insurance products

Insurers are aware that the Authority has issued IRDA (Sharing of Database for Distribution of Insurance Products) Regulations, 2010 under which “every insurer shall forthwith terminate all the referral arrangements entered into prior to the coming into effect of these regulations that are not in conformity with the provisions of these regulations”. Full Article

The Authority proposes to come out with the Guidelines on Distance Marketing and Sale of Insurance Products to streamline the manner of sale of insurance products and to address some of the issues which are specific to protection of interests of policyholders buying insurance over distance modes such as telephone and the internet. Full Article

In every company sales mangers are required to appoint insurance advisors. What are these advisors are? In general the advisors are the ones who will sell the insurance products to the clients. That means they are one type of representatives of the company. But is this the end of the story of their identity. Nope they are much beyond than the ordinary word of Advisors. Full Article

Please refer to our circulars UBD.No.BPD.PCB.Cir9/09.11.200/2003-04 dated August 18, 2003 and UBD.PCB. Cir.No.42/09.11.200/2006-07 dated May 7, 2007 permitting Urban Cooperative Banks (UCBs) to undertake insurance business as corporate agent and/or on referral basis without risk participation subject to fulfilment of certain conditions. UCBs have been advised to sell insurance products to the bank’s customers with adequate disclosure and transparency and they should .. Full Article

Any sum received under a life insurance policy including any bonus thereon will be exempt, only if the premium does not exceed 5% of the capital sum assured and such sum is received only upon completion of the original period of contract or upon the death of the insured. Full Article