INSURANCE


Moneylife Digital Team 02 August 2024
Nitin Gadkari, Union minister of road transport and highways has requested finance minister (FM) Nirmala Sitharaman to withdraw the 18% goods and services tax (GST) on premiums for life and medical insurance.   In his letter to the FM, Mr Gadkari says he received a memorandum from the Nagpur...

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Shashwat Singh (Bar  and   Bench) 17 July 2024
The National Consumer Disputes Redressal Commission (NCDRC) recently directed the Agricultural Insurance Company of India Ltd to refund the premium paid by 61 farmers from Kurnool in Andhra Pradesh, for not disclosing all details of the crop insurance policy to them (K. Krishna Venamma V....

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Moneylife Digital Team 13 July 2024
Upholding the orders passed by fora below, the national consumer disputes redressal commission (NCDRC) directed Bajaj Allianz Life Insurance Company Ltd to pay a balance Rs10.24 lakh to a policyholder as per the schedule of the unit-linked insurance plan (ULIP) equity growth fund policy. The...

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Moneylife Digital Team 10 July 2024
In a big relief to farmers from Khandwa district in Madhya Pradesh (MP), the national consumer disputes redressal commission (NCDRC) held Bank of Baroda (BoB) and Agriculture Insurance Company of India Ltd responsible for furnishing inaccurate information and not taking timely action to...

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Praisy Thomas (Bar  and   Bench) 03 July 2024
The Kerala High Court (HC) recently held that the insurance ombudsman does not have the power to direct an insurance company to renew an insurance policy at a particular premium rate (NS Gopakumar v The Oriental Insurance Company Ltd & anr).   A Division Bench of Justices A Muhammed Mustaque...

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Moneylife Digital Team 14 June 2024
The insurance regulatory and development authority of India (IRDAI) has announced several changes in insurance policies, including allowing policyholders to cancel the policy and get a refund for the remaining period and mandatorily asking insurers to provide loans on insurance products. IRDAI...

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Moneylife Digital Team 06 June 2024
While upholding orders issued by fora below, the national consumer disputes redressal commission (NCDRC) reiterated that Aditya Birla Sun Life Insurance Co Ltd cannot forcibly impose on the policyholder a pension plan utilising two-thirds of the matured amount of the policy fund for purchasing...

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Bar  and   Bench 05 June 2024
The State Consumer Disputes Redressal Commission, Punjab recently flagged concern that insurance companies were rejecting claims of customers on baseless grounds.   The Commission President Justice Daya Chaudhary and Member Simarjot Kaur stressed that the Insurance Regulatory and Development...

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Moneylife Digital Team 04 June 2024
Terming the report prepared by a surveyor as 'untenable', the national consumer disputes redressal commission (NCDRC) directed Royal Sundaram General Insurance Company Ltd (erstwhile Royal Sundaram Alliance Insurance Company Ltd) to pay Rs4.98 lakh, the insured declared value (IDV) of the car...

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Moneylife Digital Team 31 May 2024
To help ease the pain of running from pillar to post for health insurance policyholders, the insurance regulatory and development authority of India (IRDAI) has asked insurance companies to strive to achieve 100% cashless claim settlement in a time-bound manner. Insurers are asked to decide on...

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Moneylife Digital Team 21 May 2024
Holding the Life Insurance Corporation of India (LIC) responsible for not informing the employer of the insured as well as the insured regarding paying the due premium, the national consumer disputes redressal commission (NCDRC) directed LIC to pay Rs4.70 lakh with an interest of 9%pa (per...

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Moneylife Digital Team 16 May 2024
Rejecting the Life Insurance Corporation of India (LIC)'s contention that the insured failed to disclose diabetes and an earlier operation for the removal of gall bladder, the national consumer disputes redressal commission (NCDRC) directed the insurer to pay Rs19.75 lakh, the entire death...

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Moneylife Digital Team 15 May 2024
Upholding orders passed by fora below, the national consumer disputes redressal commission (NCDRC) directed United India Insurance Company Ltd to refund the excess premium charged from the policyholder for two years and pay Rs27,000 as compensation and cost of litigation.    In an order last...

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Abhay Datar 03 May 2024
The insurance regulatory and development authority of India (IRDAI) has recently removed the age limits on health insurance policies. This news has delighted all age groups of people, particularly senior citizens. While it seems a welcome step, we must assess the new provisions and their...

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Moneylife Digital Team 25 April 2024
While upholding orders passed by fora below, the national consumer disputes redressal commission (NCDRC) directed National Insurance Company Ltd to pay an insurance claim of Rs2.10 lakh for car theft and Rs30,000 for harassment and litigation expenses. NCDRC also rejected National Insurance's...

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Moneylife Digital Team 16 April 2024
Pointing out three mischiefs played out by Life Insurance Corporation of India (LIC) with policy documents, circular and proposal form, the national consumer disputes redressal commission (NCDRC) directed LIC to pay Rs21.75 lakh with an interest of 6%pa (per annum) to the nominee of the...

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Moneylife Digital Team 15 April 2024
While upholding an order passed by the Gujarat state consumer disputes redressal commission, the national consumer disputes redressal commission (NCDRC) directed SBI General Insurance Co Ltd to pay the Rs20 lakh death insurance claim with an interest of 9%pa (per annum) to the mother and...

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Moneylife Digital Team 03 April 2024
While partly allowing an appeal, the national consumer disputes redressal commission (NCDRC) directed Oriental Insurance Company Ltd to pay the 10,899.51 euros cost incurred for medical treatment in Paris. NCDRC also set aside an order by the Punjab state consumer disputes redressal...

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Moneylife Digital Team 01 April 2024
Upholding an order passed by the Punjab state consumer disputes redressal commission and rejecting the contention of DHFL Pramerica Life Insurance Company Ltd about suppression of health insurance, the national consumer disputes redressal commission (NCDRC) directed the insurer to pay Rs21.72...

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Moneylife Digital Team 29 March 2024
Acknowledging the hardship and mental agony of a pilot to fly the aircraft 50 times during the period of no insurance coverage caused due to an action by the State Bank of India (SBI) to return the cheque for insurance premium, the national consumer disputes redressal commission (NCDRC)...

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