Irdai pushes harder for insurers to cover disability, mental illness & HIV


More than a year after India changed its laws on insurance coverage to include people with disability, mental health issues and HIV, IRDAI has found that many insurance companies still do not have specific policies for such coverage.

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Amazon provides free COVID-19 health insurance for its sellers


Amazon India has recently said it will provide free COVID-19 health insurance to its sellers in the country to help cover expenses around hospitalisation and treatment.

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Buying health insurance in times of COVID-19? Keep the 4Cs in mind


Choosing a health cover

Staying healthy and safe is the need of the hour. Perhaps the most crucial lesson that the outbreak of coronavirus has taught us is the need to take your health seriously at all times. Another lesson we have learned is that we need to be cushioned against emergencies and uncertainties, health-wise, and financially. Naturally then, the importance of health covers has been re-iterated. Adding to this is the daily rise in the COVID case count in India.

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Flipkart ties up with Bajaj Allianz General Insurance for digital motor cover


Flipkart and Bajaj Allianz General Insurance Company have partnered to offer a digital motor insurance policy to customers of the e-commerce major.

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Irdai sets up panel to draft standard professional indemnity policy for insurance intermediaries


Regulator Irdai has set up a panel to frame standard professional indemnity policy for insurance intermediaries that can be issued by all the insurers. The development came after Irdai witnessed several instances where policies taken by insurance intermediaries did not comply with the regulatory provisions.

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Insurers rework sales pitches post Covid-19


India’s leading insurers are redrafting scripts used by their sales agents to sell insurance policies and collect renewal premiums from customers as they adjust to the new business reality of continuing operations in the times of Covid-19.

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Customers seek an extension of motor cover duration due to lockdown


Irdai has allowed insurers to collect health insurance premiums in installments for products they deem appropriate, in view of the prevailing conditions due to COVID-19 outbreak, which has adversely affected economic activities.

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Government extends motor, health insurance renewal relaxation


Irdai has allowed insurers to collect health insurance premiums in installments for products they deem appropriate, in view of the prevailing conditions due to COVID-19 outbreak, which has adversely affected economic activities.

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Covid-19: Irdai allows insurers to collect health insurance premiums in installments


Irdai has allowed insurers to collect health insurance premiums in installments for products they deem appropriate, in view of the prevailing conditions due to COVID-19 outbreak, which has adversely affected economic activities.

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Irdai panel moots linking 3rd party insurance to a number of vehicles covered


Has your vehicle’s motor insurance cover lapsed? If yes, you may get a call from an insurance company soon offering to renew the cover. As per the working group’s (WG) recommendations to the Insurance Regulatory and Development Authority of India (Irdai)

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Irdai permits insurers to grant a moratorium on term loans


The standard health insurance policy “Arogya Sanjeevani” for all 29 general/health insurance companies will now cover hospitalization under COVID-19, said Irdai.

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'Arogya Sanjeevani' insurance policy to cover COVID-19


The standard health insurance policy “Arogya Sanjeevani” for all 29 general/health insurance companies will now cover hospitalization under COVID-19, said Irdai.

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Insurance cos start offering exclusive COVID-19 policies, partnering with online payment firms


Seeing business opportunity amid the spread of the coronavirus pandemic, insurance companies in the country have started offering policies specific to COVID- 19 and some of them partnered with digital payment service providers to push sales of such plans, officials said.

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Government approves insurance scheme for health workers fighting COVID-19


The government has recently approved the insurance scheme for health workers fighting the novel coronavirus. Finance minister Nirmala Sitharaman, on March 26, announced a Rs 50 lakh insurance cover per person for frontline health workers involved in managing the Coronavirus (COVID-19) outbreak.

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IRDAI instructs life, health insurers to give policyholders 30-day grace time


Given the lockdown in many states, the insurance regulator has requested that both life and general insurance companies give policyholders a grace period of 30 days.

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Know some of the insurance options available in India


Insurance policies usually help us to prepare for unforeseen events that may arise anytime. It apparently acts as a financial shield that safeguards you and your family members from certain difficult times, for instance, health or medical issues, accidents, fire, theft and more. It becomes equally important for a buyer to opt for policy at the best of his/her requirements.

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Now, insurance companies offer Covid-19 cover


Following the outbreak of novel coronavirus (Covid-19), companies selling health insurance are floating advertisements recommending policies targeted for the treatment of this viral infection.

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Your health insurance policy might not cover coronavirus in these situations


Health insurance and coronavirus

With the number of coronavirus cases in India crossing the 100 marks, it is no surprise that inquiries about insurance policies for the viral infection are on the up too. Currently, in India, tests for Covid-19 are free.

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IRDAI proposes to restrict proportionate deduction in health insurance claims to help policyholders


The Insurance Regulatory and Development Authority of India (IRDAI) has proposed changes in norms that govern how much of a hospital bill is reimbursed to a health insurance policyholder in case of a claim.

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IRDAI proposes to hike third-party insurance premium for cars, two-wheelers


Motor third-party annual rates are set to increase 2-11% for cars and two-wheelers, according to a draft proposal put out by the Insurance Regulatory and Development Authority of India (Irdai), subject to government approval.

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Can’t deny insurance claim over driver’s fake license: Supreme Court


The Supreme Court ruled that an insurance company cannot deny a claim to the owner of a vehicle involved in a road accident if his driver had falsely claimed to be holding a valid driving license by producing a fake document.

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Design policy to cover coronavirus treatment: Irdai to insurance companies


Regulator Irdai asked insurance companies to come out with policies to cover treatment costs for coronavirus infection, which has impacted thousands of people worldwide.

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Life insurance companies may offer more health policies


India’s insurance regulator Irda has set up a committee to study the feasibility of allowing life insurers to sell indemnity-based health products. Until now, these companies were allowed to sell only benefits-based health products.

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In a first, govt rolls out customised crop insurance policy


For the first time, the Centre has come out with customized crop insurance (single peril insurance cover) for states by factoring in one specific natural disaster.

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IRDAI to set up a common platform to settle health insurance claims


The Insurance Regulatory and Development Authority of India (IRDAI) is looking at setting up a common electronic platform for settling health insurance claims.

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Non-life insurers' Jan premium collection up 7.2 pc at Rs 17226 cr in January


India's non-life insurance companies registered a 7.2 percent rise in their combined new premium collection at Rs 17,225.75 crore in January this fiscal, Irdai data showed.

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How sales of life policies surge in the last quarter of a fiscal


Tax saving continues to be a big pull factor for people buying life insurance policies, especially in the last few months of the financial year. Insurers, however, remains upbeat about sales even in the light of the recent Budget proposal under which income-tax assessees may give up deductions for a lower I-T rate.

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Merged banks’ group covers to stay: IRDAI


In a major relief to lakhs of policyholders, the insurance regulator has issued guidelines to ensure that the government’s 10-bank merger will not affect any merging lender’s customer who is part of a bank’s group health policy.

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Insurers To Start Offering Standard Health Insurance Before 1 April


Those confused with the variety of health insurance plans on offer, a standard health indemnity health insurance plan will be available sooner than you think.

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Health insurance plan that covers your friends too


Friend Assurance feature proposed by health insurance companies will now allow both friends and families to buy a health insurance policy, besides a discount awarded to the healthiest group.

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Non-life insurers report a 12% rise in premium in Dec 2019


Non-life insurance companies reported a rise of 11.5 percent in premium collections at Rs 15,980.81 crore in December 2019, showed Irdai data. As many as thirty-four non-life insurance companies had collected a total premium of Rs 14,334.98 crore in the same month a year ago.

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Lens on motor covers may aid buyers


The dynamics of motor insurance in India are set to change with the insurance regulator taking a tough stance on auto companies controlling insurance distribution through broking firms.

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Irdai said to Insurers to offer standard health policies with maximum sum insured Rs 5 Lakh


Insurance regulator Irdai recently issued guidelines on standard individual health insurance, asking the general and health insurers to offer products that can take care of basic health needs of customers with a maximum sum insured of Rs 5 lakh and a minimum of Rs 1 lakh.

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IRDAI makes it easier for you to port your health insurance policy to a different insurer


The insurance regulator added the terms portability and migration in its health insurance guidelines. By doing this, the Insurance Regulatory and Development Authority of India (IRDAI)

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No Claim Bonus - Know what is NCB in Car Insurance


You can use the no claim bonus (NCB) earned on the comprehensive insurance policy of your existing or old car to reduce the premium payable when you buy comprehensive insurance for a new car. All it requires is some planning and it's worth it because if you have a 50 percent NCB

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Health insurance segment posts growth of 20% for third time in a row: IRDAI


The health insurance segment in India has maintained a growth rate of more than 20 percent in premium collection for the fourth year in a row.

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Non-life insurers register 13 percent rise in November premium to Rs 14,591 crore


Non-life insurance companies registered a rise of 13.1 percent in their collective premium in November to Rs 14,590.50 crore, data from IRDAI showed.

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Now, policyholders can choose TPA while buying insurance


Instead of solely depending on the insurer, policyholders can now choose third-party administrator at the time of buying a health insurance policy or at the time of renewal.

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Postmen, Grameen dak sevaks might soon be able to sell insurance policies


Postmen and Grameen dak sevaks might soon be able to sell insurance policies, with regulator Irdai issuing guidelines wherein such people have to be sponsored by the India Post Payments Bank (IPPB).

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New IRDAI norms expected to boost life insurance reach


In a bid to increase the penetration of life insurance products in the country, insurance regulator, Insurance Regulatory and Development Authority of India (IRDAI), recently issued a circular on ‘Point of sales products and persons.

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No depreciation for cars up to 3 yrs, the sum insured based on on-road price: IRDAI proposal


The Insurance Regulatory and Development Authority of India (IRDAI), recently, proposed changes to the structure of motor insurance (own damage segment) policies that can make it simpler and better.

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New group insurance norms set to promote fair practices


The Insurance Regulatory and Development Authority has come up with a revised set of rules for group insurance products where some insurers, to grab bigger market share, undercut premium and indulge in practices that could potentially harm them in the future.

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Driving habits could determine your motor insurance premium: IRDAI proposal


The Insurance Regulatory and Development Authority of India (IRDAI), recently, in a draft proposal recommended adopting 'Telematics for Motor Insurance'. What is telematics you ask? Well, telematics is a method of monitoring your vehicle using a Global Positioning System (GPS)-device fitted in your vehicle. This device will monitor and capture data related to your real-time driving habits.

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The insurance company can reject a claim for the stolen car if you don't have all keys


No key, no claim

If you want to claim for your car in case of theft then there is something you must consider to get your claim. Your claim can even be rejected if you don't have the two car keys. These need to be the two original car keys that you get when you purchase a new car.

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Health insurance policy packages may soon offer vouchers for a gym membership, protein supplements


Your health insurance policy may soon help you follow a fitness regime by offering routine health and dental checkups, offer discounts on your protein supplements/health boosters, medicines and even connect you to a yoga center or nearby gym.

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5 important points to remember while reading policy benefit illustration


The benefit illustration of a life insurance policy shows how returns on the money invested will be earned/calculated. While reading the life insurance benefits illustration, you must keep a note of the following points.

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Best Life Insurance Plans for every working woman


Women have been breaking barriers in all the realms of life - whether it is the glass ceiling in the corporate world or international records in different sectors. But when it comes to investments, women in India have rather been reluctant to deviate from the traditional forms of investments like gold and bank deposits.

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IRDAI forms panel to vet proposals for innovations


Insurance regulator IRDAI has set up a committee to evaluate applications filed under the Regulatory Sandbox approach to promote innovative ideas to foster growth in the insurance sector.

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IRDAI issues circular on advertising rules for insurance companies


The IRDAI has, in a master circular issued recently, updated the restrictions placed on the advertising of insurance policies and the advertising rules that insurers have to follow to safeguard consumer interests.

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Stiff fines drive third-party motor insurance business


Despite a severe slump in auto sales, higher penalties under the new vehicles Act led to a surge in third-party motor insurance purchases in September. Even as vehicle sales tanked 24%, up to 38% more third-party motor insurance policies were picked up

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Insurance companies can no longer exclude many illnesses


In a move that will benefit lakhs of policyholders, insurance companies have been barred from excluding illness associated with hazardous work activity, artificial life maintenance, treatment of mental illness, age-related degeneration and internal congenital diseases.

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MahaRERA set to make land title insurance mandatory


Regulator IRDAI has permitted insurance companies more freedom in revising rates. Insurers can now increase or decrease premiums by 15% depending on their claims experience in a certain sector.

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Insurers can change rates by up to 15% without IRDAI nod


Regulator IRDAI has permitted insurance companies more freedom in revising rates. Insurers can now increase or decrease premiums by 15% depending on their claims experience in a certain sector.

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Uber to offer free accident insurance for its riders


US-based ride-hailing giant Uber recently said it will offer free insurance to its riders in case of accidents while on a trip across categories such as cars, autos, and motorcycles. Riders will be insured for up to Rs 5 lakh in case of accidental death or disability and up to Rs 2 lakh for hospitalization, including an OPD benefit of up to Rs 50,000.

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Demand for motor cover spikes on penalty fears


Insurance firms are doubling their motor-insurance policy-writing capacities as those without requisite cover are lining up to insure their vehicles after India announced stiff penalties for breaches of traffic laws.

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NHA, IRDAI recommend measures to check frauds, data standardization


The National Health Authority, responsible for implementing the Ayushman Bharat scheme, and Insurance Regulatory and Development Authority of India (IRDAI) have launched a report recommending best practices, common standards, collaborative measures and IT framework for data standardization and to check frauds.

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Soon, Car insurance premium may depend on how you drive


How you drive and how many accidents you are involved in could soon be a factor for insurance companies to decide the premium you need to pay to insure your vehicle.

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LIC launches tech-term insurance plan, offers financial protection: Things to know


Life Insurance Corporation of India (LIC) has announced a new term insurance plan, known as LIC's 'Tech-Term' plan. It is a non-linked, without profit, pure protection 'online term assurance policy' which provides financial protection to the insured's family in case of his/her unfortunate demise.

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Should you opt for a loan against a life insurance policy?


At times, one may need to take a loan when a financial emergency comes up. In such a situation a personal loan is one of the quickest options. But is it the best option? Instead of going for an expensive option like a personal loan, there is another option you can consider.

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LIC India Records A Rise In Assets, Reaches Rs. 31.11 Lakh Crore


Insurance behemoth LIC recently said its assets have grown to over Rs 31.11 lakh crore, mainly helped by a bouquet of 32 plans under individual business. With the increased business, the market share of the insurer rose to 73.1 percent at the end of July 2019.

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Things to keep in mind while buying travel insurance


Importance of travel insurance

Lost your wallet, cancelled the flight, lost your baggage. Sounds like a holiday from hell right? Well, these are some of the unexpected emergencies that you might face while you are a holiday. To prevent these financial risks, you should get a domestic travel insurance policy. Here is everything you need to know about getting a domestic travel insurance policy.

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Non-life insurers register 23 pc rise in July premium at Rs 14,378.45 cr


Non-life insurance companies earned a premium income of Rs 14,378.45 crore in July this year, up nearly 23 percent from a year ago, data from the Insurance Regulatory and Development Authority of India (IRDAI) showed.

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All you need to know about buying domestic travel insurance


While on holiday, even within the country, you can face emergencies or unexpected situations like losing your wallet, flight cancellations or loss of baggage.

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8 major death cases which are not covered in term life insurance


Most people know that term life insurance will give a lump sum death benefit to the nominee on the demise of the insured (policyholder), within the policy term. However, not many know that there certain types of death that are not covered by life insurance policies.

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Property insurance rates may spike


Insurance firms are likely to bump up property cover rates as extreme weather becomes more common in the country. This year, floods have caused widespread devastation in Karnataka, Kerala, Maharashtra, and Gujarat.

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MobiKwik, Chola MS roll out general insurance product


Continuing its push towards sachet type products, fintech platform MobiKwik, in association with Chola MS rolled out a personal accident cover of Rs 1 lakh for a premium of Rs 20 per year.

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SBI Life Insurance's value of new business jumps 49 percent to Rs 370 crore in Q1


SBI Life Insurance has reported a 49 percent increase in its value of the new business (VoNB) to Rs 330 crore in the first quarter of FY19-20 as compared to the same period in the previous year.

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5 Factors to consider while buying a new car in India


Buying a car is one of the most crucial decisions that we make. From looking for the right design, model, and features to choosing the right accessories that make a car the perfect fit for you and your family- there are numerous factors that come into play.

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Govt plans to tweak PMFBY; to make crop insurance voluntary to all farmers


Making crop insurance voluntary to all farmers, removal of high premium crops, giving flexibility to states to provide customized add on products are some of the key changes the Centre is planning to make to the Pradhan Mantri Fasal Bima Yojana (PMFBY), a senior government official said recently.

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LIC new premium more than doubles in June


Led by LIC, life insurers' collective new premium income jumped 94 percent to Rs 32,241.33 crore in June this year, according to data from the Insurance Regulatory and Development Authority.

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Bharti AXA Life ties up with Airtel Payments Bank for pure term insurance


Airtel Payments Bank has partnered with Bharti AXA Life Insurance to offer Bharti AXA Life POS Saral Jeevan Bima Yojana --a pure life term plan--through its extensive network of banking points across the country.

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Budget 2019: Government raises FDI limit to insurance cos


The insurance industry may soon see an influx of foreign capital as the government has increased the foreign investment limit on insurance intermediaries to 100% from 49% earlier.

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Millennials have unconventional life goals; life insurance top investment choice, shows survey


Millennials in India prefer buying life insurance as the most preferred investment option to meet the majority of their life goals, even as unconventional life goals such as health, fitness, travel and life enrichment are gaining traction, a survey on life goals preparedness said recently.

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IRDA allows standalone annual own damage cover for vehicles from Sept 1


Want a fancy car registration number?

The regulator IRDAI has asked general insurance companies to make available standalone annual Own Damage (OD) covers for both new and old cars and two-wheelers from September 1.

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