Sources said some of the provisions that may be included in the amendment bill include composite license, differential capital, relaxation in solvency norms, issuance of captive license, changes in investment rules, one-time registration for intermediaries and allowing insurance companies to distribute other financial products.

You will get this facility

This move may allow the entry of different insurance companies like in the banking sector. The banking sector is currently classified as universal banks, small finance banks and payment banks. The provision of overall license will allow life insurance companies to underwrite health insurance or general insurance policies. As per the provisions of the Insurance Act, 1938, life insurance companies can provide only life insurance cover, while general insurance companies can provide non-insurance products like health, vehicle, fire etc.

Also Read: Gold Price Policy: Now the price of gold will be the same across the country, preparing to implement the One Nation One Rate Policy

Draft is ready, will be sent to the cabinet

IRDA does not allow overall licensing for insurance companies. In such a situation, an insurance company cannot provide both life and non-life products as a unit. Sources said that the draft of the bill is ready and it has to be sent to the Cabinet for approval. He said that the Finance Ministry hopes that it will be introduced in the upcoming session.

That is why the bill is being brought

Sources said that the proposed amendments mainly focus on promoting the interests of policy holders, improving returns to policy holders, facilitating the entry of more participants, promoting economic growth and employment generation, increasing the operational and financial efficiency of the insurance industry and ease of doing business. The Finance Ministry had invited comments on proposed amendments to the Insurance Act, 1938 and the Insurance Regulatory Development Act, 1999 in December 2022.

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The Insurance Regulatory and Development Authority of India (IRDAI) has issued a major order regarding insurance products. The insurance regulator has completely banned the advertisement of a particular type of insurance product. The regulator believes that this product is not for investment, but should be sold for protection. This order of IRDA will affect the companies along with the agents selling insurance products, while customers will get clarity in buying the product.

Also Read: Good news for Govt employees! 8th Pay Commission proposal received, this will be the salary structure

IRDA has issued a major notification banning the promotion of ‘Unit Linked Insurance Plans’ (ULIPs) as investment products. IRDA’s notification dated June 19 said that ‘unit-linked’ or ‘index-linked’ insurance products will not be advertised or promoted as ‘investment products’.

Clear instructions to insurance companies

IRDA said, insurance companies will have to clearly state that market-linked insurance plans are different from traditional endowment policies and they also carry risk. Similarly, participating (with bonus) endowment policies will have to state upfront that the estimated bonus in profits is not guaranteed. IRDA said that risk factors will be disclosed in all advertisements of linked insurance products and annuity products with variable annuity payment option.

Why was the ban imposed?

Actually, many insurance companies offer ULIP insurance product as an investment option. In its advertisement and promotion also, the companies and agents describe this product as an investment. IRDA is upset with the fact that insurance product should be offered only for security and not as an investment option.

What is ULIP Insurance

ULIP means Unit Linked Insurance Plan, which promises to give you the benefits of life insurance along with returns on the premium deposited. Companies invest the money of ULIP premium in various options including equity and debt market and lure their customers with returns along with insurance protection. This is the reason why many companies and agents also offer it as an investment product.

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The Insurance Regulatory and Development Authority (IRDA) issued a basic circular on health insurance on Wednesday. In this, the insurance regulator clarified that the insurance company will have to decide on allowing cashless treatment within one hour of the request. IRDA said in a statement that 55 circulars already issued on health insurance products have been repealed. This is an important step towards strengthening the empowerment of policyholders and promoting inclusive health insurance.

Insurance companies will have to decide on treatment permission within 1 hour of the request and settle the claim within 3 hours. These three hours will start when the hospital informs them for the claim. Also, this circular states that the policyholder does not need to provide any documents to prove the claim. According to the circular, this work will have to be completed by the insurer and TPA in coordination with the hospital.

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The insurance regulator said, “The circular brings together the entitlements in health insurance policy available to policyholders/prospects at one place for their easy reference and also emphasises on measures to provide seamless, faster claim experience to policyholders purchasing health insurance and to ensure enhanced service standards in the health insurance sector.”

It states that insurance companies will provide a wide range of options to suit the affordability of the policyholders by offering a variety of insurance products for all ages, regions, medical conditions/all types of hospitals and health care providers by providing ‘products/add-ons/riders’. It also mentions the Customer Information Sheet (CIS), which is provided by the insurance company with every insurance document.

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Insurance regulator IRDA directed insurance companies to settle claims at the earliest in states affected by Cyclone Biperjoy. In a notification addressed to CEOs of all general insurance companies and health insurance companies, the Insurance Regulatory and Development Authority of India (IRDAI) said that all claims should be surveyed immediately. Along with this, the claim payment should be done as soon as possible, and it should not take more time than the prescribed limit.

What the insurance regulator said: IRDA said, “Insurance companies shall encourage policyholders to make maximum use of electronic communication for correspondence while making claims and filing all relevant documents. Efforts will be made to ensure that as far as possible digital processes are adopted for assessment of claims.

The regulator has asked insurers to mobilize all resources to ensure prompt service response. This includes the services of investigators, surveyors and loss adjusters for speedy settlement of claims of the affected people after the cyclone.

Help from helplines: The notification said that insurance companies will assist claimants through their own 24-hour helpline, special claim counters at district level for speedy processing and settlement of claims with claim settlement teams. Let us tell you that Cyclone Biparjoy is expected to cause huge damage to infrastructure including properties (housing and business) in many states.

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Meanwhile, the Insurance Regulatory and Development Authority of India (IRDA), working under the Government of India, has given important instructions. The Insurance Regulatory and Development Authority of India (IRDAI) has asked insurance companies to set social media guidelines for their employees.

Insurance

The insurance regulator has asked to ensure that no unauthenticated or confidential information related to the organization is disseminated through these forums. IRDA said that the reputation of an organization is largely related to the behavior of its employees and social media should be used in such a way that it adds value to the business of the organization.

In this regard, IRDA has issued information and cyber security guidelines to all insurance companies . It has a specific clause on ‘acceptable use of social media’, which states that employees should not share any unconfirmed or confidential information on “any blog/chat forum/discussion forum/messenger site/social networking site”. should be avoided.

Internet

IRDA has given many more important instructions. IRDA also said that while making personal posts on the Internet, individuals should make it clear that these are their views and do not represent the views of the organization. It is also very important to inform that the post has nothing to do with the organization.

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Panda said that Kshama General Insurance has recently got the general insurance license. Earlier in the life insurance sector, licenses were given to Credit Access Life and Eko Life at the beginning of the year. The regulator is considering about 20 more applications.

23 life insurance companies are working

Speaking separately during a program of industry body FICCI, he said that last time licenses were given in 2011 in the life insurance sector. Presently 23 life insurance companies and 33 general insurance companies are working in the country.

How much has been the premium price?

The assets under management in the insurance industry stood at Rs 59 lakh crore and premium value Rs 10 lakh crore in February, up 16 per cent year-on-year.

What did the chairman say?

Panda called upon the industry to take ‘Insurance for All by 2047’ not as a slogan but as a campaign and act upon it. He expressed confidence that the set target can be met ahead of time. He said that in order to achieve this goal, the industry will have to take out-of-the-box steps and adopt more and more technology so that they can develop more and more products, which are affordable and accessible to people who have not been able to access them so far. are not covered.

Work should also be done for the employees, the chairman of IRDA also said that the industry, which is considered to be the backbone of the economy, should look into bringing under its purview the deprived sections like small enterprises. He said that products should also be developed for the employees working temporarily in different sectors.

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LIC superhit plan

Significantly, Life Insurance Corporation of India (LIC) guarantees you savings and protection. The special policy that follows the rules of Insurance Regulatory and Development Authority of India i.e. IRDA is LIC Jeevan Pragati Plan. Not only can you become a millionaire by investing in it, but it also comes with risk cover. This plan was launched on 3 February 2016.

Will get death benefit

In the Jeevan Pragati plan of Life Insurance Corporation of India, regular premiums have to be paid. In this policy, you also get a life cover (Death Benefit), which increases every 5 years. This amount depends on how long your policy has been active.

Know the features of the policy

• In this, 100% of the Basic Sum Assured (Basic Sum Assured) is paid on the death of the policyholder for 5 years from the date of taking the policy.
• At the same time, 125% is paid on the death of the policyholder between 6 years to 10 years of taking the policy, 150% between 11 to 15 years and 200% between 16 and 20 years.
• Accident benefit and disability rider can also be availed in this plan. For this you have to pay some extra amount.
• After the maturity benefit of Jeevan Pragati plan, you will get an amount of Rs 28 lakh.

How much and how will you get the amount?

You have to invest in it for 20 years. The investor will have to invest 6 thousand rupees per month i.e. 200 rupees every day. This policy can be started from the age of 12 years. The maximum investment age in this is 45 years.

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IRDA said that the purpose of this decision is to make it easier to do business in the insurance industry and to protect the interests of policyholders. The regulator has given information about this by issuing a circular. Till now retirees included in NPS had to submit a withdrawal form with the Pension Fund Regulatory and Development Authority (PFRDA) and a resolution form with the insurance companies.

IRDA said that now the withdrawal form of NPS will be treated as the proposal form for purchase of pension. This will facilitate senior citizens as well as insurance companies. Who gives pension insurance companies are the only pension service providers. These are regulated by the insurance regulator. These are listed by PFRDA.

These companies give pension to NPS subscribers based on the amount deposited by them. There are managers handling the pension fund of PFRDA under NPS. They invest this fund in different options as per their discretion. As per the PFRDA norms, members will have to use at least 40 per cent of their accumulated pension corpus to purchase monthly pension products.

Apart from this, the remaining amount can be taken in a lump sum. What is NPS It is a long term investment scheme which is protected by the central government. In this, people are encouraged to invest so that they can get a good pension and lump sum amount after retirement. Only armed forces cannot invest in this scheme.

Talking about the returns, this is a market linked scheme, so the returns in it keep on changing, but on an average, investors get an annual return of 8-10 percent. You can also get tax exemption by investing in it. You can start investing in this till the age of 50. NPS matures at the age of 60 years.

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