INSURANCE


Moneylife Digital Team 25 April 2024
While upholding orders passed by fora below, the national consumer disputes redressal commission (NCDRC) directed National Insurance Company Ltd to pay an insurance claim of Rs2.10 lakh for car theft and Rs30,000 for harassment and litigation expenses. NCDRC also rejected National Insurance's...

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Moneylife Digital Team 16 April 2024
Pointing out three mischiefs played out by Life Insurance Corporation of India (LIC) with policy documents, circular and proposal form, the national consumer disputes redressal commission (NCDRC) directed LIC to pay Rs21.75 lakh with an interest of 6%pa (per annum) to the nominee of the...

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Moneylife Digital Team 15 April 2024
While upholding an order passed by the Gujarat state consumer disputes redressal commission, the national consumer disputes redressal commission (NCDRC) directed SBI General Insurance Co Ltd to pay the Rs20 lakh death insurance claim with an interest of 9%pa (per annum) to the mother and...

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Moneylife Digital Team 03 April 2024
While partly allowing an appeal, the national consumer disputes redressal commission (NCDRC) directed Oriental Insurance Company Ltd to pay the 10,899.51 euros cost incurred for medical treatment in Paris. NCDRC also set aside an order by the Punjab state consumer disputes redressal...

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Moneylife Digital Team 01 April 2024
Upholding an order passed by the Punjab state consumer disputes redressal commission and rejecting the contention of DHFL Pramerica Life Insurance Company Ltd about suppression of health insurance, the national consumer disputes redressal commission (NCDRC) directed the insurer to pay Rs21.72...

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Moneylife Digital Team 29 March 2024
Acknowledging the hardship and mental agony of a pilot to fly the aircraft 50 times during the period of no insurance coverage caused due to an action by the State Bank of India (SBI) to return the cheque for insurance premium, the national consumer disputes redressal commission (NCDRC)...

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Moneylife Digital Team 29 March 2024
The Insurance Regulatory and Development Authority of India (IRDAI) has approved eight principle-based consolidated regulations, including setting up the insurance e-marketplace Bima Sugam for buying, selling and servicing insurance policies, and settling claims.   Six of these...

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Moneylife Digital Team 29 March 2024
While upholding an order passed by the Telangana state consumer disputes redressal commission, the national consumer disputes redressal commission (NCDRC) directed HDFC Life Insurance Co Ltd to pay the Rs50 lakh insurance claim with an interest of 6%pa (per annum) to the family of the...

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Thanks to a right to information (RTI) query that travelled through the files of the state information commissioner (SIC) as a second appeal, all panchayats of Madhya Pradesh have been directed to upload every death certificate on their website and file FIRs (first information reports)...

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Indian life insurers after a robust growth in FY22-23, their first-year premium numbers in FY23-24 have been moving in a subdued manner, said credit rating agency CARE Ratings in its latest report.   However, for February 2024, first-year life insurance premiums witnessed a surge of...

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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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