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Articles, Product Reviews, Views and Commentary on Insurance, Investments & Loans

Procedure for Complaints Redressal in Insurance

clock January 3, 2012 11:14 by author Admin
The Insurance Regulatory Authority (IRDA) has provided clear requirements / timelines for the resolution of consumer complaints. Under this process, consumers need to follow the following process: 1. In case of complaint/grievance against an insurance company for poor quality of service rendered b... [More]

Insurance e-repository for policies expected to be online in next 2 months

clock October 15, 2011 06:40 by author Admin
Irda has licenced five repositories, including National Securities Depository, Central Securities Depository, Stock Holding India, CAMS and Karvy, to manage policies in e-insurance policies in line with Sebi's securities depositories. Insurance repositories will hold all types of policies iss... [More]

IRDA's Integrated Grievance Management System

clock July 12, 2011 10:45 by author Admin
The Insurance Regulatory and Development Authority of India (IRDA) has recently launched its Integrated Grievance Management System (IGMS). The framework is a step by the regulator towards making it easy for customer to escalate any unresolved complaints or issues to the regulator and also track its resolution status online. [More]

Life Insurance IPO related disclosure norms issued by SEBI

clock October 25, 2010 19:03 by author Admin
SEBI issues disclosure norms for Life Insurance companies seeking to issue shares to public via an Initial Public Offer [More]

Withdrawal of Cashless hospitalisation

clock August 21, 2010 23:11 by author Admin
India’s health insurance industry has been growing at a considerable pace. According to a recent IRDA report, health insurance premiums have gone up by almost 10 times since 2001. No wonder four major public sector companies have withdrawn their cashless hospitalization on the plea that hospitals overcharge for cases that are insured. [More]

Benefits to Life Insurance Customers: Round 2 (IRDA plans a cap on traditional product charges)

clock August 16, 2010 22:01 by author Admin
IRDA is now reportedly looking at making a second round of changes to products (source: media reports) – this time for traditional or non-unit linked products such as endowments, term insurance and money-back plans. This move is targeted at the benefit of customers and so that they are not mis-sold policies and that they take only the amount of risk that they can bear. [More]

IRDA will continue to regulate ULIPs- customers to benefit

clock June 21, 2010 22:31 by author Admin
IRDA will likely continue to amend the structure for ULIPs to deal with issues raised so far and bring clarity with the new law which will be good for the overall financial services. The changes (some already implemented and others proposed) include compulsory life covers, increased policy term to 5 years, cap on charges, disclosure on commissions received by intermediaries and reduced surrender charges are all beneficial to the customer. [More]