INSURANCE


Moneylife Digital Team 17 March 2025
In a landmark development for India's insurance sector, the Insurance Regulatory and Development Authority of India (IRDAI) has granted a certificate of registration to Valueattics Reinsurance, marking the end of General Insurance Corporation of India's (GIC Re) five-decade monopoly in the...

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The corporate boards in the recent weeks are feeling nervous where no goods and services tax (GST) demand of any substantial sum has been received by the company!    GST demand is an affirmation that an entity is carrying on a bona fide business, that it is not a zombie or a fake, like,...

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Meera Emmanuel (Bar  and   Bench) 05 March 2025
The Karnataka High Court recently called for making laws simpler, while deciding on whether an insurance policy holder's legal heirs can be excluded from claiming insurance benefits if others have been named nominees for the insurance policy (Neelavva @ Neelamma v. Chandravva @ Chandrakala @...

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Sponsored Post 03 March 2025
Unit-Linked Insurance Plans (ULIPs) have become quite popular in the past few years as they give both insurance coverage and investment. There may come a time in your life, however, when it might be best for your financial goals to consider the option of surrendering the ULIP plan. This guide...

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Moneylife Digital Team 28 February 2025
India's insurance sector is bracing for a protracted legal confrontation with tax authorities after the goods and services tax (GST) adjudicating authority (AA) recently confirmed a Rs2,400 crore demand against HDFC Life Insurance. This ruling could establish a precedent that might push the...

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Moneylife Digital Team 26 February 2025
A special central bureau of investigation (CBI) court has sentenced five individuals, including a former divisional manager (DM) of United India Insurance Company Ltd (UIICL) and two directors of two insurance brokers, to five years of rigorous imprisonment in connection with a fraudulent...

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Uttara Vaid 20 February 2025
On 1 April 2024, the Indian government introduced significant amendments to the Public Liability Insurance Act (PLIA) through the Jan Vishwas Act, followed by further amendments to the Rules on 17 December 2024. These changes have substantially increased insurance coverage limits and...

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Moneylife Digital Team 20 February 2025
The insurance regulatory and development authority of India (IRDAI) has constituted a seven-member committee, chaired by Dinesh Khara, former chairman of the State Bank of India (SBI), to review proposed amendments to the Insurance Act of 1938 and recommend a regulatory framework for their...

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Moneylife Digital Team 20 February 2025
Coming down heavily on UIB Insurance Brokers Pvt Ltd for repeatedly failing to remit insurance premiums and failing to protect policyholders' interests, the insurance regulatory and development authority of India (IRDAI) has imposed a penalty of Rs1 crore on the insurance broker. The fine comes...

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Moneylife Digital Team 17 February 2025
Union finance minister (FM) Nirmala Sitharaman says the government have asked insurance companies to extend the free-look period for insurance policies to one year from the existing one month.    Speaking with media in Mumbai, Ms Sitharaman says, "People can return policy within one year for...

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In November 2023, the Supreme Court ruled that for a fire insurance claim, if the insurer is not found to be responsible for starting the fire, then identifying the precise cause of the fire is not necessary. Since then, the insurance companies are under obligation to uphold the insurer’s terms...

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Moneylife Digital Team 07 February 2025
While reiterating that insurance companies process the claims as per the terms and conditions of the policy, the Union government says that, during FY23-24, insurers rejected claims worth Rs26,037.65 crore. It includes claims worth Rs15,100.14 crore disallowed as per terms and conditions (T&C)...

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Moneylife Digital Team 04 February 2025
Information provided by the insurance regulatory and development authority of India (IRDAI) shows that, as of 31 March 2024, insurance companies have unclaimed insurance funds worth Rs21,718 crore which declined from Rs23,699 crore as of 31 March 2023. However, IRDAI does not maintain data...

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Moneylife Digital Team 31 January 2025
  Taking cognisance of the steep hike in premiums for health insurance for senior citizens, the insurance regulatory and development authority of India (IRDAI) says effective immediately, insurance companies cannot revise the premium for senior citizens by more than 10%pa (per annum).   In a...

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Moneylife Digital Team 24 January 2025
"The insurance policy terms cannot be changed at the whims and fancies of the insurance company," asserted consumer activist Jehangir Gai, delivering a powerful message at a programme organised by Moneylife Foundation, discussing the challenges a policyholder faces with health insurance...

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Sponsored Post 24 January 2025
As adventurers traverse Europe, the Schengen region puts forth diverse cultures and experiences. Every destination offers something unique, like Paris's romantic streets or Prague's historic charm.   However, exploring this captivating area comes with its own set of challenges. This includes...

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Moneylife Digital Team 03 January 2025
The insurance regulatory and development authority of India (IRDAI) has directed that claim settlement should be done immediately or within an hour to ensure no delay in discharge from the hospital. However, six in ten health insurance policy owners surveyed who filed a claim in the past three...

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Moneylife Digital Team 20 December 2024
State-run Life Insurance Corporation of India Ltd (LIC) has over 1.62mn (million) claims that are not claimed or are outstanding with a value of Rs3,726.80 crore during the past five years since FY19-20, the government told the Lok Sabha.    In a written reply, Pankaj Chaudhary, minister of...

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Moneylife Digital Team 16 December 2024
Holding the Life Insurance Corporation of India (LIC) responsible for the delay in sending monthly premium mandated through the electronic clearing system (ECS) and calculating the grace period from the premium due date, the national consumer disputes redressal commission (NCDRC) directed LIC...

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Shrirang V Samant 06 December 2024
Disruption is a favourite word for management consultants and there are various opinions about the efficacy of disruptive changes in a business. The trigger for a planned disruption is normally the performance challenges a business or even an industry faces. Regulatory disruptions fall into a...

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