Insurance

IRDAI has asked insurance companies to remove cap on sum insured from AYUSH treatment.

The insurance regulator has asked insurance companies to deduct commission expenses in directly sourced policies.

The new commission structure will be applicable for three years.

The insurance regulator will review the existing guidelines for agents, broker and other intermediaries.

The annuity product will give back 100% of premiums paid at any time starting from the date of purchase.

Of the total 26.28 lakh life insurance agents, 27% of them or 7.24 lakh agents sell general insurance policies. This number was 11.58 lakh for standalone health insurers.

The Gurugram Court has issued order against a policyholder and his agent’s spouse for forging policy document.

Narayana Health runs one of country’s largest hospital chains.

In terms of AUM, LIC, SBI and ICICI Prudential are the top three players.

Also, the company offers cash support to policyholders in reimbursement claims.

While individual agents contribute 53% to the total new business premium collection from individual investors, their contribution in health business is very significant at 73% of the total individual premium.

The life insurance industry paid gross commission of Rs.42,300 crore in FY 2023. Even the first-year gross commission was 20% of the total premium received from regular premium paying policies during FY 2023.

Subscribers can make NPS contribution through any UPI app like BHIM, GPay and PhonePe.

These funds can levy fee in line with ULIPs.

Investors can avail insurance coverage of 100 times of their annual premium.