Archive for September, 2011

Insurers can’t deny clams mere ground of delay

Friday, September 23rd, 2011

Insurers can’t  deny clams mere ground of delay                  

Insurance companies   can not deny claim  of theirs  consumers on the fussy grounds

Insurance regulatory authority ( irda) issued a circular to all companies not to deny claims on the ground that document were  not     submitted in time.Irda said that claims were rejected by insurer  on the ground of delayed intimation an  submission documents The regulator  has asked  companies to incorporate additional wording in policy documents to avoid such instances in future ,claims should be rejected on the basis sound  logic  and valid grounds only

Good News for Policy Holders of Insurance

Tuesday, September 20th, 2011

Good News for Policy Holders of Insurance

Insurance Regulatory development Authority (Irda) the apex regulatory body for insurance is planning minimum death benefit at the  five times of premium paid by policy holder .The irda is wary of low life risk covers associateted with some traditional policies planning to introduce a minimum death benefit plan at five times the annual premium.

The move comes after a surge in sales of traditional plans across the industry. Since September last year when the stringent norms on unit – linked guidelines came into force, insurances companies started focusing more on traditional plans. As a results, sale of ulips, which earlier constituted 80 percent on the total volume, came down drastically. During April-July this year, life insurance companies collected 26,794 crore by written new policies and traditional plans accounted  for nearly 80 percent of that.