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.
'If you are investing in a Ulip for returns, go for a type I Ulip.' 'If you are investing for insurance cover as well, type II is better.'
While buying a policy a customer should make sure s/he reads the terms and conditions very well. That is important because whatever is in the policy determines what the company is liable to cover.
Payments can be made till April 21; for motor the relaxation is only for third-party insurance.
Following suggestion from Minister for Roads Nitin Gadkari, Centre seeks ideas from IRDAI and General Insurance Council on feasibility of providing insurance cover for retrenchment.
'Currently, our individual first premium would be in the Rs 3,000-Rs 3,200 crore range. We want to take that to about Rs 6,000 crore in three years.'
Life insurers, on the prodding of global reinsurers, are set to hike premiums on term plans because rising mortality after the second wave of the pandemic has led to an increase in the number of settlements. Some will do so next month while others may wait till January. Global reinsurer Munich Re had nudged its insurance partners on the hike in September and insurers have been engaged in negotiations with the reinsurer on the amount of the increase. Term plan prices in India were among the lowest in the world for a long period but in the past couple of years, they have been increased a few times.
'In life insurance, it is about creating distribution capacity and solutions for customers. We are constantly working on that.'
The insurance regulator wants the removal of the minimum entry capital requirement of Rs 100 crore for setting up an insurance business in a bid to facilitate the entry of multiple players such as standalone micro insurers and niche players. Debasish Panda, chairman, Insurance Regulatory and Development Authority of India (Irdai), said it should be left to the regulator instead to decide what should be the entry fee for interested players, depending on the size of the business and operations. According to the current norms, insurers are required to have a minimum paid-up capital of Rs 100 crore.
There is huge potential for data analytics insurance sector in India which has over 40 crore life insurance policies.
They combine financial protection and health and lifestyle management support for non-communicable diseases such as hypertension, diabetes, heart disease, cancers and tumours.
Fraudsters read your mind, weave convincing stories, earn your trust and then vanish with people's savings. Ramalingam Kalirajan reveals five simple tricks that cons use to steal money from you.
The discount should be equal to interest rates on savings bank account deposit of State Bank of India.
Motor insurance is expected to generate largest claims for the companies whereas for crop insurance, the Agriculture Insurance Company is expecting claims of about Rs 15-16 crore
The Insurance Regulatory and Development Authority of India (Irdai) will look at Indian executives for all top posts at insurance companies.
The Ola Money and Uber tie-ups demonstrate how insurance companies, including even government-run ones, are forging partnerships with every possible service company to offer products.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
The Insurance Regulatory Development Authority of India (Irdai), the regulator for insurance companies, is set to allow the insurers to offer wellness programmes along with life insurance policies that can earn reward points for the policyholders. These reward points can be redeemed for getting a discount during renewal. The insurance regulator has circulated draft guidelines to insurance companies for feedback before issuing the final guidelines, as is the norm.
Insurance policy document will become digital and paperless like shares in the coming year and the policyholders would be saved from preserving the physical copies of their insurance policies.
'Because it is the only public sector company in this sector, currently.'
Advait Rao Palepu reports how a recent Supreme Court order will impact motor vehicles insurance policies.
The GST to be implemented from April 1, 2016, will increase the premiums.
Market-linked products have been driving the growth of private insurers for some time now. But, the market volatility has forced the companies to re-think their strategies, reports Subrata Panda.
Private insurance firms say, over the past few years, they have been investing on digital technologies to reach semi urban and rural areas.
Irdai will maintain a centralised list of the details of all agents appointed by insurers.
An interview with Insurance Regulatory and Development Authority (Irda) Chairman J Hari Narayan. He is charting the road map for strengthening the regulatory framework and also dealing with the turmoil in the US.
India has received nearly Rs 30,000 crore worth of FDI in the private sector insurance firms since 2015, when the government had increased FDI limit from 26 per cent to 49 per cent. Investment under the automatic route does not require prior approval from the government.
Currently, the Department of Agriculture runs two crop insurance schemes, one of which is weather-based.
Irdai had introduced two Covid specific products in the market - Corona Kavach and Corona Rakshak - that saw huge acceptance among the consumers as these products had lower premiums.
Last year, FDI cap in insurance was hiked to 49%
'Online aggregators offer discounts of 70% to 75%.' 'At a car dealership, the discount is usually in the range of 30% to 35%.'
'... that it once again shies away from renewing its commitment to strategic divestment,' points out A K Bhattacharya.
Dahiya's first internet-based venture to sell insurance failed, but he was convinced digital was the future
The National Commission concluded that the claim had been rightly rejected on grounds of misrepresentation in the proposal form and breach of duty to maintain utmost good faith while applying for insurance coverage.
Vehicles are depreciating assets and lose their value over time.
The new draft guidelines issued by IRDAI proposes a minimum sum assured of Rs 50,000 and a maximum of Rs 5 lakh. A General Insurance Council official said the guidelines were still being worked on and would only be finalised next week.
With at least three IPOs in the offing this year, stock market investors have a lot to look forward to.
In the wake of the natural disaster in Uttarakhand, the proposal for 'catastrophe insurance' is in spotlight.
General, life insurers with 8 & 10 yrs in biz, respectively, may have to list
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