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RBI Launches Financial Inclusion Index: Here Are The Highlights

RBI Launches Financial Inclusion Index: Here Are The Highlights
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PNB expects three-fold jump in profit to Rs 6,000 crore in FY22

Despite COVID-19, the bank s profit surged over five times to Rs 2,022 crore during the financial year ended March 2021, against Rs 363.34 crore during 2019-20 ....

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IRDAI imposes Rs 24 lakh fine on Policybazaar for violating ad norms

IRDAI imposes Rs 24 lakh fine on Policybazaar for violating ad norms
The matter relates to Policybazaar sending SMS between March 15, 2020, and April 7, 2020, to its customers without stipulating its full registered name in the message
PTI | May 21, 2021 | Updated 08:58 IST
Insurance sector regulator IRDAI has slapped a fine of Rs 24 lakh on policy aggregator Policybazaar for violating advertisement norms with regard to SMS sent to customers last year about the increase in term insurance policy premiums. The matter relates to Policybazaar sending SMS between March 15, 2020, and April 7, 2020, to its customers without stipulating its full registered name in the message.
The web aggregator had sent SMS to about 10 lakh customers telling them that life insurance prices are set to increase from April 1 and that they could save up to Rs 1.65 lakh by buying a term plan. The Insurance Regulatory and Development Authority of India (IRDAI) levied three charges on Policyba ....

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Insurance Regulatory and Development Authority (IRDAI) Directs Health Insurers To Decide On Cashless COVID-19 Treatment Claims Within 1 Hour

IRDAI has also asked the health insurers to convey their decision on final discharge of patients whose Covid claims are covered, within an hour of receiving the final bill from the hospital concerned ....

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Average health claims double to Rs 1 lakh during pandemic, add to insurers' worries

Average health claims double to Rs 1 lakh during pandemic, add to insurers worries
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It s not just number of COVID health claims but the average size of claims that s worrying health insurers. Claims are even higher for non-COVID cases, say insurers.
The average claim size for COVID claims is nearly one lakh versus a pre-COVID average of Rs 50,000-Rs 55,000, said Rajagopal Rudraraju, Senior Vice President & Product Head - Health & Health Claims, Tata AIG. âThe increase in average claim size for COVID is unprecedented in the industry and needs to be addressed, else these could be passed on to the customer by way of increase in premiumsâ, he said. ....

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