IRDAI PRODUCT REGULATION 2013

IRDAI working group wants index linked insurance to make a comeback eight years after being banned in India

​​The index-linked insurance plan is one of those insurance products wherein the returns are linked to the benchmark indices such ten-year equity indices, for instance, Nifty or Sensex and the government bonds.

India launches standardised medical insurance cover for vector-borne diseases

Insurance Regulatory and Development Authority on Wednesday announced the guidelines and has asked all general and health insurance companies to offer the Mashak Rakshak to customers starting 1st April, 2021.

Irdai ask insurers to offer standard annuity product Saral Pension from April 1

Indian life insurance market currently has several individual immediate annuity products marketed by life insurers, with each product having its own features, terms and conditions and annuity options.

Simple products to increase insurance inclusion - IRDAI

Khuntia while addressing a virtual conference organised by economic think-tank NCAER said that the regulator has also asked insurance players to adopt one aspirational district each.

Insurers asked to adopt one aspirational district each, says IRDAI Chairman Khuntia

Life insurance penetration in the country is 3.6 per cent of the GDP, way below the global average of 7.13 per cent, and in case of general insurance it is even worse at 0.94 per cent of GDP, as against the world average of 2.88 per cent.

Twenty years of private insurance: How the industry has shaped up

Come 2020, she is selling lakhs of insurance policies at the tap of an app on mobile phones and all it takes is a few minutes to mail the policy document instead of weeks of wait for the policy to arrive by the unpredictable India Post to shove it to safety in the steel cupboard.

Catering to consumers in coronavirus times, IRDAI pushes new products, easier KYC norms

IRDAI was quite prompt in announcing measures that made protection products easily available to all amid the pandemic. Industry expects the regulator will keep up the tempo in 2021 as well.

Irdai to ban credit-linked group health insurance

“As the primary purpose of any health cover is to meet the treatment costs or to manage the lifestyle on diagnosis of critical illness, no insurer is permitted to offer any indemnity or benefit-based credit-linked group health products,” Irdai said in a draft circular.

Facility for obtaining electronic customer consent extended till March 2021 for life insurers

On a review of the working of the arrangement and on the basis of feedback from the life insurers, the Insurance Regulatory and Development Authority of India (IRDAI) has now extended the time period and the facility to all products.

IRDAI sets up panel to revisit retail business of engineering tariff

"There is a need to modify the current products under the engineering retail segment in line with the changing needs and demand," it said in an order constituting the working group 'to revisit the engineering products (which are as per the erstwhile tariffs) for the retail segment'.

IRDAI proposes changes in insurance advertisement regulations

The objective of the proposed regulation, IRDAI said, is to ensure that the insurers, intermediaries or insurance intermediaries adopt fair, honest and transparent practices while issuing advertisements, and avoid practices that tend to impair the confidence of the public.

Irdai to take decision on extending tenure of COVID-19 related products: Chairman

Corona Kavach, which was launched on July 10 and is being offered by both general and health insurers, is a standard health insurance policy created to meet the treatment requirements for coronavirus infection. The term of the policy ranges from three-and-a-half months to nine-and-a-half months, with maximum insured amount at Rs 5 lakh.