The insurance regulator, the Insurance Regulatory and Development Authority of India (IRDAI), recently issued a series of pronouncements and statements aimed at benefitting policyholders. These announcements encompass a wide range of topics, from the use of AI in insurance to modifications in the Customer Information Sheet (CIS) for health insurance, and compensation for withdrawn plans.
Let us explore some of the developments that are likely to be implemented in the future.
BENEFITS TO POLICYHOLDERS UNDER WITHDRAWN POLICIES
Even if you own a life insurance policy that has been withdrawn by your life insurer, policyholders will now be allowed to purchase rider benefits, such as accidental death and disability coverage, critical sickness coverage, or waiver of premium coverage. Until now, restrictions prohibited life insurance firms from making adjustments to their withdrawn plans. A statement issued by the regulator elaborated on the primary goal of this circular: “to provide existing policyholders with more flexibility while protecting their interests.”
The conclusion was arrived at after discussions with the Life Insurance Council. The statement issued by the regulator stated, “Through this initiative, IRDAI reaffirms its commitment to policyholders by providing greater flexibility and improving policyholders’ insurance experiences.”
These measures will ensure that policyholders receive certain benefits from policies that have been terminated by insurers. Policies that have been favourably welcomed by policyholders are often discontinued after a few years and are no longer available for purchase by them.
Denne historien er fra October, 2023-utgaven av Beyond Market.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra October, 2023-utgaven av Beyond Market.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
PRUDENT PRACTICES
Banks worldwide navigate a complex balancing act, steering economies toward growth while safeguarding financial stability through thoughtful management of interest rates and credit risks
RETAIN ROULETTE
Inexperienced investors spin the market wheel, chasing dizzying valuations and risking a bubble burst
UNRAVELED THREADS
Bangladesh's crisis disrupts global textiles, offering India a potential opportunity, but production constraints limit its gains
PASSING THE BATON
Succession planning helps ensure uninterrupted leadership
RISKY BUSINESS?
SEBI's efforts to protect retail investors from derivatives market risks could inadvertently dampen market volumes
INFLATION-PROOF YOUR CHILD'S FUTURE
Inflation might be stealing your child's future, but children's mutual funds can be their superhero
EMBRACE UNCERTAINTY, SAYS MARKS
Howard Marks urges investors to embrace uncertainty, long-term thinking, and focus on controllables, shunning in his memo “The Folly of Certainty”
IMPORTANT JARGON
70% OF INDIVIDUAL INTRADAY TRADERS IN THE EQUITY CASH SEGMENT MAKE LOSSES, FINDS SEBI STUDY
AN ASCENT T'O NEW HEIGHTS
The IMF predicts India's economy to reach 55 trillion by 2047, driven by various economic indicators showing positive growth and government initiatives
CARRY TRADE CRASH: GLOBAL MARKETS REEL
Japan’s Policy Shift Sends Shockwaves Through Global Markets, Including India, as Yen Carry Trade Disintegrates
