IRDAI

IRDAI Tightens Grip on Insurance Commissions

IRDAI Tightens Grip on Insurance Commissions as Costs and Mis-selling Concerns Grow

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IRDAI is concerned about the sharp rise in commission payouts by insurers, which has caused several companies to breach prescribed expense limits. The regulator believes excessive commissions can increase policy costs for customers and may encourage mis-selling of insurance products. In response, IRDAI has intensified scrutiny of insurers and is preparing new rules to bring agent commissions and rewards under tighter regulatory control.

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Why insurance is crucial for financial security? Know from insurance experts

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Insurance is crucial for financial security and because of the unfortunate COVID-19, there has been a substantial improvement in awareness. Despite understanding the importance of insurance, people tend to postpone purchasing a policy, often due to misconceptions about the costs or a belief that they can delay it without consequence.

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Will ‘Sabse Pehle Life Insurance’ Campaign get attention?

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The insurance industry has launched a similar initiative called “Sabse Pehle Life Insurance” aiming to boost life insurance penetration in India. The Life Insurance Council announced this campaign to enhance awareness and help people understand the importance of life insurance. The campaign provides an opportunity to distinguish between pure protection products and protection-cum-investment products.

#LifeInsuranceCouncil #Campaign #InsuranceAwareness

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Risk Management in Health Insurance – The Way Forward

Health Insurance /

Risk Management in health care and health insurance plays a seminal role in protecting the interest of policyholder, distribution and of course companies itself. It is imperative that in the health care or health insurance organisation it should have qualified risk managers to identify, assess, develop, implement and monitor the risk management process.

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New IRDAI Rule: Health Insurers can’t deny claims due to pre-existing condition non-disclosure after five years

Health Insurance /

The IRDAI has shortened the eight-year moratorium period that renders claims unrebuttably due to omission of pre-existing disease disclosure to five years. Similarly, policyholders will now only need to wait three years rather than four for their declared pre-existing conditions, like diabetes or hypertension, to be covered due to a shortened waiting period for pre-existing illnesses, according to Dr. B. Mishra, Director of Claims, Underwriting and Product Niva Bupa Health Insurance.

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