Sources said the Insurance Regulatory and Development Authority's vigilance department was looking into these complaints and had carried out inspections in this regard.
Personal accident cover should be purchased by everyone, irrespective of age, occupation or health condition, as one does not know when an accident could occur, causing hardship to the family.
Inflow of more funds is likely to widen the reach of insurance and drive M&A activities in the sector where growth has stalled.
The much-delayed Insurance Bill seeks to raise the foreign investment cap in the sector from 26 per cent to 49 per cent, with a rider that the management control rests in the hands of Indian promoter.
Taking a cue from Zomato's stellar initial public offering (IPO), through which it garnered a valuation of Rs 1 trillion, the government has asked its advisors and valuers to ascertain if the Life Insurance Corporation of India (LIC) should be valued at Rs 10 trillion or more. The government is looking to offload about 10 per cent stake in LIC through the IPO. At that valuation, the government stands to net at least Rs 1 trillion from LIC's proposed IPO, which will boost the Centre's efforts to meet its disinvestment target of Rs 1.75 trillion for the current financial year.
Staying healthy is good news for the insurance company as well since it implies lower claims. Insurance companies offer discounts anywhere between 8 And 30 per cent discount on premium.
The insurance companies will use "green, orange, and red" colours to indicate the complexity of the products that are on offer.
Insurance company will bear the cost of digitising. It will in turn benefit from lower expenses on servicing policies.
There are few lapses in the healthy insurance proposals.
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
The proposal has been discussed by Sebi's Committee on Rationalisation of Financial Resources, which favours setting up such a fund.
Choose insurance from stable companies that have been in the business for a long time
Currently, the select committee is considering the Bill.
The revival initiative allows RLIC policyholders to renew their lapsed policies by simply paying their due premium -- without any penalty or medical tests.
Paytm CEO Vijay Shekhar Sharma said on Wednesday that the company's share market performance has been in line with that of global peers in the sector over the past six months due to macroeconomic factors. "Macro factors like quantitative easing, free money due to US monetary policy and other parameters led to a spook in the market in terms of pricing the IPO. "Paytm's shares have received a similar response to that of global peers in the last six months...But that is not a complete reasoning.
Foreign reinsurance companies are now allowed to do business in India.
'It is a good match for those aged 25-30, who have just started working and need a basic product.'
Aslam Hunani presents some of the frequently asked questions about health insurance in India.
The 21st meeting of FSDC comes against the backdrop of the economy hitting a six-year low growth rate of 5 per cent in the first quarter of 2019-20. Even some of the macroeconomic data for the second quarter does not portray an encouraging picture of the economy.
The CBI is probing whether the former IRDA chief J Hari Narayan had misused his discretionary powers to favour Reliance General Insurance Company, which has admitted that the extra amount collected by it way of premium was not Rs 1.07 crore, as originally believed, but 20 times as much, report Paranjoy Guha Thakurta and Pranati B Mehra.
The government hopes to use this data to assess the extent of financial support needed to recover from the pandemic.
The Financial Sector Legislative Reforms Commission had in a report last year proposed a unified regulator for the entire financial sector -- markets, insurance, commodities and pension. It had, however, proposed to keep banking out of its purview for now.
Sebi has approved the norms for financial institutions setting up shop at GIF City in Ahmedabad.
'It is advisable to invest in them early in life and stay invested for a longer period to achieve long-term goals and accumulate wealth.'
In the context of market integrity, the IRAI and RBI should go over the minutes of the LIC and SBI board meetings when the decisions to invest in Adani equity or debt were taken, notes Jaimini Bhagwati, former World Bank treasury professional.
There are judicial precedents where it has been held that if payment is made for temporary disablement, it would be taxable, points out Tinesh Bhasin.
When compared to a one-year insurance, here's why it makes sense to buy a three-year policy
Moving from pricing control to a free market means stiff competition.
LIC is currently allowing customers to revive policies that have lapsed for more than two years.
Government is framing a rule that will make it compulsory for regulators like Sebi, Irdai and PFRDA to deposit a significant portion of their reserves into the Consolidated Fund of India.
The Gujarat International Finance Tech-City, or Gift City, is expected to be spread over 886 acres and will have a special economic zone on 261 acres.
'GIFT City is now on a growth trajectory,' says Tapan Ray, MD and group CEO, GIFT City, 'The time has come for the GIFT City to take the big leap and emerge as the next financial hub of Asia.'
A lot of work is needed to be done on the part of the insurance sector behemoth, and the government, before it is ready for its market debut.
The insurer plans to hire about 2,00,000 agents this financial year.
The government on Friday notified the rules for insolvency and liquidation proceedings of financial service providers (FSPs). These rules, notified by the ministry of corporate affairs, will not be applicable to banks, reports Ruchika Chitravanshi.
According to preliminary information memorandum, Air India's new owner will be asked to list the company in some time
'We will be looking to prune our portfolio to make GIC Re a healthier entity.'
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 amount for which free check-up is offered can be quite low, while in some policies it comes only after a considerable waiting period.
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