INSURANCE


Moneylife Digital Team 12 January 2023
Rejecting the contention of ICICI Lombard Insurance Company in a building collapse case, the National Consumer Dispute Redressal Commission (NCDRC) directed the insurer to pay Rs4.19 crore to Shital Fibres Ltd. The insurer had contented that Shital Fibres does not fall under the definition of...

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Moneylife Digital Team 10 January 2023
Rama Manohar (name changed), a 62-year-old housewife from Mumbai, had approached her bank for advice on an insurance policy that would provide them with a regular income after retirement and also funds for the higher education of their grandson, when he reaches the age of 15.  Mr and Ms...

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Moneylife Digital Team 31 December 2022
Coming down heavily on Max Life Insurance Corp for postponing insurance for six months after accepting the premium before the death of the insured, the Supreme Court asked the insurer to pay home loan insurance money to the family of the borrower. The apex court also dismissed orders passed...

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IANS 14 December 2022
Two government-owned general insurance companies—National Insurance Company Ltd and Oriental Insurance Company Ltd—have not recruited a single person for the past four/five years, Parliament was told.   The Delhi-headquartered Oriental Insurance has not hired any fresh employee for...

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Moneylife Digital Team 09 December 2022
The Insurance Regulatory Development Authority of India (IRDAI) has approved the plans for Bima Sugam, an aggregator-like platform (like Amazon) that will allow insurers to sell products directly to customers online, lowering costs and altering the distribution process. The platform is...

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IANS 24 November 2022
In a setback to the ongoing Reliance Capital resolution process, the proposed joint venture arrangement (JV) between Piramal Finance and Zurich Insurance, formed to place a joint bid for Reliance General Insurance Company (RGIC), has collapsed.   In the first round, both companies had...

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Moneylife Digital Team 14 November 2022
In a landmark decision on the rights of the insured, the Supreme Court (SC) ruled that the exclusion clause cannot be permitted to be used by a party, that introduced it (insurer), becomes a beneficiary and then avoids its liability (of claim settlement). While allowing the complainant relief...

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Moneylife Digital Team 11 November 2022
Coming down heavily on Bharti Axa Life Insurance Co Ltd for submitting a fake medical certificate to deny a death claim, the Consumer Dispute Redressal Commission at Ahmedabad (city) has asked the insurer to pay Rs1 lakh as compensation for the harassment, including mental agony to the...

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Moneylife Digital Team 24 September 2022
A lot of people make the mistake of renewing health insurance every year without giving it a second thought. While being continuously covered by a health cover year after year is a good thing, what needs to be reviewed every year before renewal is whether the insurance plan continues to be...

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Moneylife Digital Team 09 September 2022
Most of us do not read the fine print on our health insurance policy and, later, blame the insurance company for rejection/deduction of insurance claims. Health insurance policies come with an overload of fine print and there are many features which need to be examined in detail before buying...

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IANS 30 August 2022
Asset monetisation is one of the parts of organisational overhaul that the four government-owned general insurance companies are expected to do, said a senior industry official.   The four insurers are: The Oriental Insurance Company Limited, National Insurance Company Limited, The...

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IANS 29 August 2022
The talks between the unions in the four public sector general insurers, General Insurance Corporation of India (GIC Re), their management and the government has ended in a stalemate, said industry officials.   The meeting took place on Saturday. The four are: The Oriental Insurance...

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Moneylife Digital Team 27 August 2022
PNB MetLife India Insurance (PNB MetLife) launched a dental health insurance plan recently. It is India's first stand-alone dental care insurance plan that covers major dental procedures without the hassles of hospitalisation. According to the company, the Plan covers fixed-benefit outpatient...

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IANS 25 August 2022
A survey on health insurance facilities in the country has disclosed that nearly 62% health insurance policyholders surveyed saw their premiums increase by 25% or more in 2022.   The survey conducted by community platform Local Circles disclosed that of the 62%, 38% of them saw their...

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In a major triumph, 71-year-old Santosh Bhat scored a major victory against  Life Insurance Corporation of India (LIC) when the insurance ombudsman (IO) asked the insurance behemoth to return the entire premium of Rs5,09,460 that she had paid for the controversial Jeevan Saral insurance...

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IANS 09 August 2022
Are vehicle-owners being cheated by the non-life insurers by charging more than a just price?   It seems so, if one goes by a question that was raised in the Lok Sabha by the Congress party member from Kerala, Hibi Eden.   And there cannot be smoke without a fire goes the...

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Moneylife Digital Team 08 August 2022
During the past five years, life and non-life insurance companies have transferred Rs1,723.20 crore to the Senior Citizens' Welfare Fund (SCWF) as per the provisions of Senior Citizens' Welfare Fund Rules, notified by the government of India and a master circular issued by the Insurance...

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Shrirang V Samant 05 August 2022
The tragic death of singer KK in Kolkata must be fresh in everyone’s mind. It was during a concert that he suffered a cardiac arrest and died while being taken to the hospital. While the cause of the singer’s death remains unknown, questions were being raised about the arrangements at the...

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Maya M 05 August 2022
The past couple of years have underlined the importance of having adequate health insurance cover and also exposed the limitations of regular health policies. Many COVID-19 claimants received only half of the claimed amount and had to pay the balance from their pockets, despite having health...

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Moneylife Digital Team 28 July 2022
Newly set up Financial Services Institutions Bureau (FSIB) has recommended the names of Neerja Kapur and Girija Subramanian as chairman-cum-managing directors (CMDs) of The New India Assurance Co Ltd (NIACL) and Agriculture Insurance Company of India Ltd (AICIL).    FSIB, the...

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