In your interest.
Online Personal Finance Magazine
No beating about the bush.
About 0.15 million Indians died on the roads and over 0.3 million were permanently disabled in 2010. Life and physical abilities are irreplaceable but personal accident insurance, available at a low price in India, can at least relieve the monetary burden—as long as you have the right cover. Raj Pradhan explains what you really need
Charu Khandal, an animator with Shah Rukh Khan’s Red...
Life insurance is plagued with several issues of mis-selling by intermediaries and even more by banks. Moneylife Foundation has handed over a memorandum to IRDA which highlights the citizens' concerns
Insurance Regulatory and Development Authority (IRDA) has the task of keeping insurance companies in check from mis-selling and profiting from toxic products. IRDA has initiated several steps in this direction. There is always scope for improvement and hence Moneylife foundation decided to meet number of activists, experts, eminent citizens and citizens groups to get their feedback. The issues along with required actions were put in memorandum and given to IRDA on May 10, 2012.
Life insurance issues range from mis-selling by officers of insurance companies which includes forgery and falsification of documents, bancassurance channel which has seen rampant mis-selling, deep reluctance on the part of insurers to sell term plans, traditional products carrying high commission which means poor returns for customers and insurers profiting from lapsed policies and toxic products and so. These are other issues are contained in the memorandum Moneylife Foundation has submitted to the IRDA. A copy is uploaded here.
Health insurance is a cause of concern for everyone. There are several issues that need regulatory intervention and direction. IRDA has been handed over a memorandum by Moneylife Foundation highlighting the actions for each consumer concerns
The Insurance Regulatory and Development Authority (IRDA) have the task of protecting policyholders and has initiated several steps in this direction. There is always scope for improvement and hence Moneylife foundation decided to meet number of activists, experts, eminent citizens and citizens groups to get their feedback. The issues along with required actions were put in memorandum and given to IRDA on 10 May 2012.
Among the more common issues that citizens face are rising health insurance premium, senior citizens' inability to increase sum insured, mediclaim policies getting restrictive with different caps, increase in the number of claim rejections for frivolous reasons, cashless facility restricted to few hospitals, claims based loading even after decades of no-claims from the policyholder, stringent hospitalisation intimation and claims submission deadlines, poor and delayed grievance redressal, several Third Party Administrator (TPA) issues which has harassed policyholders to no end and lack of control on medical charges of hospitals and consultants.
Moneylife Foundation is analysed and collated these issues and put them in a memorandum and given to IRDA. A copy of this memorandum is uploaded here.