Life Insurance: Life Products under New Regulations

Effective 1st October, existing products will get obsolete

IRDA had asked all life insurance companies to re-file applications for products that don’t conform to the new norms for traditional products. Existing life insurance products will not be allowed after the deadline of 1 October 2013.

In February 2013, IRDA had notified changes in the traditional product guidelines. It...

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Life Insurance: HDFC Life ClassicAssure Plus Endowment

First product compliant with new regulations

HDFC Life ClassicAssure Plus is an endowment plan compliant with the new life insurance rules. The Insurance Regulatory and Development Agency (IRDA) came out with regulations covering life insurance products to ensure that all the products are consistent in design and are focused on meeting policyholders’ expectations. ClassicAssure Plus is...

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Health Insurance: New mediclaim fine print needs to be shared

One more policyholder gets justice

Changes in the terms and conditions of mediclaim products need to be conveyed by the insurer to the insured. Often, the insured has no idea about the new sub-limits for specific procedures, or even exclusion of procedures that were earlier covered. Insurance companies often issue internal circulars for changes to mediclaim products without informing...

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