BUSINESS
IRDAI’s status quo on surrender charges a relief for insurers, but setback for policyholders
Giving in to the life insurance industry’s demands, the insurance regulator has junked its December 2023 draft that proposed higher surrender values – payout on early exit – for policyholders.
BUSINESS
IRDAI clears the decks for Galaxy Health Insurance, rolls out revised regulations for industry, policyholders
The IRDAI also approved a set of eight new and revised regulations, the chief ones pertaining to product regulations (primarily, changes in surrender value norms), policyholder protection, Bima Sugam and so on.
BUSINESS
Mutual funds call for easing RBI's limit on overseas investments amid growing opportunities
As capital market regulator, SEBI asks mutual funds to suspend inflows into overseas ETFs, top industry leaders say with forex reserves at a comfortable level, it is time for RBI to ease the investment limits.
BUSINESS
SEBI asks mutual funds to stop accepting inflows in ETFs investing overseas
The upper limit available to MFs to invest in overseas securities is $7billion. However, there is a separate limit to invest in overseas ETFs, which is $1 billion. The ETF limit is now close to being breached
BUSINESS
Tax-saving: Exemptions you can claim under the new and old tax regimes
The new tax regime has done away with over 70 exemptions under the old tax regime. However, this does not mean that the new regime does not offer any benefit. Here are some key tax breaks that you can claim even under the new regime, which is the default system 2023-24 onwards.
BUSINESS
Last-minute tax saving: How to open an NPS account online, claim deductions of up to Rs 50,000
Section 80 CCD(1B) offers an additional deduction of Rs 50,000 – over and above the Rs 1.5-lakh section 80C limit – for investing in NPS. You can open an account online and invest before March 31 to claim these deductions.
BUSINESS
Delhi’s dubious distinction: No. 1 city for car thefts in 2023, says ACKO Insurance study
Chennai's share in overall vehicle thefts doubled from 5 percent to 10.5 percent, while Bengaluru was at 10.2 percent. Hyderabad, Mumbai and Kolkata continued to see the least number of thefts.
BUSINESS
Have two health insurance policies? You can file claims under both
If one policy’s sum insured is inadequate to take care of your hospitalisation bill, you can claim the remaining amount under another policy. You cannot, however, file claims under both policies for the same set of expenses. That is, you cannot violate the condition that insurance covers are not meant for making profits.
BUSINESS
Last-minute tax saving for FY2023-24: Do’s and don’ts for tax planning in March
Last-minute tax-saving: Despite the increase in awareness around the importance of incorporating tax planning into the overall financial planning strategy and starting early, many tend to put off the process until the last minute.
BUSINESS
Breaking the glass ceiling: How women CAs have become their own bosses
International Women’s Day: Starting their own practice has given these women chartered accountants an opportunity to balance their professional and personal commitments. But running their own firm has had its own challenges ranging from getting clients in the initial stages to juggling multiple areas of specialisation and more.
BUSINESS
More women buying independent health covers for themselves now: Policybazaar study | Simply Save
Health insurance claims filed by women have gone up by 25 percent. Amongst women-specific illnesses, fibroids (30 percent), breast cancer (30 percent), and cervical cancer (10 percent) have emerged as the most common causes of claims, a Policybazaar study has found. Tune in for more.
BUSINESS
How gains from NPS Tier-II investments may be taxed
The ambiguity around tax treatment of gains made from redemption of NPS Tier-II (investment account) units continues. The government and Pension Fund Regulatory Authority (PFRDA) should come out with clear guidelines on whether such profits will be considered capital gains or 'income from other sources', say tax experts.
BUSINESS
Four tax-planning mistakes to avoid this season
Tax saving: If you look at tax-planning as an isolated exercise, and not an integral part of your overall financial planning, you could end up making costly mistakes. Plan early and plan well, here is how.
BUSINESS
Standardisation of medical treatment rates | CGHS rates for all will kill hospital industry. Range-pricing is the way forward, says AHPI's Girdhar Gyani
The Association of Healthcare Providers of India says that randomly applying Central Government Health Scheme rates will lead to a collapse of many hospitals, particularly the bigger ones. A scientific study to determine the range of rates is the way forward, says Girdhar Gyani, AHPI’s Director General.
BUSINESS
SC order | Standardisation of treatment rates will reduce undue charges, premium hikes: Bajaj Allianz CEO
On an alarming note, Bajaj Allianz CEO Tapan Singhel, who is also Chairman of the General Insurance Council, said the industry’s ‘Cashless Everywhere’ proposal has faced pockets of resistance from the hospital ecosystem.
BUSINESS
Petty, old outstanding tax demands not withdrawn? Know what to do next | Simply Save
The income tax department has activated a feature on its tax return filing portal that allows tax-payers to view the status of their outstanding, petty and old tax demands. The eligible ones are being ‘extinguished’. Tapati Ghose, Partner, Deloitte India gives an insight into the facility, areas that need further clarity and the complaint redressal process to be followed if your tax demand is not withdrawn. Tune in.
BUSINESS
How to avoid falling prey to life insurance mis-selling traps
Tax planning: In a hurry to save on taxes under section 80C, which offers tax deductions of up to Rs 1.5 lakh on certain instruments, including life insurance premiums, many end up buying products such as endowment plans and unit-linked insurance policies (Ulips) that they do not necessarily need.
BUSINESS
Modern treatment procedures: How health insurance policies cover advanced treatment procedures
Insurance Policies for Modern Health Treatment: Until 2019, many general and health insurance companies were reluctant to pay for advanced treatment procedures such as stem cell therapy, robotic surgery, oral chemotherapy, and so on.
BUSINESS
Here's how to port your health insurance policy to retain waiting period benefits
Any port in a storm, goes the saying, but if you are planning to change your health coverage provider for whatever reason, porting your policy will protect you from unseen tempests
PERSONAL-FINANCE
Pay higher premiums on making claims: Why this new health insurers’ proposal is anti-consumer
Reintroducing claim-based loading under a new name – cohort-based pricing – will be detrimental to the interests of policyholders. In effect, it will penalise policyholders who make claims, defeating the very purpose of buying health insurance.
BUSINESS
Senior citizens and the seriously ill would suffer if insurance companies fix renewal premiums based on claims: GoDigit Chairman
Some health insurance companies have proposed to introduce cohort-based pricing, which is akin to the claim-based loading that was abolished by regulator IRDAI in 2013. The proposal is completely illogical and immoral, says Kamesh Goyal
BUSINESS
GoDigit Chairman Kamesh Goyal backs IRDAI's higher surrender value proposal, opposes insurers' roll-back demand
Kamesh Goyal, Chairman, GoDigit Group of insurance companies says that most policyholders who bought ‘guaranteed return’ endowment plans in the last 10 years would have lost money, given the high lapsation rates and low surrender values. His company is in favour of IRDAI’s proposal that promises higher surrender payouts to policyholders and lobbying by other players in the industry to roll-back the proposal is not in policyholders' interests, he told Moneycontrol in an exclusive interview.
BUSINESS
How your employer's contribution to your NPS can reduce your tax outgo
Your employer can contribute to your National Pension Scheme fund over and above the employees’ provident fund (EPF) contributions. Employees or employers need not to choose one over the other.
BUSINESS
Tax benefits not prime motivator to buy health insurance, finds ICICI Lombard survey
Only 30% of respondents cited tax exemptions or rebates as primary reason behind buying health insurance policies
