Budget 2024: Higher tax exemption limit to reduction in GST rate, what is insurance sector expecting this time

Budget 2024: Higher tax exemption limit to reduction in GST rate, what is insurance sector expecting this time

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

Loan facility for life insurance plans: Know procedure to borrow funds against your policy

Loan facility for life insurance plans: Know procedure to borrow funds against your policy

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

IRDAI says facility of policy loan is mandatory for life insurance savings products

IRDAI says facility of policy loan is mandatory for life insurance savings products

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

IRDAI new claim settlement rules: Insurers to settle claims within 7 days, surveyors to submit reports within 15 days, check other details

IRDAI new claim settlement rules: Insurers to settle claims within 7 days, surveyors to submit reports within 15 days, check other details

The Insurance Regulatory and Development Authority of India (IRDAI) has introduced a series of new rules that are set to significantly impact your general insurance policies, such as motor, health and home insurance, making them more customer-friendly and efficient. These changes are geared toward faster claim settlements, innovative insurance products, and reducing burdens on policyholders. … Read more

Health insurance: IRDAI sets 3-hour time limit for insurers to clear cashless claims. Details here

Health insurance: IRDAI sets 3-hour time limit for insurers to clear cashless claims. Details here

The Insurance Regulatory and Development Authority of India (IRDAI) has made some major changes in the regulatory norms for health insurance policies. The regulator has issued a comprehensive Master Circular on Health Insurance Products repealing 55 circulars. All the entitlements in a health insurance policy available to a Policyholder have been brought in one place … Read more

ITR filing FY2024: What tax benefits do senior citizens receive on medical insurance 

ITR filing FY2024: What tax benefits do senior citizens receive on medical insurance 

Maintaining proper management of health conditions is imperative to prevent complications in later years, as individuals become increasingly susceptible to ailments. Considering the substantial medical expenses prevalent today, a comprehensive health insurance policy can be invaluable in mitigating the high costs associated with hospital stays and medical consultations.  The Insurance Regulatory and Development Authority of … Read more

6 in 10 consumers of online insurance sales platforms experience nagging, subscription trap: Survey

6 in 10 consumers of online insurance sales platforms experience nagging, subscription trap: Survey

The mis-selling of insurance policies, encompassing life, health, motor, property, and other types of coverage, is a frequent reality. It is not uncommon for insurance agents or representatives to withhold crucial information regarding policy exclusions and limitations. Furthermore, there are instances where they may aggressively promote certain policies over others in order to achieve their … Read more

Health insurance: 52% policyholders say their yearly premium has gone up by over 25% in 12 months

Health insurance: 52% policyholders say their yearly premium has gone up by over 25% in 12 months

A survey has highlighted that a majority of policy owners that their insurance premiums have already increased in the last one year much before the Insurance Regulatory and Development Authority of India (IRDAI) removed the age limit restriction for buying a health insurance policy.  In April 2024, the IRDAI removed the age limit restriction for … Read more

Less waiting period, no age gap: ACKO Insurance’s Rupinderjit Singh explains IRDAI’s new health cover rules

Less waiting period, no age gap: ACKO Insurance’s Rupinderjit Singh explains IRDAI’s new health cover rules

The new set of rules by the IRDAI will empower one of the most sensitive demographics to secure them against major health-related concerns, albeit paying higher premiums. Earlier, the 65-plus age group at a big level was not able to avail of treatment benefits from advanced healthcare facilities owing to multiple reasons, the primary concern … Read more

Irdai reduces pre-existing disease waiting period from 4 to 3 years: Here is what existing policyholders should know

Irdai reduces pre-existing disease waiting period from 4 to 3 years: Here is what existing policyholders should know

Now, health insurers cannot deny coverage for your pre-existing condition once you have completed the three-year waiting period on health insurance policies. The Insurance Regulatory and Development Authority (IRDAI) has updated the definitions of the pre-existing condition and moratorium period (MP) in health insurance policies effective from 1 April 2024. While the waiting period for … Read more