INSURANCE


Single-premium insurance products were under the scanner of Insurance Regulatory and Development Authority (IRDA) as being risky. IRDA has relented after life insurance companies convinced IRDA that single-premium business is not disproportionate to the overall business and that there is a...

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IRDA has come up with momentous regulations which will change the health insurance industry workings if the draft is implemented without watering it down. TPAs' role will get marginalized and hence they may try to scuttle the implementation in its current form Insurance Regulatory and...

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IRDA has imposed a record penalty of Rs1.18 crore on ICICI Pru Life for several serious violations including an unbelievable 11346% deviation in commission payable to India Infoline Insurance services in 2010-11 The Insurance Regulatory and Development Authority (IRDA) has imposed a...

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Insurance Regulatory and Development Authority (IRDA) chairman, J Hari Narayan, spoke on a wide variety of issues at a packed Moneylife Foundation event on 16 May 2012. Excerpts of the interaction by Raj Pradhan   On Health Insurance Age for Entry and Exit: “Existing mediclaim...

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The concept may sound contradictory, but four insurers charge a higher premium of anywhere between 10% to 32% for a cover of Rs40 lakh sum assured than they would on a cover of Rs50 lakh SA. Insurers claim that mandatory medical check up for a higher sum assured reduces their risk and allows...

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AEGON Religare has been cautioning the masses against ending up with a low insurance cover. But then why does it insist on selling you a lower insurance cover at a higher premium? Pradip Kumar Paul, age 43, with an annual income of Rs5,10,024 made an online purchase of Rs50 lakh sum...

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IRDA has been watching benignly even though New India Assurance has been stalling queries, confusing issues and has decided to offer refund only to a fraction of the policyholders For the last 40 months, New India Assurance has tried hard to stall Anant Meghji Nandu, who blew the whistle...

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Moneylife Digital Team 17 May 2012
Tata AIG General Insurance Company has launched MediPrime health insurance offering competitive premiums for individual and family floater options. The product offers no sub-limit for inpatient hospitalisation as well as no co-pay. There is no loading on renewal in case of a claim. MediPrime...

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Moneylife Digital Team 17 May 2012
HC Raps IRDA The Lucknow Bench of the Allahabad High Court issued a contempt notice to the chairman of Insurance Regulatory and Development Authority (IRDA) for not ensuring the mention of the nominee in the personal accidental insurance policies issued to motor owners by insurance...

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Kamalji Sahay, managing director and chief executive officer, Star Union Dai-ichi (SUD) Life, speaks to Raj Pradhan of Moneylife ML: How was business in Jan-Feb-Mar which is supposed to be a lucrative period for enticing tax-savers? KS: Business was dull. We got saved by one...

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About 0.15 million Indians died on the roads and over 0.3 million were permanently disabled in 2010. Life and physical abilities are irreplaceable but personal accident insurance, available at a low price in India, can at least relieve the monetary burden—as long as you have the right cover....

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Moneylife Digital Team 15 May 2012
Life insurance is plagued with several issues of mis-selling by intermediaries and even more by banks. Moneylife Foundation has handed over a memorandum to IRDA which highlights the citizens' concerns     Insurance Regulatory and Development Authority (IRDA) has the task of keeping...

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Moneylife Digital Team 15 May 2012
Health insurance is a cause of concern for everyone. There are several issues that need regulatory intervention and direction. IRDA has been handed over a memorandum by Moneylife Foundation highlighting the actions for each consumer concerns   The Insurance Regulatory and Development...

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New India Assurance admitted that a software glitch resulted in overcharging mediclaim premium, but has dragged its feet on providing information. It now says that it gave a wrong date for refund eligibility on its website. New India’s mantra seems to be “If you cannot convince them, confuse...

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Where is corporate governance in all this? A prominent Sound Bite in Moneylife (issue dated 19 April 2012) quotes Amitabh Chaudhry, CEO & MD, HDFC Life, as saying: “A lot more needs to be done about traditional insurance plans. The commissions are much higher, the products lack...

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Is New India Assurance sitting on crores of extra premium collected due to a software glitch? It does not even know how many policyholders paid excess premium and is stonewalling all questions Is New India Assurance trying every trick in the book to avoid returning crores worth of...

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Moneylife Digital Team 09 May 2012
New India warned for overcharging IRDA has warned New India Assurance Company Ltd for violating the ‘file and use’ guidelines by charging mediclaim premium in excess. IRDA got to know of this after a policyholder complained and has directed the insurance company to refund the excess premium...

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Moneylife Digital Team 09 May 2012
IRDA has increased the premium of the mandatory third-party motor cover by up to 20% with effect from 1st April. This may not pinch private car owners as the hike will be smaller compared to that on commercial vehicles; third-party motor cover premium forms a very small part of the overall...

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Moneylife Digital team 09 May 2012
The impact of changes in the Budget and the new directives of the Insurance Regulatory and Development Authority (IRDA) will lead to fresh challenges in the new financial year. Here are the key issues that will affect insurance companies and the public. Sum Assured: The sum assured has to be...

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IRDA has launched a new website to educate and protect you. It wants you to live worry free. While the initiative is laudable, taking the contents as gospel may lead to disappointment The Insurance Regulatory and Development Authority’s (IRDA) newly launched consumer awareness website

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