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  • Life insurance companies see 21% rise in new business premium to Rs 22,425 crore in February Mar 09, 2021 06:15 PM IST

    Life insurance companies see 21% rise in new business premium to Rs 22,425 crore in February

    The 24 life insurance companies in the country had their collective new business premium of Rs 18,533.19 crore in the same month a year ago.

  • Go beyond premiums while choosing among standardized insurance policies Feb 19, 2021 12:02 PM IST

    Go beyond premiums while choosing among standardized insurance policies

    The insurance regulator's diktat on standardised insurance products means that the features would be similar across firms. But opting for a policy with low premiums can prove to be a costly mistake

  • COVID-19 led to rise in underwriting losses for non-life insurers in FY20: IRDAI Annual Report Feb 10, 2021 08:10 PM IST

    COVID-19 led to rise in underwriting losses for non-life insurers in FY20: IRDAI Annual Report

    The underwriting losses of the general insurance industry increased by 6.27 percent YoY in FY20 to Rs 23,720 crore.

  • 1.28 crore people covered under corona insurance policies: IRDAI chief Subhash Chandra Khuntia Jan 29, 2021 03:55 PM IST

    1.28 crore people covered under corona insurance policies: IRDAI chief Subhash Chandra Khuntia

    During the pandemic, two corona-specific products -- Corona Kavach and Corona Rakshak -- were launched by insurers under the guidance of the Insurance Regulatory and Development Authority of India (Irdai). Besides, the insurers also introduced coverage against COVID-19.

  • Coming from April, IRDAI's standard Pension plan: Should you invest in it? Jan 29, 2021 10:01 AM IST

    Coming from April, IRDAI's standard Pension plan: Should you invest in it?

    The insurance regulator has mandated yet another standard product, this time in the pension space. Find out if it deserves a place in your retirement portfolio.

  • IRDAI panel for separate payments of vehicle, insurance premium Jan 24, 2021 05:54 PM IST

    IRDAI panel for separate payments of vehicle, insurance premium

    Motor Insurance Service Provider (MISP) refers to an automobile dealer appointed by the insurer or the insurance intermediary to distribute and/ or service motor insurance policies of automotive vehicles sold through it.

  • IRDAI asks insurers to cover COVID-19 vaccination cost, GIC objects Jan 22, 2021 02:44 PM IST

    IRDAI asks insurers to cover COVID-19 vaccination cost, GIC objects

    The GIC, a statutory body which represents general and health insurers, said the insurance policies can cover only the hospitalisation costs related to COVID-19.

  • Automotive dealers may act as sub-brokers, distribution channels for motor insurance: IRDAI Committee Jan 20, 2021 08:07 PM IST

    Automotive dealers may act as sub-brokers, distribution channels for motor insurance: IRDAI Committee

    The Committee for Review in its submission noted the motor insurance business sourced by MISPs through brokers and insurers put together constitutes around 25% of the total motor insurance business or around 11.25% of the overall general insurance business.

  • IRDAI asks insurers to settle claims as per cashless agreements with hospitals, policy terms Jan 14, 2021 05:02 PM IST

    IRDAI asks insurers to settle claims as per cashless agreements with hospitals, policy terms

    Insurers can take GI Council and state government-prescribed rates into account while entering into cashless agreements with hospitals

  • Coming in April, a new standard home insurance policy: Should you buy it? Jan 08, 2021 09:27 AM IST

    Coming in April, a new standard home insurance policy: Should you buy it?

    The insurance regulator IRDAI has now mandated a standard cover to protect your house's structure and contents

  • CCPA issues show cause notices to firms for misleading ads during COVID-19 pandemic Jan 01, 2021 08:14 PM IST

    CCPA issues show cause notices to firms for misleading ads during COVID-19 pandemic

    The show cause notices have been issued to companies in the sectors like water purifier, paints, floor cleaner, apparel, disinfectant, furniture etc after observing that several advertisements are being issued during the COVID-19 pandemic to mislead and misguide the consumers.

  • Catering to consumers in coronavirus times, IRDAI pushes new products, easier KYC norms Dec 28, 2020 12:06 PM IST

    Catering to consumers in coronavirus times, IRDAI pushes new products, easier KYC norms

    As COVID-19 started spreading in March, the watchdog asked insurers to expeditiously settle hospitalisation claims concerning treatment related to coronavirus infections.

  • Coming on January 1: Saral Jeevan Bima - a simple, standardised term insurance policy Dec 28, 2020 07:59 AM IST

    Coming on January 1: Saral Jeevan Bima - a simple, standardised term insurance policy

    A standardised term insurance policy ensures that policy features are the same and worded similarly, irrespective of which insurance company you buy it from

  • Facing a massive hike in health insurance premiums? Here’s what you can do Dec 10, 2020 09:27 AM IST

    Facing a massive hike in health insurance premiums? Here’s what you can do

    Despite IRDAI’s clarifications, policyholders continue to suffer as insurers hike health cover premiums citing high claims

  • Approval from IRDAI on Axis Bank stake hike expected by March: Max Life CEO Dec 06, 2020 02:44 PM IST

    Approval from IRDAI on Axis Bank stake hike expected by March: Max Life CEO

    Axis Bank was to originally acquire an additional about 29 percent stake in Max Life. However, some changes had to be made to the deal following correspondence from the Insurance Regulatory and Development Authority of India (IRDAI).

  • IRDAI approves Mitsui Sumitomo's Max Life stake swap with MFSL Nov 28, 2020 08:51 PM IST

    IRDAI approves Mitsui Sumitomo's Max Life stake swap with MFSL

    New Delhi, Nov 28 Max Financial Services Ltd (MFSL) on Saturday said IRDAI has approved the proposed transfer of 39.47 crore shares constituting 20...

  • ICICI Lombard gets IRDAI's 'in-principle approval' to acquire Bharti AXA General Insurance Nov 27, 2020 08:57 PM IST

    ICICI Lombard gets IRDAI's 'in-principle approval' to acquire Bharti AXA General Insurance

    BSE Limited, NSE of India Limited and the Competition Commission of India have already approved the proposed acquisition of General Insurance business of Bharti AXA General Insurance by ICICI Lombard General Insurance.

  • IRDAI draft: Standardised insurance covers for Dengue, Malaria and Chikungunya Nov 18, 2020 09:20 AM IST

    IRDAI draft: Standardised insurance covers for Dengue, Malaria and Chikungunya

    Insurance plans for vector-borne diseases such as Dengue, Malaria and Chikungunya exist even now. But IRDAI has proposed a standard health cover for such diseases

  • Explained: How life insurance policies invest your premiums Oct 29, 2020 10:46 AM IST

    Explained: How life insurance policies invest your premiums

    Life insurance policies have to adhere to IRDAI-mandated norms on deploying the collected premiums. Insurance policies cannot take credit risk

  • Need to have more disease-specific health insurance products: IRDAI Oct 15, 2020 03:04 PM IST

    Need to have more disease-specific health insurance products: IRDAI

    The chairman said the insurance sector, for too long, has concentrated on tertiary care or hospitalisation and now there was a need to focus more on primary and secondary care, the outpatient care and more on to have preventive care.

  • Exclusive | LIC IPO may not happen before second quarter of FY22 Oct 08, 2020 03:15 PM IST

    Exclusive | LIC IPO may not happen before second quarter of FY22

    The government is yet to appoint book running lead managers and legal advisors. An embedded value has to be decided, the insurer has to pare its stake in a number of other listed companies and has to tweak its balance sheets to comply with regulations, and the LIC Act has to be amended in Parliament.

  • Green, orange or red: These colours will reflect if a health insurance plan is simple or complex Oct 05, 2020 05:16 PM IST

    Green, orange or red: These colours will reflect if a health insurance plan is simple or complex

    Green will mean a simple product, orange a moderate product, while red will be a complex category health insurance product

  • Irdai permits insurers to conduct video-based KYC Sep 21, 2020 09:16 PM IST

    Irdai permits insurers to conduct video-based KYC

    Insurers may undertake live VBIP by developing an application, which will facilitate the KYC process either online or face-to-face in-person verification through video, the regulator said.

  • How insurers' digital push is set to make policy issuance simpler for customers Sep 16, 2020 09:02 AM IST

    How insurers' digital push is set to make policy issuance simpler for customers

    Processes such as the e-KYC have allowed insurance companies to significantly reduce their operating time

  • IRDAI allows general insurers to issue policy documents in electronic format Sep 11, 2020 11:33 AM IST

    IRDAI allows general insurers to issue policy documents in electronic format

    IRDAI has also said that policy proposal forms do not need wet signatures.

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