Insurance

The penetration of Indian insurance has marginally improved in one year. However, the country is much behind the global average of 7.23%.

In April 2020, IRDAI had urged insurance companies not to pay any dividend to policyholders and conserve capital in the interests of policyholders.

Individual agents account for 60% of new business in life insurance.

Life and nonlife companies received 33,000 claims related complaints each.

ILIPs will track market index with the benefit of insurance cover.

In fact, 14 private life insurers have better individual death claim ratio than LIC India.

IRDAI asks life insurers to offer the standard individual immediate annuity product, called ‘Saral Pension’ from April 1, 2021.

The standard travel insurance policy will be available from April 1, 2021.

While life insurers saw a 2% decline in new business premium collection, general insurers record a marginal growth of 3% in 2020.

So far, ULIP investors. Wealthy investors were drawn to ULIPs as ULIPs were exempted from paying capital gains tax.

Yesterday, we had reported that no agent can become a director anywhere. However, the restriction applies only to directorship of LIC.

ULIPs will be taxed liked MFs if annual premium exceeds Rs.2.50 lakh.

While life insurers saw a 2% decline in new business premium collection, general insurers record a marginal growth of 3% in 2020.

IRDAI committee has submitted recommendations on standard professional indemnity policy for insurance intermediaries – corporate agents, brokers, insurance marketing firms and web aggregators.

NPS subscribers can partially withdraw 25% of funds after 3 years for specific needs.