Imagine your car was involved in an accident and you claim for total loss under your motor insurance. You claim Rs 1 lakh but your general insurance company says you are eligible only to get Rs 75,000 due to some deductibles. Instead of wasting time over arguing over the amount, you decide to accept Rs […]
Warning to Star Health by IRDAI for its ads
Insurance Regulatory and Development Authority of India (IRDAI) has issued a warning by its letter dated 21/08/2015 to Star Health for giving advertisement in Economic Times Mumbai edition, claiming itself number one, which was against the rule of IRDAI.
Increase in service tax on insurance premium from 01/06/2015
It was proposed in in Union Budget 2015 to increase the service tax from 12.36% to 14%. After the Notification No. 14/2015-Service tax dated 19/05/2015 by the government, new servic tax will be effective from 01/06/2015. All the Service including the insurance premium will be dearer from 01/06/2015. The special rates for life insurance service […]
Dena Bank, LIC sign MoU to provide life cover under PMJBY
State-run lender Dena Bank today signed agreement with LIC to provide insurance cover to its savings account holders under the Prime Minister’s Pradhan Mantri Jeevan Jyoti Bima Yojana ( PMJBY) scheme. Under the Memorandum of Understanding, LIC will give a life cover of Rs 2 lakh in case of death of the insured person at […]
Keep all the Insurance policies in electronic form with Insurance Repository
Till now, insurance policies were issued in physical mode only, whether a policyholder submits a proposal in physical form or online.┬аFurther, the policyholder was required to go to the respective InsurerтАЩs┬аoffice for all the policy servicing needs. Owing to this, the entire process was┬аcumbersome, time consuming and involving incidental expenses. Since all┬аthe policies were issued […]
L.I.C. to invest Rs.1.50 lakh crore in Indian Railways over 5 years
Indian Railways signed a memorandum of understanding (M o U) with state-run Life Insurance Corporation (L I C) on Wednesday, to raise Rs 1.5 lakh crore over the next five years beginning this April. The investment by LIC, to be made through Rs 30,000 crore of bonds issued annually by rail entities such as Indian […]
IRDAI proposes 14-108% rise in motor third party premiums
Motor third-party (TP) insurance premium might see a steep rise this year, with the Insurance Regulatory and Development Authority of India (Irdai) proposing an increase between 14 and 108 per cent from April 1. According to IRDAIтАЩs exposure draft, released on Tuesday, small cars (below 1,000 cc) are likely to see a rise of 107.8 […]
Third-party motor insurance: Your premiums may see only modest hike
The insurance regulator has invited responses to a proposal to increase the third-party motor insurance premium by 14% to 108%. However, industry observers believe that the hike will not be so steep. “Like last year, the hike will be moderated. It may not go beyond 20%,” said a senior executive of a private general insurance […]