IRDAI Mandates Insurers to Offer Standardized Life Insurance Starting 2021

Irdai has come out with the guidelines for a standardized individual term insurance mandating all life insurance companies to offer these policies...

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Half of term policy buyers opt cover of Rs 1 crore or more during April-August: Policybazaar

More and more people are going for a term insurance plan giving cover of Rs 1 crore or more to financially protect their family, reveals data...

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Life Insurers new business premium reports positive growth for second straight month in August

India’s life insurance industry continued to see growth in new business premiums (NBP) in August for the second straight month, writes The...

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LIC policyholders can now submit maturity claim documents online

To settle maturity and survival benefit claims, Life Insurance Corporation of India (LIC) has asked policyholders to send scanned copies of their...

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Life insurers new premium collections drop 32% in March

Life insurance players saw nearly all financial metrics such as sum assured, first year premiums, policies issued, and lives covered decline...

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LIC policyholders given 30 day relaxation for premiums due in March, April in wake of Covid-19 distress

The Life Insurance Corp of India (LIC) has announced a month-long extension for all policyholders whose premiums fall due in March and April in wake...

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IRDAI’s new guidelines to bring relief to group insurance customers of merging PSBs

The IRDAI has issued guidelines to protect the interests of customers of merging public sector banks who are also group insurance policyholders,...

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LIC waives off charges on credit card payments

Life Insurance Corporation (LIC) has clarified that any credit card originated payments towards renewal premium, new premium, or repayment of loan...

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ESI Contribution Reduced to 4% from 6.50%

The government has reduced the contribution under the Employees’ State Insurance (ESI) Act to 4% from 6.5%, a move expected to increase the...

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Share status of Claims with Policyholders, IRDAI tells Insurers

In a new circular released by the Insurance regulator IRDAI, insurance companies will have to inform about claim settlement status to policyholders...

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