To renew lapsed LIC policies that have expired, LIC runs a special revival campaign.

Life Insurance Company launched a unique initiative to reopen insurance policies that had expired, enabling policyholders to resume their coverage....


LIC Warns Policyholder About Fake Information With Regard to Penalty Charges for KYC Update

In a public notification, the Life Insurance Corporation of India stated that it does not impose any fines on customers who fail to update their Know...


For New Life Insurance policy, Covid-recovered Have to Wait For 3 Months

People who have recovered from Covid and wish to take a life insurance policy may have to wait for up to three months before they can avail it.


LIC launches campaign to revive lapse policies; offers concession on late fees

Life Insurance Corporation of India (LIC) launched a special campaign for the revival of lapsed individual policies, writes The Economic Times.


Rs 4,698.10 crore paid for death claims under PMJJBY last fiscal

The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) has settled more than two lakh death claims of around Rs 4,700 crore in the previous financial...


Life insurers first year premium declined by 5.6% in May

New premium income of life insurance companies declined by 5.6% to Rs 12,976.99 crore in May this year, according to the IRDAI data.


Wife not entitled to insurance money if not contributed by deceased husband, rules Madras High Court

The wife will not be entitled to any legal share in the insured money, if her deceased husband did not contribute any premium, the Madras High Court...


LIC eases claims process, life certificate requirements for its policies

Life Insurance Corp of India has eased its claims settlement process in a bid to help customers with the process during the pandemic, writes The...


Term life cover to become expensive as insurers look at recouping losses from Covid

Insuring life is set to get more expensive and harder in the fiscal year starting April, writes The Economic Times. Increased comorbidity risks due...


Insurance Cos asked to issue digital policies, use DigiLocker by IRDAI

Insurance sector regulator Irdai has asked insurers to issue digital policies to their policyholders and also tell them how to use these documents,...


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Changes in Our Business Model
25th Sept 2020
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
  • 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