The Insurance Regulatory and Development Authority (IRDA) has revised the minimum death benefit and minimum surrender value norms for traditional life insurance products. Traditional life insurance products now come with a mandatory higher minimum death benefit and surrender … [Read more...] about IRDA has Revised Norms for Traditional Life Insurance Products
IRDA brings in Paint of Vehicle under Depreciable Part
Insurance Regulatory and Development Authority (IRDA) included vehicle paint under the purview of depreciable part and fixed rate of depreciation for the same. As per IRDA Press Release, "Rate of Depreciation for Painting : In case of painting, the depreciation rate of 50 per … [Read more...] about IRDA brings in Paint of Vehicle under Depreciable Part
Claim : Insurer can't reduce Sum Assured after charging higher premium
Once the premium for a certain assured sum has been charged by an insurance firm under a policy, the same can't be reduced later when a claim is made, a consumer forum here has held. The New Delhi District Consumer Disputes Redressal Forum gave its order on a complaint against … [Read more...] about Claim : Insurer can't reduce Sum Assured after charging higher premium
IRDA : Guidelines on Servicing of Orphan Policies
Insurance agents play a key role in conservation of insurance business by rendering valuable post sale service to policyholders. Whenever an agent discontinues his agency or is terminated by the Insurance Company, the policies secured by the agent are left behind orphaned. In … [Read more...] about IRDA : Guidelines on Servicing of Orphan Policies
A disease can be pre-existing only if it’s certified by doctor
There is always debate on the pre-existing diseases and how and when Pre-existing disease will be covered?, in health insurance. Now a District Consumer Disputes Redressal Forum gave a ruling that, "For medical insurance claim settlement, a disease cannot be said to be … [Read more...] about A disease can be pre-existing only if it’s certified by doctor
Magma HDI and Liberty Videocon have received R3 License
IRDA has issued R3 license to Magma HDI General Insurance and Liberty Videocon General Insurance. Magma HDI General Insurance is a joint venture between Magma Fincorp Limited and HDI-Gerling International Holding AG, Germany. Liberty Videocon General Insurance is a … [Read more...] about Magma HDI and Liberty Videocon have received R3 License
What to do…when policyholder goes missing…
There are situations when a person is unheard of for several years. What happens to such a person's life insurance policies? Does the spouse or nominee or assignee pay the premiums and keep the missing person's life policy in force? It is common knowledge that if premiums … [Read more...] about What to do…when policyholder goes missing…
How much life insurance cover do you need?
How much Life Insurance do you need? Everyone should have enough life insurance coverage to cover all the liabilities as well as unexpected future costs. Whatever life insurance plan you select, the main thing is to make sure you have coverage in the unexpected event. You … [Read more...] about How much life insurance cover do you need?
Budget 2012 – Changes to Insurance Industry
General 1. Implementation of Direct tax code has again been deferred and won’t be applicable from 1st April, 2012. 2. Service tax rate increased from current 10% to 12%. This would mean life insurance premium will go up. Life Insurance Currently it is necessary that in … [Read more...] about Budget 2012 – Changes to Insurance Industry
Car Insurance Claim not payable if law is violated
Yes, If you are to enjoy your rights as a consumer, you need to abide by the laws of the land. Or else, you lose your right as a consumer — this is the clear message that comes across in a recent order of the apex consumer court. The case pertains to an insurance claim for … [Read more...] about Car Insurance Claim not payable if law is violated