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IRDAI considers allowing life insurers to offer indemnity health insurance plans

Wednesday, February 26, 2020, 9:07 AM

IRDAI considers allowing life insurers to offer indemnity health insurance plans

Soon life insurers may be allowed to offer indemnity-based health insurance policies also. A committee has been set up by the Insurance Regulatory and Development Authority of India (IRDAI) to study the feasibility of allowing life insurers to offer indemnity-based health insurance policies. Currently, IRDAI (Health Insurance) Regulations 2016 allow life insurers to offer defined benefit-based health insurance products only.

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General insurers see 16% premium growth in April to October period

Saturday, November 30, 2019, 8:36 PM

General insurers see 16% premium growth in April to October period

General insurance companies saw a 16 percent growth in gross direct premiums for the April to October period as compared to a year ago. The non-life companies wrote premiums worth Rs 1.11 lakh crore for the period, with standalone health insurers seeing the highest growth rate. Health insurance companies saw a 34.3 percent year-on-year (YoY) growth in premium collection to Rs 7,192.17 crore.

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Insurers can change rates by up to 15% without IRDAI nod

Wednesday, September 25, 2019, 11:36 AM

Insurers can change rates by up to 15% without IRDAI nod

Regulator IRDAI has permitted insurance companies more freedom in revising rates. Insurers can now increase or decrease premiums by 15% depending on their claims experience in a certain sector. So, if an insurer faces higher claims and higher loss ratios in health or motor going forward, it will be easier for them to increase premiums without having to file with the regulator.

Article

 

09 July 2019, Tuesday

Crossed 40, Is It Too Late for a Health Plan?

Crossed 40, is it too late for a Health Plan? It is never too late to avail a health insurance plan. You must avail a health insurance plan between ...

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Premium for third-party motor insurance to be raised from June 16

Thursday, June 6, 2019, 11:18 AM

Premium for third-party motor insurance to be raised from June 16

The Insurance Regulatory and Development Authority of India (IRDAI) has notified the premium rates for private two-wheeler and car third-party liability insurance cover for the financial year 2019-20. According to the new rates, you will have to pay more for your two-wheeler and car third-party liability covers with effect from June 16, 2019. The rates are being hiked from Rs 985 to Rs 1,193.

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Death benefit changes in life insurance need taxation alterations: Report

Thursday, November 29, 2018, 9:15 AM

Death benefit changes in life insurance need taxation alterations: Report

A proposal by insurance regulator to reduce death benefit under certain life insurance products to seven-times from ten-times the annual premium may impact business, said a report. An analysis by internal-experts at international actuarial and consulting firm Milliman said tax deductibility provisions for life insurance contracts need to be amended. A large percentage of the population uses life insurance as a tax saving tool.

Article

 

22 August 2018, Wednesday

How To Select Best Life Insurance Plan According To Income?

  Many people don’t understand the importance and power of adequate insurance. A life ...

News

 

Tuesday, August 21, 2018, 8:56 PM

How to Get Less Premium from Insurance Company?

Companies selling life-insurance-policies take into account various factors to arrive at a price i.e. the premium charged for your life insurance policy. Some of these factors are within your control while others are not. By controlling the factors that are within your ability to influence, you can try to become a relatively risk-free-investment for a life insurance company so that it charges you lower-premium.

Article

 

04 July 2018, Wednesday

5 Reasons To Buy A Life Insurance Plan Today

  There’s a famous saying, it’s foolish to leave your home without life insurance. Yes, come what may, make sure you avail a life ...

Article

 

22 June 2018, Friday

Why Car Insurance Is So Expensive?

  Just as you avail a health insurance plan for emergency hospitalization, your car needs a car insurance plan. A Comprehensive car insurance ...

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