On March 31, 2025, designated as a public holiday in India due to Eid-Ul-Fitr, banks across the country will remain open for essential transactions. The Reserve Bank of India (RBI) has mandated that agency banks handling government business must operate on this day. This decision aims to facilitate taxpayers and ensure smooth financial operations at … Read more
Bajaj Allianz Life has become the first mainstream insurer to implement the BIMA-Application Supported by Blocked Amount (Bima-ASBA) facility. This initiative, launched by the Insurance Regulatory and Development Authority of India (IRDAI), aims to streamline operations, improve policyholder convenience, increase transparency, and simplify the insurance premium payment process. Bima-ASBA offers policyholders the option to utilise … Read more
The Insurance Regulatory and Development Authority of India (IRDAI) has introduced a new payment mechanism called Bima-ASBA (Applications Supported by Blocked Amount) via Unified Payments Interface (UPI) to simplify premium payments for life and health insurance policies. The new system allows policyholders to block funds in their bank accounts for premium payments, ensuring smooth transactions … Read more
In a significant relief for senior citizens, the Insurance Regulatory and Development Authority of India (IRDAI) has imposed a limit on annual health insurance premiums. The regulator has stated that insurance companies cannot increase premiums for senior citizens by more than 10 percent. The regulator, in a press note issued on January 30, 2025, said that … Read more
Health insurance serves as a safety net, protecting you from financial burdens during unexpected medical emergencies and preserving your long-term savings. However, when a health insurance claim is rejected, it can lead to serious financial strain. Here are five common reasons why claims are often denied, along with tips to help you avoid these pitfalls: … Read more
The Insurance Regulatory and Development Authority of India (IRDAI) has issued a new circular that recommends insurance companies to furnish important details to policyholders to ensure their protection of interests. This initiative aims to improve transparency for policyholders and streamline their communication with insurers. As per the guidelines, the life and general insurance companies have … Read more
Health insurance norms for senior citizens have seen many crucial changes in the last few months. Besides the new rules introduced by the Insurance Regulatory and Development Authority of India (IRDAI), a key feature available for all senior citizens is the co-pay option that has an significant impact on policyholders and their healthcare expenses. What … Read more
Union Budget 2024: Indian insurance firms have been expecting various tax exemptions from the Central government in the upcoming Union Budget to improve the appeal and accessibility of insurance products, thus encouraging wider adoption across the country. Insurers specialising in life coverage are advocating for tax relief on annuities and a reduction in the goods and … Read more
The Insurance Regulatory and Development Authority of India (Irdai) recently declared that all life insurance savings products should offer a policy loan feature to assist policyholders with their financial needs. The master circular stated the facility of partial withdrawal under pension products is allowed enabling the policyholders to meet their specific financial needs for important … Read more
The Insurance Regulatory and Development Authority of India (IRDAI) on Wednesday said the facility of policy loan is now mandatory for all life insurance savings products, enabling policyholders to meet liquidity requirements. IRDAI announced that the free look period, allowing policyholders to review the terms and conditions, has been extended from 15 days to 30 … Read more