INSURANCE


Sponsored Post 07 March 2024
Group health insurance is a type of health insurance aimed at providing medical coverage to a group of individuals. Also known as corporate health insurance, group insurance plans are a simple and cost-effective way for professional organisations to provide health insurance to their...

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Moneylife Digital Team 05 March 2024
While refusing to accept IndiaFirst Life Insurance Company Ltd's contention that the deceased life assured (DLA) suppressed pre-existing diseases while obtaining the life insurance policy, the national consumer disputes redressal commission (NCDRC) directed the insurer to pay Rs9.75 lakh for...

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Moneylife Digital Team 21 February 2024
While upholding orders passed by the Gautam Buddha Nagar district consumer disputes redressal forum and the Uttar Pradesh state consumer disputes redressal commission, the national consumer disputes redressal commission (NCDRC) directed IFFCO-Tokio General Insurance Company Ltd to pay...

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Moneylife Digital Team 20 February 2024
While upholding orders passed by fora below, the national consumer disputes redressal commission (NCDRC) directed Oriental Insurance Co Ltd to pay Rs2,73,000 with an interest of 9%pa (per annum) as cost for knee replacement treatment. NCDRC categorically stated that Oriental Insurance failed...

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IANS 16 February 2024
Axis Bank said on Thursday that it has obtained all necessary regulatory approvals in connection with the purchase of shares of Max Life Insurance with regard to the public interest writ petition filed by BJP leader Subramanian Swamy.   A public interest writ petition has been filed...

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IANS 15 February 2024
Enhancing the protection of insurance policyholders, the Insurance Regulatory and Development Authority of India (IRDAI) has proposed to enhance the free look period to 30 days in the case of life and health insurance policies.   Free look period is the period during which a...

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Moneylife Digital Team 14 February 2024
The income-tax (I-T) department is learnt to have prepared an assessment report on how insurers used a string of intermediaries to pay off extra commission—over and above allowed under regulations—to their agents selling insurance policies, says a report. The I-T department estimates the...

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Moneylife Digital Team 14 February 2024
Insurance Regulatory and Development Authority of India (IRDAI) has released a draft regulation for an insurance electronic marketplace (IEM) Bima Sugam, the one-stop solution for all stakeholders, including customers, insurers, intermediaries or insurance intermediaries and insurance...

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IANS 07 February 2024
Insurance regulator, Insurance Regulatory and Development Authority of India (IRDAI) has approved the capital infusion by Axis Bank into Max Life, subject to the approval of the competition watchdog CCI. (competition commission of India).   The pension fund regulatory and development...

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IANS 07 February 2024
The competition commission of India (CCI) has approved the acquisition of 70% stake in Kotak Mahindra General Insurance Company Limited by the Zurich Insurance Company.   The proposed combination involves the acquisition of a majority stake in the target by the acquirer from Kotak...

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Moneylife Digital Team 06 February 2024
In a judgement that would be an eye-opener for health insurance policy buyers, the national consumer disputes redressal commission (NCDRC) rejected a claim due to the wrong date of birth and suppressing of pre-existing ailments while buying the health insurance policy.   In an order...

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Moneylife Digital Team 02 February 2024
While upholding an order passed by the Punjab state consumer disputes redressal commission, the national consumer disputes redressal commission (NCDRC) directed the Life Insurance Corporation of India (LIC) to pay the balance of Rs99,136 with a 9% interest out of the surrender value of...

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The public information officer (PIO) of the Life Insurance Company (LIC) of Agra, who defended himself by stating that documents regarding its pension & group scheme policy (P&GS) of employees of St Clare's School, Agra were destroyed in a fire, has been directed by the central information...

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Moneylife Digital Team 30 January 2024
Holding the Bhawanigarh municipal council deficient in not maintaining water pipes, the national consumer disputes redressal commission (NCDRC) directed the municipal council to pay Rs2.37 lakh to a house-owner. NCDRC also directed SBI General Insurance Company Ltd to indemnify the loss and...

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Moneylife Digital Team 16 January 2024
Rejecting the contention of the Life Insurance Corporation of India Ltd (LIC) that ventral hernia surgery is not covered under the list of major surgical benefits under its Jeevan Arogya policy, the national consumer disputes redressal commission (NCDRC) directed LIC to pay Rs1.60 lakh as...

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Moneylife Digital Team 15 January 2024
While partially upholding an order passed by the state commission, the national consumer disputes redressal commission (NCDRC) directed Birla Sun Life Insurance Co Ltd (Aditya Birla Sun Life Insurance Co Ltd) to pay a Rs35.10 lakh death claim and Rs30,000 cost of litigation to the nominee of...

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Moneylife Digital Team 12 January 2024
Holding Reliance General Insurance Company Ltd guilty of violating motor insurance service provider (MISP) guidelines and appointing in-house employees to asses the loss beyond Rs50,000 under motor insurance, the Insurance Regulatory and Development Authority of India (IRDAI) imposed a...

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Abhay Datar 11 January 2024
As we all know, there are three categories in insurance, namely, life insurance, medical insurance and general insurance. Though medical insurance is a part of general insurance, it is mentioned distinctly because many aggrieved policyholders seek guidance on life as well as medical...

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Moneylife Digital Team 04 January 2024
Insurance agents may soon be required to maintain audio-visual records of their sales pitch, where they must read out a summary of the policy features to prospective buyers, says a news report.   According to the report from Times of India (ToI), with multiple cases in consumer forums...

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Moneylife Digital Team 04 January 2024
Terming the repudiation of an insurance claim for medical treatment as untenable, the national consumer disputes redressal commission (NCDRC) directed Bajaj Allianz General Insurance Co Ltd to pay US$20,000 along with an interest of 9%pa (per annum) as expenses for treatment overseas. While...

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