Insurance regulator Irdai has imposed a penalty of Rs 51 lakh on four insurers, including SBI General Insurance, for violation of norms related to motor insurance.
The Insurance Regulatory and Development Authority of India (IRDAI) has cautioned insurers against not being transparent to policyholders while rejecting health insurance claims.
The status report needs to be submitted by September 30 of every financial year to the authority along with board's suggestions and corrective actions to be taken.
Life insurance companies see 21 per cent rise in new business premium to Rs 22,425 crore in February
The 24 life insurance companies in the country had their collective new business premium of Rs 18,533.19 crore in the same month a year ago.
However, when offered as a family cover, the chosen sum insured will apply to each family member separately.
Under the scheme, insurers will pay the policy holders a minimum sum of Rs 1,000/ month, Rs 3,000/ quarter, and Rs 12,000/ year.
The Insurance Regulatory and Development Authority of India (Irdai) said the insurance market has a wide variety of personal accident insurance products.
The regulator noted in its circular that only a few general insurers in India are currently offering coverage for drones.
Irdai hereby urges the public to remain alert and not to fall prey to fraud and cheating indulged in by the said entity.
This policy aims to provide treatment or hospitalization cover for those who are diagnosed with vector-borne diseases.
The regulator IRDAI, is engaged with the insurance industry to improve awareness and push appropriate products which are need-based.
Digit Insurance’s portfolio covers health, travel, property, and even mobile insurance, a segment not typically covered by major players.
According to the proposal, there will be uniform features and clauses and all insurers will have to offer this product from April this year.
The standard product will need to be offered with a policy term of one year and also cover expenses towards hospitalisation.
The Finance Ministry is considering a move to stop the practice of using critical illness policy as collateral for various loans, said officials.