Insurance companies in India are regulated by the Insurance Regulatory & Development Authority of India (IRDAI). One of the main objectives of IRDAI is to protect the interest of the policyholders, i.e. the customers of insurance companies who end up buying insurance policies for consideration of money termed as premium. IRDAI strives to ensure that … Read more
Goods and services tax is said to be one of the most significant tax reforms since Indian independence laid out by the current government. On 29 March 2017 GST was passed by majority in the parliament and came into effect from 1 July 2017. This is a form of single indirect tax which replaces many … Read more
Insurance is a promise made by the insurer to the insured written on a piece of paper to indemnify or pay a benefit on happening of certain specified events for which the insured makes an upfront consideration payment called the premium. The premium is paid in full at the beginning of the policy in the … Read more
Insurance is a risk pooling, transfer and share mechanism by which losses of few is shared among many. It is a pretty old concept dated back to 4000-3000 BCE in form of bottomry contracts used by merchants of Babylon. From that time till this date the sector has seen major shift in developments in terms … Read more
Insurance policy document provided by the insurer is an important document which will be required by the insurer at the time of claim. For almost every lines of business especially if purchased through offline mode, the original policy schedule is mandated by the insurance regulator to be sent to the policyholder by the insurer after … Read more
There have been notable global incidents in the past which made buzzing headlines leading to the missing of persons. We may think of the disappearance of Malaysian airlines flight MH 370 carrying many passengers and crew members where for a long time the extensive search for the plane was on before it was concluded crashed … Read more
All of us purchase life insurance with the primary motive of providing financial protection to our loving dependent family members in case we are not there in this world to support them. Life insurance policy acts as a financial savior in the case of unfortunate death of the earning member of the family at the … Read more
As per 64 VB provision in the Insurance act 1938 the premium which is also the consideration of the contract needs to be mandatorily paid in full before any coverage starts under the policy. Now if your insurer is taking your insurance premium in instalments or EMI, which is true nowadays for many insurance products … Read more
Life insurance is one of the most popular and frequently purchased financial products and because of this insurer like life insurance Corporation of India and some private life insurance companies has become really big over time. The year on year growth rate is also satisfactory. Many of us may have one or more life or … Read more
The insurance industry is often termed as a sunrise industry in India. Since liberalization and opening up the insurance sector for private players back in 2000, this sector has seen significant growth and still offers a huge future opportunity in a fast growing economy like ours. In absolute terms all premium income, number of brokers, … Read more