After massive protest by transporters and other bodies, IRDAI ultimately relented to reduce the hike in Third Party Motor Insurance premiums particularly
in 2 wheelers, certain car segments and trucks.
Life Insurance Premium has increased by 26.13% during 2016-17 Financial Year which was Rs 1.25 lac crore in comparison with Rs 1.35 lac crore during 2015-16.
As per report during FY 2016-17 410 people were killed everyday in India for various reasons. All the relevant Govt. agencies must take appropriate steps to control this ratio by all means. Road accidents and deaths are taking a huge toll on our population. The Ministry of Roads must chalk out a long term strategy and public campaign in line with Swachha Bharat Abhiyan to make people aware about road safety. In a small country like Bhutan there is very strict discipline on Roads. There is practically no noise pollution through horns and the traffic is very disciplined.
In this issue we have covered the trend of health insurance in India and detailed statistics pertaining to the health sector on insurance in India. In 2015-16 the annual growth rate was 21.7% up from 14.9% in 2014-15 which is an encouraging trend.
As per Apex Consumer Court verdict insured cannot be held liable for the fault of the agents. Also the insurance company must supply the terms of the policy to the insureds.
