GST Council forms GoM to review tax rate on health, life insurance; report by Oct 30
The GST Council has formed a 13-member Group of Ministers to recommend GST rates on health and life insurance premiums. Bihar Deputy Chief Minister Samrat Choudhary will lead the panel, which includes members from various states. The group is expected to submit its report by October 30, with a final decision likely in November. Key Points
Economic TimesGST cut on health insurance: You may not celebrate a likely tax cut this time
The GST Council is set to discuss reducing the high GST on health and life insurance policies. While there's consensus on lowering the tax for life insurance, concerns remain about health insurance. States worry that insurers may not pass on the savings to consumers, and there's no active anti-profiteering body to ensure this happens. Key Points
Economic TimesGovt may introduce insurance laws amendment bill in Budget session
The government is expected to introduce a bill amending the insurance Act, 1938, during the upcoming Budget session, aiming for 'Insurance for All by 2047'. The proposed amendments may include a composite license, differential capital regulations, reduced solvency norms, captive license issuance, changes in investment regulations, one-time registration for intermediaries, and permitting insurers to distribute other financial products. Key Points
Economic TimesTwo insurance rules from April 1, 2024: Demat type e-Insurance Account must to buy new policies, latest su
Two major insurance rules that are effective from April 1, 2024, are — compulsory e-Insurance policies for new policyholders and the latest the surrender charges of the life insurance plans such as endowment policies. To make it easier for insurance policyholders, we have summarised the main changes here. Read on Key Points
Economic TimesIndustry leaders applaud the approval of Bima Sugam by IRDAI
New Delhi [India], March 30 (ANI): The approval of ‘Bima Sugam’ by the insurance Regulatory and Development Authority of India (IRDAI) has ignited a wave of optimism within the insurance industry. This decision represents a leap towards realizing the vision of ‘Insurance for All by 2047.’ With support from industry leaders like Prashant Tripathy, Co-Chair […] Key Points
ThePrint
insurance new rule: e-Insurance in demat like format mandatory for all new policies from April 1, 2024; wh
e-Insurance policies new rule: The insurance Regulatory and Development Authority of India (IRDAI) has made it mandatory to hold new insurance policies in electronic format from April 1, 2024. e-insurance refers to the process of acquiring and managing insurance policies electronically. Policyholders can purchase insurance and store digital policy documents in a dedicated e-Insurance Account (eIA). This eliminates the need for physical documents and simplifies managing various insurance policies, including life, health, and general insurance coverage. What policyholders must know about this new IRDAI rule Key Points
Economic TimesPeace of mind, not just tax savings: Why insurance is a must-have
Consider insurance as a vital component of financial planning. While many people are advised to purchase insurance for tax benefits, buying a policy solely for tax savings could be a significant mistake. Key Points
mintIRDAI seeks more details from IIHL to approve deal for Reliance Capital's insurance business
Dated March 20, the letter by the insurance Regulatory and Development Authority of India (IRDAI) was in response to a request by administrator Nageswara Rao Y to approve the transfer of RCap's shares in three insurance companies to Aasia Enterprises LLP, another Hinduja group company. In February, the National Company Law Tribunal (NCLT) had approved a ₹9,661-crore resolution plan by IIHL, Aasia Enterprises LLP and IIHL BFSI (India) Ltd for the previously Anil Ambani-owned RCap. Key Points
Economic TimesThose serious about retirement aren’t attracted to NPS tax benefits: Santosh Agrawal, Policybazaar
NPS is a good product, but its just accumulation and then it invests in annuity. People know of the NPS because of tax benefit, but Rs.50,000 is not a meaningful amount, says Santosh Agrawal, CBO, Life Insurance, Policybazaar. Key Points
Economic TimesMarch 31 is around the corner; don’t invest just to save tax: Harshvardhan Roongta
Harshvardhan Roongta advises on tax-saving investments, emphasizing the importance of insurance coverage and evaluating product merit beyond tax benefits. He highlights key insurances and suggests considering ELSS for tax savings. Key Points
Economic Times
Major changes in insurance regulations — new health insurer Galaxy Health, Bima Sugam, more protection for
IRDAI has approved eight principle-based regulations at its recently held board meeting. The primary ones include Bima Sugam — an online marketplace for insurance policies, product regulations regarding the surrender charges of the insurance policies, and regulations for the protection of policyholders. All you need to know Key Points
Economic TimesBima Sugam approved: insurance policies set to be more affordable; buying policies, claim-settlement to be
IRDAI has approved the proposal to set up Bima Sugam — an online insurance marketplace. From buying insurance policies to renewals to claim settlement to portability to grievance redressal — Bima Sugam aims to provide an 'end-to-end' digital journey to all policyholders. What is Bima Sugam? How will Bima Sugam benefit insurance policyholders? All you need to know Key Points
Economic TimesGalaxy Health gets nod to launch health insurance business, IRDAI also okays setting up of insurance e-mar
IRDAI approved Galaxy Health led by V Jagannathan. Star Health had a Rs 618 crore net profit. IRDAI introduced Bima Sugam, likened to ONDC by Debasish Panda, for insurance activities. Key Points
Economic TimesWhat to do when you need to file a travel insurance claim
India Business News: Navigate the process smoothly! Learn what to do when you need to file a travel insurance claim. Ensure a hassle-free resolution for peace of mind. Key Points
Times Of IndiaLatest health and general insurance claim settlement ratio released in 2024
Do you know how good is your insurer is in settling claims and how long it takes for your health or general insurer to settle claims? Or how many claims did they reject last year? It is important to keep track of the claim settlement performance of your insurer. IRDAI has recently released the claim payment details of general and health insurance companies. Check here Key Points
Economic Timesinsurance companies received Rs 53,900 crore FDI since December 2014: Official
New Delhi [India], March 18 (ANI): The insurance sector has witnessed an influx of Rs 53,900 crore in foreign direct investment (FDI) from December 2014 to January 2024, Financial Services Secretary Vivek Joshi has said. This comes against the backdrop of the liberalisation of overseas capital flow norms by the government. Show Full Article The […] Key Points
ThePrintClaiming no-claim bonus on new car insurance; here’s how you can do it
Financial Literacy News: Learn how to claim your no-claim bonus on new car insurance and save money. Follow this simple guide to transfer your NCB from your previous policy to your new one. Key Points
Times Of IndiaChoosing term life insurance: Basic plan, add-on riders and other key things to consider
Financial Literacy News: Learn about the basic plan, add-on riders, and key things to consider when choosing term life insurance. Find reliable insurers, provide accurate health information, and inform family members. Evaluate premium costs and opt for the best coverage. Key Points
Times Of IndiaIRDAI's draft guidelines to protect insurance policyholders: 5 key changes to know
Financial Literacy News: IRDAI has proposed draft guidelines aimed at protecting insurance policyholders. The key changes include an extended free look period, collection of bank details, mandatory nomination, expanded nomination provisions, and electronic policy issuance. Key Points
Times Of IndiaIRDAI proposes increasing free-look period to return insurance policies
Coming to the aid of policyholders and to curb misselling, the insurance Regulatory and Development Authority of India (IRDAI) has proposed to extend... Key Points
The Tribune India
Stocks in news: Paytm, Sula Vineyards, ZEE, Omaxe, SpiceJet
Zee Entertainment has alleged that Star India has not acted in accordance with the agreement between them over the sharing of the TV broadcast rights of ICC cricket matches and has sought a refund of Rs 68.54 crore from the Walt Disney-owned firm. Key Points
Economic TimesPolicybazaar to enter reinsurance business with upgraded licence
PB Fintech's subsidiary, Policybazaar insurance Brokers, has received approval to enter the reinsurance business. It reported a net profit of Rs 37.2 crore in Q3 with revenue from operations of Rs 871 crore. The company plans to apply for a payments aggregator license. Key Points
Economic TimesET Now GBS 2024: Compliance burden set to be eased for insurance sector, says Debasish Panda, Chairman, IR
India plans to reduce the number of regulations in the insurance sector and create a one-stop platform for insurance services. The country aims to promote ease of doing business and make insurance accessible to all income levels. India also plans to adopt a risk-based capital regime and harness technology for product diversification. Key Points
Economic Timesinsurance premiums: Parliamentary panel calls for lowering GST on insurance
The committee, in its recommendations, observed that the high rate of GST results in a high premium burden, which acts as a deterrent to getting insurance policies. The current GST rate is 18%. Key Points
Economic TimesBudget 2024: Four ways Budget can sell more insurance policies
The Indian insurance sector anticipates changes in Budget 2024 to boost insurance penetration and enhance financial security. Key proposals include reassessing tax deductions, equal tax treatment for pension products, increasing deduction limits for health insurance, and incentivizing group health insurance for MSMEs. Key Points
Economic Times
Health insurance rule change: Cashless treatment at all hospitals from today; how to get it, charges
Till now, a health insurance policyholder can get cashless treatment only at network hospitals with whom the insurance company has tied up. If it is a non-network hospital, the policyholder has to pay the entire amount from his pocket and then go through the cumbersome claim reimbursement process. The General insurance Council in consultation with general and health insurance companies has launched 'Cashless Everywhere' to extend the cashless treatment at all hospitals. What is the new rule? How to get cashless treatment at any hospital? Know here Key Points
Economic TimesYour debit card may have free life insurance cover without any policy number; Know how to claim it
Insurance on debit card: Many banks like Kotak Mahindra Bank, Development Bank of Singapore (DBS) India, HDFC Bank, State Bank of India (SBI), ICICI Bank offer an complimentary insurance on debit card provided the cardholder has fulfilled certain conditions. Read here to know how the insurance on debit card mechanism works and how can nominees claim it if the cardholder has died. Key Points
Economic TimesICICI Lombard posts 22% rise in Q3 profit as premiums climb
India Business News: ICICI Lombard General Insurance, an Indian insurance company backed by ICICI Bank, has reported a 22.4% increase in profit for the third quarter. The Key Points
Times Of IndiaAfter death of home loan borrower, husband fights for 13 years for life insurance claim against SBI Life I
State Bank of India (SBI) Life insurance was ordered to pay the full amount of insurance claim to settle the housing loan taken by the deceased policyholder policyholder from SBI. The home loan's sanctioned amount was Rs 9 lakh and the deceased policyholder specifically paid an additional money of Rs 63, 445 for this insurance policy. Key Points
Economic TimesHow to choose the best health insurance and life insurance
This article discusses how to choose the best health insurance and life insurance for financial protection of the family. It provides tips for selecting an ideal health insurance policy and offers advice on finding the right life insurance policy. The article highlights the benefits of ACKO Health insurance and ACKO Life Insurance. Key Points
Times Of India
Mint awards best BFSI firms in gala ceremony
13 firms from BFSI industry received awards from banker K. V. Kamath Key Points
mintHusband wins Rs 12.52 lakh as travel insurance claim after 14 years long fight against the insurer Bajaj A
A lady took out an overseas travel insurance policy from Bajaj Allianz General insurance before travelling to USA. While in USA she was admitted to a hospital where it was found out that she had UTI and sepsis. After discharge from hospital, she filed a claim and it was rejected. From hereon the fight for insurance claim started in 2009. Key Points
Economic TimesThree state-owned non-life insurers fail to meet solvency requirements: RBI report
The Reserve Bank of India's latest Financial Stability Report reveals that three state-owned insurance companies are not meeting regulatory solvency requirements. The solvency ratio for public sector non-life insurers is sub-optimal, with three out of four recording ratios below the baseline of 150% set by the insurance Regulatory and Development Authority of India. However, the report indicates that the solvency ratio for life insurance companies, both public and private, remains above the prescribed threshold at an aggregate level. Key Points
Economic TimesHave a life insurance policy that does not suit your need? How to find out and get rid of bad insurance co
The assured returns and enormous maturity amount of life insurance policies look tempting to many. Topping the list is the need to save tax. Whatever be the reason, millions of Indians are holding life insurance policies that dont suit their needs. Before you buy insurance, ask yourself if you need it at all. How to find out if you have a bad life insurance policy and how to get rid of it. Key Points
Economic TimesHealth insurance new feature: Cashless treatment at any hospital may be a reality next year; how it will h
Till now, a health insurance policyholder can avail of cashless treatment only at network hospitals with whom the insurance company has tied up. Each insurance company has an independent network of medical service providers that they have a tie-up with. The insurance regulator, along with the General insurance Council (GIC) has proposed to introduce a 100% cashless network that will include both empanelled and non-empanelled hospitals. Key Points
Economic TimesAgeas Federal Life insurance partners with NKGSB Co-op Bank
New Delhi, Dec 19 (PTI) Ageas Federal Life insurance on Tuesday announced a partnership with NKGSB Co-operative Bank to expand its distribution network. NKGSB Co-operative Bank has 104 branches spread over Maharashtra, Goa, Karnataka, Gujarat and Madhya Pradesh. “NKGSB Co-operative Bank, known for its strong customer base and extensive network, adds a valuable dimension to […] Key Points
ThePrintFounder of Star Health in talks with TVS Group for new health insurance venture
The TVS Group, based in Chennai, has a history in the insurance domain, having previously owned Madras Motor and General insurance before the industry's nationalization. After nationalization, Madras Motor merged into United India Insurance. Key Points
Economic TimesInsurers may get aid to deal with nature's fury
The standing committee on finance-headed by former minister of state for finance Jayant Sinha has considered issues around reinsurance following complications in insurance claims related to the Teesta Stage III Hydropower project in Sikkim that was washed away by a glacial lake outburst. The power project, which was completely washed down by a glacial lake outburst flood, was insured for ₹ 11,400 crore by a consortium of insurers, including a public sector entity, but reinsurers capped the payout at ₹500 crore. Key Points
Economic TimesPotential stars of next rally are top MF buys in November
Analysts say that insurance cos have managed to increase premiums on most of their existing policies by 20-30%. Given this increase, the profitability of insurance companies is likely to improve in the coming quarters, making current valuations attractive. Key Points
Economic TimesHow does insurance fraud affect consumers? Here are 4 ways to avoid them
Insurance fraud in India has seen a significant increase, particularly in life and health insurance, due to factors such as digitization and weakened control measures. Insurers need to address fraud risk management with a technology-driven approach to protect their financial integrity. Key Points
mint
5 things your car insurance may not cover
India Business News: Car insurance doesn't cover wear and tear or regular maintenance. It also excludes accidents caused by being under the influence of alcohol or drugs. Key Points
Times Of IndiaWith $504 billion reserves, LIC 4th largest insurer
LIC, with $503.7 billion reserves, is the fourth largest insurer globally. Allianz SE, China Life Insurance, and Nippon Life insurance are the top thr Key Points
Times Of IndiaWhat should you know before deciding to port your health insurance policy? MintGenie explains
Transferring health insurance policies presents opportunities to personalize coverage, preserve accrued benefits, and obtain improved coverage or reduced premiums. Porting also allows policyholders to choose insurers that provide better service and exercise consumer choice. Key Points
mint‘AI can help insurance industry with risk management, improving consumer experience’
The adoption of AI and ML has revolutionized the insurance industry in India. These technologies have been used for risk management, customer onboarding, and renewal collection, said Rajesh Krishnan, Chief Operations Officer, Bajaj Allianz Life. Key Points
mintGeojit upgrades insurance stock to ‘buy’, sees 17% returns over 12 months; do you own?
Shares of Star Health and Allied insurance settled 2.51 per cent higher at ₹571.35 apiece on the BSE Key Points
mint
How to buy the right insurance from an agent or a broker? How to avoid mis-selling? Sharad Bajaj answers
“If somebody's annualized income is Rs 10 lakh. Now from a term insurance perspective, you can typically buy up to 20 times your annual income or that is what the suggested coverage is. If your annual income is Rs 10 lakh and the agent is suggesting that you buy a term insurance only of Rs 25 lakh, then that is a red flag because if anything were to happen to that individual, would Rs 25 lakh of corpus be sufficient for the family to survive post an event?” Key Points
Economic TimesHome insurance is as cheap as it is necessary; find out why and how to buy it
Devastating earthquakes, cyclones and floods are not the only risks that your house is exposed to. The mushrooming of high-rise buildings and growing use of gadgets and appliances have increased the risk of fires. Here is all you need to know about home insurance. Key Points
Economic Times3 life and 2 other insurance majors with potential upside of up to 45%
Insurance is one industry that got hit very badly and led to a situation where literally every company has to raise funds to meet regulatory requirements. But at the same time, awareness about the need to have insurance on which companies had been spending tons of money was created without them spending even a penny. So, while there was a short-term problem, a bigger issue of awareness got resolved. But then came changes in tax laws, which was another big blow. Given the fact that the overall size of the markets, this will also get resolved. So is the current phase of consolidation and not-so-good news is an opportunity? Key Points
Economic Times