INSURANCE


Moneylife Digital Team 29 December 2021
An insurer cannot reject a claim by citing an existing medical condition disclosed by the insured person in the proposal form, once the policy has been issued, the Supreme Court (SC) has said. The SC held that no insurance company can refuse a mediclaim citing that the policyholder only...

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Venkatachari Jagannathan (IANS) 15 December 2021
The Insurance Regulatory Authority of India (IRDAI) is not exempted from getting the Chief Vigilance Commissioner's approval before appointing its Chief Vigilance Officer, the government said.   The position was made clear in Finance Minister Nirmala Sitharaman, in a written reply to...

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Shrirang Samant 26 November 2021
With the increasing financialisation of the economy, banks have started aggressively selling a number of financial products to their customers as mutual funds (MFs) and insurance policies. This article analyses the practice of banks selling complex life insurance products to their customers,...

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IANS 18 November 2021
Insurance regulator IRDAI has rejected the application of 5Paisa Insurance Brokers Ltd for a certificate of registration to act as life and non-life insurance direct broker.   Rejecting the application of 5Paisa Insurance filed in 2019, the Insurance Regulatory Development Authority...

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Subhash Narayan (IANS) 09 November 2021
At least three private players have shown interest in participating in the strategic sale of public sector insurance companies, raising hopes that the government may advance initiation of its disinvestment this fiscal.   Sources said one new and two other large private sector...

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Venkatachari Jagannathan (IANS) 08 November 2021
Which financial sector regulator in India has the luxury of having 7,450 square feet office in high rent city Mumbai for just six officials?   Well, the answer is the Insurance Regulatory and Development Authority of India (IRDAI) that runs on policyholders' money, a senior official,...

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Moneylife Digital Team 01 November 2021
Fixed deposits (FDs) are a popular investment product because of their simplicity and safety. Currently, due to low interest rates, banks are offering additional benefits to attract customers to FDs. Some banks now offer insurance bundled with the plain-vanilla FDs. In a year where we have...

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Venkatachari Jagannathan (IANS) 08 October 2021
Lack of proper promotion and transfer policies leading to arbitrariness in decisions, amending eligibility conditions and qualifications after the recruitment process has begun, scrapping the recruitment process midway are some of the human resources (HR) issues afflicting the Insurance...

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US-based insurer Metlife Inc, through its group company, will acquire the combined 15.27 per cent stakes of I.G.E. (India) Private Ltd (IGE) and Elpro International Ltd (Elpro) in the PNB MetLife India Insurance Company Ltd (PNB MetLife) for about Rs 1,906 crore cash.   According to...

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IANS 30 September 2021
The Supreme Court on Thursday ruled that an insurance company can reject the claim, if a vehicle does not have valid registration, as it denied a claim for the theft of a car having temporary registration.   A bench headed by Justice U.U. Lalit and comprising Justices S. Ravindra Bhat...

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Moneylife Digital Team 27 September 2021
The Insurance Regulatory and Development Authority of India (IRDAI) has recently published a product structure guide for cyber insurance. The guide book is supposed to facilitate insurers in developing stand-alone cyber-insurance products, recommend possible coverage and evaluate new...

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Moneylife Digital Team 13 September 2021
The Insurance Regulatory and Development Authority of India (IRDAI) has issued guidelines to insurers on structuring cyber insurance for individuals and gaps that need to be filled. As per the guidelines, cyber insurance should provide cover against theft of funds and identity, unauthorised...

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Moneylife Digital Team 11 September 2021
Star Health & Allied Insurance, a stand-alone health insurer, has launched a platinum variant of its existing cardiac-care and cancer-care plans. Let us find out if they are worth it.   Star Health Cardiac Care – Platinum This is an indemnity cover policy designed for persons who...

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Moneylife Digital Team 03 September 2021
Edelweiss Tokio Life has launched a new term life insurance called Total Protect Plus. The pure-risk insurance plan provides life cover up to age 100 years, including a host of optional riders to enhance the cover.   Term life insurance is a useful product to protect dependents from...

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IANS 03 September 2021
HDFC Life Insurance Company Limited (HDFC Life) on Friday announced the acquisition of Exide Life Insurance Company Ltd (Exide Life) from Exide Industries Ltd for Rs 6,687 crore.   The process for merger of Exide Life into HDFC Life will be initiated on completion of the acquisition....

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Venkatachari Jagannathan (IANS) 31 August 2021
Suspense continues on whether vehicle-buyers will have to shell out a huge amount towards insurance premium upfront for five years from Wednesday onwards to comply with the Madras High Court's order.   As things stand now, new car-buyers in Tamil Nadu, from Wednesday onwards, have to...

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Moneylife Digital Team 27 August 2021
Earlier this year, the insurance regulator announced a standard pension product called Saral Pension. The standard pension plan is mandated to be offered by all life insurers who sell pension products. Anyone of age 40 years to 80 years can buy this pension plan and start to earn fixed...

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Moneylife Digital Team 09 August 2021
Health insurance is a useful product in one’s financial planning. It protects your finances from getting drained due to huge bills occurring from medical emergencies and critical illnesses.   Health insurance can be bought as an individual policy to protect only self or as family...

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Sayali Mahashur, Amiti Varma  and   Arjun Kapoor 05 August 2021
Almost 10.6% of India’s population lives with a mental illness, shows data from the National Mental Health Survey (NMHS) in 2016. However, even today, it is difficult and costly to access health services and care for mental illnesses across the country. Although health insurance for mental...

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Buying a life insurance plan for the family can be a daunting task for anyone. While there are many advantages, there are also many options to choose from. Life or health insurance plans come with their own set of benefits that can differ from each insurance provider, but all of them offer a...

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