Banks are now playing a predominant role in distributing policies of private insurers. Insurance regulator IRDAI (Insurance Regulatory and Development Authority of India) has warned life insurance companies against overdependence on banks for selling life insurance policies. The fear in the insurance industry is that if RBI (Reserve Bank of India) asks banks to refrain from selling insurance, sales of insurers dependent on banks would be hit. Bancassurance fears were discussed by IRDAI with chief executive officers of life insurance companies at a special meeting. IRDAI also made it clear to the insurance industry that they would not have the freedom to increase commission for selling life insurance policies.
Income-tax (I-T) department activated the Aadhaar and netbanking-based e-filing verification system for taxpayers to file their first appeal before a tax officer, on the lines of online ITR filing. To reduce the interface between tax officials and the taxpayer, the department has operationalised the facility on its official e-filing portal. “One EVC can be used to validate one form of the assessee irrespective of the assessment year. The EVC will be stored against the assessee PAN along with other verification details. The EVC will be valid for 72 hours or as otherwise specified,” a notification said.
Bajaj Allianz General Insurance has launched a long-term two-wheeler package policy. Two-wheelers can be insured for up to three consecutive years under this policy. The insured do not have to renew the contract every year as they get one policy certificate for a maximum of three years of cover. The policy allows refund of premium with cancellation of policy, even if a claim for partial loss is filed during the policy period. Under the policy terms, there is 24x7 roadside assistance service. This service will be offered complimentary to women customers during the first year. The insured can save on paying higher premia due to annual third-party motor premium hikes.