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IRDAI: Insurance companies not to embed burning cost rates

Insurance regulator Irdai has asked non-life insurance companies and reinsurers to ensure that broad-occupancy market average burning costs rates for fire and engineering risks, published by the Insurance Information Bureau of India (IIB), are not embedded as “minimum rates” within reinsurance treaty agreements applying to the Indian market for the risks commencing from the next […]

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Two-wheeler insurance: Choosing the right insurance policy

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Insuring a two-wheeler is advisable to meet legal obligations and for protection against financial losses in the event of a contingency. But two-wheeler owners can get confused about the insurance policy that suits their requirements—third-party insurance, comprehensive or standalone. Third-party insurance is the most basic policy that must be availed before your vehicle hits the

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IRDAI’s new notification throws open wider choices for customers, corporate agents

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The measures taken by the IRDAI would help in increasing the insurance penetration in the country, as a corporate agent may represent up to 27 insurers and sell insurance products for them. A prospective customer would now get a wide range of insurance products to choose from by consulting a single corporate agent. As insurance

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Non-life insurers register a growth of 22.1% in gross direct premium in November

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The non-life insurance industry continued to report double-digit growth in November, after near-flat growth in September. The industry reached ₹19,209.2 crores in November, a 22.1% growth YoY. Collective gross direct premium underwritten for non-life insurance companies grew 22.1% year-on-year (YoY) to ₹19,209.2 crores in November from ₹15,735.3 crores a year ago, data shared by CareEdge

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Health Insurance: Do’s & don’t’s for availing tax benefits

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A resident individual incurring the medical expense of a dependent (spouse, children, parents, brothers and sisters) with a disability can claim a deduction under Section 80DD. while people buy a health insurance policy for financial protection and benefit from tax deductions, they must comply with the conditions laid under Section 80D of the Income Tax

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Irdai proposes long-term motor insurance policies

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Irdai proposed a three-year policy in respect of private cars co-terminus with motor third party liability cover and a five-year policy in respect of two-wheelers co-terminus with motor third party liability cover. The Insurance Regulatory and Development Authority of India (Irdai) has proposed allowing all general insurers to offer long-term motor insurance policies to allow

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Insurers seek clarity on other financial products

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The department of financial services has proposed that an insurer may also distribute other financial products as specified by and subject to the regulations. With the finance ministry proposing to allow insurance companies to distribute other financial products, the industry has sought more clarity on it. The details of the government’s move aimed at enabling newer

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LIC boost: Life insurers’ new biz premium rises 30.5% in Nov

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According to the data from the General Insurance Council, gross direct premiums underwritten for non-life insurers rose around 22% y-o-y to Rs 19,209.24 crore compared to Rs 15,735.29 crore a year ago. New business premiums or the first-year premium of private sector life insurance companies in November witnessed a marginal growth of 1.93% y-o-y to

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GST Council may lower tax on health insurance

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The Goods and Services Tax (GST) Council in its upcoming meeting would consider two reports – on setting up Appellate Tribunals and decriminalisation of offences. According to sources, the Council could also take up the proposal on lowering the GST rate on health insurance to 12% from the current rate of 18%. It is still

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No-Claim Discount: Importance of NCD in health insurance

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There are two primary kinds of No-Claim Discounts that you can take advantage of in a health insurance policy. Most insurers in India provide NCD benefits on health insurance products. However, the terms and conditions of each insurer affect the amount of cumulative Discount or discount on the premium. Among the most beneficial features of

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