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.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
The discount should be equal to interest rates on savings bank account deposit of State Bank of India.
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.
T S Vijayan makes a strong comeback man.
The Irda is of the view that any insurance product must carry some form of assurance.
FinMin talking to Irda on many issues, meeting Chidambaram this week.
To enhance transparency in unit-linked insurance products and protect the interest of policyholders, the Insurance Regulatory and Development Authority has asked life insurers to disclose the underlying conditions and elements while advertising products.
Life insurance companies would not be allowed to sell Ulips with annual premiums exceeding Rs 50,000 for non-single premium policies and Rs 1,00,000 for single premium polices via telemarketing.
These products contribute almost 20 per cent to the total premium collection of life insurers.
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.
Plans with loan clause denied approval; regulatory ban coming.
Draft norms reduce investment ceiling from 25% to 5%.
Private insurance firms say, over the past few years, they have been investing on digital technologies to reach semi urban and rural areas.
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).
J Hari Narayan, chairman, Irda, said, "We will address the issue of policy exclusions, claim settlement period and the definition of critical illness. All these norms will form a part of the health insurance guidelines."
Advait Rao Palepu reports how a recent Supreme Court order will impact motor vehicles insurance policies.
'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.'
After life insurance products, the sector's regulator is now turning its attention to unit-linked insurance products (ULIP) that guarantee the highest net asset value (NAV) over its term.
After winning the turf war with market watchdog Sebi on ULIPs, insurance regulator Irda on Monday said it would frame new guidelines for these products to make them more attractive for policy holders.
Irda's advertisement is silent about the High cost of Ulips that all Investors should know.
Questions market regulator's showcause to insurers on conceptual, legal, structural grounds.
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.
The last few months have been action packed for insurance companies having a ULIP (unit-linked insurance plan) product in their portfolio. This, primarily on account of a cap levied by Insurance Regulatory and Development Authority on the total expenses that can be charged by insurance companies on such products with effect from October 1, 2009.
According to data analysed by the Insurance Regulatory and Development Authority, the claim severity is 83 per cent higher in case of cashless mediclaim than reimbursement in the last two years.
To reduce the solvency margins on term products and make these products cheaper & popular, The Insurance Regulatory and Development Authority has decided to reduce the solvency margins on term products. Since the term insurance policies provide pure life cover with no maturity/survival benefits they haven't gained popularity with the customers. Insurers currently maintain a solvency margin of 150%. Solvency margin requirements are the prudential norms of capital requirements.
Development officers and agents of LIC are promoting Money Plus claiming to offer astronomical returns
The new rules of the Insurance Regulatory and Development Authority take effect from September 1.
'In life insurance, it is about creating distribution capacity and solutions for customers. We are constantly working on that.'
Currently, the Department of Agriculture runs two crop insurance schemes, one of which is weather-based.
Buyers of unit-linked insurance policies can now heave a sigh of relief. The insurance regulator, Insurance Regulatory and Development Authority of India has issued a standard format that will simplify things for the policyholder and arrest the rampant mis-selling.
After trying to reform unit-linked insurance plans (Ulips), the Insurance Regulatory and Development Authority (Irda) is now turning its attention to the protection of policyholders.
Insurance sector to get lot of foreign investment: Jaitley.
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.
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.
Insurance regulator IRDA proposes to come out with disclosure norms for initial public offering (IPO) by insurance companies by this month end, its chairman J Hari Narayan said.
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