Dungarpur Police have arrested three individuals involved in an organized gang allegedly siphoning money from life insurance policies using forged documents, with the fraud involving approximately Rs 58 lakh.
A former life insurance manager in Thane has been sentenced to two years in jail for defrauding people of over Rs 3.51 crore with false promises of high returns on stock market investments.
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.
If you have questions related to online insurance frauds, then Piyush Ranjan, chief technology officer, Coverfox Insurance, will answer your queries.
Section 45, which says no claim can be rejected after three years of a policy being in force, remains a bone of contention
Often, these gangs tie up with former sector employees to understand how the process works
'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.'
The CBI has registered a new case against Anil Ambani and Reliance Communications Ltd for allegedly causing a loss of Rs 3,750 crore to the Life Insurance Corporation (LIC) of India.
The CBI conducted searches at 17 premises in Mumbai related to Reliance ADA Group companies, including Reliance Telecom and Reliance Finance, concerning alleged diversion of bank funds and losses to banks and LIC.
Section 45 in the new Bill says no claim can be repudiated after three years of the policy being in force, even if a fraud is detected, has sent life insurers into a tizzy.
'Other sectors that manage the savings pools of Indians are giving tough competition to life insurance companies.'
'By quick, fast, and just awards, the insurance ombudsman can bring the trust of the policyholders in the insurance system and insurance as a product and create a positive impact on the entire industry.'
Punjab Governor Gulab Chand Kataria emphasised the importance of Aadhaar in promoting good governance, transparency, and ease of living, highlighting its role in ensuring welfare benefits reach the intended recipients and strengthening the rural economy through Direct Benefit Transfer.
Advisors and agents known to you personally can also sell wrong policies.
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...
The Enforcement Directorate has also taken interest in the case and sought related documents and FIR copies from the local police, they added.
A court in Thane district granted bail to CoinDCX co-founders Sumit Gupta and Neeraj Khandelwal in an alleged Rs 71.60 lakh cheating case, citing a lack of prima facie evidence against them. The case involves allegations of impersonation and misuse of the CoinDCX brand by fraudsters.
About 60 per cent of Indian private insurers believe there has been a significant rise in insurance-related frauds, and as risks lurk there is an immediate need to consider a proactive fraud risk management framework, a Deloitte survey said on Thursday. Insurance companies in India have experienced a rise in fraud instances in life and health insurance, and increased digitisation, remote working post pandemic and weakened controls are key factors contributing to frauds, according to Deloitte's Insurance Fraud Survey 2023. "About 60 per cent of survey respondents believe that there has been a significant rise in fraud, while further 10 per cent experienced a marginal increase," the survey said.
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.
The Indian insurance industry is set to focus on customer-centric technological adoption and expansion into rural areas to drive growth in 2025.
Why not stream all the data in real time to multiple recipients? It would make the investigation of aviation incidents much easier and far more transparent, recommends Devangshu Datta.
Bajaj Finserv - the holding company of Bajaj group's financial services business - has laid out plans for the next five years. During this period, it is eyeing 18-22 per cent compound annual growth rate (CAGR) in net profit at Rs 21,000-24,000 crore on a consolidated basis.
Well-known inmates of the notorious Metropolitan Detention Center, Brooklyn, New York.
Fraudsters lure individuals with false promises of recovering bonuses or maturity proceeds from lapsed policies.
ICICI Lombard is utilising the latest technology and forensic methods to verify insurance claims.
The average ticket size of retail health insurance in India has increased by nearly 48 per cent over 6 years due to elevated medical inflation and increased demand for higher coverage policies among policyholders. According to data by online insurance broker PolicyBazaar, the average ticket size of retail health insurance in India has increased to Rs 26,533 so far in FY24, up 48.22 per cent from Rs 17,900 in FY19.
In 2023-2024, 95 scheduled commercial banks received over 10 million complaints from their customers. The process of KYC at many banks has become 'HYC' -- harass your customer, points out Tamal Bandyopadhyay.
This will help expand the distribution channels, said Subhash Chandra Khuntia, chairman of the insurance regulatory and development authority of India.
A senior life insurance official point out there have also been cases involving former insurance agents.
The alleged fraud includes the use of fake bills.
The National Commission concluded that the claim had been rightly rejected on grounds of misrepresentation in the proposal form and breach of duty to maintain utmost good faith while applying for insurance coverage.
'If you want it to grow well and serve the true needs of the economy, it needs a lot of freedom and flexibility, which comes in terms of the reform objective set by the regulator.'
In the past 10 years, over 500 PSB officers have died by suicide. When targets are overwhelming, senior management and customers are both impatient, and there is constant fear, not every banker has the resilience to survive and thrive, warns Tamal Bandyopadhyay.
'I don't know when I will be able to access those funds.'
Bharti will move FIPB soon for increasing Axa's stake to 49%
Christopher Wood, global head of equity strategy at Jefferies has rejigged his equity portfolios. In his Asia ex-Japan long-only portfolio, he has added Axis Bank (5 per cent weightage) and increased holding in Larsen & Toubro (L&T) by one percentage point. This, Wood said, will be paid for by removing the investment in ICICI Lombard General Insurance and reducing the investments in HDFC Bank and Reliance Industries (RIL) by one percentage point each.
Shares of Adani group firms have faced heavy drubbing since Tuesday's close last week, after US-based short seller Hindenburg Research made damaging allegations against the conglomerate. Most of the group firms fell for the third day running on Monday. Since Tuesday's close last week, shares of Adani Transmission have tumbled 41.66 per cent, Adani Total Gas tanked 39.57 per cent, Adani Green Energy declined 37.55 per cent and Adani Ports fell 23.75 per cent on the BSE.
It will allow more transparency in policies and flexibility in premium payment, besides improving processing of claims.
Roopam Asthana, CEO and whole-time director, Liberty General Insurance Ltd, answers your queries on HEALTH and AUTO insurance.
The new Insurance Bill may take little time to see light of teh day.
