After the gazette notification issued by Insurance Regulatory and Development Authority of India (IRDAI) on 14/10/2015 for annuity plans offered by Life Insurers, LIC of India may soon withdraw or relaunch (with modifications) its Immediate Annuity Plan Jeevan Akshay VI. The Authority may issue separate instructions for withdrawing the products which are not in┬аcompliance with […]
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.
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 […]
The new provision in the Insurance Ordinance making third party motor cover mandatory has put the major general insurer players in a quandary as the move would increase their underwriting losses, prompting them to seek a hefty hike in the premium payout. Following the Insurance Ordinance, the regulator Irda has clarified that each general insurer […]
As per the proposed code of conduct agents will have to disclose information including commissions they receive if buyers ask for it. Or else buyers can complain to the insurance company Most of us, when we want to buy an insurance policy, ask our friends or family members to recommend an insurance agent and buy […]
PSU insurance companies have been asked to devise simple and lowcost products keeping in mind┬аthe needs of the common man. They have also been asked to use the Jan Dhan Yojna extension network to distribute their schemes. The companies were given this advice at a meeting called to review the performance of public sector insurance […]
The Department of Post is mulling selling insurance products of other companies, especially in rural areas, besides selling its own policies. In a meeting chaired by Prime Minister Narendra Modi last month on the findings of a Task Force on India Post, DoP conveyed its intentions to enter the insurance space targeting rural India, sources […]
Observing policyholders’ right to effect changes in nomination, sectoral regulator IRDA is proposing to do away with the practice of charging fee for such alterations by life insurance companies. The insurance Regulatory and Development Authority of India in a draft on ‘Fee for Registering Cancellation or Change of Nomination by the Holder of a Policy […]