Claimants prefer cashless claim settlement: Survey
Most policyholders still have to file reimbursement request as cashless continues to be a small proportion of the overall claims. Around 68% of the claims are reimbursement and only 32%…
Covid survivors buying new insurance cover face exclusions
Covid-19 survivors who are planning to buy new health insurance could face hurdles in future claims if their ailments can be linked to the viral infection. With the coronavirus affecting…
LIC’s equity strategy pays off with record profit of Rs. 33,000 cr
LIC has already booked net profit of Rs 33,085 crore on sale of equities so far this year as compared to Rs 18,371.47 crore profit in the entire previous fiscal,…
LIC IPO: Govt selects actuary
The government has selected actuarial firm Milliman Advisors for ascertaining embedded value of LIC, ahead of its initial public offer (IPO). The government plans to sell minority stake in insurance…
IRDAI panel proposes norms for rising ‘silent cyber risks’
Working Group on Cyber Security formed by IRDAI, has proposed detailed recommendations. "Insurers may place this matter (silent cyber issue) high on the agenda and address this problem sooner than…
IRDAI mandates standard annuity plan
IRDAI has advised all life insurers to mandatorily offer from April 1 a standard, individual immediate annuity product it has developed. The single premium, non-linked, non-participating plan, to be called…
Inflation index linked pension schemes in the pipeline: IRDAI
IRDAI chairman said that a group has been formed to come up with guidelines for a floating rate annuity product. Subhash Khuntia, Chairman, IRDAI made this announcement while speaking during…
IRDAI to introduce standard products for fire, allied peril
IRDAI has decided to introduce a standard home insurance policy that will cover the risks associated with natural calamities like cyclone, flood, earthquake and also fire. The regulator also announced…
IRDAI advises Insurers to fix Covid-19 treatment rates
IRDAI has advised general and health insurers to have agreements with health providers on rates for treatment of Covid-19 on the lines of other diseases. In a circular, the regulator…
IRDAI proposes extension in sandbox norms
IRDAI has proposed to extend the validity of regulatory sandbox guidelines by two years as the proposals received under it require more time for completion. To give a fillip to…