INSURANCE


If you are buying motor insurance in India for the first time, you may be baffled by the various types of insurance coverage available in the market. Besides mandatory car insurance policies like third party liability and comprehensive car insurance, you can opt for several top-up covers or...

Read More



The Central government has extended the duration of Pradhan Mantri Garib Kalyan Package (PMGKP), an insurance scheme for healthcare workers fighting Covid-19, for a further period of 180 days from April 19, the Ministry of Health and Family Welfare said on Tuesday.   The scheme has...

Read More



The non-life insurance sector closed last fiscal with about 11 per cent growth over the previous year, said the Insurance Regulatory and Development Authority of India (IRDAI).   According to it, the general insurance industry had earned a total premium of Rs 220,634.73 crore as...

Read More



Sponsored Post 30 March 2022
According to the National Family Health Survey of India (2019-20), diabetes, hypertension and obesity are the leading non-communicable diseases affecting the Indian population. Thus, opting for a health insurance plan amidst this wave of lifestyle diseases is no longer merely optional but...

Read More



Moneylife Digital Team 22 March 2022
The COVID-19 pandemic has affected the life and non-life insurance business during FY20-21 and FY21-22. However, health insurance policies have shown a massive jump during the same period, says a research report.   In the report, State Bank of India (SBI) says, "The pandemic has made...

Read More



The government is yet to finalise its non-life insurance companies that would be privatised, the Parliament was told on Monday.   "As per inputs received from Department of Investment and Public Asset Management, Government has not yet decided on the Public Sector General Insurance...

Read More



More than 11 months after the post fell vacant, the Central government on Friday decided to appoint Debasish Panda, former Secretary, Department of Financial Services, as the Chairman of the Insurance Regulatory and Development Authority of India (IRDAI).   The Appointments Committee...

Read More



IANS 24 February 2022
The Indian government owned General Insurance Corporation of India (GIC), a reinsurance company is facing a multimillion dollar lawsuit in the US filed by AM Re Syndicate Inc.   The US based AM Re, a reinsurance provider, has filed a suit for $115 million against GIC for cancelling...

Read More



IANS 24 February 2022
The Indian government owned General Insurance Corporation of India (GIC), a reinsurance company is facing a multimillion dollar lawsuit in the US filed by AM Re Syndicate Inc.   The US based AM Re, a reinsurance provider, has filed a suit for $115 million against GIC for cancelling...

Read More



IANS 12 February 2022
The Supreme Court on Friday held that an insurance company cannot reject a claim on the basis that there was a delay in communicating the theft of a vehicle to it.   A bench of Justices Sanjiv Khanna and Bela M. Trivedi said: "When the complainant had lodged the FIR immediately after...

Read More



IANS 08 February 2022
The paid up capital of the Life Insurance Corporation of India (LIC) stands at Rs6,324.99 crore as on 31 December 2021, said Bhagwat Karad, minister of state for finance.   In a written reply to a question raised in the Rajya Sabha, Mr Karad on Tuesday said the Central government on...

Read More



Cured of Covid-19 and wanting to buy a life insurance policy? Then wait for a period ranging from one to three months, say life insurers.   This has been the practice of some life insurers during the first wave of Covid-19 and now practiced by others as well," a senior insurance...

Read More



The Insurance Regulatory and Development Authority of India (IRDAI) has capped the quantum of surety insurance contracts for an insurer at 10% gross premium written subject to a maximum of Rs500 crore per year.   IRDAI has also stipulated that  non-life insurers wanting to underwrite...

Read More



Reinsurers operating in India are forcing disciplined risk underwriting practices in primary insurers in the life and non-life sectors, rather than the latter's promoters.   Recently, life insurers decided to hike their premium rates for term insurance policies following pressure from...

Read More



Moneylife Digital Team 29 December 2021
An insurer cannot reject a claim by citing an existing medical condition disclosed by the insured person in the proposal form, once the policy has been issued, the Supreme Court (SC) has said. The SC held that no insurance company can refuse a mediclaim citing that the policyholder only...

Read More



Venkatachari Jagannathan (IANS) 15 December 2021
The Insurance Regulatory Authority of India (IRDAI) is not exempted from getting the Chief Vigilance Commissioner's approval before appointing its Chief Vigilance Officer, the government said.   The position was made clear in Finance Minister Nirmala Sitharaman, in a written reply to...

Read More



Shrirang Samant 26 November 2021
With the increasing financialisation of the economy, banks have started aggressively selling a number of financial products to their customers as mutual funds (MFs) and insurance policies. This article analyses the practice of banks selling complex life insurance products to their customers,...

Read More



IANS 18 November 2021
Insurance regulator IRDAI has rejected the application of 5Paisa Insurance Brokers Ltd for a certificate of registration to act as life and non-life insurance direct broker.   Rejecting the application of 5Paisa Insurance filed in 2019, the Insurance Regulatory Development Authority...

Read More



Subhash Narayan (IANS) 09 November 2021
At least three private players have shown interest in participating in the strategic sale of public sector insurance companies, raising hopes that the government may advance initiation of its disinvestment this fiscal.   Sources said one new and two other large private sector...

Read More



Venkatachari Jagannathan (IANS) 08 November 2021
Which financial sector regulator in India has the luxury of having 7,450 square feet office in high rent city Mumbai for just six officials?   Well, the answer is the Insurance Regulatory and Development Authority of India (IRDAI) that runs on policyholders' money, a senior official,...

Read More

Free Helpline
Legal Credit
Feedback