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Under Section 6 of the Married Women’s Property (MWP) Act, a husband can assign an insurance policy to his wife or children or both after which it become their absolute property
In a bid to extend the benefit of a basic life insurance policy to every person of the country, the central government launched the Pradhan Mantri Jeevan Jyoti Bima Yojana in 2015
In October 2011, IRDAI allowed porting of health insurance policies. The porting rule allows a customer to shift his/her health insurance from one insurer to the other as per their wish. An individual can switch his/her health insurance policy to another insurer with the same sum insured and benefits as with the previous insurer. The […]
Insurers not to increase waiting period for policyholders; around 1.28 crore lives were covered by COVID-specific policies with a total premium of over Rs 1,000 crore
Transparent functioning by companies backed by clarity in regulations will go a long way in smooth functioning of the sector and create greater awareness of insurance products and increase their penetration
Last year, as of March 31, 2020, LIC's claim settlement ratio was at 96.69% compared to 97.79% as of March 31, 2019
Several insurance policies are sold with benefits undefined
Finance Minister Nirmala Sitharaman said that hiking the FDI limit in the insurance sector will help insurers to raise additional funds and tide over financial problems
Insurance companies must apprise the policyholders of reasons in case of denial of claims filed
It is essential that all insurers establish procedures to let policyholders get clear and transparent communication at various stages of claim process, Irdai said