BUSINESS
IRDAI proposes to raise free-look period for returning insurance policies to 30 days
The insurance regulator released an exposure draft on protection of policyholders’ interests which, among other things, proposes mandatory nomination for life insurance policies and longer free-look period for policyholders who wish to return policies that they might find unsuitable.
BUSINESS
National Health Claim Exchange could be launched in 15-20 days, says NHA chief
Insurance companies should look at devising innovative health insurance products to cover the ‘missing middle’ – the section of Indian population not covered by the Ayushman Bharat-PM-JAY scheme, Deepti Gaur Mukherjee, CEO, NHA has said.
BUSINESS
IRDAI issues draft regulations to set up online insurance marketplace Bima Sugam
The proposed electronic marketplace for insurance policies will facilitate purchase and sale of insurance policies as also settlement of claims, policy servicing and grievance redressal. Policyholders will not be charged any fees for accessing this digital infrastructure platform.
BUSINESS
Risk-based capital framework will lead to efficient capital utilisation for insurers: IRDAI chief
The regulator has asked insurance companies to focus on developing products and solutions for new-age, tech-savvy customers.
BUSINESS
Have a complaint against National Pension System? Here are 3 steps to resolving it
Your first stop should be the Central Grievance Management System after which you can escalate the matter to the NPS Trust. If you are still dissatisfied, you can approach the ombudsman appointed by the pension regulator PFRDA
BUSINESS
How 8.25% EPF interest rate has one more goody in its bag
If you have been voluntarily making a higher contribution to your employees’ provident fund, additional investments will also fetch the interest rate of 8.25 percent just declared by the EPFO.
BUSINESS
How to choose the right tax-saver 80C investments before the March 31 deadline | Simply Save
Starting early and identifying the most suitable section 80C instruments after meticulous research will ensure that your tax-planning is not an isolated activity, but is integrated into your larger goal-based financial planning strategy. Do not wait until March 31 to complete the process as technical glitches on investment portals could derail your plans at the last minute.
BUSINESS
Life insurers' pushback: Industry urges IRDAI to relax proposed higher surrender value norms
Insurance regulator’s draft product regulations in December 2023 had proposed a surrender – or early exit – structure that promised higher surrender values (and lower surrender charges) and therefore, more money in the hands of such policyholders who may want to terminate their policies before the date of maturity.
BUSINESS
Will FM's talk of small tax demands really make a big difference?
Interim Budget 2024: The government’s decision to waive old tax demands of less than Rs 25,000 might not be the end for many long-standing petty tax disputes.
BUSINESS
Old vs New tax regime: What to choose and how?
Budget 2024 kept income tax rates and slabs constant. Also, new and old tax regimes continue to co-exist. The choice between the two would depend on the difference that your tax deductions and exemptions make to your taxable income.
BUSINESS
No hike in standard deduction disappoints salaried tax-payers, pensioners
Typically, no major tax measures are announced in a vote-on-account. Despite this, however, individuals and tax experts were expecting some tax sops to be announced in the backdrop of upcoming elections.
BUSINESS
FM Sitharaman leaves income tax rates, slabs unchanged
The middle class was hoping that the interim Budget would offer some tax relief, coming as it did ahead of the Lok Sabha elections.
BUSINESS
NPS vs OPS: Will Budget 2024 settle the debate in an election year?
Pension sector players expect the Finance Secretary-headed committee tasked with looking into government employees’ concerns about NPS to submit its report around budget time, which could pave the way for a final resolution of the thorny issue.
BUDGET
Interim Budget: Raise basic exemption limit under both regimes to counter inflation, say tax experts
Unlike the tax rebate (available on incomes up to Rs 5 lakh and Rs 7 lakh, respectively, under the old and new tax regimes), a hike in the basic exemption limit will reduce the tax liability across income slabs
BUSINESS
Life insurers urge distinct premium deductions in Modi's election budget for old and new tax regimes
The Insurance industry also wants government to roll back its previous decision to tax maturity proceeds of traditional endowment policies with aggregate annual premiums of over Rs 5 lakh.
BUSINESS
‘Cashless everywhere’ insurance: The many challenges it faces and how the General Insurance Council aims to overcome them
The prospect of availing of a cashless facility even at a hospital that is not part of your insurer’s network seems appealing, but there are many practical challenges. If the hospital and the insurer fail to reach a consensus in 48 hours, patients will not get the facility. But Segar Sampathkumar, Director, Health Insurance, General Insurance Council, is optimistic that wrinkles will be ironed out.
BUSINESS
Budget 2024: How children’s tuition fee can help save on taxes under old regime with minimal effort
The new, minimal exemption tax regime is often seen as a simpler alternative and has many takers
BUSINESS
Personal Finance: Now, you can avail cashless treatment at any hospital
The ‘cashless everywhere facility’ will allow policyholders to avail cashless option at any hospital. Until now, policyholders treated in hospitals that were not part of their insurers' networks had to pay bills themselves and claim reimbursements later.
BUSINESS
General and health insurers unite for 'Cashless Everywhere' facility in hospitals
Through the General Insurance Council, general and health insurers will approve cashless payments for the treatment of policyholders even if the hospitals concerned are not part of their cashless networks. Insurers have come together to enable this facility across the country.
PERSONAL-FINANCE
Union Budget 2024: Life insurers want relaxation in Rs 5-lakh annual premium cap for tax-free maturity proceeds
Separate tax deduction for life insurance premiums under section 80C is also on the wishlist, given the section is "overcrowded" with tax avenues.
BUSINESS
Flight delayed or cancelled? Know how to file a travel insurance claim
Passengers with travel insurance policies can file a claim for the expenses incurred due to a flight delay or cancellation. However, before you file one, be aware of policy clauses around the number of hours of delay, deductibles and also conditions under which claims will not be payable
BUSINESS
Union Budget 2024: Exempt annuity income from tax, allow systematic withdrawal as an alternative to annuities: Axis Pension Fund CEO | Simply Save
Union Budget 2024: Given the importance of creating a social security net for Indians, push to NPS in the form of tax benefits is essential, says Sumit Shukla, MD and CEO, Axis Pension Fund
BUSINESS
Budget 2024: Resolve NRIs' PAN-Aadhaar tangle, raise tax rebate limit and simplify tax processes, say tax experts
Budget 2024: The finance minister should consider allowing higher standard deduction limit for salaried tax-payers, lower surcharge rates for HNIs and a simpler tax system that reduces confusion, say tax consultants.
BUSINESS
Budget 2024: Higher employers’ NPS contribution limit, tax-free annuity income on the wish-list
PFRDA wants the employer NPS contribution limit to be raised from 10 percent to 12 percent. Exempting annuity income from tax, too, has been a long-time demand. A vote-on-account is unlikely to accommodate these demands, but the product already offers a plethora of tax breaks, making it an attractive retirement planning tool.
