INSURANCE


Sponsored Post 31 October 2023
Insurance is a wonderful field to work in. Not only is the field easy to enter and highly rewarding, but it also offers the opportunity to help many people. It is a way of pooling resources to allow policyholders and their loved ones to stay protected from different kinds of...

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Moneylife Digital Team 19 October 2023
While upholding orders passed by fora below, the national consumer disputes redressal commission (NCDRC) directed State Bank of India (SBI) to pay Rs88,000 in equal share to two farmers for wrongly remitting their premium for the Pradhan Mantri Fasal Bima Yojana (PMFBY) to another district,...

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Moneylife Digital Team 17 October 2023
Terming the repudiation letter issued by the insurance company as 'illegal and liable to be set aside', the national consumer disputes redressal commission (NCDRC) directed Birla Sun Life Insurance Co Ltd to pay a claim amount of Rs5 crore with an interest of 9% within two months to the...

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IANS 16 October 2023
After IRDAI rejected Hinduja Group led IIHL's proposal to raise funds for the Reliance Capital acquisition by creating a pledge over the shares of Reliance General Insurance (RGIC) and Reliance Nippon Life Insurance (RNLIC), the Reliance Capital Administrator has written to the IIHL, raising...

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Moneylife Digital Team 13 October 2023
Coming down heavily on Bajaj Allianz Life Insurance Co Ltd for unfair trade practices and selling 99-year insurance policies to a senior citizen, the additional district consumer disputes redressal commission for Mumbai suburban directed the insurer to refund the entire premium of Rs8.15 lakh...

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Sponsored Post 13 October 2023
For new riders in India, owning a bike is a dream come true. Riding a bike is not just for commuting to another place; it's a passion, a thrill and an adventure. However, along with the excitement of hitting the open road comes the responsibility of securing your bike with insurance. While a...

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A few days ago, Congress president Mallikarjun Kharge targeted the Narendra Modi government over skyrocketing inflation and unemployment, leading many people to surrender their life insurance policies. A survey by Deloitte and SBI Life Insurance mentioned that as many as 47% of policyholders...

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IANS 02 October 2023
Several authors have been left shocked after seeing artificial intelligence (AI)-generated rip-offs of their books being sold on e-commerce giant Amazon.   Writer-journalist Rory Cellan-Jones recently saw a memoir on Amazon he wrote with a "naively designed cover by someone he had...

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Moneylife Digital Team 29 September 2023
While upholding an order passed by the state commission, the national consumer disputes redressal commission (NCDRC) dismissed an appeal filed by Life Insurance Corp of India (LIC) and asked the insurer to pay Rs47.90 lakh to nominees of the deceased life assured (DLA).   In an order,...

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Moneylife Digital Team 21 September 2023
Coming down heavily on Shriram Life Insurance Co Ltd for unnecessarily seeking a comprehensive post-mortem report and other medical records from the claimant, the national consumer disputes redressal commission (NCDRC) directed the insurance company to pay Rs22.50 lakh to the wife of the...

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IANS 18 September 2023
Government on Monday announced family pension at a uniform rate of 30% for the welfare of the families of LIC employees.   It has also enhanced the gratuity limit from Rs3 lakh to Rs5 lakh for LIC agents.   Announcing a slew of welfare measures for LIC agents and employees,...

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Abhay Datar 15 September 2023
Senior citizens continue to be duped into buying high-premium insurance policies, sold to them as annuity plans, with no attempt to stop or punish this widespread fraud.    As a banker and counsellor at Moneylife Foundation, I find it painful to meet distressed seniors, almost every...

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IANS 01 September 2023
Indian insurance regulator has referred the curious case of Axis Bank and two other group companies buying shares of Max Life Insurance Company Ltd at a very low rate from shareholders/promoters of the insurer and selling them back at a very high price in a matter of few days, to the Reserve...

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Cheryl Clark for ProPublica 01 September 2023
This story was originally published by ProPublica.   Have you ever had a health care claim denied by your insurer? Ever tried to appeal it? Did you wind up confused, frustrated, exhausted, defeated?   I’ve been a health care reporter for more than 40 years. And when I tried to...

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Moneylife Digital Team 31 August 2023
Upholding orders passed by fora below, the national consumer disputes redressal commission (NCDRC) directed New India Assurance Co Ltd to pay Rs10 lakh, the entire sum assured in the policy, for a four-storey building damaged during an earthquake. As against the policy of Rs10 lakh, New India...

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Moneylife Digital Team 30 August 2023
Upholding that poisoning by unknown persons in a train is a case of accidental death coverable under the insurance policy, the national consumer disputes redressal commission (NCDRC) directed Life Insurance Corporation of India (LIC) to pay Rs10 lakh with 9% interest and other benefits of the...

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Moneylife Digital Team 28 August 2023
After the asset management business, Jio Financial Services (JFS), the new company of Mukesh Ambani-led Reliance Industries Ltd (RIL) group, is set to enter the insurance sector and will offer life, general and health insurance products.    Speaking at RIL's annual general meeting, Mr...

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Moneylife Digital Team 22 August 2023
Rejecting the contention of Reliance Life Insurance Company on concealed material evidence by the insured, the national consumer disputes redressal commission (NCDRC) directed the insurance company to pay the claim amount of Rs1 crore with an interest of 9% and Rs50,000 litigation cost to the...

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Moneylife Digital Team 17 August 2023
While clarifying that the complainant is not entitled to benefits under multiple sub-clauses, the national consumer disputes redressal commission (NCDRC) says the consumer has a right to cover his insurance claim under the sub-clause which gives him a higher benefit. NCDRC then enhanced the...

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Moneylife Digital Team 14 August 2023
The income tax (I-T) department has completed its investigation into alleged malpractices in the payment of commissions by insurance companies and uncovered evasion of more than Rs15,000 crore and the tax on this will be about Rs4,500 crore, says a report.   In the report, the...

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