INSURANCE


Moneylife Digital Team 07 February 2025
While reiterating that insurance companies process the claims as per the terms and conditions of the policy, the Union government says that, during FY23-24, insurers rejected claims worth Rs26,037.65 crore. It includes claims worth Rs15,100.14 crore disallowed as per terms and conditions (T&C)...

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Moneylife Digital Team 04 February 2025
Information provided by the insurance regulatory and development authority of India (IRDAI) shows that, as of 31 March 2024, insurance companies have unclaimed insurance funds worth Rs21,718 crore which declined from Rs23,699 crore as of 31 March 2023. However, IRDAI does not maintain data...

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Moneylife Digital Team 31 January 2025
  Taking cognisance of the steep hike in premiums for health insurance for senior citizens, the insurance regulatory and development authority of India (IRDAI) says effective immediately, insurance companies cannot revise the premium for senior citizens by more than 10%pa (per annum).   In a...

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Moneylife Digital Team 24 January 2025
"The insurance policy terms cannot be changed at the whims and fancies of the insurance company," asserted consumer activist Jehangir Gai, delivering a powerful message at a programme organised by Moneylife Foundation, discussing the challenges a policyholder faces with health insurance...

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Sponsored Post 24 January 2025
As adventurers traverse Europe, the Schengen region puts forth diverse cultures and experiences. Every destination offers something unique, like Paris's romantic streets or Prague's historic charm.   However, exploring this captivating area comes with its own set of challenges. This includes...

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Moneylife Digital Team 03 January 2025
The insurance regulatory and development authority of India (IRDAI) has directed that claim settlement should be done immediately or within an hour to ensure no delay in discharge from the hospital. However, six in ten health insurance policy owners surveyed who filed a claim in the past three...

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Moneylife Digital Team 20 December 2024
State-run Life Insurance Corporation of India Ltd (LIC) has over 1.62mn (million) claims that are not claimed or are outstanding with a value of Rs3,726.80 crore during the past five years since FY19-20, the government told the Lok Sabha.    In a written reply, Pankaj Chaudhary, minister of...

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Moneylife Digital Team 16 December 2024
Holding the Life Insurance Corporation of India (LIC) responsible for the delay in sending monthly premium mandated through the electronic clearing system (ECS) and calculating the grace period from the premium due date, the national consumer disputes redressal commission (NCDRC) directed LIC...

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Shrirang V Samant 06 December 2024
Disruption is a favourite word for management consultants and there are various opinions about the efficacy of disruptive changes in a business. The trigger for a planned disruption is normally the performance challenges a business or even an industry faces. Regulatory disruptions fall into a...

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Moneylife Digital Team 06 December 2024
Holding Tata AIA Life Insurance Co Ltd responsible for mis-selling policies with 10-year premium liability as a one-time premium to a low-income family, the national consumer disputes redressal commission (NCDRC) directed the insurer to refund the premium of Rs2.47 lakh with an interest of 9%pa...

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Moneylife Digital Team 05 December 2024
Brian Thompson, the chief executive officer (CEO) of UnitedHealthcare, the world's largest healthcare company by revenue, was shot and killed in a brazen and targeted attack outside a Manhattan hotel where the health insurer was holding its investor conference, police says setting off a massive...

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Moneylife Digital Team 18 November 2024
Refuting HDFC Standard Life Insurance Company Ltd's contention that the deceased life insured (DLI) failed to disclose pre-existing medical conditions, the national consumer disputes redressal commission (NCDRC) ruled that the DLI died due to head injury in a road accident which is independent...

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Moneylife Digital Team 08 November 2024
Highlighting a lack of clarity in terms and conditions in the case of surrendered insurance policies, the national consumer disputes redressal commission (NCDRC) directed SBI Life Insurance Co Ltd to pay Rs88,734, the premium paid by the insurer with an interest of 7%pa (per annum).   In an

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Information commissioner (IC) Vinod Tiwari recently directed the central public information officer (CPIO) of United India Insurance Company Ltd (UIC) to provide a photograph of a vehicle over 12 years old, which is claimed to have been involved in an accident and without corrosion, as this was...

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Moneylife Digital Team 21 October 2024
Giving a big relief to the wife and family of a deceased home loan borrower, the national consumer disputes redressal commission (NCDRC) directed SBI Life Insurance Co Ltd to pay the amount insured for the home loan to State Bank of India (SBI). The lender is directed to accept the payment as...

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Moneylife Digital Team 17 October 2024
While dismissing a first appeal and upholding an order passed by a state commission, the national consumer disputes redressal commission (NCDRC) directed HDFC Standard Life Insurance Company Ltd (now HDFC Life Insurance) to pay Rs46.87 lakh with interest at the rate of 9%pa (per annum), Rs2...

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Mohsin Dar (Bar  and   Bench) 15 October 2024
An insurance company cannot reduce the amount payable to an insured claimant on the ground that the claimant had received some monetary relief from the government for losses, the Jammu and Kashmir High Court recently held (Oriental Insurance Company v. M/S Shalimar Wine Shop).   A Bench of...

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Moneylife Digital Team 14 October 2024
Setting aside an order passed by the state commission, the national consumer disputes redressal commission (NCDRC) directed Bajaj Allianz General Insurance Company Ltd to pay Rs7.60 lakh with 9% interest and Rs25,000 as compensation to a senior citizen for treatment during his visit to the...

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Moneylife Digital Team 09 October 2024
Updated at 9.50pm on 9 October 2024 to include a response from Star Health and Allied Insurance   In a shocking incident, a hacker claims to be leaking data of customers of Star Health and Allied Insurance Co Ltd and their insurance claims. The hacker, xenZen, alleges, "This leak is sponsored...

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Moneylife Digital Team 03 October 2024
Holding Tata AIA Life Insurance Co Ltd (earlier known as Tata AIG Life Insurance Co Ltd) responsible for not notifying the complainant of acceptance or rejection of an insurance proposal within the required 15-day period, which constitutes a breach of regulatory obligation, the national...

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