Pradhan Mantri Fasal Bima Yojana (PMFBY)-Govt sponsored crop insurance
Pradhan Mantri Fasal Bima Yojana (PMFBY) is a government-sponsored crop insurance scheme that integrates multiple stakeholders on a single platform. The scheme was launched in India by the Ministry of Agriculture & Farmers Welfare, New Delhi from the Kharif 2016 season onwards. The scheme aims at supporting sustainable production in the agriculture sector by way…
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Salient features of Insurance Ombudsman
The insurance ombudsman scheme was established through a Government of India notification dated 11th November 1998 under section 114(1) of the Insurance Act of 1938. The purpose of establishing the insurance ombudsman is to quickly dispose of the grievances of the insured customers and to reduce their problems concerning such grievances settled out of the…
Read article Explained: Micro Insurance in India
The IRDA (Micro-insurance) Regulations 2005 is designed for insurance policies intended for the protection of economically weaker sections of society, with affordable insurance products to help them cope with and recover from financial losses. All micro-insurance policies are reckoned for fulfillment of social obligations and where a micro-insurance policy is issued in a rural area…
Read article What is a group insurance Scheme?
Group Insurance Scheme is life insurance or Health Insurance protection for groups of people in the same contract. This scheme is ideal for employers to cover their employees and retired employees. Also, informal groups like Cultural Associations, societies, etc. can go for group insurance for their members. These plans may be in the form of…
Read article Reinsurance: Insurance for insurance companies
Reinsurance is a process whereby one entity (the reinsurer) takes on all or part of the risk covered under a policy issued by an insurance company in consideration of a premium payment. In other words, it is a form of insurance cover for insurance companies. The guiding principle of the regulatory framework in India is…
Types of Intermediaries in insurance sector
Distribution of insurance is handled in several ways. The most common is through the use of insurance intermediaries. Insurance intermediaries serve as the critical link between insurance companies seeking to place insurance policies and consumers seeking to procure insurance coverage. The IRDAI has issued various specific regulations to govern individuals and entities that can represent…
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