The Insurance Regulatory & Development Authority (Irda) is planning to cap the charges on universal life policies, or ULPs. These have almost replaced unit-linked insurance plans (Ulips) in terms of new business. Ulips, which used to account for around 80 per cent of the segment, lost their sheen after the regulator brought in stringent norms from September 1.
'As our per capita income increases and various demographic segments emerge, the need for various kinds of protection and risk covers will become even more explicit.'
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).
In what would make unit-linked insurance plans (Ulips) more investor friendly, the Insurance Regulatory and Development Authority (Irda) on Tuesday proposed to cap surrender charges and standardise the revival period for polices that had lapsed.
There are a number of steps taken that will leave more money in the hands of the taxpayers.
These include the reduction in tax rates under the new tax regime, increase in standard deduction, allowing tax collected at source to be adjusted against tax deducted at source from salaries, notes Harsh Roongta.
Buying an insurance policy? Claim Settlement Ratio helps you find out the chance that your claim will be settled and how soon it will be setled.
Insurance regulator IRDA on Tuesday said it will decide its future course of action on the ULIP controversy in the next two days keeping in mind the government's directive to seek a legally binding decision from a court.
The Insurance Regulatory and Development Authority (Irda) may allow up to 25 per cent investment to a single group of companies as part of the group exposure norms for unit-linked insurance plans (Ulips).While in the normal course, the regulator is likely to cap the investment of such polices at 20 per cent, the ceiling can be relaxed by another 5 per cent with prior approval of the board through what is called discretionary limits.
Official telecaster Prasar Bharati has got Life Insurance Corporation, Maruti, Suzuki, Insurance Regulatory and Development Authority (IRDA), Indian Oil Corporation, BSNL and Samsung on board as sponsors for telecast of the forthcoming Beijing Olympics. But with the tournament starting on August 8, Prasar Bharati is yet to have a presenting sponsor.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
"There will be a spectrum of guarantees. For instance, there could be a guarantee on premiums paid or sum insured or rate of return or annuity," said an Irda official.
Irda chairman C S Rao speaks about the need for detariffing, pitfalls to be avoided and the impact of detariffing on the insured.
'Online aggregators offer discounts of 70% to 75%.' 'At a car dealership, the discount is usually in the range of 30% to 35%.'
The board of directors of ING Vysya Bank, at its meeting held on May 28 have approved the bank's sale of 14.87 per cent stake in ING Vysya Life Insurance Company to Gujarat Ambuja Cements for Rs 60.9 crore (Rs 609 million).
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
The Insurance Regulatory and Development Authority (Irda) has stuck to its guns on returns from unit-linked pension plans. Despite several representations from the industry, the regulator has decided that insurers will have to provide guaranteed returns of 4.5 per cent on gross premiums until March 11, 2011.
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.
The rise in premiums could be in the range of 5-25 per cent, depending on the features that each insurance company adds on its products. Insurance firms have been given time till September 30 to include modifications mandated by the regulator.
After the Delhi high court's ruling, blanket exclusion of genetic disorders from coverage is likely to become a thing of the past.
The Insurance Regulatory and Development Authority on Wednesday favoured a unified legislation for disaster management.
Private life insurers have asked Insurance Regulatory and Development Authority to come up with a standardised product.\n\n
The first step that has been taken by IIB is to bring out unique identity numbers for hospitals.
This October it would be three years since the first set of private companies were issued underwriting licences by the Insurance Regulatory and Development Authority.
The IRDA favours for a hike in FDI cap from 26 to 49 per cent and amendments in legislations to enable greater flexibility in investment.
Finance Minister Jaswant Singh is likely to trigger off pension reforms for the unorganized sector in this Budget by exempting tax on a standardized pension policy, which could be sold by insurers at a meager price.
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.
The Insurance Regulatory and Development Authority on Wednesday warned third-party administrators (TPAs) on not settling health insurance claims in time and said rules will be tightened to ensure prompt payment.
LIC will fall in line with the other private insurers in meeting the IRDA's stringent norms on solvency margin by providing an aggregate Rs 10,000 crore (Rs 100 billion) by the end of 2003-04.
The Financial Stability and Development Council members include heads of regulatory bodies like RBI, Sebi and Insurance Regulatory Development Authority.
Insurance of vehicle, including cars and bikes, will become costlier from April 1 as insurance regulator Irdai has decided to increase premiums by up to 40 per cent from the next fiscal.
The Allahabad Bank-led, five-party venture for a non-life insurance company is expected to start operations by April-May 2007
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances