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IRDAI panel suggests cyber liability insurance: What kind of losses are covered
4 min read . 20 Jan 2021This cyber liability policy will protect the policyholders from cybercrimes
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IRDAI panel suggests standard professional indemnity policy
1 min read . 19 Jan 2021As per the recommendation, policies issued under the new format will cover all damages resulting from any claim for breach of duty of the insured, fraud and dishonesty of any employee for which the insured becomes legally liable
IIB will maintain the historical traffic violation data of all vehicles (Mint)
Traffic violators may soon have to pay more for motor cover
2 min read . 19 Jan 2021The committee has recommend inserting a fifth section to motor insurance called, traffic violation premium, in addition to motor own-damage (OD) insurance, basic third-party (TP) insurance, additional third-party insurance and compulsory personal accident premium
Bajaj Allianz Life said its assets under management had crossed the ₹70,000-crore milestone by the end of December
Bajaj Allianz Life AUM grows 79% in 10 years to cross ₹70,000 crore
1 min read . 13 Jan 2021- 'It shows that the pandemic has not impacted the company's growth much instead it could maintain a steady growth,' the private sector insurer said
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Irdai bats for extension of sandbox regulations
1 min read . 13 Jan 2021The validity of the Regulatory Sandbox Regulations, 2019, which was for two years, expires on 25 July 2021
According to industry experts, individuals who are non-graduates or have low financial profile usually find it difficult to buy existing term plans, while Saral Jeevan Bima were to be offered without restrictions on gender, place of residence, travel, occupation or educational qualifications.
Wait to buy standard insurance plan gets longer
2 min read . 12 Jan 2021- Life insurance companies are expected to launch the Saral Jeevan Bima either by end of this month or by first week of Feb
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Life insurance sector's new business premium declines 3% in Dec
1 min read . 10 Jan 2021- The country's largest life insurer LIC contributed ₹14,345.70 crore or 58% to the total premium generated during the month, data from Irdai showed
- Private sector comprising of 23 players registered a growth 22% by earning new premium of ₹10.037.72 crore in December
Here are the tips to buy the best health insurance (Shutterstock)
Which health insurance to buy for complete protection? All you want to know
3 min read . 07 Jan 2021Best health insurance to buy in 2021
The cheapest health insurance plans may not be the best ones. Compare premiums in tandem with other features, especially restrictions and claims settlement. Photo: iStockphoto
A-rated health plans for you
1 min read . 07 Jan 2021- Here is a comparison of top health insurance plans for different sum assured and across different age groups
- Only the A-rated health insurance plans have been shown here
Check factors such as the claims process and find out the point of contact before buying such a plan (Photo: iStock)
Bite-sized covers are cheaper but know the limitations too
5 min read . 07 Jan 2021- The premiums in these plans are low as the cover is small but they are not suited for long-term needs
- Bite-sized insurance plans may not be economical in the long run, and there is no clarity on renewal
Insurers would be permitted to file innovative add-ons (additional covers) over and above the basic cover, in-built cover, optional cover, if any, and standard add-ons that these retail products already offer
Insurers asked to offer 3 standard products for fire, allied peril from Apr 1
1 min read . 06 Jan 2021IRDAI said the Standard Fire and Special Perils (SFSP) Policy will be replaced by the three standard products -- Bharat Griha Raksha, Bharat Sookshma Udyam Suraksha and Bharat Laghu Udyam Suraksha
Anyone aged 18 to 50, earning at least ₹1 lakh per annum will able to buy this policy. (MINT_PRINT)
PhonePe-ICICI Pru new term policy: Premium starts from ₹149. Details here
2 min read . 07 Jan 2021- The policy insures the users for a sum ranging from ₹1 lakh to ₹20 lakh, depending on the premium amount
- Customers can avail the insurance policy instantly on the PhonePe application without any health check-ups
Millennials should opt for term insurance plans—the cheapest life insurance product with a higher sum assured. Photo: iStockphoto
Confused about buying term insurance via online or offline channel? Here’s help
3 min read . 05 Jan 2021- Individuals can buy a term plan through an agent, which is an offline channel or via online insurance aggregators
A health insurance checklist (Shutterstock)
A health insurance checklist. Make sure to ask these things while buying policy
2 min read . 05 Jan 2021- Read the policy papers carefully to understand whether it fulfills your requirements, the exact benefits offered, coverage amount etc.
- Also, check the terms and conditions for 'no claim bonus' and restoration benefit.
Since the IL&FS defaults, it can be noted that NBFCs and housing finance companies (HFCs) were facing a crisis of confidence, sending call money rates higher and overall liquidity tight.
₹15 lakh penalty imposed on Bharti AXA General Insurance by Irdai
1 min read . 01 Jan 2021- The insurance regulator has imposed a penalty of ₹10 lakh on the private sector insurance company for non-compliance with minimum obligations under regulations concerning third-party motor insurance business
There are two categories of long-term savings plans offered by life insurance companies i.e., non-linked and linked. The non-linked category is further segregated into participating and non-participating products.
'Traditional insurance plans offer safety, steady returns in volatile times'
4 min read . 01 Jan 2021- There is no fixed formula, but ideally, 20% of your monthly income should go towards savings
- It can increase or decrease depending upon your age, financial condition, and your future goals
The bank intended to sell 4% stake to another partner Federal Bank
IDBI Bank sells 23% stake in IDBI Federal Life Insurance for ₹507 crore
1 min read . 31 Dec 2020- Following the transaction, IDBI Bank's shareholding in IFLI stood at 25% from the earlier 48%, the bank said
ICICI Lombard's new platform will be convenient for the SME owners to purchase or renew insurance products. Photo: Pradeep Gaur/Mint
ICICI Lombard's new platform aims to help SMEs safeguard business amid COVID-19
1 min read . 30 Dec 2020- ICICI Lombard, through this platform, intends to reach over 63.3 million Micro, Small & Medium Enterprises (MSMEs) across India
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Flat growth for life insurance industry in FY21: Kotak Life Insurance CEO
1 min read . 30 Dec 2020The life insurance industry's growth in the current fiscal is likely to stay flat amid sharp traction seen in the protection business and ₹5 lakh income tax exemption will have a short term negative impact, Kotak Mahindra Life Insurance MD & CEO G. Murlidhar
SBI Life Insurance, on Monday reported over two-fold jump in net profit at ₹300 crore for the second quarter ended 30 September, 2020.
Insurance companies to offer a standard term life insurance from January 1
2 min read . 28 Dec 2020IRDAI had asked all the life insurance companies to file the product with the IRDAI latest by December 31 this year.
