Indian consumers will soon be able to access multiple financial services using a single, unified identity record. Starting in August 2026, commercial banks and insurance companies will roll out Central Know-Your-Customer 2.0 (CKYC 2.0), a revamped digital registry that eliminates the need to submit fresh identity documents whenever opening an account or purchasing a policy.

The initiative, jointly managed by the Reserve Bank of India (RBI), the Securities and Exchange Board of India (SEBI), and the Insurance Regulatory and Development Authority of India (IRDAI), aims to modernize customer verification across the country’s financial landscape.

Mutual funds, wealth managers, and stock brokerages are expected to integrate into the network within four months following the initial rollout as regulators clear sector-specific guidelines.

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Fixing Legacy Issues with Data Confidence Scoring

While India created a centralized KYC repository containing over 1.2 billion entries over a decade ago, institutional adoption remained low due to duplicate records, missing data, and inconsistent verification standards. Because regulators frequently rejected repository records, financial institutions continued requiring customers to resubmit physical or digital documents for every new relationship.

CKYC 2.0 resolves this friction by embedding a dynamic accuracy rating—known as a confidence score—into every customer profile.

Developed by technology integrator Protean eGov Technologies, this scoring mechanism evaluates data reliability and indicates whether an individual’s details have already been verified by a regulated institution. The matrix gives prospective providers a clear assessment of how much they can rely on existing central records before completing onboarding.

How Consent-Driven Verification Works

The new framework prioritizes user privacy and data security. Financial institutions will no longer maintain isolated silos of identity proofs or pull records arbitrarily.

Instead, the onboarding process follows a streamlined workflow:

• Customer Initiation: An individual applies for a bank account, insurance policy, or investment product.

• One-Time Authorization: The institution requests access to the customer’s centralized file via a one-time password (OTP) sent to their registered device.

• Instant Record Retrieval: Upon receiving explicit consent, the institution fetches the pre-verified data from the central repository instantly.

• Real-Time Synchronization: Updates made to contact details or addresses at one institution sync automatically across the central network.

In addition to reducing customer friction, centralizing verified profiles creates a unified monitoring environment that helps regulators detect identity theft and cross-sector fraud.

Expanding Participation Beyond Basic Accounts

Although basic financial inclusion in India has expanded rapidly—with World Bank data showing that roughly 89% of adults held a bank account in 2024—participation rates in capital market instruments and insurance coverage remain low.

Industry leaders expect CKYC 2.0 to unlock substantial capital flows by removing onboarding barriers. State Bank of India alone maintains roughly 500 million bank accounts. By enabling those account holders to transition into mutual funds or insurance products with a single authorization code, asset managers anticipate a significant expansion in retail participation.

Insurance platforms are currently configuring their backend systems to align with the registry, with pilot phases scheduled for launch by late July ahead of full August deployment.

FAQ

What is Central KYC 2.0 (CKYC 2.0)?

CKYC 2.0 is India’s upgraded centralized customer identification system that allows banks, insurers, and investment firms to retrieve verified customer data from a central database using OTP-based customer consent.

How does CKYC 2.0 differ from the previous CKYC system?

The original CKYC registry suffered from duplicate and outdated data, forcing institutions to request fresh documents. CKYC 2.0 introduces a confidence score that rates the accuracy and prior verification status of each record, giving financial entities the trust required to skip redundant paperwork.

When will mutual funds and stock brokers join CKYC 2.0?

While banks and insurance providers begin using CKYC 2.0 in August 2026, capital market entities such as mutual funds and brokerages are scheduled to onboard within four months as sector-specific regulatory requirements are finalized.

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It wasn’t just a routine reform; it signals a total structural overhaul, blowing the foreign direct investment (FDI) limit in insurance wide open from 74% to a full 100%.

Let’s be real. This is about next-generation financial liberalization, and the government is going for broke. The goal is simple: unleash a tidal wave of global capital into India’s insurance sector, which, right now, lags with only 70 local insurers against nearly 10,000 globally.

The Cabinet approved this last Friday, building on the ₹82,000 crore FDI already pumped in, and now they want more.

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The Breakdown: 100% Foreign Control

The thing is, this bill hits three foundational laws at once—the Insurance Act of 1938, the LIC Act of 1956, and the IRDA Act of 1999. It’s a total teardown and rebuild.

The core change is giving global giants full ownership. But they added some safeguards, or nothing.

• Executive Mandate: Even at 100% FDI, at least one top boss—Chairperson, MD, or CEO—must be an Indian citizen. That’s the rule.

• Corporate Flexibility: They are also greenlighting mergers between non-insurance and insurance entities, which will simplify corporate structures for massive foreign players.

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Narendra Ganpule from Grant Thornton Bharat called it what it is: a major step for economic liberalization. It removes those mandatory domestic partnership hurdles, meaning new global players can just walk right in.

The Kicker: Unleashing the Regulator

Beyond the FDI shocker, the bill is targeting competition and the regulator itself.

And here’s the kicker: they’re giving the Insurance Regulatory and Development Authority of India (IRDAI) serious muscle:

• SEBI-Like Powers: The IRDAI now gets the power of disgorgement—meaning they can claw back illicit gains made by insurers or intermediaries. That is huge.

• Lowering Reinsurer Entry: They slashed the minimum net owned funds for foreign reinsurers from ₹5,000 crore down to just ₹1,000 crore. This is supposed to attract more global players and reduce reliance on state-run GIC.

• LIC Gets Freedom: Even LIC gets flexibility. India’s largest insurer can now set up new zonal offices without waiting for the government’s nod.

• Policyholder Protection: A new Policyholders’ Education and Protection Fund is meant to shield consumers’ interests.

The eventual impact, as the experts note, will turn entirely on the specific rules IRDAI eventually puts out. It’s a delicate balance: bringing in capital and innovation while making sure the policyholders don’t get burned. The floodgates are open, but the guardrails are still being built. It’s an ongoing situation…….

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According to a circular issued by IRDAI on February 18, 2025, the initiative aims to streamline the payment process for life and health insurance policies. When a person buys an insurance policy, he has to pay the premium. Under “Insurance-ASBA”, the policyholder can block the premium amount in his bank account. When the policy is issued, the money will be deducted automatically.

When will it be implemented?

According to the IRDAI circular, this new payment system will be effective from March 1, 2025. Under this new rule, a facility named ‘Insurance-ASBA’ will be started. ‘Insurance-ASBA’ means – “Insurance-Applications Supported by Blocked Amount”. When you apply to buy an insurance policy, some money will be blocked from your bank account. This money will be given to the insurance company only when your policy is approved. The insurance company will ask you to block a certain amount in your bank account through UPI.

How does ‘Insurance-ASBA’ work?

Choosing Insurance-ASBA: When you apply for an insurance policy, you fill up a form that includes an option to allow your bank to block the premium amount in your account. The insurance company sends a request to your bank (through its partner bank) to block the required amount in your account. Your bank asks for your approval. Once you agree, the bank blocks the premium amount and informs the insurance company.

The money remains in your account but cannot be used for anything else until the insurer decides to accept your insurance application. It remains blocked for 14 days and can accrue interest. If the insurer accepts your application, they notify you and request the bank to debit the blocked amount and transfer it to your account.

If the insurer rejects your application or if you cancel it, the blocked amount will be refunded to your account without any deduction.

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Under this, the rule of policy surrender has been changed and now policyholders will be able to surrender the policy easily as well as get more refund. The new rules of insurance regulator IRDAI have come into effect from October 1, 2024. Let us know what will be the benefit to the policyholders from this change in the rules?

Guaranteed surrender value in the first year

IRDAI’s new rules have been implemented from the first date i.e. today. If we talk about the benefits to policyholders, if you surrender your policy in the first year, then now you will not have to lose the entire life insurance premium deposited by you. Rather, under the new rule, the Insurance Regulatory and Development Authority of India (IRDAI) has now made it clear that policyholders will get guaranteed surrender value from the first year itself, even if the policyholder has paid only one annual premium.

Earlier the deadline was fixed for two years.

The latest change made by the insurance regulator is a relief, because earlier the policyholder used to get this facility from the second year. This means that after buying the insurance policy, he used to get the facility to surrender his policy (Insurance Policy Surrender Rule) only after paying the premium for at least two full years, whereas under the old guidelines there was no provision for giving any surrender value in the first year.

What does it mean to surrender a policy?

Before understanding this rule, it is very important to know the meaning of insurance policy surrender. Actually, surrendering a policy means that the policyholder does not want to run it till maturity and wants to exit this policy by closing it earlier. When this happens, the policyholder is given a payment called surrender value or early exit payout, the value of which is the higher of the Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV). The interest rate used in the calculation cannot be more than the current yield on 10-year Government Securities (G-Secs) plus an additional 50 basis points.

How much refund on insurance of 5 lakhs?

For example, consider a life insurance policy with a maturity period of 10 years, whose sum assured is Rs 1 lakh. So the annual premium for this is Rs 10,000, while the bonus is Rs 50,000. If we calculate it according to the rules implemented from October 1, then the present value of the paid insurance amount and future bonus will be Rs 7,823 or 78%.

If we look at a 10-year policy with a sum assured of Rs 5 lakh, the policyholder will pay a premium of Rs 50,000 in the first year. Under the new rule, if he plans to leave the policy after one year, then he will now get a refund. If the premium has been paid for a full year, then based on the calculation, the policyholder will get Rs 31,295 back. If we talk about the formula used for this, then…

Impact on returns on policy

According to the report, this rule implemented by IRDAI may result in less profit for investors holding life insurance policies in long term investments. Actually, increase in surrender value may increase the cost for life insurance companies and it is likely that those holding policies for a long time may get less returns than before. Returns on non PAR policies may decrease by 0.3-0.5 percent, while bonus payments in PAR policies may decrease.

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The new rules related to the new health policy have come into effect from April 1. Earlier, insurance companies were given time till September 30 to implement the new rules on the health policies issued. The insurance company will have to approve the cashless authorization within one hour of receiving the request. The final authorization will have to be approved within three hours of receiving the discharge intimation. Both these rules have been implemented.

Health policy has become expensive due to the new rule

Insurance companies say that due to the new rules, the premium has increased by 10-15 percent. Most companies have increased the premium of health policies this year. Medical inflation of 14-15 percent has also played a role in this. Anand Roy, MD and CEO of Star Health Insurance, said, ” IRDAI has issued a master circular in the interest of customers. In this, an attempt has been made to clarify the situation regarding the coverage and waiting period of the policy. IRDAI is trying to make things easier in the case of health insurance. But, due to this, customers have to pay a little more price.”

Moratorium period is now 5 years instead of 8 years

IRDAI has reduced the moratorium period for claims on health insurance policies from 8 years to 5 years. According to IRDAI’s rule, after the coverage of a health insurance policy continues for 60 months, the insurance company will not be able to question any policy and claim on the basis of non-disclosure, misrepresentation. It will have the right to question the claim only in established cases of fraud.

The company cannot reject the claim except in cases of fraud

This means that if a policyholder’s policy has completed five years, then the insurance company cannot reject the claim on the ground that the policyholder did not disclose his health condition. Non-disclosure has been a major reason for disputes related to insurance companies. If the insurance company rejects the claim on the basis of fraud, then it will have to present proof of it. Shilpa Arora, Chief Operating Officer of Insurance Samadhan, said, “If someone has cancer and does not disclose it while buying a health policy, then it will be considered fraud.” If a policyholder feels that the insurance company has rejected his claim without any reason, then he can complain about it to the Ombudsman Office.

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If you have not claimed, you will get the option of discount on premium

If the policyholder does not make any claim in a year, insurance companies usually increase the sum insured without any additional premium. Now IRDAI has asked insurance companies to give options to policyholders. This means that policyholders can increase their sum insured or get a discount in the premium at the time of policy renewal. This rule will benefit those policyholders who were facing difficulty in paying the premium due to the increase in the last few years. Since June, many companies have increased their premiums by 10-15 percent.

The customer can cancel the policy at any time

If the policyholder cancels his health insurance policy at any time in the year by giving 7 days’ notice to the insurance company, then the company will have to refund the premium for the remaining period of the year. The insurance regulator has asked insurance companies to offer products covering people of all age groups.

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The post IRDAI’s new rules on old health policies will be applicable from October 1 first appeared on Rightsofemployees.com.

All insurance policies in e-format

All insurance policies must be issued in electronic format. e-insurance policies can be digitally signed by the customer. Customers can request the insurance company that they want the policies to be issued in physical format. Keep in mind that if you want the policy documents or brochures in physical format, you must mention it in the proposal form.

Time limit

The insurance company must issue the policy within 15 days of accepting the proposal form. Under the new rules, the insurance company is not allowed to collect the initial premium along with the proposal form.

Documents to be obtained

Along with the insurance policy, the policyholder must obtain the following documents from the insurance company like, covering letter for the policy document mentioning the free look period, policy document, a copy of the proposal form submitted by the prospective customer, copy of the benefit illustration, customer information sheet etc.

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CIS Mandatory

Customer Information Sheet (CIS) is an important document that companies mandatorily provide to their customers along with their insurance policies. It serves as a summary of the key features and benefits of the policy. It ensures that policyholders are well informed about their coverage.

30 Days Free Look Period For a life insurance policy of one year or more, the policyholder will have a free look period of 30 days. If the policyholder is dissatisfied with the terms or conditions of the policy, he has the option to return the policy to the company for cancellation within these 30 days.

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The post IRDAI issued master circular: Insurance company will have to issue the policy within 15 days, policyholders get many rights first appeared on Rightsofemployees.com.

Due to this, they face difficulty in using their policy when needed. Keeping this problem in mind, insurance regulator IRDIA has issued a master circular on September 5. Its purpose is to make policyholders aware of their rights. This circular includes many important things about life insurance and health insurance. Moneycontrol is telling you about those things which are directly related to you.

30 days free-look period

The life insurance company has to give a free look period of 30 days to the policyholder . During this time, the policyholder can study his policy. He can understand its terms and conditions. If he is not satisfied with the terms and conditions of the policy, then he has the right to cancel his policy. Earlier, companies used to give a free look period of 15 days. Most policyholders were not aware of this facility.

Death claim settlement deadline

It is important for you to know how much time the insurance company can take to settle the death claim in case of the death of the policyholder. The insurance regulator has said that in cases of death where investigation is not necessary, the insurance company will have to settle the death claim within 15 days of the start of the process. In cases where investigation is necessary, the insurance company will have to settle the claim within 15 days of the start of the process.

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Interest on delay in claim settlement

IRDAI has said in the master circular that if a policyholder wants to surrender his policy or withdraw some money, then the insurance company will have to complete the process within 7 days of filing the application. Similarly, the payment of maturity or survival benefit of the policy will have to be made on the due date. If the insurance company delays settlement, then it will have to pay interest at the rate of bank rate plus 2 percent on the period from the start of the process to the date of payment.

Nomination is necessary at the time of purchasing the policy

If a person buys an insurance policy, he has to mention the nominee in the proposal form itself. In case of the death of the policyholder, the insurance company pays the insurance cover amount to the nominee. The policyholder can make one or more persons as nominees. He can also decide how much share of the sum assured will be given to each nominee.

Settlement of Health Insurance Claim

If the insurance company receives a request for cashless authorization, it has to approve it within one hour. In case of discharge of the patient from the hospital, the insurance company has to approve it within three hours of receiving the authorization request. The insurance regulator has said in the master circular that under no circumstances should the patient have to wait for discharge due to delay in authorization by the insurance company.

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In this circular, the Insurance Regulatory and Development Authority (IRDAI) said that insurance companies are expected to send information about premium due date and policy payment, such as maturity or survival benefits, at least one month before the due date. The regulator has said that if the companies fail to meet the deadline, customers can contact the ombudsman. Apart from this, IRDAI has also given important suggestions to insurance companies regarding cashless settlement and free look period in health insurance.

Extension of free look period

IRDAI said that insurance companies should allow a free-look period of 30 days for life and health insurance policies. Also, on free-look cancellation, customers should get the premium amount refunded within 7 days. Apart from this, services related to policy loans and changes in the basic policy terms should also be done within a time limit of seven days.

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Cashless claim settlement within 3 hours

In the case of health insurance, the regulator has reiterated that cashless claims should be settled within 3 hours and non-cashless claims should be settled within 15 days. Apart from this, IRDAI has said in the master circular to provide necessary information at various stages of the insurance contract and make it mandatory to have a customer information leaflet with policy details. Insurers have been asked to offer proposal forms in regional languages.

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The post IRDAI has issued a circular regarding life and health insurance policies. first appeared on Rightsofemployees.com.

The insurance regulatory body said that retail policyholders can cancel the insurance policy at any time during the policy period by informing the insurance company and get a refund for the remaining policy period. Announcing several reforms in the insurance sector, IRDAI said, “If the policyholder cancels the policy, he does not need to give the reason for cancellation.

Insurance regulator IRDAI said, “If the customer cancels the policy, the insurer should refund the proportionate premium for the expired policy term if the policy term is up to one year and no claim has been made during the policy term.

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Claim will not be rejected due to lack of documents

In addition, the Insurance Regulatory and Development Authority of India (IRDAI) said that general insurance companies cannot reject claims in the absence of any documents. The master circular issued in this regard, which is part of the reforms in the general insurance business, will usher in a new era for simple and customer-centric insurance solutions.

The comprehensive master circular on general insurance business also repeals 13 other circulars. The circular states that no claim will be rejected due to lack of documents. According to this, customers can be asked to submit only those documents which are necessary and related to claim settlement.

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Many changes have been made in the rapidly changing insurance sector. Insurance regulator IRDAI has notified many new regulations for this. The regulations notified by IRDA also include rules related to policy surrender charges.

This is why the merger was done

IRDA gave information about notifying the new regulations in a statement. He said that in the IRDA (Insurance Products) Regulations 2024, six regulations have been merged into a unified framework. The insurance regulator says that the purpose of merging various regulations is to enable insurance companies to meet the rapidly changing demands of the market, make doing business easier and expand the reach of insurance.

Changes will be effective from April 1

These changes made by the insurance regulator are going to be implemented from April 1, 2024 i.e. the new financial year. The current financial year 2023-24 is ending after a few days on 31st March. After that the new financial year 2024-25 will start from April 1, 2024. According to IRDA, the implementation of the new rules will ensure that insurance companies follow best management practices.

Surrender value will increase

One of the major changes in the new regulations of IRDA is regarding the charge on policy surrender. If an insurance holder closes his insurance policy before the maturity date, then the insurance companies levy some charges for it, which is called policy surrender charge. According to IRDA, now if an insured surrenders the policy in the fourth to seventh year, then the surrender value may increase slightly.

An important meeting was held this month

The insurance regulator had given approval to merge various regulations this month. IRDA held a meeting on March 19, in which consolidated regulations based on eight principles were approved. Before that, the regulator had conducted a detailed review of the regulatory framework of the insurance sector, after which changes were made.

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Small savers benefit

The government had recently reviewed the interest rates of small savings schemes. In the review, interest on Sukanya Samriddhi Yojana and 3 year deposit scheme was increased to 0.20 percent. The new increased interest rates are for the January-March 2024 quarter. The quarter has started from today. Meaning, the benefits of these increased interest rates will start coming from today. The interest rate on Sukanya Samriddhi Yojana has now increased to 8.20 percent. The interest rate on 3 year time deposits has increased to 7.10 percent.

Will be able to get SIM without submitting documents

Customers taking new mobile connections are going to get the benefit of simplified process in the new year. After recent changes in the rules, the need to submit physical documents has been eliminated. Now KYC verification for the new SIM will be completely digital. This will prevent cases of misuse by taking SIM in someone else’s name.

Insurance documents will become easier

Insurance regulator IRDAI has asked all insurance companies to issue revised customer information sheets from January 1, 2024. Customer Information Seat i.e. CIS contains all the information related to insurance. IRDAI has asked the insurance companies to provide all the information in CIS in simple language, so that even the common customer can understand all the terms and conditions of the related insurance.

The dream of a new car becomes expensive

If you are planning to buy a new car in the new year, then this update is going to be disappointing for you. Many car companies including Maruti Suzuki, Tata Motors, Mercedes-Benz and Audi have announced to increase the prices of their various cars from the first of the year. Car companies say that due to rising costs they have to increase prices.

These UPI IDs will be closed

Currently, most of the transactions in the country are taking place through UPI. From big cities to remote villages, it has reduced people’s dependence on cash. However, with the rise of digital banking the risks of fraud have also increased. Due to this, a large number of UPI IDs are being closed from today. This action is being taken on those UPI IDs which have not been used for the last one year.

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But there are chances of this rule being changed and the government has started talks with the insurance sector regulator IRDAI (Insurance Regulatory and Development Authority of India) regarding this. NCDRC (National Consumer Disputes Redressal Commission) President Amreshwar Prasap Shahi has recently stressed on reviewing the rule of 24 hours hospitalization to avail the benefit of mediclaim.

He said that in today’s changing times, medical treatment has become so advanced that treatment and surgery can be completed within a few hours. He said that claims are not accepted if hospitalization is for less than 24 hours. He said that now there are many types of treatments which can be completed in less than 24 hours, so health insurance companies will have to keep these things in mind.

Consumer Affairs Secretary Rohit Kumar Singh has also said that keeping in mind the interests of consumers, IRDAI and Department of Financial Services will be asked to find a solution to this. Recently, the District Consumer Committees of Punjab and Kerala have passed a historic order regarding medical insurance claims.

The District Consumer Commission of Firozpur in Punjab has held the health insurance company responsible for rejecting medical claims by wrongly citing the admission as being for 24 hours.

The post Mediclaim rule Update: SOON no more 24-hour Hospitalisation rule to claim insurance? first appeared on Rightsofemployees.com.

Insurance Regulatory and Development Authority of India (IRDAI) has revised the existing Customer Information Sheet to easily explain the basics of the policy purchased to the insurance holders.

Insurance regulator issued circular in this regard

The insurance regulator said in a circular sent to all insurance companies in this regard that the revised Customer Information Sheet (CIS) will come into effect from January 1, 2024.

Policy document should be easy- IRDAI

IRDAI said that it is important for the policyholder to understand the terms and conditions of the policy purchased. According to this circular, “A policy document can be full of legal complexities, hence it should be a document that explains the basic points about the policy in simple words and is full of essential information.”

Insurance industry is still struggling with many complaints

According to the circular, many complaints are still coming due to the disparity between the insurance company and the policyholder on policy related points. Keeping this in mind, revised CIS has been issued. In this, insurers will have to tell the name of the insurance product/policy, policy number, type of insurance product/policy and sum insured.

Apart from the expenses included in the policy, all the information will have to be given – IRDAI

Apart from this, policyholders will also be informed about the expenses included in the policy, exclusions, waiting period, financial limit of coverage, claim process and grievance redressal mechanism. According to the circular, the insurance company, intermediary and agent will have to send the details of the revised CIC to all policyholders. If the policyholder wishes, the CIC should be made available in the local language.

The post Big decision of IRDAI, from January 1st the customer will have to tell all the important details of the insurance policy first appeared on Rightsofemployees.com.

IRDAI said that insurance companies have to ensure that. In this regard, IRDAI has issued information and cyber security guidelines to all insurance companies.

What did IRDAI say?

IRDAI said that the reputation of an organization is linked to a great extent with the behavior of its employees. IRDAI said, “Social media should be used in such a way that it adds value to the business of the organization.”

It has a specific section titled ‘Acceptable Use of Social Media’, which states that employees should not post any un-verified or unverified content on “any blog/chat forum/discussion forum/messenger site/social networking site”. Refrain from sharing confidential information. IRDA further said that the media forum should not be used for reporting or complaining about any service fault.

Instructions were also given regarding personal posts-

IRDA has also given its opinion regarding personal posts made on social media. The insurance regulator said that while posting personal posts on the internet, employees should make it clear that these are their views and the organization has nothing to do with it. IRDA further said, “No criticism or comment should be made on any organization or its business on personal websites or social networking platforms.

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Insurance Regulatory and Development Authority ( IRDAI ) and Pension Regulatory and Development Authority ( PFRDA ) have agreed to simplify the process of issuing annuity to NPS subscribers . Now this will be done using only one withdrawal form . This means that NPS subscribers will not have to fill a separate proposal form in order to opt for annuity. IRDAI has made this announcement for annuity products through a circular.

this is the current system

Currently NPS pensioners have to submit a ‘detailed’ exit form to PFRDA at the time of withdrawal. Once they have decided on their preferred annuity plan, they should completely fill the proposal form provided by the insurance companies.

According to a PFRDA circular dated November 14, 2022, the benefits accruing to its subscribers and stakeholders have multiplied manifold with the combined action of the two financial regulators.

Now there will be these benefits

• Getting annuity has become easier and it will take less time to issue
• Parallel processing of lump sum payment and release of annuity
• Payment of retirement income by way of annuity immediately after the subscriber retires and ensuring regular income for the retiree
• Easy old age income support
• Ease of working for relevant stakeholders

Where will the form be uploaded

According to the PFRDA circular dated November 14, 2022, a completely filled exit form along with all necessary documents including KYC will have to be uploaded to the respective CRA system while requesting the exit.

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Now the 11th month i.e. November is starting from tomorrow. At the beginning of every new month, some new changes come about which we keep informing you from time to time. These changes are related to your pocket-life and need. This time there are some economic changes that can have a direct impact on you. Let us know about these changes.

KYC mandatory for health and general insurance claims from November 1

The Insurance Regulatory and Development Authority of India () may make it mandatory for insurers to provide KYC (Know Your Customer) details from November 1. As of now, it is voluntary to provide KYC details while buying a non-life insurance policy which may be made mandatory from November 1. Rules related to KYC can be made mandatory for both new and old customers. Under this, if you do not present KYC documents while making an insurance claim, then your claim can be rejected.

Gas cylinder prices will change

On the first day of every month, there is a change in the prices of LPG gas cylinders by the petroleum companies. In such a situation, on November 1, new prices of LPG gas cylinders will be released by the oil companies. On November 1, the prices of both 14 kg domestic and 19 kg commercial gas cylinders may change. On the first of this month also, the prices of commercial gas cylinders were cut.

New timing of trains

There is also going to be a change in the time table of trains from November 1. Indian Railways is going to change the time table of trains across the country. Earlier, there was going to be a change in the time table of trains from October 1, but due to some reasons, the date of October 31 has been fixed further. Now the new time table will be implemented from 1st November. After this, the timings of 13 thousand passenger trains and 7 thousand on goods trains will change. Timings of about 30 Rajdhani trains running in the country will also change from November 1.

Subsidy on electricity will stop

The people of the capital Delhi will stop getting subsidy on electricity from October 1. In fact, now the people of Delhi have to register 947 to get 200 units of free electricity for a month. The last date for registration is 31 October. In such a situation, those who are not able to register will not be able to get the benefit of electricity subsidy in October.

OTP to be given for gas cylinder booking

From November 1, the process related to the delivery of LPG cylinders is also going to change. After booking the gas, an OTP will be sent to the mobile number of the customers. When the cylinder comes for delivery, you will have to share this OTP with the delivery boy. Once this code is matched with the system, the customer will only get the delivery of the cylinder.

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To overcome this problem, LIC has introduced a pension plan, which is named Jeevan Saral Plan. In this, investors have the option to choose the premium amount. Investors can invest in this from the age of 40 to 80 years.

Premium to be paid once

Most of the employed are in search of such options for themselves, by investing in which they can get money like regular income even after retirement. According to LIC website LIC Jeevan Saral plan is a policy designed as per the guidelines of Insurance Regulatory and Development Authority of India (IRDAI). In this, the investor has to deposit money in one go.

You can buy policy online

LIC has said that this plan can be purchased offline as well as online through LIC’s website www.licindia.in. This pension scheme will be linked to any one person.

In LIC Saral Jeevan plan, the investor gets a monthly pension of Rs 12,000 and has to pay a one-time premium. The policyholder can opt for Monthly, Half Yearly, Quarterly and Yearly.

How much pension will you get after depositing 10 lakhs

In this policy, the pension starts after the policy is purchased. If a person invests Rs 10 lakh, he will get a pension of Rs 52,500 per year.

The policy buyer will have to provide address proof and KYC documents along with medical details. Medical tests will also be done.

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Relaxation in the need to submit separate forms, IRDA said in an order, “In this direction, to make the life of senior citizens easier, IRDA has decided to set up a separate scheme for taking immediate pension products from the income of National Pension Scheme (NPS). The requirement of form submission has been relaxed. At present, retirees included in NPS have to submit a withdrawal form to PFRDA and a proposal form to insurance companies.

Insurance companies will also be facilitated, IRDA said that now the withdrawal form of NPS will be treated as the proposal form to buy pension. This will facilitate senior citizens as well as insurance companies. Pension Service Providers (ASPs) are insurance companies, regulated by the insurance regulator and listed by PFRDA. These companies give pension to NPS subscribers on the basis of the amount paid by them.

The Pension Fund Regulatory and Development Authority (PFRDA) has pension fund managers under NPS, who are entrusted with the task of judiciously investing the pension funds of the subscribers. As per PFRDA norms, members 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.

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