Published in Mint on 21st March 2018. After being chided by the Delhi High Court for turning a blind eye to how insurance companies are misusing the exclusion clause of genetic disorders in health insurance policies, the Insurance Regulatory and Developing Authority of India (Irdai) has asked insurance companies to remove genetic disorders from the […]
Media
More Indian companies taking cyber insurance cover
Published in The Times Of India on 15th March 2018. BENGALURU: The ransomware attacks over the past two years has significantly increased Indian companies’ desire to take cyber insurance. Gurgaon-based Secure-Now, an insurance brokerage and risk advisory firm that works with companies in the e-commerce and mobile wallets space, said it saw a 200% increase […]
High Court pushes for clean health insurance
Published in Mint on 6th March, 2018. The fuzziness in drafting exclusionary clauses has made buying a health insurance policy a risk in itself in India. Vague, broad-based definitions and interpretation of clauses can leave you with a policy but no real cover. But now it’s time for a clean-up. In a 26 February 2018 […]
New regulator should move away from micro-managing
Published in Mint on 19th February, 2018. Mint’s Insurance Conclave 2018 in Mumbai, held on 13 February, saw a discussion on IPOs and changing market trends in the life insurance industry. The panelists included Amitabh Chaudhry, managing director and chief executive officer, HDFC Standard Life Insurance Co. Ltd; Arijit Basu, managing director and chief executive […]
Reducing costs in traditional insurance plans
Published in Mint on 5th February, 2018. While most insurers favour status quo, will the lowering of surrender charges in traditional insurance cum investment plans benefit the policyholders? We ask the experts. R.M. Vishakha, MD and CEO, IndiaFirst Life Insurance Co. Ltd Unit linked insurance plans (Ulips) are market-linked, and investor bear the risk of […]
Budget 2018: Rs5 lakh Modicare for the poor
Published in Mint on 2nd February, 2018. The budget 2018 focussed on senior citizens and people from the lower-income group. While increasing the tax deduction should encourage individuals to buy more health insurance, the flagship National Health Protection Scheme that the budget 2018 announced will cover over 10 crore poor and vulnerable families or about […]
Budget 2018: Merging state-run general insurance companies for better valuation
Published in Mint on 2nd February, 2018. The Budget 2018 announced the merger of three state-run general insurance companies: National Insurance Co. Ltd, United India Insurance Co. Ltd and Oriental India Insurance Co. Ltd; before listing them on the stock exchanges as a part of its disinvestment programme. New India Assurance Co. Ltd, the fourth […]
Buy health insurance early, get price benefit
Published in Mint on Jan 27 2016 The Insurance Regulatory and Development Authority of India (Irdai) released a draft exposure on health insurance regulations on 19 January 2016, seeking to make minor changes to the existing health insurance regulations of 2013. The draft is a result of the recommendations of the insurance committee that was […]
Is claim settlement by insurers a worry?
Published in Mint on 17th January, 2018 In 2015 the rules for settling death claims for the life insurance industry changed significantly. As per the Insurance Laws (Amendment) Act, 2015, life insurance companies have to compulsorily pay all claims made 3 years after the commencement of a policy. Earlier, insurers had a 2-year window to investigate […]
More payment for distributors sought
Published in Mint on Jan 14 2016 The Insurance Regulatory and Development Authority of India (Irdai) came out with a draft circular on the payment of commission to insurance agents and intermediaries on Wednesday. The Insurance Laws (Amendment) Act, 2015, gives powers to Irdai to decide remuneration structure for distributors. The draft also specified rewards […]