Insurance Act Amendment Bill | Non Life Insurance Latest News | Business News Hindi | ET Now Swadesh |
बीमा कानूनों को लेकर बड़ी खबर है कि, नॉन लाइफ इन्शुरन्स ने वित्त मंत्रालय को पत्र लिखकर बीमा कंपनियों के लाइसेंस पर विरोध जताया है। Insurance Act में बड़े बदलावो करने के लिए वित्त मंत्रालय ने ड्राफ़्ट के जरिए सभी कंपनियों से सुझाव मांगे थे। इस दौरान नॉन लाइफ इंश्योरेंस कंपनियों ने कंपोजिट लाइसेंस, न्यूनतम कैपिटल पर आपत्ति जताई है। ज्यादा जानकारी के लिए देखिए पूरी खबर
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What is Insurance shortly in hindi? बीमा क्या है संक्षेप में?#shorts #short #jharkhand new…
Description : This video is for mainly people & vlog information purpose. My channel will give you all update our thoughts.Sabhi ko hamare is channel par swagat hai. Dosto hamare is channel par jivan se Jude samadhan ka rah bhi milega. Jiska upyog kar app purn rup se santusht honge. Logon ki santushti hamari prathmik chinta hai. Copyright disclaimer under section 107 of the copyright act 1976 allowance is made for ” fair use “. Follow me on Instagram Facebook Twitter WhatsApp WhatsApp business. Ab aap is video ko like share and subscribe kar comments jarur se jarur kare taki aap ko notification milata rahe.
Insurance…..
पर्याप्त जीवन संरक्षण बीमा जो बदल दे आप की दुनियां ।
( इसकी जबाबदेही भारत सरकार पर हैं )
Your queries…..
Insurance क्या होता है?
इंश्योरेंस क्लेम?
इंश्योरेंस कैसे चेक करें?
इंसुरेंस इंटरव्यू क्वेश्चन एंड आंसर।
Insurance application form ielts listening?
बीमा एजेंट कैसे बने?
बीमा कंपनी
Insurance maths for competitive exams.
Insurance policy
Insurance class 11 business studies.
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Easing compliance burden for insurers, regulator Irdai on Tuesday rationalised health insurance business returns reporting norm by reducing the number of returns that need to be filed in a year.
Insurance Regulatory and Development Authority of India (Irdai) said the move is part of promoting ease of doing business for insurance companies and it has been constantly striving to reduce the compliance burden for all the regulated entities.
Towards this endeavour, the health insurance returns being filed by the insurance companies have been significantly reduced, it said in a circular.
“Now, the general and health insurers will have to file 8 returns and life insurers will be filing 3 returns in place of 17 returns being filed currently. This step will further help insurers in focusing on their business rather than a plethora of compliances and in turn help in increasing the insurance penetration in country,” it said.
These revised reporting norms will be applicable with immediate effect.
In India, insurers are mandated to submit various returns to the regulator, including financial statements on annual basis, valuation of assets and liabilities as well as solvency margin and actuarial report.
Among others, reporting of financial condition for life insurance business; Incurred But Not Reported (IBNR) claims in case of general insurance business; reinsurance plans on an annual basis; and monthly statement on underwriting of large risks in case of general insurance companies are also mandated.
They are also required to report about the details of capital market exposure on a monthly basis; investment policy, quarterly and annual returns on investments.
The insurance regulator is carrying out a series of reforms in the sector to promote ease of doing business for the insurers.
In July this year, minister of state for finance Bhagwat Karad said in Parliament that Irdai has formed several working groups in order to make a comprehensive review of the existing regulations under the aegis of Life Insurance Council and General Insurance Council.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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PRI ECO GEN NAT .MUMBAI DCM2 Edelweiss Edelweiss General Insurance Includes LGBTQIA+ Community for its Group Health Insurance Policy Mumbai, Maharashtra, India (NewsVoir) Digital insurer Edelweiss General (EGI) has announced that it has extended its Group Health Insurance policy to include members of the LGBTQIA+ community. EGI’s revamped group health policy now covers both LGBTQIA+ and unmarried partners (partners of same or other gender, who may be living in). The policy will also cover disabled children without any age limit and dependent children (with no disability) up to 30 years of age. EGI’s policy is a big step towards a more inclusive healthcare framework, given the fact that traditionally, group health policies only included the legally wedded spouse of individuals. Companies opting for EGI’s group health cover can now offer comprehensive cover customized for the needs of diverse employees. Commenting on this development, PoojaYadav, Chief Product Officer, Edelweiss General Insurance, said, As an organisation, we believe in diversity and inclusion. Access to good healthcare is every individual’s right. We are happy to extend our policy to include members of the LGBTQIA+ community and unmarried partners. We must keep pace with the evolving definition of family. We are positive that our small step will help slowly transform workplaces and help build a more welcoming work atmosphere for the LGBTQIA+ community. EGI’s group health insurance policy takes care of all hospitalisation expenses, pre and post hospitalisation expenses (30 and 60 days respectively), day care treatments, domiciliary hospitalisation and AYUSH treatments. Policy can be customised as per requirement of the customers. The policy also offers many other benefits including: 1. Premium payment on Instalment basis 2. Wide range of covers including Maternity cover, Personal accident cover options 3. Deductible or co-payment option against claims made during the Policy Period 4. Options for Room Rent capping, etc. About Edelweiss General Insurance Edelweiss General Insurance (EGI) is a full stack Insurtech and one of the fastest growing players in the Indian non-life Insurance market. It is a digital Insurer that aims to transform insurance making it easy, friendly and transparent. Its digital platform powers fantastic customer experience, innovative solutions and efficient service delivery. It started operations in 2018 and has won multiple awards at renowned industry forums for product innovation and its digital platform. It is India’s first cloud native insurer and the first insurer to launch an open API platform. It has 2 million active customers and a growing omni-channel distribution on digital rails. EGI has presence across key digital marketing places and partnerships with PolicyBazaar, Phonepe, Ola, ClearTrip, Dunzo, Intermiles, PayNearby, Instakart, Zopper, Riskcovry, Ashv Finance, Avanse Financial Services, Star Housing Finance, Mahindra, Tata, Jeep, Okinawa, Royal Enfield, etc. Consumer insight driven strategy coupled with technology-powered execution is what differentiates EGI in a competitive market. It aims to deliver innovative solutions to customers by leveraging data, analytics and proactive market sensing. For more information, please visitwww.edelweissinsurance.com. (Disclaimer: The above press release comes to you under an arrangement with Newsvoir and
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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An alternative mode of resolving disputes over insurance claims has helped dispose of 32 per cent more complaints in 2021-22 year-on-year.
Insurance ombudsmen disposed of 40,527 complaints against insurance firms across the country during the year, compared with 30,596 in 2020-21.
While the break-up for 2021-22 is not available, complaints relating to health insurance made up a third of the total number cases disposed of by ombudsmen in 2020-21, a period marked by the first wave of Covid-19.
The Delhi office settled 3,830 complaints in 2021-22, or 9.4 per cent of the all India figure, Sudhir Krishna, Insurance Ombudsman in the region told reporters in New Delhi.
Of this, almost 30 per cent, or 1,129 complaints, related to health insurance, he said.
Bejon Kumar Misra, member of advisory committee, Insurance and Regulatory and Development Authority of India (Irdai) wondered why insurance firms don’t tell consumers they can approach ombudsmen in case disputes arise.
Ombudsmen are an alternative mode of settling insurance disputes, constituted under rules framed by the finance ministry in 2017. The other routes include moving consumer courts, which are time consuming and expensive. No fee is charged for approaching ombudsmen.
However, in order to approach the ombudsman, the complainant must first move the insurer’s grievance cell. If he does not receive a satisfactory resolution within a month, he can approach the ombudsman concerned.
An Ombudsman can resolve the complaints through conciliation or through an award. The award is binding only on the insurance company, not the consumers. This means the consumer can challenge the award in court.
As many as 60 per cent of the complaints resolved by ombudsmen in 2021-22 were through conciliation and the remaining through awards, Krishna said. Eighty-one per cent of the complaints were against private insurers and the rest against LIC and PSU general insurers.
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As the pandemic hit lives, the economy, and livelihoods, 2021-22 witnessed a sharp spike in insurance policies being surrendered ahead of their maturity. Data show that more than 2.3 crore life insurance policies were surrendered during the year — more than three times the number of policies (69.78 lakh) surrendered in 2020-21.
It is ironical that at a time when one is in desperate need of his/ her money, while surrendering a traditional policy (endowment or money back), policyholders in the majority of cases end up with a surrender value that is even lower than the premiums paid.
In case of unit-linked plans, it may result in lower returns on the capital investment. It is, therefore, very important to understand the pitfalls of surrendering, and to evaluate all options before you decide to do so.
What should you look for before surrendering your policy?
The first thing that one needs to check is the surrender value. “Often, people don’t check the surrender value, and assume that the current value of the policy is what they will get if they surrender. It is only later that they realise that what they have received is much less than the current value. So one must check the surrender value before taking the decision,” said Surya Bhatia, founder, AM Unicorn Professional.
Advisers say that policyholders must also evaluate the reason for surrendering the policy, and the various options they can explore with insurance companies. Individuals must look at the reason for surrender — whether they need the money or they think they can’t make future premium payments — and accordingly make their decision.
If one is looking to surrender the policy because they believe they can’t pay future premiums, the policyholder must reconsider.
“After you finish with the minimum period of paying premiums, you have the option to either surrender or stop paying further premiums. Very often this is referred to as paid-up status, where you stop paying the premium and the benefits of your policy reduce proportionately in line with the reduced payment period, Vishal Dhawan, founder, Plan Ahead Wealth Advisors, said.
“So,” he said, “if someone needs to control future cash flows, the individual must explore the paid-up option. Many a time, paid-up options are not looked at by people, and they think that they can either continue or surrender.”
If one is in need of money, one can consider taking a loan against the policy, if the requirement is for a temporary period.
In cases where one is looking to surrender the policy to avoid risk of asset class (volatility in equity markets) in case of Ulips, one has the option to move the money from equity underlying fund to something that is debt-oriented.
There are several pitfalls, including losing the insurance cover linked to the policy.
The biggest impact that premature surrendering has is on the return you get out of the policy, as surrender value is much less than what you can get on maturity.
There is no standard answer as to what a surrender value can be — it depends upon the kind of policy (traditional or unit linked), years of premium paid, and term of the policy.
Financial experts say that in case of money-back, endowment, and whole life plans, individuals suffer big losses on account of surrendering the policy and can lose around 50 per cent of the premium paid.
In case of Ulips, since they can’t be surrendered till the fifth year and can only be done at the end of the sixth year, experts say that there is not much loss. However, it does impact the return for the investors because of early termination of the policy.
Another impact is on the aspect of taxation. “People often miss the fact that while the policy is tax-free at maturity, if you surrender ahead of maturity, you miss out on that as it attracts tax at the marginal tax rate applicable to the individual policyholder,” Bhatia said.
Should you surrender your policy at all?
As the drawbacks of surrendering are many, financial advisers suggest that it should be one of the last options. It is advisable that when in need of money, investors should carefully look at their entire investment corpus — mutual funds, insurance policy, fixed deposits, bonds, etc. — and after understanding the implications of giving up each of them, they should figure out which one should go first, and which should be taken up last.
“When you explore all the options and take a measured approach, you will end up taking a better decision, Dhawan said. He added that “while one can still do it with investment policies, it is crucial that one doesn’t do it with term policies”.
Bhatia said that surrendering a policy should be the last resort. “Explore other options. Only in the case of Ulip plans, if the policy is not working according to the plan, you may look to surrender — but that too to reinvest in a better performing policy or other financial instrument,” he said.
For more information call us at 9891563359.
We are a group of best insurance advisors in Delhi. We are experts in LIC and have received number of awards.
If you are near Delhi or Rohini or Pitampura Contact Us Here
