IRDAI faces HC wrath after Insurer rejects mental health related claim

The Delhi High Court pulled up insurance regulator IRDAI for


Health Insurers Cannot Deny Covid-19 Claims, says the Insurance Regulator

Finance Minister Nirmala Sitharaman has asked IRDAI chairman S C Kunthia to


Covid Second Wave Has increased Pressure on Health Insurers, claims on the rise

India’s health insurance sector could face billions of dollars in fresh Covid-19 claims over the coming months as the second wave of the virus...


Hospitalisation due to Covid Vaccine After-effects covered under Health Insurance Plans

The IRDAI has clarified that hospitalization due to any adverse reaction to Covid vaccination will be covered under your existing health insurance...


Arogya Sanjeevani policy’s maximum cover hiked to Rs 10 lakh

The IRDAI has hiked the maximum cover under the standard health insurance plan Arogya Sanjeevani to Rs 10 lakh from the earlier limit of Rs 5 lakh.


Insurers asked to make claims settlement process transparent, give reasons for denial of claims

nsurance sector regulator Irdai has asked all insurers to be more transparent in their health insurance claim settlement process and apprise the...


Two Private Health Insurers are offering up to 100% discount on renewal premium

Private health insurers are encouraging their customers to lead healthy and active lives by offering steep discounts on the renewal premia between...


ESIC eases conditions for women to avail sickness benefit

The Employees State Insurance Corporation (ESIC) has relaxed contributory conditions for insured women to avail sickness benefit and decided to set...


Coronavirus Pandemic has Induced Increase in Health Insurance Spending

Over 45% of the urban Indians are planning to increase their health insurance spending in the next six months owing to pandemic-induced risk...


Date for renewal of health, motor insurance policies extended to April 21

The ministry of finance issued notifications on April 1, 2020, stating that the renewal dates of health and motor insurance policies which fall in...


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Changes in Our Business Model
Greetings from Moneylife Advisory Services
Between financial years 2019-21, SEBI has come up with extensive changes to investor advisor regulations. On Sep 23, 2020, SEBI had issued new additional guidelines. This comes just two months after extensive changes announced in July 2020. Earlier, in December 2019 there was an ad hoc circular
As a result of these changes, IAs, cannot accept fees through credit cards, will have to sign a 26-clause investor agreement, have to maintain physical record written & signed by client, telephone recording, emails, SMS messages and any other legally verifiable record for five years. IAs were already asked to record the suitability and rationale for every piece of advice given, sign them and store them for five years.
While these extensive and frequent changes, designed to strengthen the conduct of IAs are well-meaning, these have sharply increased compliance efforts and cost. We, being online advisors, find many of changes harder to implement, compared to advisors working in the physical space. We will have to have an army of advisors, administrative and tech staff to be compliant. If we do this, we will have to divert money to these areas and the cost of our service will double. We want to remain the least-cost service in the market to benefit more and more people. In the circumstances, we are forced to change our business model from “advisory” to “research”. This will mean the following:
What remains the same:
  • Recommendations on insurance, investment and Lion stocks, will continue as a part of the MAS premium subscription. Our strength has always been research and this will remain available to you through our recommendations.
  • The magazine and all textual content will remain as part of the service
  • The investools will have to be reworked and will offer model portfolios. We will have to suspend the restructuring tool.
What changes:
  • The interactions in Ask / Handholding will offer investment advice but not specific to your situation. It will offer information on investment products and also clarify your doubts about various financial products. It will be a forum for information, not for advice. This will be implemented with immediate effect and our guidelines in Ask, reflect this now.
Over the next few weeks our site and our communication to you will reflect these and other additional changes.
We feel this will not affect you much in terms of what really matters in investing: knowing what to buy and when to buy. This is our edge and it will still be available to you.
Debashis Basu