A joint working group of IRDAI and NHA was formed to work on key areas of mutual interest and co-operation which focussed their work on four key areas.
IRDAI said that the first window for applications will open from September 15 to October 13.
Most people know that term life insurance will give a lump sum death benefit to the nominee on the demise of the insured (policyholder), within the policy term. However, not many know that there certain types of death that are not covered by life insurance policies. So, if you have a term insurance or are planning to buy one it is essential for you to know which death cases are not covered in your term insurance policy.
The premium for FY20 may rise to Rs 30,000 a year from Rs 26,000 for those who retired as workmen employees, irrespective of their pension earnings.
IRDAI said it decided to revisit the guidelines after it received representations from various stakeholders.
With the increased business, the market share of the insurer rose to 73.1 per cent at the end of July 2019.
Insurers have launched mobile phone apps, making it easier for customers to transact with them. They are, slowly and surely, moving towards paperless claims as well.
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The 34 non-life insurance firms had collected a premium income of Rs 11,715.05 crore in the corresponding month a year ago.
Presently, foreign reinsurers which already have branches in India have to apply for a fresh licence in GIFT City, enjoying taxation benefits and relaxed net owned fund norms.
The net worth increased by 16 per cent to Rs 7,940 crore from Rs 6,820 crore in Q1 FY19.
Troubled DHFL has two insurance subsidiaries - DHFL Pramerica Life insurance and DHFL General Insurance.
Govt will need to infuse around Rs 3,000 crore in insurer to keep it afloat for the next two quarters.
While the national transporter bore the insurance premium till August 31, 2018, the cost was transferred to passengers since and the premium was revised to Rs 0.49 per passenger in Oct 2018.
The country's largest life insurer LIC witnessed more than two-fold rise in its new premium collection to Rs 26,030.16 crore in June.
The finance bill proposes to replace the section that says “there will be four companies” with “there will up to four companies”.
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