FDI up to 26 per cent is permitted through automatic approval route.
Insurance Regulatory and Development Authority has permitted Sahara Group to enter life-insurance segment, and issued 12 letters of intent to insurance broking entities, including three having foreign equity stake, to conduct business in India.
The insurance sector is making a strong comeback. Buoyed by a steep rise in sale of single premium policies, the industry clocked a 53.25 per cent rise in November.
Though COVID-19 will wreak more damage to the finances of the Indian population, the insurance sector is unlikely to get hurt.
About 70,000 employees of public sector general insurance companies would go on a one-day strike on December 21 in protest against the proposed increase in foreign direct investment cap, outsourcing of jobs and to press for early settlement of their
'I am very happy to see that the work is starting to bear some fruit now.'
Overcoming its initial concerns, national reinsurer GIC Re has contributed to the formation of an insurance pool to cover most imports from Russia. While it will be called the fertiliser pool with a corpus of Rs 500 crore, it can be used to cover the risks of oil and gas imports too. This was decided by a clutch of Indian insurance companies, led by the state-owned ones. GIC Re's share is about 40 per cent in the pool. Last month, GIC Re had shot off a letter to all non-life insurance companies that underwrite marine risks not to ask it for reinsurance of cargoes that originate from Russia.
'Splitting must result in tangible benefits for the customer, otherwise it will only mean more work for them in maintaining the policy and for their nominees.'
The total premium income for the industry from the motor portfolio is around Rs 8,000 crore, and private vehicles account for about 65 per cent of the market.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
The Insurance Regulatory and Development Authority of India (IRDAI) is considering a proposal to make insurance frauds a parameter for calculating credit scores in an attempt to put a lid on the increase in such activity. The proposal, which is a part of the recommendations made by a working group formed by Irdai and the General Insurance Council, suggests that insurance frauds should feature when the risk profiles of individuals are evaluated and should be used to calculate their credit scores. A poor credit score can deprive a person of financial services such as loans and credit cards, and deter him from indulging in fraud.
'Today, we have 2 million active drivers earning through our platform every month.'
Will allowing business correspondents to hawk insurance products help in reviving 5-lakh strong field agents as a viable channel?
The implementation of this toll collection system, which will eventually eradicate toll booths, necessitates the fitting of an on-board unit (OBU) in every vehicle that can track a vehicle's location in real time.
Messaging app Telegram has taken decisive action against bots that were reported for sharing sensitive data related to Star Health and Allied Insurance Company, and is actively keeping an eye on their re-emergence, a company statement said. "The bots reported to Telegram for sharing Star Health data were immediately removed and moderators are monitoring to prevent them from being recreated. "The sharing of private information on Telegram is expressly forbidden and such content is deleted whenever it is found," the statement said.
Younger people, who usually have a longer investment horizon which allows them to handle the interim volatility, may go for them.
The new regulations will allow the insurers to charge an extra premium from policyholders who wish to buy riders with unit-linked insurance plans.
Mergers and acquisitions would continue to create big corporate conglomerates but there is a need to draw a red line to avoid dominance and curbing of open competition in market by them, he said while addressing a conference on competition issues in New Delhi.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
The new business premium of life insurance companies usually sees the highest growth in the March quarter.
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.
Bank of Baroda on Thursday expressed hope that it would get the Reserve Bank of India's permission to foray into life insurance business this year.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
Consider a combination of a base policy and a super top-up policy.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances