Steel Almirah Not Enough: Jeweler Loses Insurance Claim
Jewellers who keep their precious wares in steel almirahs will lose their insurance cover if the items are not kept in a safe with a complex locking system. If there…
Guaranteed Lifetime Income: Explore LIC’s Jeevan Shanti Plan
Plan This is a single premium plan wherein the Policyholder has an option to choose an Immediate or Deferred annuity. The annuity rates are guaranteed at the inception of the…
Ayushman Bharat: A Giant Leap, But Challenges Persist
Steeped in stiff challenges as it may be at the moment, but Ayushman Bharat is now a reality. Universal Health is no longer a distant dream. Ayushman Bharat would make…
Editorial Insurance Times October 2018
GIC Re, an Indian Reinsurer has been ranked 10th position among the Global Reinsurers. GIC Re has a potential of becoming a global player and it is already expanding its…
Editorial Insurance Times December 2018
Merging of the three PSU Insurers National, United and Oriental as decided by the Central Govt. is still under preparatory stage . However, the merger process is not clear as…
Extension for Filing Long-Term Motor Insurance Products
The Insurance Regulatory and Development Authority of India (`The Authority`), in terms ofCircular ref: IRDAI/NL/CIR/MOT/137/08/2018 dated 28th August, 2018, had assigned Unique Identification Number (UIN) to Motor Long Term Third…
Compulsory Personal Accident Cover for Owner-Drivers
This has reference to Circular Ref.IRDAI/NL/CIR/MOTP/158/09/2018 dated 20th September, 2018 on the subject. We have received complaints/communications from various stakeholders regarding certain aspects of implementation of Compulsory Personal Accident Insurance…
IRDAI Forms Working Group to Study Installment Claims
1. Some General and Health Insurance Companies have proposed payment of claims in installments in respect of Personal Accident Policies and Benefit Based Health Policies as against lump sum payments.…
Corrigendum Issued for SAN Storage RFP
This document references the RFP No. IRDAI/IT/18-19/10 dated 24 September 2018 on “Supply of SAN Storages, data migration from existing storage to new SAN storages and Buy Back of Existing…
LIC Forced to Pay Correct Maturity Amount After Typo Error
Deepak Rajmal Kothari had taken Life Insurance Corporation of India's (LIC's) Jeevan Saral Policy (with profits) from its Udhna Branch. It stipulated the maturity sum assured as Rs. 2.5 million,…