Majority of the complaints pertain to settlement of claims
The working group has said that insurers should offer standard products to avoid confusion.
Edelweiss Insurance Brokers offers general insurance solutions to individuals and corporates
Motor third party premiums may be hiked between 4-21 percent for two wheelers and four wheelers
Insurance companies wait for seven years before settling death claims in case of missing persons
The Insurance Development and Regulatory Authority of India (Irdai) had constituted a working group on the standardization of exclusions in health insurance contracts.
IRDAI has bought out a set of incidents that have to mandatorily covered under a health insurance product
The insurer posted an underwriting loss of Rs 146 crore in the March quarter
Under the new regulation, insurers are asked to regularly update applicants about the processing status. This will bring transparency to policies, where there is a medical underwriting or physical inspection involved.
The insurer is a joint venture between Canara Bank, HSBC and Oriental Bank of Commerce.
Listing would improve transparency and also improve access to capital.
The restoration benefit is very useful in family-floater insurance policies.
Valid for 28 days, the bundle gets renewed whenever a customer recharges their Airtel prepaid under this plan
"The ITI management was very ambitious. They should have clarified the contours of what business they could write before signing up," said a senior official operating in the reinsurance space in India.
Mobile-only insurance policies could be a reality in a few years.
As per the prevailing regulations, about 18% GST is charged on the premium paid for Health Insurance. Under Section 80D of the Income Tax Act, the tax benefit can be claimed for the payment made for health insurance policies.
Since both banks and insurance companies are in the financial services sector, lenders use insurers as a channel for growth.
Insurers are in the process of sending surveyors and loss assessors to the affected regions in Odisha and parts of West Bengal
According to insurance laws, one company cannot be a promoter of two insurance firms in the same category.
The insurer saw a 8 percent YoY increase in total premium to Rs 1,933 crore
Banks have been allowed to classify IL&FS and group companies as non-performing assets.
Sources said that several employees above the age of 50 years have sought clarity from the government on their job positions after the merger.It is also estimated there could be a 30 percent reduction in the employee count through the use of Voluntary Retirement Scheme (VRS) and other mechanisms.
Insurers are now in a hurry to rejig their portfolio towards highly rated debt instruments.
Online ULIPs are now a transparent investment tool. The premium received under the policy, charges deducted, the current value of the investment through NAV disclosures, etc. every information is available easily and readily to the investor
In the initial phase, the focus will be on SMEs and mid-market businesses, but later the product can cater to larger business conglomerates as well, the insurer said in a statement.