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?
Why knowing exclusions are important in Health Insurance Policy?
While buying a health insurance policy brings with it a lot of relief as far as claims expenses are concerned, there may also be times of trouble, in case you are not aware about the aliments that are covered and those that aren’t, by your health insurance policy. It is … [Read more...] about Why knowing exclusions are important in Health Insurance Policy?
FM proposed rollback of 5 per cent service tax on healthcare services
Finance Minister on Tuesday announced a rollback of the proposed 5 per cent service tax on healthcare services. Mukherjee announced his decision to exempt service tax in “its entirety both in respect of services provided by hospitals, as well as by way of diagnostic tests until … [Read more...] about FM proposed rollback of 5 per cent service tax on healthcare services
8 steps to file a motor insurance claim?
Immediate action after the accident First of all, please take care of your health and consult doctor for precaution and treatment (if required). Notify Police authorities in case of Road Traffic accident. Notify the claim at the insurance company’s call centre as soon as … [Read more...] about 8 steps to file a motor insurance claim?
Surrendering your insurance policy, check income tax provisions!
If you have taken deduction u/s 80C of the IT Act for the premium payment, in that case , do not surrender the policy within the three/five years of its purchase. Let’s check the Income Tax provisions on surrender of insurance policy - Case 1 - Surrender of the ULIP, within … [Read more...] about Surrendering your insurance policy, check income tax provisions!