New guidelines to protect the interests of policy holders.
New Delhi: In a bid to protect the interest of policyholders, insurance regulator Insurance Regulatory and Development Authority of India (IRDAI) has come out with draft regulations for the designing and pricing of general insurance products.
The proposed regulations provide the basic framework and reflect the fundamental principles to be followed in respect of product design and pricing, said IRDAI.
The IRDAI (General Insurance Products) Regulations, 2021, which will apply to insurance products as well as add-ons, are aimed at promoting efficiency in the conduct of the general insurance business, said the draft on which the regulator has invited comments from stakeholders by April 26.
ICICI Lombard said it will pay the interim dividend to those shareholders whose names appear in the record of the company/depository as on March 19, 2021
Vaccine adverse reaction: Insurers will ‘cover hospitalisation’
Surabhi
Mumbai |
Updated on
With Phase 2 opened to general public, insurers say gearing for claims Any adverse reactions to Covid-19 vaccination that may require hospitalisation will be covered by your insurance policy.
Insurance industry sources said that existing medical policies will cover any adverse reaction or allergy that requires hospitalisation, just as any other illness.
“Any vaccine-related issue that needs hospitalisation will be covered under the health policy. As a general rule, whatever is not specifically excluded in the policy document, is included,” noted a standalone health insurer.
Insurers, too, are gearing up for claims. A general insurer said all such cases would be covered. The cost of vaccination will not be included, but any hopitalisation for over 24 hours will be covered.
As per the final guidelines issued by the IRDAI, the minimum sum insured will be Rs 2.5 lakh and maximum sum insured Rs 1 crore. Sum insured offered will be in multiples of Rs 50,000
Shares of Axis Bank will be in focus. Max Life has received the formal approval from the Insurance Regulatory and Development Authority of India (IRDAI), which vide its letter dated 24th February 2021 has granted approval to the Axis Entities, as promoters of Max Life, to collectively acquire 12.002% of the equity share capital of Max Life, by way of transfer of equity shares of Max Life from Max Financial to the Axis Entities.
Shares of Nureca will debut on bourses today, 25 February 2021. The final issue price was fixed at Rs 400 per share.
Just Dial has launched its B2B portal, Jd Mart, across various platforms for users. Jd Mart is an exclusive B2B portal for a new wholesale experience. B2B buyers can discover quality vendors offering a wide selection of products to choose from, spread across various categories to suit all their B2B needs.