Insurance

IRDAI has allowed life insurance companies to charge up to Rs.100 to change or cancel nomination in offline policies and up to Rs.50 to carry out such services in online policies.

Now banks can sell insurance policies of three life, three general and three standalone health insurance companies.

The new rates have come into effect from April 1, 2015.

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.