INSURANCE


Moneylife Digital Team 14 February 2024
Insurance Regulatory and Development Authority of India (IRDAI) has released a draft regulation for an insurance electronic marketplace (IEM) Bima Sugam, the one-stop solution for all stakeholders, including customers, insurers, intermediaries or insurance intermediaries and insurance...

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IANS 07 February 2024
Insurance regulator, Insurance Regulatory and Development Authority of India (IRDAI) has approved the capital infusion by Axis Bank into Max Life, subject to the approval of the competition watchdog CCI. (competition commission of India).   The pension fund regulatory and development...

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IANS 07 February 2024
The competition commission of India (CCI) has approved the acquisition of 70% stake in Kotak Mahindra General Insurance Company Limited by the Zurich Insurance Company.   The proposed combination involves the acquisition of a majority stake in the target by the acquirer from Kotak...

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Moneylife Digital Team 06 February 2024
In a judgement that would be an eye-opener for health insurance policy buyers, the national consumer disputes redressal commission (NCDRC) rejected a claim due to the wrong date of birth and suppressing of pre-existing ailments while buying the health insurance policy.   In an order...

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Moneylife Digital Team 02 February 2024
While upholding an order passed by the Punjab state consumer disputes redressal commission, the national consumer disputes redressal commission (NCDRC) directed the Life Insurance Corporation of India (LIC) to pay the balance of Rs99,136 with a 9% interest out of the surrender value of...

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The public information officer (PIO) of the Life Insurance Company (LIC) of Agra, who defended himself by stating that documents regarding its pension & group scheme policy (P&GS) of employees of St Clare's School, Agra were destroyed in a fire, has been directed by the central information...

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Moneylife Digital Team 30 January 2024
Holding the Bhawanigarh municipal council deficient in not maintaining water pipes, the national consumer disputes redressal commission (NCDRC) directed the municipal council to pay Rs2.37 lakh to a house-owner. NCDRC also directed SBI General Insurance Company Ltd to indemnify the loss and...

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Moneylife Digital Team 16 January 2024
Rejecting the contention of the Life Insurance Corporation of India Ltd (LIC) that ventral hernia surgery is not covered under the list of major surgical benefits under its Jeevan Arogya policy, the national consumer disputes redressal commission (NCDRC) directed LIC to pay Rs1.60 lakh as...

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Moneylife Digital Team 15 January 2024
While partially upholding an order passed by the state commission, the national consumer disputes redressal commission (NCDRC) directed Birla Sun Life Insurance Co Ltd (Aditya Birla Sun Life Insurance Co Ltd) to pay a Rs35.10 lakh death claim and Rs30,000 cost of litigation to the nominee of...

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Moneylife Digital Team 12 January 2024
Holding Reliance General Insurance Company Ltd guilty of violating motor insurance service provider (MISP) guidelines and appointing in-house employees to asses the loss beyond Rs50,000 under motor insurance, the Insurance Regulatory and Development Authority of India (IRDAI) imposed a...

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Abhay Datar 11 January 2024
As we all know, there are three categories in insurance, namely, life insurance, medical insurance and general insurance. Though medical insurance is a part of general insurance, it is mentioned distinctly because many aggrieved policyholders seek guidance on life as well as medical...

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Moneylife Digital Team 04 January 2024
Insurance agents may soon be required to maintain audio-visual records of their sales pitch, where they must read out a summary of the policy features to prospective buyers, says a news report.   According to the report from Times of India (ToI), with multiple cases in consumer forums...

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Moneylife Digital Team 04 January 2024
Terming the repudiation of an insurance claim for medical treatment as untenable, the national consumer disputes redressal commission (NCDRC) directed Bajaj Allianz General Insurance Co Ltd to pay US$20,000 along with an interest of 9%pa (per annum) as expenses for treatment overseas. While...

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IANS 27 December 2023
The Bengaluru-based corporate giant Wipro has filed a lawsuit against its former chief finance officer (CFO), Jatin Dalal, in the Bengaluru civil court. In turn, Mr Dalal, at present with Cognizant as CFO, has submitted an application to the court requesting arbitration.   However,...

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Moneylife Digital Team 26 December 2023
While upholding orders passed by fora below, the national consumer disputes redressal commission (NCDRC) directed HDFC Bank Ltd to pay Rs5 lakh with 9% interest and Rs10,000 as compensation to the nominee of the bank account-holder.   In an order last week, the NCDRC bench of air...

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Sponsored Post 21 December 2023
In today’s times, health insurance has become a priority. It aims to provide financial protection during medical crises by covering hospitalisation expenses, medical bills and ambulance fees. Though health insurance plans, including family health insurance and health insurance for senior...

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Moneylife Digital Team 18 December 2023
With the aim of providing better housing, infrastructure and robust transport facilities to the growing population of the Mumbai metropolitan region (MMR), the Maharashtra government has finalised a broad skeletal proposal for developing a new city called the 'Third Mumbai', says a...

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IANS 18 December 2023
The Lok Sabha was on Monday adjourned till Tuesday 11am amid uproar by the Opposition MPs (members of Parliament) after suspending a total of 33 MPs winter session. including Leader of Congress in the House Adhir Ranjan Chowdhury for the remainder of the winter session.   The Lok...

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Moneylife Digital Team 11 December 2023
While upholding an order passed by the Punjab state consumer disputes redressal commission, the national consumer disputes redressal commission (NCDRC) directed Reliance General Insurance Co Ltd to pay Rs11.11 lakh death claim with 9% interest and compensation to the mother of the deceased...

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IANS 07 December 2023
The Indian insurance industry, including the sectoral regulator, is strangely silent on helping the policyholders affected by cyclone Michaung on the steps to be taken to prefer a claim—loss of property and life.   Due to the cyclone Michaung, Chennai got huge rainfall resulting in...

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