The IGMS would have a uniform input form as specified by the IRDA
Private sector insurance company Royal Sundaram Alliance has integrated with Insurance Regulatory & Development Authority's (IRDA) centralised grievance redressal mechanism-Integrated Grievances Management System (IGMS).
The integration of Royal Sundaram in IGMS, would allow policy holders to register and track their complaints online with the company or with the regulator, a statement said.
The IGMS would have a uniform input form as specified by the IRDA. Insurers shall respond to the grievances of the policyholders within two weeks, it said.
In a recent announcement, IRDA has made it mandatory for insurance companies to set up infrastructure which would comply with the grievance norms.
Infinia will be available on both Visa and MasterCard platforms
HDFC Bank said that it has launched India's first ultra-premium credit card for the uber rich. Named Infinia, the card comes with virtually "no limits"?not just in terms of spend, but also the luxuries such customers are accustomed to. The card will be initially offered to a select 5,000 individuals.
Infinia will be available on both Visa and MasterCard platforms. The Bank has a credit card base of 50.5 lakh as of 31 March 2011.
Bima Advantage helps to build wealth and offers protection with an option to double the insurance cover from the inception
Future Generali India Life Insurance has launched Future Generali Bima Advantage, a unit-linked endowment plan. The plan helps to build wealth and offers protection with an option to double the insurance cover from the inception.
The policyholder can opt for enhanced insurance cover to enhance the life cover under the policy, at inception and in the event of demise of the life assured, the enhanced insurance cover sum assured is paid in addition to basic plan sum assured, to the nominee.
On maturity of the policy, fund value as on date will be paid to the life assured. The policyholder can choose to receive the maturity benefit under settlement option through periodical payments after the maturity date for up to five years. On death of the life assured during the settlement period, the fund value will become payable. The plan has term options of 10 to 30 years and is available for customers in the age group of 7 to 65 years.
The basic premiums, net of applicable charges, are invested in unit funds of the customer's choice. Minimum basic sum assured for policy holders between 7 to 45 years, is half the policy term or 10 times the annualised basic premium, whichever is higher. For policy holders aged 45 years & above, the minimum sum assured is 0.25 times the policy term or 7 times the annualised basic premium, whichever is higher.