Insurance Policy

Insurance companies get more autonomy to decide on commission amount

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

Insurance companies yet to see fire sale of high-value life policies

Expect higher sales of such policies in March

Choose a policy that needs pre-issuance medical test, say experts

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

Insurance policies where premium is above Rs 5 lakh no more tax exempt

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

FinMin asks banks not to use unethical practices to sell insurance policies

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

Don't let bank compel you to buy insurance policy with home loan

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

BS BFSI Insight Summit 2022: Irdai member Rakesh Joshi to speak at event

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

Port and combine your base health policy with a top-up to prune cost

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

Chatroom: 'Drawback of IGST also available on re-export of imported goods'

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

Growth, moderate valuations positive for ICICI Prudential Life Insurance

Value of new business growth and margins remained strong in Q2

More than 56% of vehicle thefts in India occur just in Delhi-NCR: Report

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

Understand conditions that can render warranty void before buying a product

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

Irdai set to meet insurance CEOs on dematerialisation of policies

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

Consider loss of cover, deductions before surrendering life insurance plan

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

Use technology to make insurance affordable, says Irdai chairman Panda

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

Regulator seeks to make insurers have clear policy for agents' commission

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

Planning to buy an insurance policy? Here is what you need to know

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

Not buying add-on cover can prove costly sometimes

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

We want to increase our offline capability, says Policybazaar.com CEO

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

91% people consider purchasing life insurance necessary: Survey

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).