Insurance

Majority of investors seek agent’s advice before buying health insurance policies, reveals a Max Bupa Health Insurance study.

The application enables distributors to purchase policies online.

Apollo Munich had distributed its insurance policies through Makemytrip.com which is not a licensed insurance intermediary.

Non-life insurance companies particularly private insurers refuse to issue third party motor insurance and push comprehensive own damage cover to the policyholders.

Insurance companies can directly recruit agents; existing agents may not be required to pay license renewal fee. The guideline will come into effect from April 1.

Though the new bill has paved the way for hike in commission payouts, it comes with caveats.

The life insurance industry is likely to attract inflows of Rs. 40,000 crore to Rs. 60,000 in the next five years due to the hike in FDI limit, states SBI in its research report titled ‘Ecowrap’.

The bill made its way after a logjam of six years.

The insurance regulator has proposed to hike third party premium to up to 108% for vehicles with engine capacity not exceeding 1000cc.

The product offers a dual protection feature through the smart benefit.

Indian insurance industry is expected to be one of the top 10 markets by 2025, projects Confederation of Indian Industry (CII).

IRDA can remove cap from commissions paid to the agents for selling insurance policies.

Initially, individual agents can sell insurance policies of two life insurers, two general insurers and two health insurers.

FM has proposed to increase the limit of deduction on health insurance premium to Rs. 25,000 and Rs. 30,000 for individuals and senior citizens respectively.

Exemption of service tax from health insurance premium and increasing the tax exemption slab for premium paid will be a stimulus to the industry’s growth.