INSURANCE


Moneylife Digital Team 28 June 2012
Are highest NAV products on the way out? Are highest NAV life insurance products being banned, as reported? It still seems to be in limbo. At a Moneylife Foundation event, J Hari Narayan, chairman IRDA told the media, “We have issued an exposure draft. We are considering prohibition of...

Read More



Moneylife Digital Team 27 June 2012
BSLI Wealth Secure plan combines long-term savings and whole life cover in such a way that it allows customers to focus on their goals and maximise savings for their future   Mumbai: Private insurer Birla Sun Life has announced the launch of its new unit-linked whole life plan, BSLI...

Read More



MDT/PTI 26 June 2012
With the R3 approval in place, Liberty Videocon GIC said it is now getting ready to file documents with the IRDA for approval of its proposed products   Mumbai: New entrant in the private space Liberty Videocon General Insurance Co on Tuesday said it received the final approval from...

Read More



The product covers risks of pregnancy complications, child with congenital disorders, cancer in female organs and death of spouse besides death of the insured covered by regular ULIPs. Ensure that you know the fine prints before buying the product   HDFC Life has launched “Smart...

Read More



Moneylife Digital Team 22 June 2012
The life insurance plan provides relatively lower premium rates for women and special rates for non-tobacco users, Reliance Life said in a statement   New Delhi: Reliance Life Insurance said it has launched an online plan -- Reliance Life Insurance eTerm -- with a maximum life cover...

Read More



The IRDA initiative is welcome, but it will help only a subset of orphan policies. The customer with lapsed policies expecting new allotted agent may be in for a surprise   The Insurance Regulatory and Development Authority (IRDA) has recently issued guidelines on an orphan life...

Read More



Moneylife Digital Team 16 June 2012
Weather Based Crop Insurance Scheme offers insurance cover to the farmers against losses caused by aberrant weather conditions during the crop cycle HDFC ERGO GIC Ltd has been allowed by Government of Maharashtra to implement pilot Weather Based Crop Insurance Scheme (WBCIS) for loanee...

Read More



MDT/PTI 14 June 2012
The government extended benefits of Rashtriya Swasthya Bima Yojana scheme, which provides health insurance facilities to domestic workers   New Delhi: The Labour Ministry has extended benefits of a scheme to provide health insurance facilities to domestic workers, reports PTI.

Read More



G Venkatesh 14 June 2012
Many of the buildings are uninsured despite it being mandatory norm to have fire insurance. What are the reasons? Despite mandatory norms for every building to have an insurance against fire, many buildings are uninsured. The 2011 tsunami in Japan is a grim reminder of the fact that...

Read More



MDT/PTI 11 June 2012
The Aviva Health Secure plan provides the policyholder with a lump sum amount on diagnoses of any critical illness covered by the policy New Delhi: Private sector life insurance company Aviva launched online health plan called 'Health Secure', reports PTI. The plan provides the...

Read More



Moneylife Digital Team 11 June 2012
While IRDA rules mandate that the policy document is required to be sent to the policyholder within two months there was a delay of more five months, which prompted the consumer forum to penalise the insurer   A Delhi consumer forum has held Apollo Munich Insurance Company guilty of...

Read More



KN Murali, head of motor insurance, Bharti AXA General Insurance tells Raj Pradhan   ML: Third-party premium (TP) has not been raised enough to cover the losses. Will it put pressure on ‘own damage’ (OD) premium? KNM: We do not see any reason to push up the price on OD. For...

Read More



Moneylife Digital Team 05 June 2012
IRDA has floated a new website www.policyholder.gov.in to educate and protect you. It will familiarise you with the knowledge required to buy insurance, make a claim, lodge consumer complaints, etc. Also, you will get to know the different initiatives, already in place, and in pipeline, to...

Read More



IRDA has penalised Shriram Life for a few violations and did not press charges for numerous others. The insurer was making payment of referral fees to Shriram Chits, one of its group companies. Referral arrangement with a non-banking entity is a violation and, hence, a penalty of Rs11 lakh...

Read More



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...

Read More



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...

Read More



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...

Read More



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...

Read More



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...

Read More



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...

Read More

Free Helpline
Legal Credit
Feedback