OneInsure Blog
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As per the new order issued on Monday by Insurance Regulatory Development Authority of India (IRDAI), the unclaimed money resting with the insurance companies from past 10 years up until 30th September 2017 will have to be transferred to senior citizens’ fund at the latest by 1st of March 2018. The directive shall apply to both life and non-life insurance companies.
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Two significant concepts in health insurance plans that are often causes of confusion among policy-seekers are the Restore benefit and the Recharge benefit. Here, we have made an attempt to clear out all the confusion by first explaining the concepts individually and then drawing out the differences between the two.
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Insurance is going to be mandatory from 1st of August 2017 for all ECR (i.e. Emigration Check Required) passport holders who travel to 18 notified countries for employment.
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In 2015, road accidents increased by 2.5%. In the same year, the number of people killed and injured in road accidents saw a rise
by 4.6% and 1.4% respectively. If reports are to be believed, road accidents take away one lifein every four minutes. -
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Earlier, we reported about SBI’s executive committee reaching a consensus of divesting its stake from SBI Life Insurance and offering 80 million shares for an Initial Public Offering (IPO). The latest reports state that furthering its plan, yesterday i.e. on 17th of July 2017, SBI Life has filed with Securities and Exchange Board of India (SEBI) its draft red herring prospectus for an IPO.
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What makes us (Indians) so different from the rest of the world when it comes to insurance? A country with 31 states, 880 languages and countless sub-cultures is still unable to understand the basic necessities of financial security and life cover. That’s right, this is what sets us apart. Being the second largest populated country, we have one of the lowest insurance penetrations. Insurance is a domain that offers financial security, mental peace and covers one’s life against unexpected eventualities.