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.
Reduction of GST on health insurance premium from 18% to 0% looks like a straight 18% reduction in what consumers pay. The truth, however, is...
If the oil infrastructure is attacked by the United States, the whole area could be flooded with oil, spilling into the Persian Gulf.
The non-life insurance industry has received over 1 million Covid-related claims in the first quarter of the current fiscal year (Q1FY22), higher than in the entire FY21, indicating the severity of the second wave of the pandemic. According to the General Insurance Council data, which is not publicly available, non-life insurers have received 1.22 million Covid-related claims so far in FY22 and have settled 944,573 of those worth Rs 9,178 crore. In comparison, they had received 986,366 Covid claims in FY21 and settled 849,034.
Congress leader Rahul Gandhi has accused Assam Chief Minister Himanta Biswa Sarma of corruption and land grabbing, promising action if the Congress party wins the upcoming elections in Assam. Gandhi also criticised the BJP's governance and economic policies.
If Irda's guidelines are implemented, cases of surrendering policies and making these paid-up might decline.
Insurance Regulatory and Development Authority has permitted Sahara Group to enter life-insurance segment, and issued 12 letters of intent to insurance broking entities, including three having foreign equity stake, to conduct business in India.
State-owned insurer LIC on Thursday reported a 32 per cent jump in net profit to Rs 10,053 crore for the second quarter ended September 30, aided by a lower commission outgo. The country's biggest insurer had reported a net profit of Rs 7,621 crore in the year-ago period.
Life insurers, at present, are allowed to invest 50 per cent of their funds in government securities, 15 per cent in infrastructure-related projects, and the balance 35 per cent in other-than-approved instruments for traditional policies.
The government on Friday received financial bids for the strategic disinvestment of IDBI Bank, the Department of Investment and Public Asset Management (Dipam) said in an official statement on X.
SBI Life Insurance is a joint venture between SBI and BNP Paribas Cardif.
Wipro, India's fourth-largest IT services company, has secured an eight-year deal with Singapore-based Olam group, valued at over $1 billion, and will also acquire Olam's IT and digital services arm, Mindsprint, for $375 million, marking one of its largest contracts to date.
Non-life insurance companies say premium charged on policies sold by them is likely to increase from next year because of a proposed change in the way their income is calculated.
Ask rediffGURU Reetika Sharma your insurance, mutual fund and personal finance-related questions.
'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.'
The AIA Group, which is a leading life insurance player in the Asian region, has a significant presence in India. AIG on Monday said it would accelerate steps to make AIA, an independent entity and also seek an Initial Public Offering on an Asian stock Exchange for the company.
Private players failed to make a significant dent into the business of Life Insurance Corporation, which still commands over 89 per cent of the Rs 4,335 crore premium income mopped up by 13 companies till August 2003.
'Money is not just about greed or accumulation. It gives you freedom, dignity and choice. And you have every right to all three.'
The policy features a combined death benefit to be paid upon the death of the single insured that more than doubles the previous record, Guinness said in a statement.
While EPF rewards patience and compounds your money, inflation decides how far your money really goes.
New India Assurance and Niva Bupa have invested in the Bima Sugam India Federation.
With "profitable growth" replacing "expansion drive" as the buzzword in the sector, the country's top private life insurers have significantly reduced branches and employees over the last couple of years to cut costs and improve efficiency.
"With regard to life companies, the work on IPO guidelines is more or less complete and we would be going for gazetting the same as regulation very shortly, perhaps toward the end of this month," IRDA Chairman J Hari Narayan told reporters on the sidelines of a FICCI event in New Delhi.
'Some of the astounding proposals, if translated into statutory provisions, would be suicidal.' 'This would not be a wonder cure for increasing insurance penetration and only result in mushrooming growth of players like paan kiosks with deleterious consequences.'
The Enforcement Directorate has also taken interest in the case and sought related documents and FIR copies from the local police, they added.
Hari Narayan said the proposed IPO guidelines for non-life insurance firms were in the process of finalisation before they were sent to SCADA, a body constituted by Securities and Exchange Board of India, for approval followed by a final approval from the market regulator.
Ask rediffGURU and PF and MF expert Janak Patel your mutual fund and personal finance-related questions.
Here are 10 things you must ask your insurance agent to ensure you buy a policy that is most suitable to you.
Finance Minister Nirmala Sitharaman on Thursday said the country needs big and world-class banks, and discussions are on with the Reserve Bank and lenders in this regard.
Puts in checks to reach customers before and after selling the policy.
A court in Thane district granted bail to CoinDCX co-founders Sumit Gupta and Neeraj Khandelwal, who were arrested in connection with an alleged cheating case involving Rs 71.60 lakh. The court cited a lack of prima facie evidence against them.
To reduce time taken for product approvals, Irda has asked life insurers for a product planner before every financial year.
The insurance sector is making a strong comeback. Buoyed by a steep rise in sale of single premium policies, the industry clocked a 53.25 per cent rise in November.
Move to strengthen market share and become more profitable.
Battered by the financial meltdown, AIG had received billions of dollars from the US government last year to tide over the turmoil. The leading insurer has also shed assets worldwide to streamline its operations.
'LIC's investment decisions are taken independently, following strict due diligence, risk assessment and fiduciary compliance.'
