The market regulator had last month allowed bourses to set up debt segments to develop the country's languishing corporate bond market.
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.
Numbers could be classified further into (140) marketing and (160 or 161) for service calls to easily identify the purpose of the call in the future.
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
'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 discount should be equal to interest rates on savings bank account deposit of State Bank of India.
Irdai will maintain a centralised list of the details of all agents appointed by insurers.
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.
The total benefits paid by private life insurance companies to policyholders rose by 5.98 per cent to Rs 1.57 trillion during 2022-23. This figure stood at Rs 1.49 trillion in the corresponding year-ago period. On the other hand, Life Insurance Corporation of India (LIC) paid out 4 per cent fewer benefits at Rs 3.39 trillion from Rs 3.53 trillion in 2021-22.
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).
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.
A crucial point anyone purchasing health insurance must heed is the need to declare PEDs.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
Will allowing business correspondents to hawk insurance products help in reviving 5-lakh strong field agents as a viable channel?
Younger people, who usually have a longer investment horizon which allows them to handle the interim volatility, may go for them.
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.
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.
Development officers and agents of LIC are promoting Money Plus claiming to offer astronomical returns
RBI Governor cautioned against more volatility.
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.
Private insurance firms say, over the past few years, they have been investing on digital technologies to reach semi urban and rural areas.
Currently, the Department of Agriculture runs two crop insurance schemes, one of which is weather-based.
If the cashless request is denied, the entire cost may need to be paid for planned treatments.
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.
Advait Rao Palepu reports how a recent Supreme Court order will impact motor vehicles insurance policies.
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.
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.
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.
The Securities and Exchange Board of India (Sebi) has decided against filing a joint application before a court to resolve its dispute with the Insurance Regulatory and Development Authority over unit-linked insurance plans.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
Irda asks insurance companies to increase risk cover from July 1
There is discrimination against women in insurance cover. As a flood of insurance companies tap the capital markets with public issues, there is however, hardly any reference to this asymmetry. Subhomoy Bhattacharjee reports
Consider a combination of a base policy and a super top-up policy.
Finance Secretary Ashok Chawla, in an impromptu chat with reporters, sided with Sebi, while Planning Commission Deputy Chairman Montek Singh Ahluwalia cited the spat to make a case for setting up a Financial Development and Stability Council (FSDC).
