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In a master circular consolidating regulations for life insurance policies, IRDAI also extended the free look period from 15 days to 30 days

IRDAI mandates life insurers to offer loan facility against policies

In a master circular consolidating regulations for life insurance policies, IRDAI also extended the free look period from 15 days to 30 days

Regulator Irdai on Wednesday said the facility of policy loan is now mandatory in all life insurance savings products, enabling policyholders to meet liquidity requirements.
Issuing a master circular which consolidates all regulations with regards to life insurance policies, the Insurance Regulatory and Development Authority of India (Irdai) also said the free look period, which provides time to review the policy terms and conditions, is 30 days as against 15 days earlier.
The latest master circular follows a similar exercise by the regulator for general insurance policies.
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"This is an important step in the series of reforms taken up by the insurance regulator with interests of the policyholders at the core. A conducive environment is now facilitated to spur innovation, enhance customer experience and satisfaction," Irdai said.
According to the master circular, the facility of partial withdrawal under pension products is allowed enabling the policyholders to meet their specific financial needs for important life events like higher education or marriage of children; purchase/ construction of residential house/flat; medical expenses, and treatment of critical illness.
In case of surrender of policies, reasonableness and value for money is to be ensured for both surrendering policyholders and continuing policyholders, Irdai said.
Further, the regulator said robust systems should be in place for grievance redressal of policyholders.
"In case the insurer does not appeal against the award of insurance ombudsman and does not implement the same within 30 days, a penalty of Rs 5,000 per day shall be payable to the complainant," the circular said.
Insurance companies have also been asked to put in place mechanisms to improve persistency, curb mis-selling and avoid financial loss to the policyholders and also enhancing long-term benefits to them.

IRDAI mandates faster cashless claims, introduces No Claim Bonus, and enforces strict timelines for insurance portability and ombudsman awards

IRDAI mandates insurers to decide on cashless claims in one hour

<h2>IRDAI mandates faster cashless claims, introduces No Claim Bonus, and enforces strict timelines for insurance portability and ombudsman awards</h2>

In some good news to policyholders, the Insurance Regulatory and Development Authority of India has mandated health insurers to decide on cashless claims in one hour and clear the claims within 3 hours. Along with this, IRDAI has also introduced significant reforms aimed at enhancing policyholder experience and inclusivity in the health insurance sector.
<h3>Health insurance reforms</h3>
The 3 hours window to clear cashless claims measure comes as a part of a broader effort to streamline and expedite the claims process, ensuring policyholders receive timely care. IRDAI's circular replaces 55 previous circulars, consolidating all health insurance entitlements and guidelines for easier reference.
IRDAI emphasized that the circular aims to provide a seamless, faster, and hassle-free claims experience. It requires insurers to offer a diverse range of products, addons, and riders catering to different ages, regions, medical conditions, and types of healthcare providers, thus making health insurance more accessible and affordable.
Additionally, insurers must provide a Customer Information Sheet (CIS) with every policy document, explaining the basic features of insurance policies in clear, simple terms. This includes details on the type of insurance, sum insured, coverage, exclusions, sub-limits, deductibles, and waiting periods.
Policyholders may be rewarded with a No Claim Bonus if they do not make any claims during the policy period. This can be in the form of an increased sum insured or a discounted premium.
The circular also emphasizes achieving 100% cashless claim settlements promptly, with final authorization on hospital discharge within three hours. It advocates for the use of end-to-end technology solutions for policyholder onboarding, renewal, servicing, and grievance redressal.
For claim settlements, policyholders will no longer need to submit documents themselves, as insurers and TPAs are tasked with collecting necessary documentation from hospitals. Additionally, strict timelines for portability requests and penalties for delayed ombudsman awards have been established.
This initiative marks a significant step towards empowering policyholders, ensuring high standards of service, and fostering trust and transparency in the health insurance sector.
[With PTI inputs]
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Mahindra Finance obtained an IRDAI license to sell insurance products, valid from May 2024 to May 2027. This expansion is set to enhance revenue and profitability by leveraging its extensive branch network and broadening its service offerings

IRDAI approves Mahindra & Mahindra Finance to sell insurance products as corporate agent

<h2>Mahindra Finance obtained an IRDAI license to sell insurance products, valid from May 2024 to May 2027. This expansion is set to enhance revenue and profitability by leveraging its extensive branch network and broadening its service offerings</h2>

Mahindra &amp; Mahindra Financial Services announced on Wednesday that it has obtained a corporate agency license from the Insurance Regulatory and Development Authority of India (IRDAI). This license will permit the company to sell life, health, and general insurance policies from various insurers, significantly expanding its service offerings.
<h3>Corporate Agent License</h3>
According to a regulatory filing, the registration as a 'Corporate Agent (Composite)' will be valid from May 21, 2024, to May 20, 2027. This new authorization will allow Mahindra Finance to engage in the supplemental business of soliciting and procuring insurance policies across life, health, and general insurance sectors, both for groups and individuals. This strategic move is expected to enhance the company's existing revenue streams and profitability by leveraging its extensive branch network and field force.
Raul Rebello, Managing Director &amp; CEO of Mahindra Finance, emphasized the potential benefits of this diversification. "This expansion into insurance will unlock new revenue models for us, while also providing personalized services to our customers through Mahindra Finance's 1,360+ branches. This will significantly enhance their overall experience," Rebello stated.&nbsp;
The corporate agency license empowers Mahindra Finance to engage in the selling, distribution, advertising, and marketing of a wide range of insurance products and services on behalf of various insurance companies. This aligns with the company&rsquo;s commitment to broadening its service portfolio and tapping into the lucrative insurance market.
Primarily focused on the rural and semi-urban sectors, Mahindra Finance serves over 10 million customers and manages assets worth over $11 billion. The non-banking finance company (NBFC) is a prominent financier of vehicles and tractors, provides loans to small and medium-sized enterprises (SMEs), and offers fixed deposit products.
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While IRDAI has not mentioned any maximum age limit for health insurance, it remains to be seen, how this will impact policyholders and whether it means that insurers will offer only specific products for those above 65 

IRDAI tweaks health insurance norms: From entry age to waiting period, here's how the changes will impact you

IRDAI has made significant changes to health insurance regulations, by which moratorium period for claims has been reduced to five years from the eight years earlier and there is no maximum entry age in the new rules

While IRDAI hasn't set any maximum age limit for health insurance, it remains to be seen, how this will impact policyholders and whether insurers will offer specific products for those above 65 while having an age limit on regular health policies.&nbsp;

Beginning first of April, a slew of changes with regard to health insurance have come into effect. Insurance Regulator IRDAI has tweaked certain norms which will be beneficial for policyholders.
<h3>Changes in health insurance norms</h3>
The moratorium period for claims has been reduced to five years from the eight years earlier. This essentially means that after five years of your policy being in effect, the insurer will not be able to reject your claim on the grounds of any non-disclosure, except fraud that has been established.
Another change is with respect to the waiting period for pre-existing diseases. This is the period during which any illness resulting from a pre-existing condition would not be covered. This period, which was earlier up to four years, has now been shortened to three years.
The new rules do not mention any maximum entry age. The circular says, "Insurers shall ensure that they offer health insurance products to cater to all age groups". It also goes on to say that insurers may design products specifically to cater to specific groups such as senior citizens, students, children etc.
&ldquo;The maximum age at entry was 65 years for regular health insurance policies. Now, this has been opened up. That is, insurers could decide that their regular policies will be available only for those up to the age of, say, 60 years. Others might have to settle for policies targeted at elderly individuals,&rdquo; says Hari Radhakrishnan, Regional Director, First Policy Insurance Brokers told Moneycontrol.
While even those above 65 years of age, could get health insurance even earlier; now the regulator has specifically mentioned that all age groups must have access to health products. This means, that insurers cannot cite age as the reason for declining to issue a policy. However, some clarity is required about whether this means that insurers have the option of offering only specific products designed for senior citizens and if that then means that they have the freedom to set age limits for their regular health policies

For life insurers, number of lives under individual policies and under group policies will be considered while for general insurers, number of individual dwellings under fire segment and number of vehicles under motor insurance segment will be counted

IRDAI proposes increasing mandatory coverage under Rural, Social Sector & Motor third party norms

<h2>For life insurers, number of lives under individual policies and under group policies will be considered while for general insurers, number of individual dwellings under fire segment and number of vehicles under motor insurance segment will be counted</h2>

The Insurance Regulatory and Development Authority of India (IRDAI) has proposed raising mandatory coverage under Rural, Social Sector and Motor Third Party Obligations' norms to ensure 'insurance for all'
IRDAI in the exposure draft of Rural, Social Sector and Motor Third Party Obligations Regulations, 2024, said that a new strategy and fresh approach have been devised to boost insurance penetration in the country. It further proposed to keep gram panchayat as the unit for measurement of rural sector obligations.
<h3>Target for Insurers</h3>
For life insurers, number of lives under individual policies and under group policies will be considered while for general insurers, number of individual dwellings under fire segment and number of vehicles under motor insurance segment will be counted
The regulator has proposed all life insurers to cover minimum 30% of lives in each gram panchayat subject to a minimum of 25,000 gram panchayats as driven by the lead insurer in the first year. For the 2nd year it is increased to 40% to a minimum of 75,000 gram panchayats and 50% to a minimum of 75,000 gram panchayats in year 3.
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The same formula is proposed for insurance under health and personal accidents and general insurance for case dewellings under fire insurance, motor (comprehensive and third party).&nbsp;
As per the proposeal, the number of lives covered under social sector have been increased to 20% in year 1 after notification. This as all the insurers have been able to achieve the social sector obligations.
In the Motor Third Party obligations, the regulator has suggested that every general insurance company is required to underwrite at least 20% increase over the total number of goods and passenger-carrying vehicles as compared to what was covered in the last financial year or 20,000 vehicles under both the categories (goods and passenger vehicles) or 10,000 vehicles in each category, whichever is higher.&nbsp;
On motor third party insurance, the obligations are specified for goods carrying and passenger carrying vehicles as nearly 50% of the vehicles in these 2 categories are uninsured.
It further said that Motor TP obligation fulfilment should be contributed by renewal of the existing vehicles and uninsured vehicles that are insured provided the gap in insurance is at least 30 days. Meanwhile, for every new insurer should underwrite a minimum of 10,000 goods carrying and 10,000 passenger carrying vehicles in the first financial year of its operations.
&nbsp;
&nbsp;
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IRDAI asks Insurance companies to make sure that none of its employees use social media to publish confidential or unsubstantiated information

IRDAI asks insurance companies to lay down social media guidelines for employees

IRDAI asks Insurance companies to make sure that none of its employees use social media to publish confidential or unsubstantiated information

IRDAI has asked insurance companies to lay down social media guidelines for their employees to ensure that no unverified or confidential information relating to the organisation is disseminated to the public through these platforms.
An organisation's reputation is closely linked to the behaviour of its employees, the Insurance Regulatory and Development Authority of India (Irdai) said, adding 'Social media should be used in a way that adds value to the organisation's business'.
The Information and Cyber Security Guidelines, which were issued by Irdai to all insurers, have a specific section on 'Acceptable usage of social media', which states that the employees should be refrained from disseminating any unverified and confidential information on "any Blogs/Chat forums/Discussion forums/Messenger sites/Social networking sites"
The guidelines are applicable to all insurers, including foreign re-insurance branches (FRBs) and insurance intermediaries regulated by the Irdai.
In 2017, the regulator issued guidelines on Information and Cyber Security for Insurers, which were later extended to all intermediaries in 2022.
Considering the widespread adoption of digital technologies and the concurrent increase in cyber security incidents, Irdai has revised the guidelines to enable the insurance industry to strengthen its defences and a related governance mechanism to deal with such emerging cyber threats.

IRDAI gives licence to a general insurer for the first time since 2017 and is considering at around 20 more applications to give approval, said Chairman Debasish Panda
 

Considering giving licenses to 20 more insurers: IRDAI Chairman 

IRDAI gives licence to a general insurer for the first time since 2017 and is considering at around 20 more applications to give approval, said Chairman Debasish Panda

IRDAI considering giving licenses to 20 more insurers: Debasish Panda

IRDAI gives licence to a general insurer for the first time since 2017 and is considering at around 20 more applications to give approval, said Chairman Debasish Panda 
<div>&nbsp;</div>

Insurance regulator IRDAI is looking to issue licenses to 20 insurers. IRDAI chairman Debasish Panda said that the regulator has given licence to a General insurer, Kshema General Insurance Ltd for the first time since 2017, it is very close on issuing licence to two more applicants in the Life space. He further added that IRDAI is looking at around 20 more applications.
As per Bloomberg prime, earlier this year, the regulator approved the applications of two life insurance companies&mdash; Acko Life Insurance Ltd. and Credit Access Life and Insurance Ltd. As per Panda, these 2 approvals for life insurance companies are the first since 2011.
Currently there are 23 life insurers and 33 general players operating in the country now. Debashish Panda, while addressing the gathering at an industry summit, requested the industry community to take the "Insurance for All by 2047" mandate not as a slogan but as a call to action. He also expressed confidence that the stated target could be met well before the deadline.
Panda also emphasised on adapting to the technological changes to attain the 2047 goal. He said, "The industry has to be innovative and adopt more and more technologies so that they can develop more and more products that are seamlessly accessible and affordable to the vast majority of the uninsured/underinsured".
&nbsp;

In its most recent set of released guidelines, the IRDAI instructed insurance providers to create detailed strategies for cutting costs and passing those savings along to policyholders in the form of lower premiums.

IRDAI to insurers: lower expenses and give consumers the gains

In its most recent set of released guidelines, the IRDAI instructed insurance providers to create detailed strategies for cutting costs and passing those savings along to policyholders in the form of lower premiums.

The insurance regulator in India has urged insurers to cut costs and send those savings to their clients, which could help lower policy costs.
In its most recent set of published instructions, the Insurance Regulatory and Development Authority of India (Irdai) instructed insurance providers to develop detailed strategies for cutting costs and passing those savings along to policyholders in the form of lower premiums.
 Irdai is looking for a "well-documented policy" that outlines how benefits from cost savings and business that is sourced directly will be distributed to customers. This "policy" must be yearly approved by the board of each insurer.
 Higher Limit
 EOM caps must be connected to merchandise categories, according to the most recent guidelines. For instance, the expenses of management&nbsp; ceiling will be 100% of the first-year payment and 25% of renewal premiums in following years for pure-risk products like regular premium term insurance policies with tenures of over 10 years.
 The upper limit is 80% of the first-year regular premiums for all other individual groups aside from pension products. The limit for deferred annuity products is 15% in the first year.
 For regular life insurance policies that are linked to the period of payment of the premium, higher EOM will be permitted. For policies with a premium paying term of 10 years or more, insurers are permitted to charge 80% of the first year's payment; however, for policies with a premium paying term of less than 10 years, the EOM will be determined by multiplying the premium paying term by 7.5.

The government has flagged six major issues in the insurance sector, that is leading to a huge amount of consumer complaints, and urged the insurance regulator to address these issues. 

Govt asks IRDAI to reduce pendency of insurance related consumer cases

The government has flagged six major issues in the insurance sector, that is leading to a huge amount of consumer complaints, and urged the insurance regulator to address these issues.&nbsp;

The government has flagged six major issues, including ambiguity in insurance contracts and inflexible policy terms, before regulator IRDAI and other stakeholders, and urged them to address those to reduce the huge pendency of consumer cases. Currently, more than one-fifth of the total consumer complaints are pertaining to the insurance sector across the country.
The other issues raised before the key stakeholders include lack of powers delegated to representatives of insurance companies to take decisions during out-of-the-court settlements, agents not sharing full policy documents with consumers at the time of signing of policy, repudiation of claims on the basis of pre-existing diseases and crop insurance claims tied up with a central scheme which is not flexible, it said.
"We have raised these concerns before IRDAI and other stakeholders. We are hopeful that the insurance companies will address them voluntarily. If the need arise we will also request the regulator to make it mandatory," Consumer Affairs Secretary Rohit Kumar Singh told the media.&nbsp;
He said there is huge pendency in consumer cases related to the insurance sector across the country because of these issues.
"As the industry seeks to achieve 8 per cent penetration, it is critical that we put in place the building blocks to avoid a significant build-up of complaints," he added.
The Secretary asserted that consumer cases can be reduced if the insurance policy terms and conditions are made simpler, clear and in understandable language. It is also important to create awareness among consumers that they should not sign the policy document without properly understanding terms and conditions of the policy.
According to the Consumer Affairs Secretary, out of 5.53 lakh pending cases in consumer courts across the country, about 1.61 lakh cases are related to the insurance sector.
A maximum of 80 per cent of cases are pending in district consumer courts, 17 per cent in state consumer courts, and 3 per cent at national consumer commissions, he said.
"We want to settle a lot of litigations through mediation. However, the representatives of the insurance companies are bound by the restriction and not delegated proper powers to take a decision. We are requesting the companies to delegate powers to them so that cases are resolved expeditiously," he said.
&nbsp;

IRDAI has issued the circular for general insurers in wake of subsidence in Joshimath town of Chamoli district and subsequent evacuation and demolition of properties which have developed cracks

Joshimath subsidence: IRDAI asks insurers to expeditiously settle claims

IRDAI has issued the circular for general insurers in wake of subsidence in Joshimath town of Chamoli district and subsequent evacuation and demolition of properties which have developed cracks

Regulator Irdai on Thursday asked insurance companies to take steps for expeditious settlement of claims of loss to property due to subsidence and landslides in the calamity-affected areas in Uttarakhand.
The Insurance Regulatory and Development Authority of India (Irdai) has issued the circular for general insurers in wake of subsidence in Joshimath town of Chamoli district and subsequent evacuation and demolition of properties which have developed cracks.
"As you are aware, subsidence and landslide have caused loss to property in some areas in the State of Uttarakhand. There is an urgent need for the general insurers to take immediate steps to mitigate the hardships of the affected insured population by ensuring immediate registration and settlement of eligible claims," it said.
Irdai has asked the insurers to nominate a senior officer at the company level who would act as a Nodal Officer in the affected districts of Uttarakhand. The nodal officer would be coordinating the receipt, processing, and settlement of all eligible claims.
Insurers have also been asked to engage adequate number of surveyors immediately as required and, if need be, consider engaging surveyors from neighbouring areas as well.
"We request you (insurance companies) to take urgent steps for expeditious settlement of claims in the affected areas and maintain the details of the same," the Irdai's circular said.
Meanwhile, crack meters installed in the damaged houses of Joshimath have registered no further widening of cracks in the last three days, but water discharge from an underground channel near J P Colony has shot up again to 150 litres per minute, a senior official said on Thursday.
Uttarakhand minister Satpal Maharaj said an inquiry will be conducted to find out how multi-storey buildings were allowed to be constructed in Joshimath which has been sinking for at least 20 years.

Life Insurance Corporation (LIC) of India has introduced LIC Saral Pension plan, a non-linked, non-participating, single premium, individual immediate annuity plan.
Simply speaking, in&nbsp;Saral Pension plan the policyholder or the investor makes a lumpsum payment upfront and the annuity payment starts immediately. It offers a guaranteed return that does not depend on markets or the insurers&rsquo; profits. Like other annuity plans, Saral Pension doesn&rsquo;t have any cap on the investment amount.&nbsp;
The minimum annuity is Rs 12,000 per annum and minimum purchase price shall depend on the annuity mode, option chosen, and age of the applicant.&nbsp;
&nbsp;

LIC launches Saral pension plan

LIC launches Saral pension plan, click here to know the details&nbsp;

LIC launches Saral pension plan 

<ul>
<li>LIC launches Saral pension plan</li>
<li>Saral Pension is a single premium, individual immediate annuity plan.</li>
</ul>
Can do gfx&nbsp; LIC&nbsp;Offers Saral&nbsp;Pension Plan
-&gt; Investor makes a lumpsum payment upfront&nbsp;
-&gt; Annuity payment starts immediately
-&gt; Offers a guaranteed return that does not depend on markets/insurers&rsquo; profits
-&gt; Minimum annuity is Rs 12,000 per annum&nbsp;, No cap on maximum

The annuity pension plan is as per the guidelines of Insurance Regulatory and Development Authority of India (IRDAI), which offers same terms and conditions across all the life insurer.

Life Insurance Corporation (LIC) of India has introduced LIC Saral Pension plan, a non-linked, non-participating, single premium, individual immediate annuity plan.
Simply speaking, in&nbsp;Saral Pension plan the policyholder or the investor makes a lumpsum payment upfront and the annuity payment starts immediately. It offers a guaranteed return that does not depend on markets or the insurers&rsquo; profits. Like other annuity plans, Saral Pension doesn&rsquo;t have any cap on the investment amount.&nbsp;
The minimum annuity is Rs 12,000 per annum and minimum purchase price shall depend on the annuity mode, option chosen, and age of the applicant.&nbsp; 
&nbsp;

Essential to get tested only at a government authorized labInform your insurer about care plan, even if it is at home ensure you get a doctors note certifying the same
Remember to carry RT-PCR report, PAN card, Aadhaar Card and medical health card while getting admitted to the hospital, this eases the claims paperwork process
Must get two copies of discharge summary certified by hospital, one for claim and one to keep for record with self Check if your hospital is empanelled for cashless covid treatment with your insurer if it is not the reimbursement process is being expedited by the Insurance regulator In the event of denial of the cashless facility at any such enlisted hospitals, the aggrieved policyholder may send a complaint to the concerned insurance company, raise it with insurance ombudsman and even send the grievance to the Insurance Regulatory and Development Authority of India (IRDAI). The Complaint Registration Process involves the following steps-Step 1 : Register yourself by entering your credentials (Website: https://igms.irda.gov.in/)Step 2 : Use Registered credentials to register complaints / view their statusAlternatively, you can also send the complaint through Email to complaints@irdai.gov.in or call Toll Free No. 155255 or 1800 4254 732.


The Covid insurance claims guide, what you need to do to ensure faster settlement

How to ensure a smooth process for your covid&nbsp;claims and what to do if your insurer is not paying up, here are the things you must know while applying for your covid&nbsp;settlement claims -:&nbsp;
<ul>
<li>Firstly essential to get tested only at a government authorized lab</li>
<li>Inform your insurer as soon as you get tested even as you await results&nbsp;</li>
<li>Post your result inform your insurer about care plan, even if it is at home ensure you get a doctors note certifying the same</li>
<li>Remember to carry RT-PCR report, PAN card, Aadhaar Card and medical health card while getting admitted to the hospital, this eases the claims paperwork process</li>
<li>Must get two copies of discharge summary certified by hospital, one for claim and one to keep for record with self</li>
<li>Check if your hospital is empanelled for cashless covid treatment with your insurer if it is not the reimbursement process is being expedited by the Insurance regulator</li>
<li>In the event of denial of the cashless facility at any such enlisted hospitals, the aggrieved policyholder may send a complaint to the concerned insurance company, raise it with insurance ombudsman and even send the grievance to the Insurance Regulatory and&nbsp;Development Authority of India (IRDAI).</li>
<li>The Complaint Registration Process involves the following steps- Step 1 : Register yourself by entering your credentials (Website: https://igms.irda.gov.in/) Step 2 : Use Registered credentials to register complaints / view their status Alternatively, you can also send the complaint through Email to complaints@irdai.gov.in or call Toll Free No. 155255 or 1800 4254 732.</li>
</ul>

The complete checklist for your Covid claims

How to ensure a smooth process for your covid&nbsp;claims and what to do if your insurer is not paying up, here are the things you must know while applying for your covid&nbsp;settlement claims -:&nbsp;
<ul>
<li>Firstly essential to get tested only at a government authorized lab</li>
<li>Inform your insurer as soon as you get tested even as you await results&nbsp;</li>
<li>Post your result inform your insurer about care plan, even if it is at home ensure you get a doctors note certifying the same</li>
<li>Remember to carry RT-PCR report, PAN card, Aadhaar Card and medical health card while getting admitted to the hospital, this eases the claims paperwork process</li>
<li>Must get two copies of discharge summary certified by hospital, one for claim and one to keep for record with self</li>
<li>Check if your hospital is empanelled for cashless covid treatment with your insurer if it is not the reimbursement process is being expedited by the Insurance regulator</li>
<li>In the event of denial of the cashless facility at any such enlisted hospitals, the aggrieved policyholder may send a complaint to the concerned insurance company, raise it with insurance ombudsman and even send the grievance to the Insurance Regulatory and&nbsp;Development Authority of India (IRDAI).</li>
<li>The Complaint Registration Process involves the following steps- Step 1 : Register yourself by entering your credentials (Website: https://igms.irda.gov.in/) Step 2 : Use Registered credentials to register complaints / view their status Alternatively, you can also send the complaint through Email to complaints@irdai.gov.in or call Toll Free No. 155255 or 1800 4254 732.</li>
</ul>

irdai

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