Insurance
No Claims Rejection after 3 years; IRDAI Confirms Insurers’ Worst Fears
Insurers worried about fraud as they will find it impossible to repudiate claims after three years
 
Insurance Regulatory and Development Authority of India (IRDAI) has come out with clarifications regarding applicability of the amended provisions of Section 45 of Insurance Act 1938, under various scenarios. Section 45 of the new insurance Bill states that a policy cannot be called...
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Insurance: Fine Print

Will PoS Person Make Any Difference?

IRDAI has issued guidelines on Point of Sales (PoS) person, who can sell non-life products such as motor and home insurance. A PoS person can sell only pre-underwritten products like motor comprehensive insurance package policy for two-wheelers, private cars and commercial vehicles; third-party liability (TP) policy for such vehicles, personal...
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BMB Nirbhaya: Covering Infertility

Waiting period of two years and subject to maximum of 10% of sum insured

 
There is customer segment of young to middle-aged couples who are looking for maternity cover in mediclaim. There is a waiting period of three-four years for maternity cover in a retail product. The premium for such products is high due to the maternity and newborn cover. But what about cover for...
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