News | Other Insurance

New IRDAI Regulations: KYC is mandatory for all insurance buyers

MAS Team 24 January 2023
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It was not necessary to complete KYC in order to purchase insurance policies prior to January 1, 2023.However,

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ICICI Lombard General Insurance Launches New Range of Products

MAS Team 09 December 2022
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General Insurance company ICICI Lombard has come up with a line-up of 14 new Insurance solutions across Health, Motor and Corporate segments.

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Government Notifies Increase in Motor Third Party Insurance Premium from 1st June

MAS Team 27 May 2022
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The central government has approved the new base premium rates for third party motor vehicle insurance.

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Insurance Firms Refusing Claims on Flimsy Grounds in Many Cases; Shouldn't be Too Technical: SC

MAS Team 21 May 2022
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Insurance companies are refusing claims in many cases on

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IRDAI Warns Against Buying Health Insurance Plans From Even Healthcare

MAS Team 16 April 2022
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On 13th April, the Insurance Regulatory and Development Authority of India (Irdai) issued a notice in public interest warning against buying health...

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LIC: Last Chance To Revive Your Lapsed Policies; Check Details Here

MAS Team 17 March 2022
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If you have taken a policy from the Life Insurance Corporation of India (LIC) and it has lapsed, then there is an opportunity to revive it. The LIC...

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LIC Alerts Customers Regarding Kanyadan Policy

MAS Team 17 March 2022
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Insurance behemoth Life Insurance Corporation of India offers a gamut of policies so as to assist in securing a person's financial future. However,...

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Mere Delay in Intimating Insurer of Vehicle Theft No Ground For Denying Claim, Says SC

MAS Team 12 February 2022
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The Supreme Court on Friday held that an insurance company cannot reject a claim on the basis that there was a delay in communicating the theft of a...

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Tax Benefit on Insurance For Disabled

MAS Team 04 February 2022
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In a relief to the disabled as well as their guardians, the Budget 2022 has introduced a minor taxation tweak in the insurance product for disabled.

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Nearly 30% of Indian population don't have any health insurance: Survey

MAS Team 05 November 2021
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Nearly 30% or 42 crore of Indian population don’t have any health insurance. The actual may be higher due to gaps in the existing scheme and...

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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.
 
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Debashis Basu
Founder