Tag Archive

Soon, Two-Wheeler Owners May Get One-Time Insurance

By LS TMemb7

The General Insurance Council – an association of non-life companies, initiated a move to push long-term insurance policies valid upto 10 years and longer. The move gets rid of the hassles of annual renewals, reduce dropouts, which is rampant among two-wheelers policy holders. The proposal of one-time insurance for two-wheelers replicates the concept of road […]

India, World’s Top Ranked Country in Terms of Life Insurance Density: WEF

By LS TMemb7

The World Economic Forum (WEF) in its latest report reveals that, India is the world’s top ranked country in terms of life insurance density. The WEF report shows that, India ranked 40th in terms of overall financial development globally, but it is better than many other larger economies like United States, United Kingdom, Japan and […]

Death Due to Negligent Act of Doctor is an Accident: NCDRC

By LS TMemb7

The National Consumer Disputes Redressal Forum (NCRDC) said that, death of a patient because of doctor’s negligence is an accident, for which the victim is entitled to get accidental death benefit from his/her insurer. NCDRC gave this ruling while ordering one of the insurance companies to pay accidental death benefits to the beneficiary of the […]

No Reduction in Sum Assured After Charging Higher Premium: Consumer Forum

By LS TMemb7

The New Delhi District Consumer Disputes Redressal Forum has ordered that, once the premium for a certain amount of sum assured has been charged under a policy, the insurance company can’t reduce the sum assured later when a claim is made. A resident of Delhi has made a complaint against an insurance firm for offering […]

IRDA Issues Guidelines on ‘Orphan’ Insurance Policies

By LS TMemb7

Many policyholders complain that the insurance agent who sold them the policy is no longer with the insurer and their policy is not being serviced due to termination of the agent by the insurer. So, whenever an insurance agent leaves the company, their policies secured by the agent are left behind ‘orphaned’. IRDA has issued […]

IRDA Planning New Guidelines for Life Insurance Products

By LS TMemb7

The Insurance Regulatory and Development Authority (IRDA) is planning to frame new draft guidelines for life insurance products within a month. The members of industry said that the move is aimed at helping customer by preventing mis-selling of life insurance products. They also said that the new draft guidelines will also bring parity among products […]

Health Insurers May Likely To Introduce Co-Pay in Group Policies

By LS TMemb7

Following the order from the Ministry of Finance to cut losses in insurance industry, all the public sector general insurers are likely to introduce co-pay ratio in all new group health policies. Co-pay refers to some percentage of amount or a part of the eligible claim that a policyholder has to pay and the balance […]

LIC Raises Interest Rates on Loans Against Policies

By LS TMemb7

Life Insurance Corporation (LIC) has increased interest rates on loans against insurance policies. It also increased interest rates on delayed payments of loan by the policyholder. Now, LIC charges 9% on loans against policies. Earlier LIC used to charge 8% interest rate for delayed payments. It is also now hiked interest charges of delayed payments […]

IRDA Asks Insurers to Introduce Health Cover up to 65 Years

By LS TMemb7

The Insurance Regulator and Development Authority (IRDA), has proposed health insurers to make it mandatory to provide insurance cover to people up to 65 years of age and settle claims within a month. IRDA in its draft guidelines mentioned that all health insurance companies must provide cashless services to policyholders undergoing treatment in a particular […]