Health insurance is a policy which pays for medical treatments and hospitalisation. It is a very useful product for those looking to insure themselves against unforeseen health risks. But health insurance can also be a complicated purchase, due to the exhaustive conditions, different features...

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IDBI Federal Life Insurance has launched a new insurance savings plan called Young Stars Plus Plan. The policy pays out 125% of maturity sum assured in the form of guaranteed annual payouts (GAPs), along with guaranteed additions (GAs)and bonus as well. The policy works in this manner: 1)...

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Until now, we had the Corona Kavach health insurance policy targeted specifically for COVID-19 treatment. We also saw the launch of Corona Rakshak, a fixed-benefit policy that paid a lump-sum if the insured was hospitalised for 72 hours due to COVID-19. We had reviewed these policies

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The Indian insurance regulator on Thursday said life insurers can get the consent of a prospective policyholder through electronic means in the case of pure risk products for sales made by agents.   The Insurance Regulatory and Development Authority of India (IRDAI) said life insurers...

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If you thought insurance products can be bought only from an insurance company’s website or their service branch, you are wrong. In a bid to increase access to insurance products, insurance companies have tied up with third-party retailers and Internet-based firms. The most common third party...

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The Competition Commission of India (CCI) on Monday approved the acquisition of the general insurance business of Bharti AXA by ICICI Lombard General Insurance.   With the CCI nod, both ICICI Lombard and Bharti AXA General Insurance would form an integration committee to initiate the...

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Kotak Life Insurance Company has forayed into health insurance with the launch of Kotak Health Shield, a fixed-benefit health insurance plan. Unlike a regular indemnity health insurance, which pays only for actual expenses incurred, a fixed-benefit plan pays in lump-sumregardless of the...

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Canara HSBC Oriental Bank of Commerce Life Insurance has launched a new unit-linked, non-participating, life insurance-cum-savings plan called Invest 4G. The policy offers three cover options: Life, Care and Century. In addition, the policy would pay rewards such as loyalty additions, wealth...

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Micro-insurance initially caught the eye of insurance industry as a way of meeting its rural and social sector obligations, though eventually micro-insurance came into its own with the Insurance Regulatory and Development Authority of India (IRDAI) noticing its relevance and...

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The Supreme Court has said that a contract of insurance is of utmost good faith and a proposer who is keen to obtain a policy of life insurance is duty-bound to disclose all material facts.   A bench comprising Justices D. Y. Chandrachud, Indu Malhotra and Indira Banerjee said: "A...

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The Insurance Regulatory and Development Authority of India (Irdai) has directed all life insurance companies to offer a standard term insurance plan – Saral Jeevan Bima – from January 1 next year.   "Customers who cannot devote adequate time and energy to make informed choices find...

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IndiaFirst Life Insurance, promoted by Bank of Baroda and Union Bank of India, has launched a term insurance policy called IndiaFirst Life Guaranteed Protection Plan. The policy offers financial protection against death till 99 years and a host of innovative coverage options.   Term...

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This part touches on the government schemes and why they are unlikely to accomplish what they are meant to achieve. The article then sets out some imperatives and suggests workable solutions.   The most invidious part of this entire story is that, somehow, the government has ceded the...

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This article is in two parts; the first part sets the context for the issues and solutions that are proposed in the second part   The current epidemic has fully exposed the system failures that have gone unchallenged over the past couple of decades. The result is that today the public...

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A committee constituted by the Insurance Regulatory and Development Authority of India (IRDAI) has suggested that the capital requirement for entities entering into the microinsurance segment should be lowered to Rs 20 crore.   Currently the entry-level capital requirement is at Rs...

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CARE Ratings has released a research report tracking the life insurance sector growth trends based on data sourced from the IRDAI.    Hit hard by the pandemic in the first quarter of the financial year, the life insurance sector is now making a stellar comeback of sorts by witnessing...

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As businesses recover from the blow of the economic lock-down, life insurers have also adopted a different strategy to improve premium collections. The latest data from the insurance regulator on life insurance business showed year-on-year (y-o-y) growth in premium collection from...

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As per the Motor Vehicles Act, it is mandatory to have a minimum of third-party insurance in India. Thus, it is illegal to drive a car without a valid car insurance policy. It is a punishable offence and can lead to problems both legal and financial.    Typically car insurance...

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Starting 1 October 2020, health insurance plans in India will undergo a makeover, with fewer exclusions and cover advanced treatments. The Insurance Regulatory and Development Authority of India (IRDAI) had, in the previous year, announced many changes to health insurance policies. Health...

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Bharti AXA Life Insurance has launched a new bundled unit-linked insurance policy (ULIP) offering the benefits of insurance, savings and market-linked returns. ULIPs are similar to traditional insurance products. The difference is that the returns on the investment component of the product...

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