Insurance companies may bring new products without prior permission of IRDAI

The Insurance Regulatory and Development Authority of India (IRDAI) vide circular dated June 10, 2022, permitted life insurance companies to introduce products without taking prior permission (use-and-file) from IRDAI. The regulator had extended the same relaxation of the ‘use-and-file’ procedure to health and general insurance companies vide a circular dated 01.06.2022. Thus, the insurance companies…

Latest IDRAI guidelines on both Individual and Group health insurance policies

The Insurance Regulatory and Development Authority of India (IRDAI) has issued guidelines to all General and Health Insurers offering indemnity based Health Insurance products of both Individual and Group (excluding PA and Domestic / Overseas Travel). These provisions and guidelines were issued by IRDAI under the provisions of Section 34(1) of the Insurance Act, 1938…

How your health insurance claim can be much lower than the actual hospital bill?

Of-late, complaints against health insurance companies have gone up largely on account of dissatisfaction with claim settlement. This is mostly because customers are unaware of common features in health insurance policies that relates to sub-limits. Normally, almost all health insurance policies have specific cap called sub-limits to the sum insured under which the insurer will…

How to buy various types of insurance policies?

(This post explains on various types of insurance policies available in the market like LIfe Insurance policies, Health insurance policies, Property Insurance policies including plant and machinery, boiler, shipping insurance, stock of goods etc. and conditions and clauses to be verified by the buyers  before buying them). For many average insurance policy buyers verifying conditions and…

What is bancassurance?

The selling of Insurance products by banks to their established customers is known as Bancassurance . Banks and insurance company come up with an arrangement wherein the bank sells the insurance products of specific Insurance companies (Life and or general Insurance companies) with whom they have tied up. In this arrangement, both banks and insurance…