Insurance regulator Irdai on Wednesday said any revision in the policy needs to be informed to policyholders 90 days in advance.
The insurer also violated norms related to premium collection with regard to ULIP products thus inviting a fine of another Rs 5 lakh.
The upward increase in revision would add about 35 lakh new members to the ESIC pool, Dattatreya said.
Irdai had has allowed extension of grace period by an additional 30 days for all policies issued by life insurers the premium of which fell/falls due on or after November 8, 2016 till December 31, 2016
With penetration-premium as a percentage of GDP at 2.6 per cent for life insurance and 0.7 per cent for non-life insurance, there is huge untapped potential in the Indian market.
More than 50 lakh passengers have opted for train travel insurance scheme till Thursday afternoon making the passenger-friendly initiative a big hit.
The move will benefit over 29 crore individual policyholders of the national insurer as well as over 12 lakh group policyholders.
Many people buy life insurance policies just to save tax as the premium paid is eligible for deduction under Section 80C
Insurance sector regulator IRDAI is mulling to bring in uniform discloser norms for both listed and unlisted companies.
The government is taking action against companies not authorised to sell health insurance but were doing so. Responding to a supplementary in the Question Hour, Minister of State for Finance Santosh Gangwar said the government was vigilant towards such acts by certain companies and investigation was on in some cases and fines have been imposed in a few cases.
Insurance regulator Irdai has imposed a fine of Rs 5 lakh on Bharti AXA General Insurance for violating health insurance guidelines.
Government owned non-life insurer United India Insurance Company Ltd has taken a preliminary decision to list its shares through an public offer raising around Rs 1,500 crore, said top officials on Thursday.
Regulator Irdai has asked insurance companies to file details of their business in the rural and social sectors, a move aimed at checking if they are fulfilling their obligations in these two areas.
Health insurance companies provide a plethora of products to cater to different needs of people. More recently, the insurance companies have come out with disease-specific covers.
Insurance premium collection in India grew by 7.9 per cent in 2015 as demand for both life and non-life products was strong, a global study said today. The rate of rise in insurance premiums, life and non-life, in 2015 was significantly higher than the previous year's 1.2 per cent.
Even as a RBI report on Tuesday favoured distribution of insurance products by banks, it warned of possibility of mis-selling, especially in the light of reported attractive performance-linked incentives for banks' staff and management.
Are you fully insured? Many of you may answer yes. A life insurance policy takes care of the financial needs of your family after you and health insurance policy provides for the medical expenses in case of hospitalisation.
The new premium collected by life insurers rose by 26.6 per cent in May to Rs 10,610.10 crore. The insurers had collected new premium of Rs 8,382.67 crore in the same month of 2015.
Regulator IRDAI on Wednesday directed general insurance companies not to use coercion or force to obtain discharge vouchers or receipts of settlement of claims, from insured persons.
Non-life insurers are bullish about Pradhan Mantri Suraksha Bima Yojana (PMSBY) and have drawn up ambitious plans to bring in more people under the scheme whose claim ratio has shot up to around 100 per cent.