Ask rediffGURU Reetika Sharma your insurance, mutual fund and personal finance-related questions.
Finance Minister Nirmala Sitharaman on Tuesday said that raising the FDI limit to 100 per cent in the insurance sector will help attract more capital, improve competition and increase insurance penetration by making policies more affordable.
Even as non-life insurers reported muted premium growth in October, standalone health insurers saw a robust 38 per cent year-on-year (Y-o-Y) surge. This growth was driven by pent-up demand in the retail health insurance segment.
Irdai on Friday extended the 'use and file' procedure for the most of the life insurance products, thereby allowing insurers to launch new products without prior approval of the regulator. This comes days after Insurance Regulatory and Development Authority of India (Irdai) extending similar relaxations to health insurance products as well as general insurance covers. In a press release, Irdai said that in its continuous endeavour towards the reform agenda taken up towards having a fully insured India, it has extended the 'use and file' procedure for most of the life insurance products.
Trai has ordered BFSI firms to move service and transaction calls to the 1600 series from 2026 to reduce spam, financial fraud, and rising digital arrest scams.
Ask rediffGURU Reetika Sharma your insurance, mutual fund and personal finance-related questions.
'It will support our growth aspirations. It's very positive as it helps expand the market in a segment that really needs it.'
Ask rediffGURU Reetika Sharma your insurance, mutual fund and personal finance-related questions.
The All India Insurance Employees' Association has opposed the government directive seeking to open up top posts in the state-owned insurers to the private sector, saying this would lead to greater private influence and "eventual privatisation".
Fraudsters lure individuals with false promises of recovering bonuses or maturity proceeds from lapsed policies.
To handle the sudden loss of cashless facility, patients should maintain an emergency fund or a short-term credit line to manage all or part of hospitalisation costs.
New India Assurance and Niva Bupa have invested in the Bima Sugam India Federation.
The reduction in goods & services tax (GST) on individual life and health insurance premiums has been called a "landmark step" for making insurance affordable and inclusive. In a panel discussion at the Business Standard BFSI Insight Summit 2025, Anup Bagchi, managing director (MD) & chief executive officer (CEO) of ICICI Prudential Life Insurance; Mahesh Balasubramanian, MD & CEO of Kotak Life Insurance; Tarun Chugh, MD & CEO of Bajaj Life Insurance; and Ratnakar Patnaik, MD of Life Insurance Corporation of India (LIC), listed what else the industry needs to reach more people.
'$125 million for the hull and the remaining of over $350 million for liability.'
'Investment by insurers in the Bima Sugam India Federation is illegal as it is a private limited company.'
Insurance companies are processing a surge of claims related to the Air India plane crash in Ahmedabad, including travel, personal accident, and life insurance claims.
The Insurance Regulatory and Development Authority of India's (Irdai's) decision to allow insurers to hedge risks through equity derivatives will help them manage market volatility and protect policyholder returns. However, this move is unlikely to alter their investment strategies.
'Other sectors that manage the savings pools of Indians are giving tough competition to life insurance companies.'
Ask rediffGURU Reetika Sharma your insurance mutual fund and personal finance-related questions.
'The government is putting insurance in the same category as food, which is essential for life.' 'Now this is an opportunity for the sector to focus on the consumer.'
In Debasish Panda's last board meeting as chairperson of the Insurance Regulatory and Development Authority of India (Irdai), the regulator approved the "R2" licence for Kamlesh Goyal and Prem Watsa-backed Value Attics Reinsurance, making it the first private-sector Indian reinsurer after GIC Re, the public-sector reinsurer. "The authority reviewed and approved the R2 application of Value Attics Reinsurance, making it the first private-sector reinsurer after GIC Re, the public-sector reinsurer.
'The kind of reach it has with so many bank branches even in the remotest part of the country, it is one channel which will play a very important role in vision of insurance for all.'
Ask rediffGURU Reetika Sharma your insurance, mutual fund and personal finance-related questions.
Ask rediffGURU Naveenn Kummar your insurance mutual fund and personal finance-related questions.
The life and non-life insurance industries are hopeful of a reduction in the goods and services tax (GST) on health and life insurance premiums, after Prime Minister Narendra Modi, in his speech on Friday, announced GST relaxations aimed at providing relief to ordinary citizens, farmers, the middle class, and the small and medium enterprises (MSME) sector.
Ask rediffGURU Naveenn Kummar your insurance mutual fund and personal finance-related questions.
Given that a sizeable part of this money is part of the coveted current accounts and savings accounts, it is surprising that banks are not in a hurry to revive these accounts, notes Tamal Bandyopdhyay.
According to IRDAI, Marsh India had held the premium received from the clients in an Insurance Bank Account for more than 15 days and did not remit the premium to the insurer/reinsurer within the time limit of 15 days.
Ask rediffGURU Naveenn Kummar your insurance mutual fund and personal finance-related questions.
The Insurance Regulatory and Development Authority of India (IRDAI) is considering a proposal to make insurance frauds a parameter for calculating credit scores in an attempt to put a lid on the increase in such activity. The proposal, which is a part of the recommendations made by a working group formed by Irdai and the General Insurance Council, suggests that insurance frauds should feature when the risk profiles of individuals are evaluated and should be used to calculate their credit scores. A poor credit score can deprive a person of financial services such as loans and credit cards, and deter him from indulging in fraud.
The insurance companies will use "green, orange, and red" colours to indicate the complexity of the products that are on offer.
Ask rediffGURU Naveenn Kummar your insurance mutual fund and personal finance-related questions.
Ask rediffGURU Reetika Sharma your insurance mutual fund and personal finance-related questions.
Life Insurance Corporation of India (LIC) reported encouraging results for the April-June quarter (Q1) of FY26. The net premium income of India's largest life insurer was Rs 1.2 trillion, up 5 per cent year-on-year (Y-o-Y), in Q1. Renewal premium grew 6 per cent Y-o-Y to Rs 59,900 crore, while first-year and single premium grew 1 per cent and 4 per cent Y-o-Y respectively to Rs 7,500 crore and Rs 51,900 crore.
Understand policy inclusions and exclusions to avoid surprises during claims.
General, life insurers with 8 & 10 yrs in biz, respectively, may have to list
These plans are suited for individuals and families with regular OPD needs -- those managing chronic illnesses and families with young children or elderly members.
There have been some cases where the entire family has perished or both spouses died in the crash, which are making the claims process particularly complex.
The product, named Saral Suraksha Bima, will have a maximum sum assured of Rs 1 crore and minimum Rs 2.5 lakh.
Health insurance claims are often denied due to exclusions in policy terms. Buyers frequently overlook the fine print or misinterpret clauses.
