J-K first in India to cover all residents with free health insurance
Jammu and Kashmir has become the first among Indian states and UTs to offer free health insurance to all its residents. The universal health coverage plan rolls out today with…
LIC launches digital initiatives, online switching of funds under ULIP policies
Moving to digital initiatives for improved customer servicing in the ongoing pandemic, LIC said it has introduced an online facility for switching of funds under unit-linked policies. "Online facility for…
IRDAI may not ban but may tweak sale of credit-linked health policies
IRDAI may not bring a blanket ban or prohibition on the sale of credit-linked health insurance products. Instead, IRDAI may consider tweaking the mechanism in which credit-linked health insurance products…
LIC launches digital app for agents
Life Insurance Corporation of India has launched a digital application for agents for onboarding to get a life insurance policy. The Digital Application is called "ANANDA", which is an acronym…
Govt issues new rules for insurance ombudsman
On 22 December, the finance ministry issued a draft Insurance Ombudsman (Amendment) Rules, 2020, to amending the 2017 Insurance Ombudsman Rules. Under the new rules, the Council for Insurance Ombudsmen…
IRDAI proposes standard travel insurance policy by April 1
IRDAI has proposed a standard travel insurance policy with common coverage and policy wordings across the industry. The move is aimed at increasing penetration of the product. "The standard product…
IRDAI clarifies about premium increase in health insurance
IRDAI has clarified that it has permitted general and health insurers to change the base premium by up to +/-5% of originally approved premium rates in order to comply with…
IRDAI proposes a cap of Rs. 1 crore in draft norms on standard accident insurance policies
IRDAI has issued draft guidelines on standard personal accident insurance policies and advised all general and standalone health insurers to offer this product from 1 April 2021. The product, which…
IRDAI not in favour of making insurance mandatory
IRDAI is of the opinion that insurance cannot be made mandatory despite India being a massively under-insured country. "There has generally been a feedback that either the regulator (IRDAI) or…
IRDAI gives in principle nod to ICICI Lombard to buy Bharti AXA General
IRDAI has approved in-principle acquisition of General Insurance business of Bharti AXA General Insurance by ICICI Lombard General Insurance, the company said in a statement. Earlier, Competition Commission of India…