Published in Mint on Dec 02 2015 The Insurance Regulatory and Development Authority of India (Irdai) reiterated recently that when a policy is surrendered or discontinued, the insurer will have to follow the rules stipulated by linked and non-linked product regulations that came out in 2013. The regulator said so in a notification that came […]
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Tardy complaint handling and service hurts insurers
Published in Mint on 2 September 2015, Written by Kapil Mehta Last week, The New Yorker released a curated edition of its best cartoons over the past 90 years. My favourite is of two cavemen who have obviously just made a sacrificial offering. One of them looks quizzically at the other and says, “I don’t […]
Buying a pension plan? Pick annuity first
Published in Mint on Aug 17 2015 The Insurance Regulatory and Development Authority of India (Irdai) has now made it mandatory for customers who buy pension plans from life insurance companies to select an annuity option at the time of purchase itself. An annuity is a pension product that provides periodic income. You buy a […]
Five steps to take before tying the knot
published in Mint on Jun 12 2015 Kirtan Shah, 29, plans to get married this December, but the Mumbai-based certified financial planner and chief executive officer of Ambition Learning Solutions, already has a clear view of his financial role post marriage. “I have decided that I will take care of all household and leisure expenses. […]
Taking financial services to every person and household
Published in Mint on May 25 2015 The government has increased the focus on providing access to various financial services. It has launched the Jan Dhan bank accounts for financial inclusion, followed by three other schemes. It also introduced a small savings product for the girl child. Here’s a look at what these schemes offer. […]
Hospitals need soul-searching
Published in Mint on 13 May 2015, Written by Kapil Mehta Earlier this year Vijay (who wanted to be identified only by his first name), a blue-collar worker who has a medical insurance, suffered chest pains and was rushed to a prominent hospital in New Delhi. Vijay’s insurance was verified and was immediately admitted. Vijay […]
Moving abroad? Settle money matters first
Published in Mint on Apr 30 2015 Nitya Narayanan, a Thrissur-based 30-year-old school teacher, is planning to move to Saudi Arabia in June this year, with her four-month-old son and five-year-old daughter to join her husband there. Though she is looking forward to the move, she is worried about winding up things here. “Apart from […]
Banks may sell for more than one insurer
Published in Mint on April 02 2015 Paving the way for an open architecture in insurance distribution, the Insurance Regulatory and Development Authority of India (Irdai), has issued draft guidelines on corporate agents. Corporate agents are entities such as banks that solicit insurance policies for insurers. Agents are individuals doing the same job. According to […]
Financial instruments likely to cost more
Published in Mint on Mar 02 2015 Apart from mobile phone and restaurant bills, cost of financial products, too, will go up marginally due to the increase in effective service tax rate from 12.36% to 14%. The Finance Bill states: “In the new service tax rate the education cess and secondary and higher education cess […]
Baby steps towards financial planning
Published in Mint on Feb 16 2015 Do you remember the feeling that you had when you first held your child in your arms? Some say it was happiness, others say it was responsibility. A part of this sense of responsibility is to provide everything to the bundle of joy. According to a study conducted […]