INSURANCE


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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IANS 27 December 2023
The Bengaluru-based corporate giant Wipro has filed a lawsuit against its former chief finance officer (CFO), Jatin Dalal, in the Bengaluru civil court. In turn, Mr Dalal, at present with Cognizant as CFO, has submitted an application to the court requesting arbitration.   However,...

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Moneylife Digital Team 26 December 2023
While upholding orders passed by fora below, the national consumer disputes redressal commission (NCDRC) directed HDFC Bank Ltd to pay Rs5 lakh with 9% interest and Rs10,000 as compensation to the nominee of the bank account-holder.   In an order last week, the NCDRC bench of air...

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Moneylife Digital Team 18 December 2023
With the aim of providing better housing, infrastructure and robust transport facilities to the growing population of the Mumbai metropolitan region (MMR), the Maharashtra government has finalised a broad skeletal proposal for developing a new city called the 'Third Mumbai', says a...

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IANS 18 December 2023
The Lok Sabha was on Monday adjourned till Tuesday 11am amid uproar by the Opposition MPs (members of Parliament) after suspending a total of 33 MPs winter session. including Leader of Congress in the House Adhir Ranjan Chowdhury for the remainder of the winter session.   The Lok...

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Moneylife Digital Team 11 December 2023
While upholding an order passed by the Punjab state consumer disputes redressal commission, the national consumer disputes redressal commission (NCDRC) directed Reliance General Insurance Co Ltd to pay Rs11.11 lakh death claim with 9% interest and compensation to the mother of the deceased...

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IANS 07 December 2023
The Indian insurance industry, including the sectoral regulator, is strangely silent on helping the policyholders affected by cyclone Michaung on the steps to be taken to prefer a claim—loss of property and life.   Due to the cyclone Michaung, Chennai got huge rainfall resulting in...

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Moneylife Digital Team 06 December 2023
Holding State Bank of India (SBI) and SBI Life Insurance Co Ltd (SBI Life) guilty of unfair trade practice and deficiency in service in rejecting the death insurance claim of a borrower of a home loan, the national consumer disputes redressal commission (NCDRC) directed them to settle the...

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Moneylife Digital Team 24 November 2023
Calling for reviewing of mis-selling of third-party products, especially IndiaFirst Life Insurance (IFLI) policies, the Bank of Baroda Officers' Union (BoBOU) has requested the top management to delink the insurance product from employees. Bank of Baroda owns a 65% stake, while Carmel Point...

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Moneylife Digital Team 17 November 2023
After accepting the premium and issuing the policy ignoring blank columns in the proposal form, the insurer cannot at a later stage say that there was a suppression or non-disclosure of a material fact and reject the claim, the national consumer disputes redressal commission (NCDRC)...

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Maya Miller  and   Robin Fields (ProPublica) 17 November 2023
This story was originally published by ProPublica.   States have passed hundreds of laws to protect people from wrongful insurance denials. Yet from emergency services to fertility preservation, insurers still say no.   In North Carolina, lawmakers outraged that breast cancer...

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Moneylife Digital Team 10 November 2023
Upholding an order passed by the state commission, the national consumer disputes redressal commission (NCDRC) directed Liberty Videocon General Insurance Co Ltd to pay Rs24.18 lakh, including the insured declared value (IDV) of the BMW 5 series car, compensation for mental agony and...

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Moneylife Digital Team 09 November 2023
While asking the Life Insurance Corporation of India (LIC) to pay Rs2 lakh as a claim for death insurance, the national consumer disputes redressal commission (NCDRC) reiterated that it is upon the insurer who has rejected the claim to prove that the deceased life assured (DLA) suppressed...

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Moneylife Digital Team 08 November 2023
While upholding an order passed by the state commission, the national consumer disputes redressal commission (NCDRC) directed Aegon Life Insurance Company Ltd to pay Rs55 lakh with 6% interest and Rs3.05 lakh as compensation and cost of litigation to the nominee of the deceased life insured...

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T Christian Miller (ProPublica) 08 November 2023
This story was originally published by ProPublica.   Blue Cross and Blue Shield denied payment for the proton therapy Robert “Skeeter” Salim’s doctor ordered to fight his throat cancer. But he was no ordinary patient. He was a celebrated litigator. And he was ready to...

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IANS 06 November 2023
According to the flash figures issued by the industry lobby body General Insurance Council of India (GIC), the general insurance industry had earned a total premium of Rs23,814.64 crore, up from Rs0,954.89 crore earned during October 2022.   Within the overall, the 25-member general...

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Long revered as the ‘simple’ middle-class, super-success story, the Murthys of Infosys are perhaps perplexed at why social media (with often leads the mainstream media coverage) seems to explode at their comments these days. This time around, it was NR Narayana Murthy’s ‘request’ that India’s...

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