Insurance news

What happens if you don't link your Aadhaar and insurance policy by Dec 31? It has now become mandatory to link your insurance policies with Aadhaar, and the deadline to do so is December 31, 2017. It has now become mandatory to link your insurance policies with Aadhaar, and the deadline to do so is December 31, 2017. The move has been welcomed by the insurers as it will reduce fraudulent claims and increase the speed of settlement. But the only problem is deadline. With less than two months to go many are wondering how to meet the deadline and what will happen if one fails to link the policy with the Aadhaar number?  According to guidelines being given to insurance companies it is most likely that the policy  will continue, provided one collects KYC documents at the renewal stage. However, things could go problematic, especially in case of health insurance policies, if any claim is made during the period as insurers have been asked to pay claims subject to colle...

Step-by-step guide on how to link Aadhaar with insurance policies Problems might arise with claim settlements if the insurance policies are not linked by the given deadline. Linking of Aadhaar with insurance policies has been made mandatory. Though the government has extended the timeline to link your Aadhar details with financial services from 31st December 2017 to 31st of March 2018, still it needs to be done. Problems might arise with claim settlements if the insurance policies are not linked by the given deadline. There are a few ways in which you can link your Aadhaar with your insurance policies. Documents needed There are no specific documents required to link your Aadhaar but the policy holder must have their policy number, Aadhaar number and PAN readily available while linking. In case the Aadhaar Number not available then the policyholder is required to provide proof of application of enrolment for Aadhaar Further, for the KYC requirement, the policyholder is a...

8 applicants shortlisted for Irda chairman’s post MUMBAI: The government has shortlisted eight applicants, including former chief secretary of Karnataka  Subhash Chandra Kuntia , New India Assurance chairman  G Srinivasan  and LIC chairman  VK Sharma , for the post of chairman of the  Insurance Regulatory and Development Authority  (Irda). The other shortlisted candidates are Irda member (life) Nilesh Sathe, three managing directors of LIC and Badri Singh Bhandari, whole-time director of the Pension Fund Regulatory and Development Authority.  “The government had shortlisted eight candidates and the interview is scheduled on March 5,” said a source close to the development. TS Vijayan, former chairman of Irda, retired on February 20. Vijayan, who served as LIC chairman before his Irda posting, was from the industry. The earlier three chairmen of Irda — N Rangachary, CS Rao and J Hari Narayan — were all former public servants. In November, the go...

Do you know this about your inoperative bank accounts? Inoperative bank accounts must be attended to. Banks generally close internet banking, ATM, phone banking and such other facilities on such account. Deepali was an ambitious girl, working in the insurance sector. She worked in her home town for two years and then switched to a new company. With the change of job came the change of the city and a new salary account. By the year-end, she got an e-mail from the bank in her hometown, intimating her about her non-operative bank account.  This could happen to any one of us. What should one do in case his or her bank account becomes inoperative? Let us see what the implications of having an inoperative account are and what steps to take. What is an Inoperative or Dormant Account? “Inoperative” means not functioning, and non-functioning of a bank account continuously for 2 years brings it in the category of non-operative or dormant account. Here, non-functioning means “no...

Insurance sector may get over Rs 12,000 cr FDI in 2016: Assocham "More than Rs 12,000 crore is set to flow in the insurance sector comprising both life and non-life during 2016. Besides, re-insurance sector would also see some fund flow as it too has got a leg-up through the amended Act," Assocham Secretary General D S Rawat said in a statement. Insurance sector is likely to attract FDI of over Rs 12,000 crore in 2016 as more than a dozen foreign companies plan to raise their stake in private sector insurance joint venture this year, industry body Assocham today said. "More than Rs 12,000 crore is set to flow in the insurance sector comprising both life and non-life during 2016. Besides, re-insurance sector would also see some fund flow as it too has got a leg-up through the amended Act," Assocham Secretary General D S Rawat said in a statement. The investment push has come as a result of liberalisation of foreign investment ceiling from 26 percent to...

Budget 2016: Insurance buyers should get more tax exemptions Service tax on insurance premium should be abolished. Also income tax on annuities for annuitants above certain age should be tax free. From someone in the top tax bracket to the lower income groups with earnings below the taxable limit, insurance is crucial for all without exception. While the  wishlist of insurance buyers hovers around affordability, there are quite a few other nice-to-have’s expected out of the upcoming Union  Budget 201 6 from all those who seek insurance as a long term investment option for a better and secure future. If the announcement of relaxed FDI norms for the insurance sector was the anxiously awaited announcement last year, insurance buyers hope for better tax sops this time around. Here is a look at some of the popular but pragmatic expectations that can boost consumer interest in the insurance and pension funds sectors. Wish 1: Exemption of service tax from premiums and mat...