INSURANCE


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....

Read More



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...

Read More



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...

Read More



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...

Read More



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...

Read More



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...

Read More



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...

Read More



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...

Read More



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...

Read More



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

Read More



There can be enormous difference in the insurer-authorized service centre estimation as compared to the roadside repair shops. Is it justified? Are insurance companies being fleeced which means you end-up with higher premium? Imagine an ICICI Lombard-authorized service centre giving quote...

Read More



Moneylife Digital Team 24 April 2012
IRDA has penalised Birla Sun Life Insurance Company a paltry Rs6 lakh for a slew of violations, some serious including using unlicensed entities to sell insurance The Insurance Regulatory Development Authority (IRDA) had detected 22 irregularities in the functioning of Birla Sun Life...

Read More



IRDA has increased premiums for automobile insurance with effect from 1 April 2012. Insurance companies have come up with a new trick of using only the engine cubic capacity. The smaller and cheaper cars and bikes are subsidising the bigger and costlier ones Insurance regulator, Insurance...

Read More



Moneylife Digital Team 19 April 2012
R2 approval is an important step in the process of acquiring the license from IRDA Mumbai: Religare Health Insurance Company Limited (RHICL) has received the R2 license from the Insurance Regulatory Development Authority (IRDA), according to a release from the insurance company.  The R2...

Read More



Many implicitly trust insurance companies. We present you the chilling story of what can happen when a gullible customer walks into an insurance office Arvind Injamuri, 65, a 9th std fail, retired railway employee living at Solapur, decided to use his retirement kitty to secure his...

Read More



Moneylife Digital Team 05 April 2012
Service tax impact on life insurance policies Increase in service tax from 10.3% to 12.36% on the policy charges will increase the premium as it would be passed on to consumers. Service tax is applicable on charges like mortality, fund management, policy allocation charge and policy...

Read More



Moneylife Digital Team 05 April 2012
Edelweiss Tokio Life Insurance Cashflow Protection and Aegon Religare Life Insurance Flexi Money Back Insurance Plan are the new money-back plans in the market. These traditional products offer regular income at specified intervals in addition to the maturity benefit. These products are for...

Read More



Moneylife Digital Team 05 April 2012
Sahara India Life Insurance has launched Sahara Vatsalya Jeevan Bima to tap into the lucrative child plan business. Traditional child plans offer assured returns but, unfortunately, most of these products offer low returns if the life assured survives. In case of demise of the life assured, the...

Read More



Moneylife Digital Team 05 April 2012
The Union Budget 2012 offers Rs5,000 tax deduction for preventive health check-up. This will be allowed irrespective of whether you have health insurance or not. It is a boost for hospitals. Customers over 40 years of age are interested in yearly check-up which may not be offered for free even...

Read More



Moneylife Digital Team 05 April 2012
The Union Budget 2012 increased the minimum insurance requirement from five to 10 times the premium to qualify for full tax benefit at entry under Section 80C and at exit under Section 10(10D). There are many existing products like money-back traditional and single premium plans which do not...

Read More

Free Helpline
Legal Credit
Feedback