'Tax is not required to be deducted from specified payments if a recipient files a self-declaration with the deductor for no deduction of tax.'
Irdai has proposed to increase the Motor Third Party premium rates for cars below 1000 cc to Rs 2,120 from the existing Rs 1,850 for the fiscal 2019-20.
Insurance company will bear the cost of digitising. It will in turn benefit from lower expenses on servicing policies.
At its heart, the issue is more than compliance. It is the risk of possible breakdown of a strong nexus between insurance firms and motor car dealers that makes the business the top earner for the former.
The Pradhan Mantri Jan Dhan Yojana will provide accident insurance of Rs 100,000 to all people who open bank accounts under this scheme.
The decline of over 5 per cent in PB Fintech's shares (the parent company of PolicyBazaar) in the past two days presents an opportunity for long-term investors to consider buying the stock, suggest analysts. By comparison, the benchmark S&P BSE Sensex has remained flat during the same period with a negligible gain of 40 points, or 0.06 per cent. Analysts believe that the recent selling is "overdone", as the company behind the online insurance portal remains committed to achieving profitability, and the potential threat from the government's online insurance portal, Bima Sugam, might be embellished.
Group term insurance is far more cost-effective than an individual cover.
Cashless settlement, the norm in health policies today, is often marred by delays, rejections and mistakes. You can help yourself by knowing the processes involved and what you need to do
Sanjib Jha, CEO, Coverfox Insurance Broking, answers your health insurance related queries.
The BCCI said that Sachin Tendulkar's surgery expenses would be covered under the Board's insurance policy
The latest tension between the two states cropped up after the Shinde government recently announced that it would allocate an additional Rs 54 crore for its 'Mahatma Jyotiba Phule Jan Arogya Yojana', so that the benefits could be extended to the border villages in Karnataka that Maharashtra has been laying claim to.
Maruti Suzuki India, Mahindra & Mahindra, Hyundai Motor and luxury car maker Audi have extended support to customers in cyclone and flood affected regions of Tamil Nadu and Andhra Pradesh. In a statement, Maruti Suzuki India said it has collaborated with its dealer partners and made several arrangements at its workshops. As soon as the news about the cyclone 'Michaung' was reported, the company proactively sent out 7 lakh SMS alerts containing precautionary steps to its customers to ensure that even before the cyclone hits, customers could take precautionary measures to safeguard their cars against potential damage, it said in a statement.
Tata AIG General Insurance, which is the market leader in personal accident covers, eyes 200 per cent growth in income from this segment. It has tied up with a number of education consultants for its Prudent Guard policy for students. Insurers sell two types of personal accident cover to schools -- one for students and another for parents. Some insurers also sell hybrid product covering both.
Cases linked to surgery among those considered.
The total premium income for the industry from the motor portfolio is around Rs 8,000 crore, and private vehicles account for about 65 per cent of the market.
Sanjib Jha, CEO, Coverfox Insurance Broking, answers your health insurance related queries.
The GST intelligence unit detected tax evasion of more than Rs 1.98 lakh crore last year and arrested 140 masterminds who were involved in defrauding the exchequer, the finance ministry said on Thursday. In 2023, the Directorate General of GST Intelligence (DGGI) detected significant GST evasion in diverse sectors like online gaming, casinos, insurance and secondment (import of manpower services). "DGGI has achieved an increase in detection of cases of evasion and voluntary payments. In 2023, DGGI detected 6,323 cases involving evasion of duty of Rs 1,98,324 crore with a voluntary payment of Rs 28,362 crore.
Kunnal Prem, chief executive officer of the Insurance Information Bureau of India, tells Mayank Jain on what they're doing.
Sanjib Jha, CEO, Coverfox Insurance Broking, answers your health insurance related queries.
Advisors and agents known to you personally can also sell wrong policies.
Concealment of material facts on health and failure to give satisfactory explanation for long absence from duty can be reasonable grounds for a life insurance company to repudiate a policy claim, the National Consumer Disputes Redressal Commission has said.
The state-owned life insurer Life Insurance Corporation of India has decided to introduce strict norms for agents in a move to arrest fraudulent and early claims (arising after first year of the policy). The corporation found that early claims arose due to poor underwriting and moral hazards.
The police said the owners had been booked on Saturday after "confessional statement" of the store manager.
Any insurance policy cannot be treated as a 'buy and hold' strategy like one may want to do with their investments.
Priyanka Gandhi also said farmers were in debt, and about 12,000 of them had committed suicide.
An insurance company would be under an obligation to pay a claim only after a cheque issued towards the policy premium is encashed, the Supreme Court has said. Interpreting Section 64VB of the Insurance Act, the apex court said, a contract of insurance comes into being only after the insurer gets the premium in advance.
Ensure the car is used for the purpose stated in the policy. For instance, a car meant for private use cannot be used for providing taxi services, without making the required changes in the policy document.
Inflow of more funds is likely to widen the reach of insurance and drive M&A activities in the sector where growth has stalled.
Did you know that an individual can, in addition to the tax benefits she/he is entitled to, also leverage the benefits available to family members to reduce this liability?
Online policies are cheap because there is no agent's fee involved, other administrative costs of the insurance company are lower and, most importantly, these use the latest statistics for calculating premia.
It is important to preserve copies of benefit illustration and product features.
In a move that impacts long-term subscribers of medical insurance policies, leading insurers like Oriental Insurance Company and United India Insurance have stopped no-claim bonus for existing and new policy holders.
Sushil Sheth, a Chicago area physician, was sentenced on Wednesday by US District Judge Rebecca Pallmeyer and ordered to begin serving the 60-month prison term in two months.
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.
Critical illness plans can be bought both as a benefit cover and an indemnity cover, say experts.
