INSURANCE


Moneylife Digital Team 23 May 2023
While upholding an order passed by the Rajasthan state consumer disputes redressal commission, the national consumer disputes redressal commission (NCDRC) directed SBI Life Insurance Co Ltd to pay Rs15.40 lakh along with interest at 9% to the wife of the deceased insured. It also directed the...

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Maya Miller (ProPublica) 11 May 2023
This story was originally published by ProPublica.   Learn how to request your health insurance claim file, which can include details about what your insurer is saying about you and your case.   When a health insurance company is deciding whether to pay for your medical...

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Moneylife Digital Team 04 May 2023
While setting aside orders passed by fora below, the national consumer disputes redressal commission (NCDRC) says the death insurance claim rejected by Reliance Nippon Life Insurance Company Ltd was valid due to wilful misrepresentation of facts by the insured about his income in the proposal...

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Moneylife Digital Team 28 April 2023
Setting aside an order passed by the Kurukshetra district consumer dispute redressal forum, the national consumer disputes redressal commission (NCDRC) reiterated that, for claiming insurance on accidental death, all relevant documents need to be submitted.    In an order, the bench...

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Moneylife Digital Team 22 April 2023
The income-tax (I-T) department sent notices to two large private banks in its ongoing investigation into possible malpractices involving commission payments made by insurance companies, says a report.   According to the report from Economic Times (ET), investigators from the tax...

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Moneylife Digital Team 18 April 2023
In a significant ruling, the Supreme Court (SC) says an insurance policy bought by a commercial enterprise cannot be said to have a close nexus to profit-generating activity. The dominant intention of the insurance transaction is not to facilitate some kind of profit generation for the...

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Moneylife Digital Team 13 April 2023
While rejecting the contention that the policy was obtained based on a fabricated voter ID card, the national consumer disputes redressal commission (NCDRC) directed SBI Life Insurance Co Ltd to pay Rs2.50 lakh with interest at 9%pa (per annum) from 1 August 2014, Rs10,000 as compensation for...

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The General Insurance Council has decided to take on the hospitals that are overcharging the health insurance policyholders and indulging in frauds through a series of actions, said a senior industry official.   Speaking to the media, S Prakash, managing director (MD), Star Health and...

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Patrick Rucker, Maya Miller  and   David Armstrong (ProPublica) 27 March 2023
  This story was originally published by ProPublica.   When a stubborn pain in Nick van Terheyden’s bones would not subside, his doctor had a hunch what was wrong.   Without enough vitamin D in the blood, the body will pull that vital nutrient from the bones. Left...

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In December 2021, DS Ranga Rao, a retired government officer and his wife visited a State Bank of India (SBI) branch at Thane in Maharashtra. He fell from a shaky, unstable ladder in the locker room, causing him to sustain major injuries needing surgery. SBI refused to acknowledge any...

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Moneylife Digital Team 13 March 2023
While upholding an order passed by the state commission, the national consumer disputes redressal commission (NCDRC) noted that there is suppression of material facts by the insured and, thus, the insurance company is not liable to pay the sum assured on home loan insurance.    In an...

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Moneylife Digital Team 11 March 2023
"A very interesting subject - worth pursuing in the background of India's economic and industrial development. If we want to be a world player, our insurance companies must be enabled to be competitive in this business," says N Rangachary, first chairman of the Insurance Regulatory and...

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Moneylife Digital Team 10 March 2023
Advocate Dipesh Siroya and Advocate Jamshed Mistry, amicus curiae in a case of non-repair and non-filling of potholes on roads, submitted before the Bombay High Court (HC) the 'Report on Public Liability Insurance in India' prepared by Moneylife Foundation. The bench of acting chief justice...

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Moneylife Digital Team 15 February 2023
While rejecting an appeal, the national consumer disputes redressal commission (NCDRC) directed Reliance General Insurance Co Ltd to pay the entire insured sum of Rs5.12 lakh to the complainant in a motor accident case. The insurer had challenged an order passed by Uttar Pradesh (UP) state...

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IANS 08 February 2023
The Life Insurance Corporation (LIC) on Wednesday introduced a 24x7 interactive service for its subscribers on WhatsApp, allowing policyholders to easily access information and services related to policies within the official LIC WhatsApp chatbot.   Policyholders will now be able to...

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Moneylife Digital Team 06 February 2023
In an important ruling, the National Consumer Disputes Redressal Commission (NCDRC) held that the complainant cannot treat an insurance policy as an investment and seek refund based on net asset value (NAV), while surrendering the policy. The petitioner in this case has invested money in unit...

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David Armstrong, Patrick Rucker  and   Maya Miller (ProPublica) 03 February 2023
This story was originally published by ProPublica.   In May 2021, a nurse at UnitedHealthcare called a colleague to share some welcome news about a problem the two had been grappling with for weeks.   United provided the health insurance plan for students at Penn State...

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IANS 01 February 2023
Insurance policies where the premium is over Rs5 lakh will no longer be tax-exempt, as per the provisions in the Union Budget 2023-24.   Kapil Mehta, co-founder, SecureNow Insurance Broker said the income from traditional insurances where the premium is over Rs5 lakh will not be...

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IANS 25 January 2023
The Supreme Court on Tuesday said that a state legislature has no legislative competence to enact a law in respect of modern medicine or allopathic medicine, contrary to the standards that have been determined by the central law.   It emphasised that policies for enhancing access to...

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IANS 18 January 2023
The combo—premium growth and better underwriting discipline by public sector players—will ease the profitability pressure in life and general insurance sectors, said Moody's Investors Service (Moody's), in a report.   According to Moody's, the pressure on profitability of Indian...

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