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insurance sector

Importance of Health Insurance in India. Why now?

Corporate Law - Why do you need Health Insurance? It depends on when you are buying an Insurance Policy and for whom are you considering it. Although the need for health insurance varies from one use case to another, here are the top 3 reasons why we think you’d need Health Insurance for...

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Know All About ABSLI Cancer Protection Plan Covers

Corporate Law - As per the Indian Council of Medical Research and the National Centre for Disease Informatics and Research, the total number of men getting affected with different types of cancer is expected to reach 6,79,421 in 2020 and 7,63,575 in 2025....

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Features of Marine Insurance

Corporate Law - As you are aware that Marine Insurance covers the loss or damage of ships, cargo, terminals, and any transport or cargo by which property is transferred, acquired, or held between the points of origin and final destination. I also includes offshore and onshore exposed properties (container terminals, ports, oil platforms, pipelines etc.),...

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Persons Entitled to Payment under an Insurance Policy

Corporate Law - The insurance provides us short range as well as long range relief. The short-term relief is aimed at protecting the assured from loss of property and life. The long-term object being industrial and economical growth of country and the society. Insurance has become one of the most important necessities in our life. As we have […]...

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Dilemma of Tax Implications on Ceding of Reinsurance Commission

Corporate Law - To comply with the section 101A of Insurance Act, an insurance company must re-insure a specific proportion of the sum assured with another insurance company, commonly known as a “re-insurer”. A certain amount of re-insurance commission is kept by the insurer for this reason, which is termed as “Cession of Re-insurance C...

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LIC IPO: Policyholders asked to update PAN

Corporate Law - In order to participate in any such public offering by LIC, policyholders will need to ensure that their PAN details are updated in the Corporation's records. Further, subscribing to any public offering in India is only possible if you have a valid DEMAT account —accordingly, policyholders should ensure that they have an active DEMAT ac...

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Draft Request Letter for Foreclosure of Insurance Policy

Corporate Law - Given below is format of Draft Request Letter for Foreclosure of Insurance Policy and user can change it as per his requirements. FORECLOSURE REQUEST LETTER Dated:________________________ To, The Branch Head ______________________ Insurance Company Name and Address (include department or contact name, if known) Re: Cancellation Policy Ins...

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Health Insurance policy – FAQs

Corporate Law - Q.1 What are the Insurance Companies that offer Health Insurance in India? Ans: Health Insurance policies are offered by all Life, General and Health Insurance companies that are registered with IRDAI. The names of the Insurance companies that are registered with IRDAI are available in IRDAI website www.irdai.govl.in. Standalone Health In...

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Draft Guidelines on Trade Credit Insurance

Corporate Law - Based on the recommendations of the IRDAI Working Group on revisiting Guidelines on Trade Credit Insurance which were placed on IRDAI website on 21st May, 2020 and comments of various stakeholders received thereafter, draft guidelines on Trade Credit Insurance have been proposed....

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LIC Bima Jyoti

Corporate Law - LIC's BIMA JYOTI is a Non-linked, Non-participating, Individual, Limited Premium Payment, Life Insurance Savings Plan. Under this plan, Guaranteed Additions shall accrue at the rate of Rs.50 per thousand Basic Sum Assured at the end of each policy year throughout the policy term. This plan will also be available through online applicatio...

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An Insurer cannot Repudiate a claim by citing Existing Medical Condition- SC

Manmohan Nanda Vs. United India Assurance Co. Ltd. (Supreme Court of India) - On the disclosures made by the appellant with regard to his existing disease, namely diabetes mellitus II, the insurance company considered the same and issued the policy in question to the appellant. The respondent insurance company as a prudent insurer considered the details given by the appellant...

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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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Section 10(34) Exemption w/o disallowing expenses u/s 14A for Insurance Co.

Max Life Insurance Company Ltd. Vs DCIT (ITAT Delhi) - Max Life Insurance Company Ltd. Vs DCIT (ITAT Delhi) The issue under consideration is whether assessee is liable for exemption u/s 10(34) of the Act without disallowing any expenditure under section 14A? ITAT noted that this issue is duly covered by decision of Mumbai Bench of this Tribunal in case ...

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Capital Employed’ refers to Paid up capital of entity: IRDAI

Circular No. IRDAI/INT/CIR/MISC/8/1/2022 - (17/01/2022) - Clarification on meaning of the term ‘Capital Employed’ mentioned under the Item, Retention (Each and Every Claim), of the Policy form under Section III of the abovementioned Guidelines. The Authority hereby issues clarification that the term ‘Capital Employed’ refers to the Paid up capital...

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General Insurance Business (Nationalisation) Amendment Act, 2021

Notification No. 37 of 2021 - (18/08/2021) - (1) This Act may be called the General Insurance Business (Nationalisation) Amendment Act, 2021. (2) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint....

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Life Insurance Corporation (Amendment) Rules, 2021

Notification No. G.S.R. 460 (E) - (30/06/2021) - 1. (1) These rules may be called the Life Insurance Corporation (Amendment) Rules, 2021. (2) They shall come into force from the date of their publication in the Official Gazette....

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Indian Insurance Companies (Foreign Investment) Amendment Rules, 2021

Notification No. G.S.R. 337(E) - (19/05/2021) - Total Foreign Investment in an Indian Insurance Company, shall mean the sum total of direct and indirect foreign investment by Foreign Investors in such company, calculated in such manner as is specified in regulations made by the Authority with regard to registration of Indian Insurance Companies...

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Every Saturday declared as a public holiday for LIC of India

S.O.1630(E) - (15/04/2021) - Central Government hereby declares every Saturday as a public holiday for Life Insurance Corporation of India, with immediate effect....

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Recent Posts in "insurance sector"

Capital Employed’ refers to Paid up capital of entity: IRDAI

Circular No. IRDAI/INT/CIR/MISC/8/1/2022 17/01/2022

Clarification on meaning of the term ‘Capital Employed’ mentioned under the Item, Retention (Each and Every Claim), of the Policy form under Section III of the abovementioned Guidelines. The Authority hereby issues clarification that the term ‘Capital Employed’ refers to the Paid up capital of the entity. ...

Read More

An Insurer cannot Repudiate a claim by citing Existing Medical Condition- SC

Manmohan Nanda Vs. United India Assurance Co. Ltd. (Supreme Court of India)

On the disclosures made by the appellant with regard to his existing disease, namely diabetes mellitus II, the insurance company considered the same and issued the policy in question to the appellant. The respondent insurance company as a prudent insurer considered the details given by the appellant in the proposal form and issued the pol...

Read More

Importance of Health Insurance in India. Why now?

Why do you need Health Insurance? It depends on when you are buying an Insurance Policy and for whom are you considering it. Although the need for health insurance varies from one use case to another, here are the top 3 reasons why we think you’d need Health Insurance for...

Read More
Posted Under: Corporate Law |

Know All About ABSLI Cancer Protection Plan Covers

As per the Indian Council of Medical Research and the National Centre for Disease Informatics and Research, the total number of men getting affected with different types of cancer is expected to reach 6,79,421 in 2020 and 7,63,575 in 2025....

Read More
Posted Under: Corporate Law |

Features of Marine Insurance

As you are aware that Marine Insurance covers the loss or damage of ships, cargo, terminals, and any transport or cargo by which property is transferred, acquired, or held between the points of origin and final destination. I also includes offshore and onshore exposed properties (container terminals, ports, oil platforms, pipelines etc.),...

Read More
Posted Under: Corporate Law |

Persons Entitled to Payment under an Insurance Policy

The insurance provides us short range as well as long range relief. The short-term relief is aimed at protecting the assured from loss of property and life. The long-term object being industrial and economical growth of country and the society. Insurance has become one of the most important necessities in our life. As we have […]...

Read More
Posted Under: Corporate Law |

Dilemma of Tax Implications on Ceding of Reinsurance Commission

To comply with the section 101A of Insurance Act, an insurance company must re-insure a specific proportion of the sum assured with another insurance company, commonly known as a “re-insurer”. A certain amount of re-insurance commission is kept by the insurer for this reason, which is termed as “Cession of Re-insurance C...

Read More
Posted Under: Corporate Law |

LIC IPO: Policyholders asked to update PAN

In order to participate in any such public offering by LIC, policyholders will need to ensure that their PAN details are updated in the Corporation's records. Further, subscribing to any public offering in India is only possible if you have a valid DEMAT account —accordingly, policyholders should ensure that they have an active DEMAT ac...

Read More
Posted Under: Corporate Law |

Writ Jurisdiction of High Court against Repudiation of Life Insurance Claim

As you are aware that the Constitution of India has provided powers of Central and State Legislature to frame Rules and Regulations and to establish a Judiciary System to enforce these. The government has established various quasi judicial authorities , tribunals, appellate tribunals and a hierarchy of judicial system to provide opportuni...

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Posted Under: Corporate Law |

Which term insurance plan should I buy in India?

It is how life insurance and life are interconnected. Owning life insurance is a mandate, and one should never underestimate it's a necessity in life because catastrophes or unfortunate events don't inform and arrive....

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Posted Under: Corporate Law |

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