INSURANCE


LIC asked to pay Rs6.5 lakh for ‘deliberately’ rejecting claim   New Delhi: The Life Insurance Corporation (LIC) of India has been directed by a consumer forum here to pay Rs6.5 lakh to a widow for rejecting her insurance claim on her late husband's policy ‘deliberately and...

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  The presence of insurance web aggregators is a boon to the Indian customers, as they now have access to premiums of insurance policies from multiple companies in one place Mumbai: MyInsuranceClub.com said it has got regulatory approval to compare premiums and features of insurance...

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SBI Life is seeking media support to publicise the one year old SBI Life Flexi Smart variable insurance plan. It seems to be a desperate attempt to entice those who put money in traditional products The PR agency of SBI Life has just sent us an email to help readers understand the one...

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MDT/PTI 16 July 2012
IRDA’s national strategy seeks to create a financially aware and empowered India   Insurance Regulatory and Development Authority (IRDA) has released draft National Strategy for Financial Education on its website irda.gov.in. According to a release from the insurance regulator,...

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MDT/PTI 16 July 2012
Apart from providing death cover under natural circumstances, the plan provides cover against accidental death, a waiver of premium in case of accidental disability and critical illness cover for 12 illnesses with 20% of the basic sum assured prior to the age of 70 years   Mumbai:...

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Insurance is easy to buy but tough to claim, if you are an individual.  Raj Pradhan narrates a real-life story that takes you through the labyrinth of insurance company, broker, TPA and hospital to explain how to make a valid claim and how to avoid going out of pocket The point about...

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Moneylife Digital Team 12 July 2012
New products, regulations, features and options, interpreted from your perspective Aviva Health Secure: Online critical illness plan The Aviva Health Secure Plan provides the policyholder with a lump sum amount on diagnoses of any of the 12 critical illnesses covered by the policy....

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The Swarnajayanti Arogya Bima Yojna provides universal medical insurance to entire population from Goa Panaji: Goa government will rework the universal medical insurance scheme covering its population by raising the ceiling of the benefit to Rs2 lakh from Rs60,000, state Health Minister...

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A leading Mumbai-based surgeon (who prefers to be anonymous) tells the inside story about mediclaim lacuna based on real life experience. Excerpts of the interview: Moneylife (ML): Can you share real life health insurance issues that you have come across? A. Many insurers now insist...

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MDT/PTI 04 July 2012
The insurance company, a JV between Indian Kotak Mahindra Bank and South African Old Mutual, appointed Sunil Sharma as Appointed Actuary   Mumbai: Kotak Mahindra Old Mutual Life Insurance (Kotak Life Insurance) on Wednesday said it has appointed Sunil Sharma as Appointed Actuary with...

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MDT/PTI 03 July 2012
Future Sampoorna Suraksha policy covers hospital cash benefit, personal accident cover, building and furniture, robbery and burglary, farm produce, agricultural pump set, cart protection and liability and pedal cycle   Mumbai: Private general insurance player Future Generali India on...

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A leading Mumbai-based surgeon (who prefers to be anonymous) tells the inside story about the nexus between hospitals, insurers, pharma majors and Third Party Administrators (TPAs). Excerpts of the interview: Moneylife (ML): What are your views about health insurance in India? A....

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An official spokesman said under the Rashtriya Swasthya Bima Yojana scheme, a smart card-based cashless health insurance cover of Rs30,000 per annum will be provided to a family of five Chandigarh: The Haryana government has decided in principle to bring domestic workers under the ambit...

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Around 3.5 lakh persons were enrolled under the Swastha Bima Yojana scheme, which entitles beneficiaries to get reimbursement of Rs30,000 for medical treatment from empanelled hospitals Birbhum district has been awarded by the West Bengal government for its performance in Swastha Bima...

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The combined first year premium of the public and private sector insurers during April-May 2012stood at Rs12,428.83 crore, up from Rs12,253.44 crore during the same period a year ago, IRDA said First year premium of the life insurance companies rose by a marginal 1.4% year during the...

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Moneylife Digital Team 28 June 2012
Life Insurance Corporation of India (LIC) has launched its first online product, Jeevan Akshay VI, an immediate annuity product. This existing offline product is now being offered online. The product entitles one to annuity from the year after the purchase under any one of the chosen seven...

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Moneylife Digital Team 28 June 2012
IDBI Federal Life Insurance launched the online version of its existing product Termsurance Seniors Insurance Plan. It is a whole life insurance plan with no medical tests and guaranteed acceptance for people in the age group of 50-85 years. The minimum sum assured (SA) is only Rs2,338 and...

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Moneylife Digital Team 28 June 2012
LIC Jeevan Vaibhav is a non-unit linked (traditional) single-premium policy. It is designed as an investment-oriented policy with the insurance cover of only about double your premium. This is far below the requirement of SA to be 10 times the premium for tax benefits at entry or exit of the...

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Moneylife Digital Team 28 June 2012
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. There were violations regarding corporate agency guidelines, paying more than...

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Gaurang Damani, social activist and founder of the NGO Karmayogi Prathistan, tells Raj Pradhan   ML: What is your view on IRDA’s draft guidelines on health insurance? GD: I would like to thank the Bombay High Court, Union of India and IRDA. They have accepted 80%-90% of what I had...

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