It is not mandated by any authority like RBI or IRDA to buy a life insurance policy from a bank in order to get a loan. However, if you buy a life insurance policy equivalent to the loan amount it is beneficial to family members in case of your unfortunate death. The loan amount will…
The Ministry of Labour and Employment on Sunday announced additional benefits for workers through social securities schemes run by the EPFO and the ESIC amid the COVID-19 pandemic. “The Ministry of Labour and Employment has announced additional benefits for workers through ESIC and EPFO schemes to address the fear and anxiety of workers about well…
May be all of us know the meaning of a nominee of the life insurance policy. Nominees of insurance policies are merely designated trustees acting as receivers of insurance proceeds on behalf of the policyholder’s legal heirs. In the other words, while the insurance company has to hand over the death benefit to the nominee,…
The insurance regulator IRDAI has come out with a standard individual term life insurance product, to be known as “Saral Jeevan Bima”. The policy shall be mandatorily offered by all the life insurance companies from January 1, 2021, onwards. In this respect, all life insurers have to file the product with the insurer latest by…
The Insurance Regulatory and Development Authority of India (IRDAI) has issued guidelines to all General and Health Insurers offering indemnity-based Health Insurance products for both Individuals and Groups (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, and…
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…
Latest edit: May 26, 2020: LIC launches ‘Pradhan Mantri Vaya Vandana Yojana (Modified- 2020) Scheme (for detail read PMVVY modified 2020) with an assured rate of return of 7.40% per annum. The new scheme opens from May 26, 2020, up till March 31, 2023, The ‘Pradhan Mantri Vaya Vandana Yojana ’ has been launched by…
(This post explains 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…
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…