Following withdrawal of legal tender character of old Rs. 500 and Rs. 1,000 denomination notes from November 9, government has put restrictions on cash withdrawals from banks and ATMs. People are facing cash crunch, so IRDAI has asked life insurance companies to provide an … [Read more...] about IRDAI – Policyholders get 30 days more to pay premium
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How to Check Car Insurance Status Online in India?
In case you are an unfortunate victim of any road accident and do not know the insurance details of the vehicle responsible for accident to lodge a claim with the concerned insurer, you can now get the insurance status of the vehicle by entering some basic details on IIB website, … [Read more...] about How to Check Car Insurance Status Online in India?
IRDAI – Guidelines on Standardization in Health Insurance
IRDAI has notified new IRDAI Health Insurance Regulations, 2016. As per the Schedule – III of the Regulations; IRDAI has specify new Guidelines, Regulatory Returns and Formats etc. for Insurers and TPAs. What this means for you - they have introduced standard definitions for … [Read more...] about IRDAI – Guidelines on Standardization in Health Insurance
How IRDAI’s new Health Insurance Regulations 2016 affect Consumers?
Lifetime Renewability As per the new IRDAI - Health Insurance Regulations 2016 guidelines, each insurance company has to introduced lifetime renewability of all their health insurance policies. With the new guidelines, if you have a policy issued in your name, you can continue … [Read more...] about How IRDAI’s new Health Insurance Regulations 2016 affect Consumers?
Motor Third Party Insurance Premium Set to Increase
The IRDAI, in its draft circular on third-party motor insurance premium, proposed a premium hike in the range of 10-29% from 1st April 2016. What is third-party insurance? Third-party insurance is mandatory for all motor vehicles in India. The premium of motor third-party … [Read more...] about Motor Third Party Insurance Premium Set to Increase
How to become Insurance Surveyor and Loss Assessor (SLA) in India?
Process Steps: The process steps of becoming a licensed insurance surveyor: 1. Registering on IRDAI BAP Portal To acquire a surveyor license, the first step is to register yourself on the IRDAI BAP portal. After successful registration, you can apply for a training request. … [Read more...] about How to become Insurance Surveyor and Loss Assessor (SLA) in India?
Life Insurer’s IRDA Claim Settlement Ratios for Financial Year 2014-15
As per IRDA Annual Report for Financial Year 2014-15, Life Insurance Corporation of India (LIC) has got – 98.19%, the highest claim ratio, followed by Max Life – 96.03%. Lowest claim ratio is – 57.14% of Edelweiss Tokio Life, seconded by DLF Pramerica Life – 57.19%. Maximum … [Read more...] about Life Insurer’s IRDA Claim Settlement Ratios for Financial Year 2014-15
Life Insurer’s IRDA Claim Settlement Ratios for Financial Year 2013-14
As per IRDA Annual Report for Financial Year 2013-14, Life Insurance Corporation of India (LIC) has got – 98.14%, the highest claim ratio, followed by ICICI Pru Life – 94.10%. Lowest claim ratio is – 22.14% of DLF Pramerica Life, seconded by Edelweiss Tokio Life – 60.00%. … [Read more...] about Life Insurer’s IRDA Claim Settlement Ratios for Financial Year 2013-14
What’s in Insurance Laws (Amendment) Bill, 2015?
Insurance Laws (Amendment) Bill, 2015 amend the Insurance Act, 1938 and the General Insurance Business (Nationalisation) Act 1972 and the Insurance Regulatory and Development Authority Act, 1999. It provides for raising FDI cap in insurance sector from 26% to 49%. 1- The … [Read more...] about What’s in Insurance Laws (Amendment) Bill, 2015?
Life Insurer’s IRDA Claim Settlement Ratios for Financial Year 2012-13
As per IRDA Annual Report for Financial Year 2012-13, Life Insurance Corporation of India (LIC) has got – 97.73%, the highest claim ratio, followed by ICICI Pru Life – 96.29%. Lowest claim ratio is – 27.04% of DLF Pramerica Life, seconded by Edelweiss Tokio Life – 45.45%. … [Read more...] about Life Insurer’s IRDA Claim Settlement Ratios for Financial Year 2012-13