2010 was indeed an eventful year from the personal finance perspective. The year had its share of controversies, forward looking policies as well ones which will pinch your pocket more in days to come. Here is a look at top 10 news items (in no particular order).
Soon standalone health insurance companies will be governed by separate regulations
As a result of the mass state-led scheme, the processes in the health insurance market could get simplified over time and become uniform
LIC's product will be a hospital cash product (that is for major listed surgeries and procedures, LIC will pay the insured a predetermined lump sum amount, depending on his premium payment). LIC's product will also be a long-term product of over 10 years. For claim payouts, the public sector behemoth has tied by with Axis Bank, Syndicate Bank and Bank of America.
To curb mis-selling of policies and rationalise commissions, radical changes have been proposed to help investors.
In the case of double-income couples, not more than 40 per cent of the net income of one partner should be the EMI for the property.
The Securities and Exchange Board of India, the capital markets regulator, restrained 14 insurance entities from raising fresh money through Ulips - Unit Linked Insurance Products.
The Sebi, on Friday, banned 14 life insurance companies, including Reliance Life, SBI Life, ICICI Prudential, Tata AIG and HDFC Standard Life, from raising fresh money in ULIP schemes that invests a major chunk of funds in stock markets.
Questions market regulator's showcause to insurers on conceptual, legal, structural grounds.
Insurance companies have worked over the years to simplify their claim settlement process
While insurance companies are yet to finalise the premiums, there are chances that group health premiums could see an increase.
Unlike other health insurance policies, which mostly covers hospitalisation expenses alone, the specialised cover is likely to include the cost of treatment during quarantine and payment of cash for incidental expenses.
RBI unveiled a few weeks ago its discussion paper on the proposed holding company structure for financial conglomerates, there were no murmurs of protest from any of the other regulators.
The insurance sector is seeking clarity on the 'Indian management control' clause.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
After opening close to 1,500 branches in 2022-23, HDFC Bank, the country's largest private sector lender, will continue expanding its branch network at the same speed in the current financial year. The lender says branch expansion is crucial for deposit mobilisation. As of March 31, 2023, HDFC Bank had 7,821 branches, up from 6,342 a year ago.
The mutual fund (MF) industry has seen a fair number of new entrants in the last 10 years but none of them have proved to be much of a challenge for the larger players. The list of top 20 fund houses, which manage over 90 per cent of the industry's total assets, continues to be dominated by players who have been in the business for more than a decade. Bajaj Finserv MF may change that, say experts.
The Insurance Regulatory Development Authority of India has clamped down on excessive discounts on fire
'The India which was all about glamour and razzmatazz through which he could earn the trust of people of the other India, which was Bharat.'
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Prior RBI permission a hurdle, given its views; business interest needs to be clearer.
The Insurance penetration in India is very low at 3.9 per cent.
The Insurance Regulatory Development Authority (Irda) is planning to issue a notice to Life Insurance Corporation of India (LIC) to stop the latter from allowing policy holders to nominate "strangers" (those who are not close relatives) and religious institutions as beneficiaries of life policy claims.
Here's a quick look at the likely changes proposed for selling unit linked insurance plans from September 1, 2010 and how they will impact investors.
Insurance and investment are two different needs. Then, there are Ulip pension plans with no sum assured. No wonder, there is confusion.
The government on Monday said that the two regulators, the Securities and Exchange Board of India and the Insurance Regulatory and Development Authority, have agreed to maintain the status quo that existed before market regulator's ban on 14 life insurers from raising funds for unit-linked schemes.
Such products in insurance parlance are called acturial-funded products. The ban would require Aviva Life Insurance to withdraw all its 14 ULIP products, while Bajaj Allianz one of its ULIPs called Capital Unit Gain.
'While many policies say that they will cover mental illnesses, the wordings of a few still have mental illness as a permanent exclusion.' 'After the new IRDAI circular, such exclusions should go away.'
LIC is on board after tying up with all five insurance repositories; 1,50,000 e-Insurance Accounts opened across India till date.
Life Insurance Corporation of India has said the Insurance Regulatory and Development Authority's requirement that extra 50 per cent solvency margins above regulatory norms be maintained was unfair and unwarranted.
No legal proceedings have been initiated against Nestl till now.
Experts suggest that it's best to go for the bundled product that has only one-year own damage cover.
Irda asks insurance companies to increase risk cover from July 1
If you don't make the necessary adjustments after October 1, 2024, you'll stop earning interest on accounts that aren't in compliance rediffGURU Milind Vadjikar
IRDA said it wanted to seek a legal mandate jointly with Sebi, but the market regulator had reservations.
Raise the amount of life cover you own if your liabilities and responsibilities have increased during the year, says Arvind A Rao.
To plug claims mismanagement, the Insurance Regulatory and Development Authority of India (Irdai) is bringing reforms in the mediclaim segment.
Development officers and agents of LIC are promoting Money Plus claiming to offer astronomical returns
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