IRDAI extends Electronic Consent for Life Insurers
IRDAI has extended the facility for life insurers to obtain the consent of prospective policy holders electronically by three months till March 31, 2021. In view of the disruption of…
IRDAI tweaks norms on sale of life cover without wet signature
Life insurers should provide a standard presentation on the product being sold without the physical signature of the policyholder. A copy of such standardised presentation should also be e-mailed…
Life insurers face falling persistency levels
Amid signs of recovery in sales, life insurance companies continue to grapple with low persistency levels, especially in market-linked and endowment products. Experts and players attribute this to the current…
Life insurers’ new business premium rises 7% in July
New business premium (NBP) of life insurers grew 6.86 per cent in July to Rs. 22,986 crore, compared to Rs. 21,509 crore in the corresponding period a year ago. It…
Life insurers see 32% decline in new premium income in March 2020
Life Insurers in India have reported a 32 % decline in new premium income in the month of March. The overall premium income (new business) of 24 players in…
Life Insurers demand lower GST rate of 12%
Life insurance Companies in India have demanded a lower Goods and Services Tax (GST) rate of 12 per cent on the ground that it has impacted premium costs. At present,…
To grow, Life Insurers need to focus on 3 areas
Life insurance is inherently a business of trust between the insurer and the insured. Despite an optimistic start in the early part of the century, the industry…
Norms issued for unit-linked insurance products
Independent rating agencies will now be allowed to evaluate unit linked insurance funds of insurance companies to help policyholders better assess and compare insurance products, according to the guidelines notified…
AML/CFT guidelines-Procedures for Determination of Beneficial Ownership
Attention is drawn to clause 3.1.1 (iii) of IRDA Circular reference IRDA/F&I/CIR/AML/158/09/2010 dated 24th September 2010 on AML/CFT guidelines (the Master Circular 2010) which requires insurers to identity and verify the beneficial owner…
IRDAI’ s proposed application form may be difficult for consumers
Life insurers said that the seven pages draft application form proposed by IRDA (Insurance Regulatory and Development Authority) to facilitate need-based selling is too complex, according to media reports.