insurance act

Here’s Why 30’s Is the Perfect Time to Buy Health Insurance Plans in India

Finance - A medical emergency can heavily impact your emotional as well as financial life. Hence, it is prudent that you buy a health insurance plan early in life. You should even consider buying critical illness insurance and personal accident insurance for specific coverage. Moreover, when you buy health insurance plans in your early 30s, you get...

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Insure Your Life in 100% Cashless Way!!

Finance - Max Bupa Health Insurance has come up with a Brand New Max Bupa ReAssure Health Insurance Plan. which will give you complete coverage not only against COVID-19 but for all medical needs....

Read More

Section 80C & 10(10D) : Life Insurance Premium Deduction & Exemption

Finance - Section 80C & Sec 10(10D) : Life Insurance Premium Deduction & Exemption There are various options available for making Investment. But as a taxpayer, we always try to find an option that helps to save our taxes and at the same time gives our family financial cover. This article will discuss one of that Investment, […]...

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Benefits of Buying an Engine Protect Add-On Cover for Your Car This Monsoon

Finance - With monsoon touching almost all parts of the nation, it is bringing the much-needed relief from the summer heat. Monsoon is not only relief from the hot drenching summers but has its share of problems. One such issue that is common across all urban jungles is waterlogging. Clogging of waste and dirt that does not […]...

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How Do Pre-Existing Diseases Impact Your Health Insurance Premiums?

Finance - Buying health insurance is often procrastinated by young and healthy individuals. The primary reason being, while you are young and healthy, no illness can affect you. But, this is not the truth. A health ailment can strike at an inopportune time and has severe financial consequences along with mental stress; sometimes as severe as leavin...

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Corona Kavach Policy – FAQs

Finance - Frequently Asked Questions on ‘Individual Covid Standard Health  Policy: Corona Kavach Policy’ Q.1 Whether all the insurers shall offer ‘Corona Kavach Policy’? Ans. All the General and Standalone Health Insurers are mandated to offer Individual Covid Standard Health Policy “Corona Kavach Policy”. Q.2 How many ...

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FAQs on Guidelines on Arogya Sanjeevani Policy

Finance - 1. Whether all the insurers shall offer ‘Arogya Sanjeevani Policy’? All the General and Standalone Health insurers are mandated to offer Standard Individual Health Insurance Product ‘Arogya Sanjeevani Policy’. However, if any insurer is currently not offering indemnity based health insurance products at all, the ab...

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Summary of Report on Motor Third Party Insurance Regulations

Finance - The WG has come up to a conclusion that the MTP Obligation should be a function of number of vehicles insured/uninsured instead of premium derived from motor third party insurance business and accordingly a simple & equitable formula for calculating the MTP Obligation has been proposed....

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Unfair Business Practice by Insurance Companies

Finance - The Insurance Regulatory and Development Authority of India (IRDAI) has put in place Integrated Grievance Management System (IGMS), which captures the complaints registered against all insurers. A statement showing the number of complaints received and attended to in the said system against both public and private general insurers during ...

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Unclaimed Deposits in Banks and Insurance Companies

Finance - (i) All insurers are required to display the information about any unclaimed amount above Rupees 1000/- of Policyholders in their respective web-site. (ii) A facility shall be given in the web-site of the insurer to enable Policyholders / or its dependents to find out whether any unclaimed amounts due to them are lying with the insurer....

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Motor Accident Claims Tribunal not empowered to entertain Claim Petition under Motor Vehicles Act

The Cholamandalam MS General Insurance Company Limited Vs Ramesh Babu (Madras High court) - The Cholamandalam MS General Insurance Company Limited Vs Ramesh Babu (Madras High court) In the present case, the Personal Accident Coverage Policy has been agreed between the appellant/Insurance company as well as the respondent. Rs.2,00,000/- is fixed under the Personal Accident Coverage Policy. ...

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Motor Vehicle Compensation can also be Granted to Children & Parents

The New India Assurance Company Limited Vs. Smt. Somwati And Others (Supreme Court) - Supreme Court in a recent ruling has observed that in the Motor Accident Compensation Claims, that the children and family would also be authorized for compensation under 'Loss of consortium' in claims of Motor Accident under the Act....

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Additional Grace Period For Life Insurance Policies Up to 31.05.2020

Ref: IRDAI/Life/Grace Period - (09/05/2020) - As the lockdown has been further extended up to 17th May 2020, keeping in view the difficulty faced by some policyholders to renew the policies in time, the Authority has now allowed extended grace period up to 31st May 2020 for all policies where premium was due in the month of March 2020....

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No dividend pay-outs from profits of FY 2019-20: IRDAI instructs Insurers

Ref. No: IRDA/F&A/CIR/MISC/099/04/2020 - (24/04/2020) - Insurers are urged to take a conscious call to refrain from dividend pay-outs from profits pertaining to the financial year ending 31st March 2020, till further instructions....

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Insurance companies allowed to do KYC through Aadhaar Authentication

G.S.R. 262(E) - (23/04/2020) - To facilitate general public to easily fulfil Know Your Customer (KYC) norms while availing insurance services, IRDAI has recommended for allowing insurance companies to avail Aadhaar Authentication Services of the Unique Identification Authority of India....

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Allotment of Filing Reference Number (FRN) for Cross Border Reinsurers

Ref: IRDA/RI/CIR/MISC/97/04/2020 - (22/04/2020) - On the basis of the submissions made by Cross Border Reinsurer (CBR) and recommendations of the insurers, the Authority has granted approval to the below mentioned CBR’s , who do not fulfil stipulated eligibility criteria....

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Renewal Health insurance premium allowed to be made till 15.05.2015

Notification No. S.O. 1259(E) / Circular No. Ref: IRDAI/HLT/ CIR/MISC/091 /04/2020 - (15/04/2020) - The policy holders whose health insurance policies fall due for renewal during the period on and from the 25th March, 2020 up to the 3rd May, 2020 and who are unable to make payment of their renewal premium on time in view of the prevailing situation in the country as a result of Corona Virus disea...

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Recent Posts in "insurance act"

Here’s Why 30’s Is the Perfect Time to Buy Health Insurance Plans in India

A medical emergency can heavily impact your emotional as well as financial life. Hence, it is prudent that you buy a health insurance plan early in life. You should even consider buying critical illness insurance and personal accident insurance for specific coverage. Moreover, when you buy health insurance plans in your early 30s, you get...

Read More
Posted Under: Corporate Law |

Corona Kavach Policy – FAQs

Frequently Asked Questions on ‘Individual Covid Standard Health  Policy: Corona Kavach Policy’ Q.1 Whether all the insurers shall offer ‘Corona Kavach Policy’? Ans. All the General and Standalone Health Insurers are mandated to offer Individual Covid Standard Health Policy “Corona Kavach Policy”. Q.2 How many ...

Read More
Posted Under: Corporate Law |

FAQs on Guidelines on Arogya Sanjeevani Policy

1. Whether all the insurers shall offer ‘Arogya Sanjeevani Policy’? All the General and Standalone Health insurers are mandated to offer Standard Individual Health Insurance Product ‘Arogya Sanjeevani Policy’. However, if any insurer is currently not offering indemnity based health insurance products at all, the ab...

Read More
Posted Under: Corporate Law |

Insure Your Life in 100% Cashless Way!!

Max Bupa Health Insurance has come up with a Brand New Max Bupa ReAssure Health Insurance Plan. which will give you complete coverage not only against COVID-19 but for all medical needs....

Read More
Posted Under: Corporate Law |

Motor Accident Claims Tribunal not empowered to entertain Claim Petition under Motor Vehicles Act

The Cholamandalam MS General Insurance Company Limited Vs Ramesh Babu (Madras High court)

The Cholamandalam MS General Insurance Company Limited Vs Ramesh Babu (Madras High court) In the present case, the Personal Accident Coverage Policy has been agreed between the appellant/Insurance company as well as the respondent. Rs.2,00,000/- is fixed under the Personal Accident Coverage Policy. The Tribunal has granted a sum of Rs.2,1...

Read More

Section 80C & 10(10D) : Life Insurance Premium Deduction & Exemption

Section 80C & Sec 10(10D) : Life Insurance Premium Deduction & Exemption There are various options available for making Investment. But as a taxpayer, we always try to find an option that helps to save our taxes and at the same time gives our family financial cover. This article will discuss one of that Investment, […]...

Read More
Posted Under: Corporate Law |

Motor Vehicle Compensation can also be Granted to Children & Parents

The New India Assurance Company Limited Vs. Smt. Somwati And Others (Supreme Court)

Supreme Court in a recent ruling has observed that in the Motor Accident Compensation Claims, that the children and family would also be authorized for compensation under 'Loss of consortium' in claims of Motor Accident under the Act....

Read More

Benefits of Buying an Engine Protect Add-On Cover for Your Car This Monsoon

With monsoon touching almost all parts of the nation, it is bringing the much-needed relief from the summer heat. Monsoon is not only relief from the hot drenching summers but has its share of problems. One such issue that is common across all urban jungles is waterlogging. Clogging of waste and dirt that does not […]...

Read More
Posted Under: Corporate Law |

How Do Pre-Existing Diseases Impact Your Health Insurance Premiums?

Buying health insurance is often procrastinated by young and healthy individuals. The primary reason being, while you are young and healthy, no illness can affect you. But, this is not the truth. A health ailment can strike at an inopportune time and has severe financial consequences along with mental stress; sometimes as severe as leavin...

Read More
Posted Under: Corporate Law |

4 Things to Check Alongside Claim Settlement Ratio of an Insurer

Life insurance is indeed a matter of life and death. As an investor, you must place your trust in the hands of an insurance company to take care of your loved ones when you are gone. The insurer you choose should be reliable and stable enough that you can commit to them for a long-term […]...

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Posted Under: Corporate Law |

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