The general rule is that any amount received by the policy holder from the insurance company, including any bonus on the policy, is totally exempt tax. However, as per Income Tax Act, there are many exception to this rule. Let’s take various Income Tax provisions where … [Read more...] about Income Tax on life insurance proceed
What does Home Insurance policy covers?
Home insurance covers the costs of repairing or rebuilding the household, if its damaged or destroyed by an insured peril that is included in the policy. The coverage may also include the contents costs with home, depending on the type of insurance policy. Broadly speaking the … [Read more...] about What does Home Insurance policy covers?
10 things you look before you go for holiday!
1. Get travel insurance. Compare the prices and cover before you buy. 2. Check that the cover is appropriate and also check exactly - what your insurance does and does not cover. Make sure your policy cover provides for - a. All medical bills b. Bringing your family home in … [Read more...] about 10 things you look before you go for holiday!
How to pay Insurance Premium by Visa Credit Card?
You must have heard about the bill pay and online insurance premium services, where you have to register your details and as and when the insurance premium due date is coming, you would get the intimation on mobile as SMS or on email. Then you have to log on to bank or bill … [Read more...] about How to pay Insurance Premium by Visa Credit Card?
IRDA issues new guidelines on telemarketing and distance mode marketing
IRDA has issued the new guidelines on telemarketing and distance mode marketing, which will come into force from 1st October, 2011. Guidelines on Training of tele-callers and Authorized Verifiers 1. Every tele-caller shall be trained at an institute accredited for … [Read more...] about IRDA issues new guidelines on telemarketing and distance mode marketing
Magma HDI General Insurance received the first phase of licence from IRDA to enter the general insurance business
Kolkata-based non-banking financial company, Magma Fincorp, has received the first phase of licence from the IRDA, the insurance regulator, to enter the general insurance space through Magma HDI General Insurance. The company had applied for a licence in March 2010 to enter the … [Read more...] about Magma HDI General Insurance received the first phase of licence from IRDA to enter the general insurance business
Relaxation in Agency norms for standalone Health Insurer’s Agents
IRDA (vide letter dated 28th November, 2006; link) allowed Star Health and Allied Insurance Company to avail the services of general insurance agents of other companies. Now this special dispensation is extended to all the Standalone Health Insurance Companies and will be valid … [Read more...] about Relaxation in Agency norms for standalone Health Insurer’s Agents
IDBI Federal Life launches – IDBI Federal Wealthsurance® Premier
IDBI Federal Life insurance Company Limited has launched wealth-building plan - IDBI Federal Wealthsurance Premier Insurance Plan. The new plan single premium ULIP, with a wide array of investment funds and protection benefits bundled in a low charge structure aimed to deliver … [Read more...] about IDBI Federal Life launches – IDBI Federal Wealthsurance® Premier
Things not reimbursable under health insurance
Following is a list of services, which are not reimbursable as per the standard health insurance policy - 1. Hospital Registration and Admission fees 2. Documentation charges, Certification fees or any kind of Xerox Charges 3. Ambulance Charges 4. Ancillary medical facilities … [Read more...] about Things not reimbursable under health insurance
Material Facts – Facts which need to be disclosed and facts which need not be disclosed?
What is a Material Fact? Any fact which would influence the insurer in accepting or declining a risk or in fixing the premium or terms and conditions of the contract is material and must be disclosed by a proposer, or by the insurer to the insured. Material Facts in other words … [Read more...] about Material Facts – Facts which need to be disclosed and facts which need not be disclosed?