Insurance

Photo: iStock
Photo: iStock
On the IPO of Life Insurance Corporation of India announced in the budget, Irdai said, 'LIC proposal has not yet come'. (Ramesh Pathania/Mint)
On the IPO of Life Insurance Corporation of India announced in the budget, Irdai said, 'LIC proposal has not yet come'. (Ramesh Pathania/Mint)

Irdai says 'yet to get' proposal from LIC on IPO

  • Insurance watchdog Irdai is yet to get any proposal from LIC on an initial public offering
  • Irdai chairman S C Khuntia also asked insurance companies to 'weed out' loss-making products and concentrate only on the better paying ones

Photo: iStock
TPAs are being selected by the insurance companies. ( iStockphoto)
Specialized PSU insurers reported a 35.83% increase in gross premiums underwritten by them to  ₹9,622.98 crore. Photo: iStock
Photo: iStock
IRDAI modified the definitions of pre-existing diseases. Photo: iStockphoto
Photo: iStock
Finance Secretary Rajiv Kumar (Photo: PTI)
The committee on 'micro-insurance' also said the product benefits need to be simple so that they can be easily understood by customers
The committee on 'micro-insurance' also said the product benefits need to be simple so that they can be easily understood by customers

Daily payment for insurance policies: New proposal to promote micro-insurance

  • There is also a requirement of waiver of stamp duty on micro-insurance plans especially for life insurance policies
  • The panel has also made a case for 'goal based savings products' like those for child education or higher education

If you think you’re at the risk of a lawsuit because your work entails risk, it is advisable to buy a professional indemnity policy with adequate cover.
If you think you’re at the risk of a lawsuit because your work entails risk, it is advisable to buy a professional indemnity policy with adequate cover.

Do you need a professional indemnity policy?

  • A professional indemnity policy covers legal liability or payment of defence costs, fees and expenses in case the client files a case against the insured professional
  • Working professionals like doctors, surgeons, neurosurgeons, dentists, chartered accountants, engineers, architects, lawyers, and solicitors can avail such policy

Photo: iStock
Before you go for any of the new-age products when they become a reality, have all the basic covers in place (Photo: iStock)
Before you go for any of the new-age products when they become a reality, have all the basic covers in place (Photo: iStock)

Soon get a floater motor policy, group health cover for friends

  • Irdai approves 33 proposals for new-age and innovative insurance products under regulatory sandbox
  • Irdai asks insurers to launch their products on a pilot basis with a cap of 50,000 policies between February and July

Photo: iStock
Your dealer may induce the fear of losing out the benefits if you don’t buy insurance instantly from them, but don’t fall for it. (Mint)
Photo: Bloomberg
ICICI Lombard General Insurance Co. Ltd, Reliance General Insurance and Edelweiss General Insurance plan to test this product soon. (iStock)
ICICI Lombard General Insurance Co. Ltd, Reliance General Insurance and Edelweiss General Insurance plan to test this product soon. (iStock)

Coming soon: Floater motor insurance policies

  • By choosing this policy, one shall entail benefits like premium leverage as multiple policies are not required to be bought and sum insured is optimized
  • Other benefits include change of details for all policies at one go and continuous coverage

The premium of all 34 non-life insurance companies during Apr-Dec period of 2019-20 rose by 15.41% to  ₹1,42,023.78 crore from  ₹1,23,061.94 crore a year earlier (Photo: Mint)
The premium of all 34 non-life insurance companies during Apr-Dec period of 2019-20 rose by 15.41% to 1,42,023.78 crore from 1,23,061.94 crore a year earlier (Photo: Mint)

Non-life insurers log 12% rise in premium at 15,981 crore in Dec 2019

  • As many as 34 non-life insurance companies had collected a total premium of 14,334.98 crore in the same month a year ago
  • Seven stand-alone private sector health insurers collected 1,258.14 crore premium during the month, up by 16.3% from a year ago

Photo: iStock