Insurance Policy

Regulator wants every insurer to have a written policy for payment of commission

Expect higher sales of such policies in March

Also avail of annual check-ups; doing so will make claim rejection harder for health insurer

'A concern is that it should not result in a significant shift towards purely investment oriented unit link insurances'

Concerned over rising incidence of mis-selling, the finance ministry has directed heads of public sector banks to put in place strong mechanisms to avoid unethical practices for selling insurance policies to customers. The Department of Financial Services has received complaints that fraudulent and unethical practices are adopted by banks and life insurance companies for procuring policies from the bank customers, a letter addressed to chairpersons and managing directors of public sector banks said. There have been instances where life insurance policies were sold to customers aged above 75 years in Tier II-III cities. Usually, branches of the banks push products of their subsidiary insurers. When resisted by customers, branch officials would sheepishly convince that they are under pressure from top. Insurance products are pushed when customers go to seek any kind of loan or buy a term deposit. In this regard, it said, the department has already issued a circular wherein it has been

Instead of taking an agent's word, do your own research on policy benefits and obligations

Joshi was made the head of a 15-member Health Insurance Consultative Committee set up by Irdai in October. He has more than 37 years of experience in the financial services industry

Features like recharge and guaranteed no-claim bonus enhance the cost-effectiveness of health insurance policies

This is subject to submission to Customs a certificate from the local GST officer that input tax credit has not been taken, and no refund of such ITC or IGST paid on the goods has been claimed

Value of new business growth and margins remained strong in Q2

Between 2011 and 2020, more than 300,000 vehicles were stolen in the national capital

Buy an extended warranty only if there is no duplication vis-a-vis manufacturer's warranty

This initiative was started by insurance regulator a few years ago, but did not take off as the operational challenges and associated cost for insurers outweighed customer convenience

If your income is likely to revive soon, consider taking a loan against the policy instead of surrendering it

Panda also nudged the industry to come out with solutions that are pocket-friendly

Boards will make written norms that will be reviewed annually, says draft IRDAI proposal

There are three main components of an insurance policy: premium, sum assured and deductibles

The National Commission observed that liability under the policy could neither be extended nor curtailed, but would be determined according to the terms of the contract

The demand for term products is always there. The problem is the supply: Policybazaar.com CEO

Most people in the country consider purchasing life insurance a necessity but only 70 per cent are willing to invest in the same, according to a survey conducted by the Life Insurance Council (LIC).