INSURANCE


The absence of full-time Chairman and Managing Director for the listed New India Assurance Company and full-time Directors for all the public sector non-life insurers, failure of IRDAI in curbing the unethical market practices of private players, are some of the issues affecting the...

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India's insurance regulator is in reform mode with a series of industry-friendly measures, hoping that it would result in more people buying insurance protection.   Happy with the winds of change, the sector wants more relaxation.   The Insurance Regulatory and Development...

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Moneylife Digital Team 13 June 2022
Taking any type of loan involves a huge financial responsibility. This is especially true in case of home loans and loans for education abroad which involve taking on a huge debt. SBI Life - RiNn Raksha is a group credit life insurance plan offered by SBI Life Insurance Company Limited (SBI...

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Quite often, many (and sometimes hidden) terms & conditions (T&Cs), such as long waiting periods on pre-existing diseases (PEDs) or caps on room charges, become a source of disappointment and frustration when one really needs health insurance. Nobody likes claim rejections or going...

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Moneylife Digital Team 27 May 2022
For a long time, mental illness-related expenses were not covered under health insurance in India. Only physical health ailments and disorders came within the ambit of health insurance plans. Fortunately, we are now seeing a shift in the trend, in the past couple of years. The Insurance...

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Some bad news for the vehicle-owners already affected by the accelerating fuel price increase.   From 1 June 2022 onwards, the motor third party liability insurance premium has been jacked up by the Central government, despite the portfolio being hugely profitable for the...

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If you are buying motor insurance in India for the first time, you may be baffled by the various types of insurance coverage available in the market. Besides mandatory car insurance policies like third party liability and comprehensive car insurance, you can opt for several top-up covers or...

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The Central government has extended the duration of Pradhan Mantri Garib Kalyan Package (PMGKP), an insurance scheme for healthcare workers fighting Covid-19, for a further period of 180 days from April 19, the Ministry of Health and Family Welfare said on Tuesday.   The scheme has...

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The non-life insurance sector closed last fiscal with about 11 per cent growth over the previous year, said the Insurance Regulatory and Development Authority of India (IRDAI).   According to it, the general insurance industry had earned a total premium of Rs 220,634.73 crore as...

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Sponsored Post 30 March 2022
According to the National Family Health Survey of India (2019-20), diabetes, hypertension and obesity are the leading non-communicable diseases affecting the Indian population. Thus, opting for a health insurance plan amidst this wave of lifestyle diseases is no longer merely optional but...

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Moneylife Digital Team 22 March 2022
The COVID-19 pandemic has affected the life and non-life insurance business during FY20-21 and FY21-22. However, health insurance policies have shown a massive jump during the same period, says a research report.   In the report, State Bank of India (SBI) says, "The pandemic has made...

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The government is yet to finalise its non-life insurance companies that would be privatised, the Parliament was told on Monday.   "As per inputs received from Department of Investment and Public Asset Management, Government has not yet decided on the Public Sector General Insurance...

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More than 11 months after the post fell vacant, the Central government on Friday decided to appoint Debasish Panda, former Secretary, Department of Financial Services, as the Chairman of the Insurance Regulatory and Development Authority of India (IRDAI).   The Appointments Committee...

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IANS 24 February 2022
The Indian government owned General Insurance Corporation of India (GIC), a reinsurance company is facing a multimillion dollar lawsuit in the US filed by AM Re Syndicate Inc.   The US based AM Re, a reinsurance provider, has filed a suit for $115 million against GIC for cancelling...

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IANS 24 February 2022
The Indian government owned General Insurance Corporation of India (GIC), a reinsurance company is facing a multimillion dollar lawsuit in the US filed by AM Re Syndicate Inc.   The US based AM Re, a reinsurance provider, has filed a suit for $115 million against GIC for cancelling...

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IANS 12 February 2022
The Supreme Court on Friday held that an insurance company cannot reject a claim on the basis that there was a delay in communicating the theft of a vehicle to it.   A bench of Justices Sanjiv Khanna and Bela M. Trivedi said: "When the complainant had lodged the FIR immediately after...

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IANS 08 February 2022
The paid up capital of the Life Insurance Corporation of India (LIC) stands at Rs6,324.99 crore as on 31 December 2021, said Bhagwat Karad, minister of state for finance.   In a written reply to a question raised in the Rajya Sabha, Mr Karad on Tuesday said the Central government on...

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Cured of Covid-19 and wanting to buy a life insurance policy? Then wait for a period ranging from one to three months, say life insurers.   This has been the practice of some life insurers during the first wave of Covid-19 and now practiced by others as well," a senior insurance...

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The Insurance Regulatory and Development Authority of India (IRDAI) has capped the quantum of surety insurance contracts for an insurer at 10% gross premium written subject to a maximum of Rs500 crore per year.   IRDAI has also stipulated that  non-life insurers wanting to underwrite...

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Reinsurers operating in India are forcing disciplined risk underwriting practices in primary insurers in the life and non-life sectors, rather than the latter's promoters.   Recently, life insurers decided to hike their premium rates for term insurance policies following pressure from...

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