insurance sector

Exploring Online Term Insurance Plans? Know These X Features Before Buying

Finance - Unimaginable situations can take place at any given hour. Such circumstances may cause havoc in your as well as your loved ones’ life. We hope not, but say something serious happens to you? Whether be it a critical illness or an accident, all your plans for the near future may get disrupted, and your loved […]...

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Concept of Marine Insurance under Marine Insurance Act, 1963

Finance - Marine Insurance covers the loss or damage of ships, cargo, terminals, and any transport or cargo which property is transferred, acquired, or held between the points of origin and final destination. Cargo Insurance is a branch of Marine Insurance. Marine Insurance also includes onshore or offshore exposed property (container terminals, po...

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5 Mistakes to Avoid While Choosing Insurance for Your Two-Wheeler

Finance - A bike insurance policy, at the end of the day, is a legal contract. It is a contract under which the policyholder promises to pay a certain amount of premium for a specified amount of time. In return, the insurance company promises to offer coverage as per the rules and extent of coverage. Generally, a […]...

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How to Calculate amount of Insurance Cover You need in case of Casuality

Finance - Dear Friends, we know that insurance has become one of the basis requirements for living a safe and secure life. An insurance provides us safety and financial stabilities in testing time. Through proper insurance ,whether it is on your health, home, or life you can secure future of your beloved in case you are not […]...

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Ombudsman Scheme Under Insurance Industry

Finance - OMBUDSMAN: An Ombudsman is an officer ,appointed by the Government , who investigate complaints ,lodged by citizen against Government, Universities, Colleges , Municipalities, Companies, Financial Institutions etc., and attempt to resolve the complaint with mediation or marking recommendations. “Ombudsman” is taken from a Swedish word...

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Draft Guidelines on Trade Credit Insurance

Finance - 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

Finance - 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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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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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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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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Insurance (Appeal to Securities Appellate Tribunal) Amendment Rules, 2021

Notification No. G.S.R. 262(E) - (15/04/2021) - 1. (1) These rules may be called the Insurance (Appeal to Securities Appellate Tribunal) Amendment Rules, 2021. (2) They shall come into force on the date of their publication in the Official Gazette....

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Draft Indian Insurance Companies (Foreign Investment) (Amendment) Rules, 2021

Notification No. G.S.R. 266(E) - (13/04/2021) - 1. (1) These rules may be called Indian Insurance Companies (Foreign Investment) (Amendment) Rules, 2021. (2) They shall come into force from the date of their publication in the Official Gazette....

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Enhanced 74% FDI in Insurance provisions applicable from 01.04.2021

Notification No. S.O. 1426(E) - (31/03/2021) - Insurance (Amendment) Act, 2021 raises limit of foreign investment in Indian insurance companies from the existing 49 per cent to 74 per cent. No Government provided that these provisions will be effective from 1st day of April, 2021 . MINISTRY OF FINANCE (Department of Financial Services) NOTIFICAT...

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Insurance (Amendment) Act, 2021- FDI limit increased to 74%

No. 06 of 2021 - (25/03/2021) - (1) This Act may be called the Insurance (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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Recent Posts in "insurance sector"

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....

Read More

Insurance (Appeal to Securities Appellate Tribunal) Amendment Rules, 2021

Notification No. G.S.R. 262(E) 15/04/2021

1. (1) These rules may be called the Insurance (Appeal to Securities Appellate Tribunal) Amendment Rules, 2021. (2) They shall come into force on the date of their publication in the Official Gazette....

Read More

Draft Indian Insurance Companies (Foreign Investment) (Amendment) Rules, 2021

Notification No. G.S.R. 266(E) 13/04/2021

1. (1) These rules may be called Indian Insurance Companies (Foreign Investment) (Amendment) Rules, 2021. (2) They shall come into force from the date of their publication in the Official Gazette....

Read More

Exploring Online Term Insurance Plans? Know These X Features Before Buying

Unimaginable situations can take place at any given hour. Such circumstances may cause havoc in your as well as your loved ones’ life. We hope not, but say something serious happens to you? Whether be it a critical illness or an accident, all your plans for the near future may get disrupted, and your loved […]...

Read More
Posted Under: Finance |

Draft Guidelines on Trade Credit Insurance

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....

Read More
Posted Under: Finance |

Concept of Marine Insurance under Marine Insurance Act, 1963

Marine Insurance covers the loss or damage of ships, cargo, terminals, and any transport or cargo which property is transferred, acquired, or held between the points of origin and final destination. Cargo Insurance is a branch of Marine Insurance. Marine Insurance also includes onshore or offshore exposed property (container terminals, po...

Read More
Posted Under: Finance |

5 Mistakes to Avoid While Choosing Insurance for Your Two-Wheeler

A bike insurance policy, at the end of the day, is a legal contract. It is a contract under which the policyholder promises to pay a certain amount of premium for a specified amount of time. In return, the insurance company promises to offer coverage as per the rules and extent of coverage. Generally, a […]...

Read More
Posted Under: Finance |

Enhanced 74% FDI in Insurance provisions applicable from 01.04.2021

Notification No. S.O. 1426(E) 31/03/2021

Insurance (Amendment) Act, 2021 raises limit of foreign investment in Indian insurance companies from the existing 49 per cent to 74 per cent. No Government provided that these provisions will be effective from 1st day of April, 2021 . MINISTRY OF FINANCE (Department of Financial Services) NOTIFICATION New Delhi, the 31st March, 2021 S.O....

Read More

Insurance (Amendment) Act, 2021- FDI limit increased to 74%

No. 06 of 2021 25/03/2021

(1) This Act may be called the Insurance (Amendment) Act, 2021. (2) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint....

Read More

How to Calculate amount of Insurance Cover You need in case of Casuality

Dear Friends, we know that insurance has become one of the basis requirements for living a safe and secure life. An insurance provides us safety and financial stabilities in testing time. Through proper insurance ,whether it is on your health, home, or life you can secure future of your beloved in case you are not […]...

Read More
Posted Under: Finance |

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