IRDA has issued new guidelines to bring more clarity and standardise common terms in health insurance policies. These will also enable insurance companies to provide better service to policyholders. The comprehensive guidelines have standardised definitions of 46 terms that … [Read more...] about IRDA has Standardised Definitions of 46 Terms in Health Insurance Policies
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IRDA has Revised Norms for Traditional Life Insurance Products
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
Life Insurer’s IRDA Claim Settlement Ratios for Financial Year 2011-12
As per IRDA Annual Report for Financial Year 2011-12, Edelweiss Tokio Life has got - 100%, the highest claim ratio, followed by Life Insurance Corporation of India (LIC) - 97.42%. Lowest claim ratio is - 24.46% of DLF Pramerica Life, seconded by Shriram Life - 64.93%. Maximum … [Read more...] about Life Insurer’s IRDA Claim Settlement Ratios for Financial Year 2011-12
Union Cabinet approves FDI hike to 49% in Insurance Bill
The Union Cabinet approves FDI hike in Insurance Laws (Amendment) Bill, 2008 from 26% to 49%. Insurance Laws (Amendment) Bill, 2008 Following are the major changes approved by Union Cabinet - 1- Raises Foreign Direct Investment limit in the insurance sector to 49% from … [Read more...] about Union Cabinet approves FDI hike to 49% in Insurance Bill
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
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
How to file a Complaint to IRDA for an Insurance Claim?
If within 30 days of lodging the complaint with the insurance company, if you do not get a satisfactory response from insurance company then you may approach IRDA. Policyholder/Insured needs to send his/her complaints themselves or the claimants, otherwise the complaints will … [Read more...] about How to file a Complaint to IRDA for an Insurance Claim?
Religare Health gets R3 approval from IRDA
Religare Health Insurance Company Limited got its final stage R3 (Certificate of Registration) clearance from the Insurance Regulatory & Development Authority (IRDA) in order to operate in the General Insurance space. Religare Health Insurance Company Limited is promoted by … [Read more...] about Religare Health gets R3 approval from IRDA
IRDA to streamline servicing of ‘orphaned’ life insurance policies
If your agent stopped servicing life insurance policy after making you buy it, there is nothing to worry. Such policies, which are ‘orphaned' due to exit of an agent from the profession after selling a policy, should be well-serviced by the insurers by allotting them to other … [Read more...] about IRDA to streamline servicing of ‘orphaned’ life insurance policies