INSURANCE


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...

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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...

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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...

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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.

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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...

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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...

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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...

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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...

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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...

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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...

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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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