PERSONAL FINANCE


IRDA has come up with momentous regulations which will change the health insurance industry workings if the draft is implemented without watering it down. TPAs' role will get marginalized and hence they may try to scuttle the implementation in its current form Insurance Regulatory and...

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IRDA has imposed a record penalty of Rs1.18 crore on ICICI Pru Life for several serious violations including an unbelievable 11346% deviation in commission payable to India Infoline Insurance services in 2010-11 The Insurance Regulatory and Development Authority (IRDA) has imposed a...

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Insurance Regulatory and Development Authority (IRDA) chairman, J Hari Narayan, spoke on a wide variety of issues at a packed Moneylife Foundation event on 16 May 2012. Excerpts of the interaction by Raj Pradhan   On Health Insurance Age for Entry and Exit: “Existing mediclaim...

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Moneylife Digital Team 29 May 2012
Residents of Financial Action Task Force member countries, Gulf Cooperation Council and European Commission will also be considered as qualified foreign investors   New Delhi: In order to attract foreign funds, the Indian government on Tuesday allowed individual overseas investors also...

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Moneylife Digital Team 28 May 2012
Any person having an account with Ahli United Bank would be able to wire money to a bank account holder in India using the Internet banking platform   Mumbai: India's third largest private sector lender Axis Bank on Monday said it partnered with Bahrain's Ahli United Bank for inward...

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Moneylife Digital Team 28 May 2012
As many as 926 computerised branches of public and private sector banks will accept advance income tax in Mumbai and Navi Mumbai   Mumbai: The Reserve Bank of India (RBI) and 926 branches of public and private banks will accept advance income tax in Mumbai and Navi Mumbai to avoid long...

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The concept may sound contradictory, but four insurers charge a higher premium of anywhere between 10% to 32% for a cover of Rs40 lakh sum assured than they would on a cover of Rs50 lakh SA. Insurers claim that mandatory medical check up for a higher sum assured reduces their risk and allows...

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Moneylife Digital Team 25 May 2012
About 25.75 lakh families will be covered under the 'Rani Lakshmi Bai Pension Scheme that would benefit mainly women head of families   Lucknow: The Uttar Pradesh government decided to launch a pension scheme covering 25.57 lakh families which would be given Rs400 per month, reports...

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AEGON Religare has been cautioning the masses against ending up with a low insurance cover. But then why does it insist on selling you a lower insurance cover at a higher premium? Pradip Kumar Paul, age 43, with an annual income of Rs5,10,024 made an online purchase of Rs50 lakh sum...

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Moneylife Digital Team 24 May 2012
The  Central government has launched a special life insurance and pension scheme for Indian overseas workers aimed at addressing their social security and resettlement needs. Launching the ‘Pension and Life Insurance Fund (PILF)’, overseas Indian affairs minister Vayalar Ravi said it combined...

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Moneylife Digital Team 24 May 2012
Moving a step closer to getting into banking business, the Department of Posts (DoP) has started scouting for a consultancy firm to prepare a road map for the proposed ‘Post Bank of India’ (PBI). The Department has already carried out a feasibility study for setting up the PBI and has invited...

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Moneylife Digital Team 24 May 2012
To attract inflows in view of a falling rupee, the Reserve Bank of India (RBI) raised the interest rate ceiling on NRI deposits in foreign currencies by up to 3%. RBI said, “Interest rate ceiling on Foreign Currency Non-Resident FCNR (B) deposits of banks has been raised from 125 basis points...

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Moneylife Digital Team 24 May 2012
The government increased interest rates on Special Deposit Scheme and State Provident Funds for FY13 to 8.8% from 8.6%   New Delhi: The Indian government has increased interest rates on Special Deposit Scheme (SDS) and State Provident Funds for the year 2012-13 to 8.8% from 8.6%...

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G Venkatesh 18 May 2012
They help CEOs cope with change enabling them to keep their ear on the ground As leaders move up the ladder, they have fewer touch points within the organisation with staff at junior/senior level. They can lose touch with the reality. In professionally-managed organisations, this risk...

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IRDA has been watching benignly even though New India Assurance has been stalling queries, confusing issues and has decided to offer refund only to a fraction of the policyholders For the last 40 months, New India Assurance has tried hard to stall Anant Meghji Nandu, who blew the whistle...

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Moneylife Digital Team 17 May 2012
Tata AIG General Insurance Company has launched MediPrime health insurance offering competitive premiums for individual and family floater options. The product offers no sub-limit for inpatient hospitalisation as well as no co-pay. There is no loading on renewal in case of a claim. MediPrime...

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Moneylife Digital Team 17 May 2012
HC Raps IRDA The Lucknow Bench of the Allahabad High Court issued a contempt notice to the chairman of Insurance Regulatory and Development Authority (IRDA) for not ensuring the mention of the nominee in the personal accidental insurance policies issued to motor owners by insurance...

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Kamalji Sahay, managing director and chief executive officer, Star Union Dai-ichi (SUD) Life, speaks to Raj Pradhan of Moneylife ML: How was business in Jan-Feb-Mar which is supposed to be a lucrative period for enticing tax-savers? KS: Business was dull. We got saved by one...

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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....

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Moneylife Digital Team 15 May 2012
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...

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