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Insurance companies seek phased GST rate cuts from 18% to 12% on life and health insurance, citing high costs deterring purchases. They also request clarity on GST for co-insurance and reinsurance

Insurers seek reduction in GST rate on life, health insurance: Report 

<h2>Insurance companies seek phased GST rate cuts from 18% to 12% on life and health insurance, citing high costs deterring purchases. They also request clarity on GST for co-insurance and reinsurance</h2>

Insurance companies have approached the GST council seeking reduction in GST rates in a phased manner, beginning with a reduction of levies on life insurance, followed by health insurance, reported CNBC-TV18. As per the report, insurance companies have submitted a detailed representation seeking a reduction in GST rates on life insurance products from the current 18% to 12%.
<h3>GST rate cut demand</h3>
The insurance companies have cited the high GST rate as one of the reasons for people to opt out of life insurance and go for alternatives. As per CNBC-TV18, they also added that with premiums and products becoming more costly government&rsquo;s agenda to push inclusive growth and have an insured society is getting defeated.
Following a reduction in life insurance GST, the insurers are also demanding a similar reduction from the current 18% to 12% on health insurance.
As per CNBC-TV18, the new government, after assuming office, could take this representation to the GST council for a detailed deliberation. Once the proposals are considered, they will have to be cleared by the GST council-nominated law committee, fitment committee, and officers before the council takes them up formally.
Meanwhile Abhishek A Rastogi, founder of Rastogi Chambers, who had filed writs even for rate disparities told CNBC-TV18 that the reduction of the rate from 18% to 12% may not be a pragmatic solution. &ldquo;The feasible approach would be the rate rationalisation for 12% and 18% rate structures, and the GST Council would certainly have this as an agenda point when it meets next,&rdquo; Rastogi told the news outlet.
&ldquo;For the long-term insurance policies that overlapped from the pre-GST regime to the GST regime, there has not been any reduction in the insurance premium that has been charged by the insurance companies to the customers,&rdquo; added Rastogi.
He further went on to suggest that the insurance companies must first look at the benefit, which should have been passed.
<h3>Clarity on co-insurance GST</h3>
Along with the demand to cut GST rate, the insurance companies have also sought clarity on the applicability of GST to co-insurance. The companies have also asked the council to consider the removal of GST on outsourcing or sharing the insurance burden by one company with another under sub-contracting.
Co-insurance/re-insurance is a common insurance practice in which the insurers transfer a portion of risk to reinsurance companies for a certain amount called the ceding premium.
Reinsurance companies, or reinsurers, are companies that provide insurance to insurance companies. Reinsurers play a major role for insurance companies as they allow the latter to help transfer risk, reduce capital requirements, and lower claimant payouts.
Ceding Premium &nbsp;is the amount of premium that the ceding company pays to the reinsurer for transferring a portion of the risk.
After assessing the risk, the re-insurers allow a discount to the insurance company from the value of the ceding premium. This discount is called the re-insurance commission. Recently, the Directorate General of GST Intelligence (DGGI) raised an issue with general insurance companies alleging that the amount represented as reinsurance commission is a consideration that is liable to GST.
However, insurance firms believe that the council has overlooked the nature of the reinsurance contract, as the discounts given do not entail any service in reciprocity. Further such commissions in the erstwhile service tax regime were not levied on service tax.
Another layer of obscurity related to co-insurance is that it involves multiple insurance companies coming together for the purpose of underwriting a common risk. However as per a person quoted by CNBC-TV18, for administrative convenience, one of them is recognised as the lead insurer who undertakes the administration-related activity and issues the invoice for recovering the full premium.
As per CNBC-TV18, DGGI investigations held that sharing premiums between the leader and other insurance companies amounts to supply and demand tax from the insurance companies. On this issue as well, during the service tax regime, no tax was levied. Further, even if tax is paid by one entity, the other entity is eligible to avail credit, making the whole transaction revenue neutral
Also watch: <a href="https://www.editorji.com/business-news/personal-finance/irdai-mandates-insurers-to-decide-on-cashless-claims-in-one-hour-1717045415943">IRDAI mandates insurers to decide on cashless claims in one hour</a>

The premium will continue to stay high even if you quit smoking during the tenure. However, different insurers offer different waiting period for those who have quit smoking

Quit smoking and your insurance premium gets 75% cheaper

The premium will continue to stay high even if you quit smoking during the tenure. However, different insurers offer different waiting period for those who have quit smoking

Smoking kills! And it makes your insurance premium skyrocket. For smokers, the premium becomes anywhere between 40%-75% higher than the premium for a non-smoker.
Even though several other factors like age, premium payment term, policy term and plan option impact the cost, smokers are statistically most likely to make insurance claims due to increased health risks. This leads to higher premiums to offset the added risk for the insurance company.
Also Read: <a href="https://www.editorji.com/business-news/india-s-health-insurance-68-under-insured-with-coverage-below-10-lakh-1693992249202">India's health insurance: 68% under-insured with coverage below ₹10 lakh</a>
"Smoking is known to make someone prone to various ailments and increase the risk of cancer, heart diseases, lung diseases and other chronic illnesses. This makes such individuals to be placed in a high-risk category when seeking life insurance, thus increasing their premium compared to a non-smoker. The premiums for a Term Plan for a smoker could be 40-50% higher compared to someone who doesn't smoke," Srinivasan Parthasarathy, MD &amp; CEO, Go Digit Life Insurance told Business Standard.
<h2>Smokers vs Non-Smokers</h2>
A term insuarance policy categorises an applicant as a smoker if he/she has consumed tobacco in any form in the last 12 months. When you sign up for a policy, your insurer gather details about your smoking habits. If you have smoked more than four times a week and continued this for six months, you will be termed as a smoker. If you've stopped using tobacco for at least three to five years, companies typically will charge you the same rate for life and health insurance as they would a non-smoker.
However for smokers, an insurance company would charge more for the premium as they are more likely to file for a claim on an insurance policy due to premature death or suffering from a critical illness in the later stages of life.&nbsp;
<h2>Verification</h2>
An insurer can verify if you have revealed only the truth. Usually before issuing a term life plan, the insurance company would conduct a medical test. The companies are also authorised to investigate a person's smoking habits. Smokers usually have traces of nicotine in the urine and blood. Thus, these medical tests can reveal a person&rsquo;s smoking habits.
<h2>Smoking impacts Term Insurance Premium</h2>
Here are the different scenerios and the impact
<ul>
<li>If you quit smoking you can choose the term policy that is suitable to you because every insurance company has different waiting period. Certain insurers may consider you a non-smoker if you haven't used any form of tobacco for the past 12 months, while other insurance plans may extend this period to 3 years. This waiting period allows insurance companies to assess your new non-smoking status and potentially offer you more favorable premium rates compared to what a smoker would pay</li>
<li>If you start smoking after getting a term insurance the cost of the premiums would not change. However, at the claims stage it might become difficult to prove whether the disclosure on non-smoking was made correctly or not. This might lead to rejection of nominee claim.</li>
<li>If you quit smoking during the tenure, the premium for that policyholder will not come down midway</li>
</ul>
&nbsp;

In this episode, Certified financial planner Nisha Sanghvi explains the importance of investing in a life insurance policy. 

Invest Smart: All you need to know about buying a life insurance policy 

In this episode, Certified financial planner Nisha Sanghvi explains the importance of investing in a life insurance policy.&nbsp;

Life insurance is one of the most important aspects of financial planning.&nbsp; In this episode, Certified financial planner Nisha Sanghvi explains the importance of investing in a life insurance policy.&nbsp;
Sanghavi recommends opting for a term insurance policy as it is the simplest and cheapest form of a life insurance policy. With any policy where you get any kind of a return, the premium goes up.&nbsp; Its also best not to mix insurance and investments, she adds.&nbsp; Another important factor to consider is that the younger you are when you buy a life insurance policy, the lower is the premium amount.&nbsp;
&nbsp;

In this episode of Invest Smart, Editorji's Avni Raja speaks to Certified Financial Planner about protecting your house and car from damages due to cyclones and other natural calamities. 

Invest Smart: Here's how to insure your car and home against damages due to natural calamities

Home &amp; motor insurance policy can go a long way in protecting your house and car from damages due to cyclones, other natural calamities. On Invest Smart, Avni Raja speaks to Certified Financial Planner Nisha Sanghavi about home &amp; motor insurance coverage.&nbsp;

The impact of climate change is becoming more and more pronounced. From unseasonal rains to severe storms and extreme weather conditions, the consequences are many.&nbsp;
Climate related disasters including cyclones can have a devastating impact. Cyclones such as the recent Cyclone Biparjoy can put several things including your car and house at risk. &nbsp;Depending on the extent of damage, the cost of repairs can be sky-high. In such cases, insurance can go a long way to help cover such costs.&nbsp; In case of home insurance, the claim is admissible only when the natural calamity is declared one by the government, says certified financial planner, Nisha Sanghavi . A meteorological report along with newspaper cutting of the the incident occuring is required for the claim process, she adds.&nbsp;
For car insurance, one can opt for a comprehensive motor&nbsp; insurance policy, which covers damages during natural calamities including cyclones. To further enhance coverage, add-ons such as engine protection cover can be considered especially for those who are living in flood or cyclone prone areas.&nbsp; While buying an insurance policy, one must always be aware of the fine print especially the exclusions.&nbsp;

Insurance can be really helpful in protecting your properties and yourselves, especially at times like floods. You can avail various insurance policies like standard fire & special perils policy, home, vehicle and accident insurance to protect from d

North India rain havoc: Here's how you can insure your car and home against rain related damages

Insurance can be really helpful in protecting your properties and yourselves, especially at times like floods. You can avail various insurance policies like standard fire & special perils policy, home, vehicle and accident insurance to protect from damages

Insurance can be really helpful in protecting your properties and yourselves, especially at times like floods. You can avail various insurance policies like standard fire &amp; special perils policy, home, vehicle and accident insurance to protect from damages

Incessant rains have created havoc across the northern part of India, claiming more than 15 lives so far. The national capital Delhi recorded its highest ever rainfall, breaking a 40-year-old record. Meanwhile landslides in the hilly states of Himachal Pradesh and Uttarakhand have brought several parts of the states to a standstill. Such situations can also put your car and home at risk. Depending on the extent of damage, the repair costs can put a huge dent in your pockets. However, having the right insurance protection can go a long way in helping you cover the costs.
Standard Fire &amp; Special Perils policy
Even though India is a tropical country that faces high frequency of rains, there is no insurance that covers flood related damages explicitly. However, Insurance companies cover floods as part of the Standard Fire &amp; Special Perils policy. Flood is named as a peril as a part of the larger STFI cover which also includes Storm, Tempest, Cyclone, Typhoon, Hurricane, Tornado and inundation.
This plan can be applied to buildings, Plant &amp; Machinery, Stocks, Furniture, Fixtures &amp; Fittings and other contents.&nbsp;
A specific rate is attriuted to STFI perils within the policy and the insured can decide whether they want to have the &ldquo;STFI&rdquo; peril included in their Fire or householders policy.&nbsp;
Home Insurance
For most people, buying a house is a dream come true but at the same time is an extremely expensive affair. And so, protecting your house against natural calamities with home insurance is a good idea.
Home insurance covers fire, perils such as cyclones, floods and earthquakes. It also covers accidents caused in your home or outside your home by you or a family member
One could buy an insurance plan that gives a 360 degree protection including both the external structure and internal content like appliances and furniture. Add-ons such as gadget repair, pest control and plumbing/carpentry can also be taken.
Meanwhile, owners should also be careful of contributory negligence as insurers can deny benefits.&nbsp;
Certified Financial Planner Nisha Sanghavi says that property owners should take care of the buildings in order to claim the insurance money. "Flood prone areas are low lying. Protective measures need to be taken. To claim home insurance, have protective walls so that water doesn't enter easily. Surveyors survey a region. Undertake loss prevention and minimizing measures as recommended so damage doesn't happen", she said.
A claim is admissible only when the natural calamity is a declared one by the government. A meteorological report along with newspaper cutting of the incident occurring is required for the claim process, explains Sanghvi. &nbsp; Also watch: <a href="https://www.editorji.com/business-news/personal-finance/invest-smart-here-s-how-to-insure-your-car-and-home-against-damages-due-to-natural-calamities-1686918960138">Invest Smart: Here's how to insure your car and home against damages due to natural calamities</a>
Vehicle Insurance
Vehicles can get stuck in the floods causing extensive damage. However, a comprehensive policy that covers damage in the engine and/or its child parts due to water ingression and oil leakage is not available.
"To claim insurance parking shouldn't be in places where water would enter vehicle and especially under trees. Engine shouldn't be ignited if the car is submerged. Cut off the power or battery supply", said Nisha Sanghavi
The insurance can be made more effective with add-ons.
With the engine protector cover, any damage to the engine caused in the event of a hydrostatic lock, which occurs when water enters the vehicle&rsquo;s air valve, resulting in engine blockage will be covered.&nbsp;
Road-side assistance cover is another helpful add-on that will help if one is stranded amid a heavy downpour. With this, one can avail access to prompt and professional towing services, effectively preventing any additional damage to the vehicle.
Financial assistance for both full labor charges and the costs associated with tire replacement can also be availed if Tyre protection add-on is obtained.&nbsp;
Accident Insurance
Taking a personal accident insurance policy can also be beneficial in the event of floods. These policies offer an insured amount if the person is disabled along with taking care of the hospital charges.&nbsp;
This policy includes all kinds of accidents ranging from road mishaps to electrocution due to a faulty appliance.&nbsp;

The hike in reinsurance costs is anticipated to cause insurance premiums for buildings, liabilities, marine, and motor covers to climb by at least 10% in the upcoming months

Insurance rates could increase by 10%

Insurance rates will increase by 10%

The hike in reinsurance costs is anticipated to cause insurance premiums for buildings, liabilities, marine, and motor covers to climb by at least 10% in the upcoming months

Indian businesses and car drivers can expect to pay more for insurance as international reinsurers have increased rates by 40&ndash;60% as a result of the conflict in the Ukraine and other weather-related losses abroad.
The hike in reinsurance costs is anticipated to cause insurance premiums for buildings, liabilities, marine, and motor covers to climb by at least 10% in the upcoming months.
With 24 businesses and excluding standalone health and agriculture insurers, India's general insurance sector underwrote a gross premium of ₹2.15 trillion in FY23, up 16% from the previous year. Together, these insurers control 84% of the market for general insurance.
Indian businesses get sizable insurance policies to lessen the effects of unexpected obligations and catastrophic losses. Typically, they purchase insurance coverage to guard against hazards associated with the marine industry, engineering, and business interruptions.
However, all vehicle owners in India are required to have motor insurance. In FY2023, premiums from motor insurance alone made up ₹81,292 crore of the total business in the general insurance sector.
In FY2023, ICICI Lombard's automobile business alone contributed around 40% of the total premium for the company, totaling ₹8,582 crore. In FY23, the insurer's overall premium increased by 17%.
In FY23, general insurers underwrote a total of ₹23,933 crores in fire insurance premiums, ₹5,058 crores in marine insurance premiums, ₹4,281 crores in engineering insurance premiums, ₹889 crores in aviation insurance premiums, and ₹4,863 crores in liability insurance premiums, according to the Insurance Regulatory and Development Authority of India (IRDAI), as reported by Mint.

Twitter user Prateek Aryan declares that he received Rs 25,000 as Heartbreak Insurance Fund. Know all about this sceme. 

Man receives Rs 25,000 as Heartbreak Insurance Fund; netizens praise the scheme. Know what it is

Twitter user Prateek Aryan declares that he received Rs 25,000 as Heartbreak Insurance Fund. Know all about this sceme.&nbsp;

You must have heard of health and life insurance but have you ever heard of Heartbreak Insurance Fund?&nbsp;
Well, recently, Prateek Aryan claimed on Twitter that he received Rs 25,000 as Heartbreak Insurance from his girlfriend. In his tweet, he explained that at the beginning of their relationship, the couple decided to invest Rs 500 in a joint account every month during the relationship and made a policy that whoever gets cheated and walks out of the relationship will get the whole amount.&nbsp;
Netizens are in love with this great idea and want to try the same in their relationships. What about you?
Also watch: <a href="https://www.editorji.com/lifestyle-news/couple-that-banks-together-lasts-together-study-1671017934108">Couple that banks together, lasts together: Study</a>

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;

Insurance industry body to meet FM Sitharaman to seek relaxation on taxation: Report 

Shares of most life insurance companies have been under pressure after the Budget 2023 announcements regarding limiting income tax exemption from the proceeds of insurance policies

The insurance industry was left disappointed with Budget 2023. In fact one of the budget proposals, limiting exemptions on high value insurance policies, came as a big blow to the industry.&nbsp; As per reports, the industry body will meet Finance Minister Nirmala Sitharaman to seek a relaxation on taxation on insurance.&nbsp;
According to CNBC-TV18, the industry body seeks raising the limit on premium for taxation to ₹10 lakh/year vs budget announcement of ₹5 lakh/year.&nbsp;
Shares of most life insurance companies have been under pressure after the Budget 2023 announcement, which said that the payout of life insurance policies where the premium was above Rs 5 lakh, would be taxed.&nbsp;
&nbsp;

Shares of LIC, SBI Life, HDFC Life and ICICI Prudential closed the day with losses of up to 12 per cent each

Budget 2023: Insurance stocks tank

Shares of LIC, SBI Life, HDFC Life and ICICI Prudential closed the day with losses of up to 12 per cent each

Shares of insurance companies ended the budget day deep in the red. Two key announcements from Finance Minister Nirmala Sitharaman in Budget 2023 were seen as the triggers for this sharp decline. The Finance Minister&rsquo;s renewed push for the new tax regime, with the income tax rebate limit being increased from 5 lakh rupees to 7 lakh rupees, was seen as a big dampener for the insurance companies. Remember, unlike the old tax regime, the new tax regime doesn&rsquo;t allow any exemptions for insurance premium payments. Therefore, experts believe that higher adoption of the new tax regime could lead to lower sales for insurance companies. The other big announcement in the Budget, that hit the insurance sector shares, was regarding the proposal to limit income tax exemption for proceeds of insurance policies with very high value. &nbsp;The budget document said that where the aggregate of premium for life insurance policies (other than ULIP) issued on or after April 1, 2023, is above Rs 5 lakh, income from only those policies with an aggregate premium of up to Rs 5 lakh shall be exempt. However, the document added that the change to will not affect the tax exemption provided to the amount received on the death of a person insured. It will also not affect insurance policies issued till March 31, 2023&rdquo;. On the back of these two announcements, shares of LIC, SBI Life, HDFC Life and ICICI Prudential closed the day with losses of up to 12 per cent each.

Insurance penentration is extremely low in India. To address this, the insurance industry has a slew of expectations from the budget. Some of which, have been long standing demands, which the industry is hoping will get addressed this time. 

Budget 2023: What's the insurance industry demanding? 

Budget 2023: What Insurance industry is demanding?

Insurance penetration is extremely low in India. To address this, the insurance industry has a slew of expectations from the budget. Some of which, have been long standing demands, which the industry is hoping will get addressed this time.&nbsp;

<h3> Budget 2023 for Insurance Industry</h3>
The insurance industry is hoping that at least some of their demands will be met in the upcoming budget announcement. The industry's demands include:&nbsp; GST on Insurance: In a move to make insurance products more affordable and attractive, the industry wants GST rationalization on insurance products from the current 18%.&nbsp; Health insurance premium limit: Covid-19 has proven that the current limit of Rs. 25,000 is not enough and it needs to be significantly increased to at least Rs. 50,000.&nbsp;
Parametric insurance:&nbsp;In the last few years, India has seen a lot of natural disasters like floods, earthquakes, landslides among others. ''While the gap between insured and economic damages remains wide, governments have to allocate large sums of money toward relief measures. This issue can be addressed through parametric insurance (index-based solution), which will help bridge the protection gap. The provision to launch Parametric insurance should be included in the forthcoming Budget," says Tapan Singhel, MD and CEO, Bajaj Allianz General Insurance.&nbsp;
Insurance for all: Though the government is vying for an &lsquo;Insurance for all by 2047&rsquo; theme but still according a reports, 40 crore Indians have no health insurance. The Union Budget should include a provision for health insurance at a government-tender rate for all. This tender pricing should be extended to all employers/companies to obtain employee insurance.
&nbsp;

Has the continued rise of fuel prices made you reassess your new car buying decision? Well, here comes another! Car insurance prices for four-wheeler and two-wheeler owners are likely to be increased from June 1 this year. The speculation comes as the ministry of road transport and highways (MoRTH) will increase the third-party motor insurance premium for various categories of vehicles. 
As per the official notification by the ministry, private cars with an engine capacity of 1,000 cc will attract rates of Rs 2,094 compared to Rs 2,072 in 2019-20. Meanwhile, cars above 1,500 cc will see a drop in premium from Rs 7,897 to Rs 7,890. Two-wheeler with a 150cc-350 cc engine capacity will attract a premium of Rs 1,366 and for two-wheelers, over 350 cc the revised premium will be Rs 2,804.The decision is likely to jack up the cost of cars and two-wheelers, causing another reason to worry for vehicle owners in India who are already having to shell out around Rs 100 for a litre of petrol.

Cars, two-wheelers set to become expensive

Has the continued rise of fuel prices made you reassess your new car buying decision? Well, here comes another!

Govt announces insurance premium hike

The decision is likely to jack up the cost of cars and two-wheelers, causing another reason to worry for vehicle owners in India who are already having to shell out around Rs 100 for a litre of petrol

Has the continued rise of fuel prices made you reassess your new car buying decision? Well, here comes another!&nbsp;Car insurance prices for four-wheeler and two-wheeler are going to increase from June 1 this year.
The Ministry of Road Transport and Highways has issued a notification announcing an increase in the third-party motor insurance premium for various categories of vehicles.
Also read/watch| <a title="Twitter twists: Jack Dorsey off the board, another Musk backer gets the boot" href="https://www.editorji.com/business-news/twitter-twists-jack-dorsey-off-the-board-another-musk-backer-gets-the-boot-1653558018806">Twitter twists: Jack Dorsey off the board, another Musk backer gets the boot</a>
As per the official notification by the ministry, private cars with an engine capacity of 1,000 cc will attract rates of Rs 2,094 compared to Rs 2,072 in 2019-20. Meanwhile, cars above 1,500 cc will see a drop in premium from Rs 7,897 to Rs 7,890.
Two-wheeler with a 150cc-350 cc engine capacity will attract a premium of Rs 1,366 and for two-wheelers, over 350 cc the revised premium will be Rs 2,804.
The decision is likely to jack up the cost of cars and two-wheelers, causing another reason to worry for vehicle owners in India who are already having to shell out around Rs 100 for a litre of petrol.

In a disturbing incident, a partially-burnt body of a woman was reportedly found in Uttar Pradesh's Greater Noida. The woman, Birma Devi was found dead inside her house in Dankaur town, on April 15.
The victim's daughter and son-in-law are the prime suspects in the case, as per news agency PTI. The victim's son Vipin alleged that his sister Meenu and her husband Mahaveer had been harassing Devi for Rs 15 lakh insurance money.
Birma Devi had received the money after the death of her husband.  Her daughter and son-in-law have been accused of misbehaving with her, and pressurising her to hand over the cash.
The accused are yet to be arrested, and two police teams have reportedly been formed to apprehend them.

Daughter kills mother over ₹15 lakh insurance money; burnt body found inside Greater Noida house, say UP police

Daughter kills mother over ₹15 lakh insurance money; burnt body found inside house, say police


In a disturbing incident, a partially-burnt body of a woman was reportedly found in Uttar Pradesh's Greater Noida. The woman, Birma Devi was found dead inside her house in Dankaur town, on April 15. The victim's daughter and son-in-law are the prime suspects in the case, as per news agency PTI.
The victim's son Vipin alleged that his sister Meenu and her husband Mahaveer had been harassing Devi for Rs 15 lakh insurance money. Birma Devi had received the money after the death of her husband. Her daughter and son-in-law have been accused of misbehaving with her, and pressurising her to hand over the cash. The accused are yet to be arrested, and two police teams have reportedly been formed to apprehend them. ==================================
CAPTIONS Woman's partially burnt body found Birma Devi found dead inside house Allegedly killed by daughter, son-in-law Son claimed insurance money motive Police teams searching for accused

The victim's son Vipin alleged that his sister Meenu and her husband Mahaveer had been harassing Birma Devi for ₹15 lakh insurance money.

In a disturbing incident, a partially-burnt body of a woman was reportedly found in Uttar Pradesh's Greater Noida.&nbsp;The woman, Birma Devi was found dead inside her house in Dankaur town, on April 15.
The victim's daughter and son-in-law are the prime suspects in the case, as per news agency PTI.&nbsp;The victim's son Vipin alleged that his sister Meenu and her husband Mahaveer had been harassing Devi for ₹15 lakh insurance money.
 Birma Devi had received the money after the death of her husband.&nbsp;&nbsp;Her daughter and son-in-law have been accused of misbehaving with her, and pressurising her to hand over the cash.
 The accused are yet to be arrested, and two police teams have reportedly been formed to apprehend them.

While most insurance companies do not charge transgender people different prices, data is still a major issue, The Insurance Regulatory and Development Authority of India (IRDAI) asked all life and non-life insurance companies to set out their transgender underwriting rules on their websites in order to increase transparency. 
"All the insurers now are further instructed to publish on their websites the aspects of underwriting philosophy and approach with regard to offering health insurance coverage to transgender people so that the targeted population may have complete information on the philosophy that insurers adopt in this regard," IRDAI said.
Expectations from insurers
In the event of transgender applicants, insurance companies will be compelled to disclose how such health insurance proposals would be examined, risks assessed, and premiums established.
The goal of requesting that life, health, and general insurance companies publish their underwriting approach for reviewing health insurance applications on their websites is to ensure transparency and clarity for potential transgender policyholders.
 

Health insurance for transgenders: IRDAI asks insurers for more transparency  

IRDAI's move to know transgender numbers in India 

More transparency for transgenders numbers?

The IRDAI rule makes it essential for all insurers to provide such coverage, removing any potential for misunderstanding.&nbsp;

While most insurance companies do not charge transgender people different prices, but&nbsp;data is still a major issue.
With that, The Insurance Regulatory and Development Authority of India (IRDAI) asked all life and non-life insurance companies to set out their transgender underwriting rules on their websites in order to increase transparency.&nbsp;
"All the insurers now are further instructed to publish on their websites the aspects of underwriting philosophy and approach with regard to offering health insurance coverage to transgender people so that the targeted population may have complete information on the philosophy that insurers adopt in this regard," IRDAI said.
Expectations from insurers
In the event of transgender applicants, insurance companies will be compelled to disclose how such health insurance proposals would be examined, risks assessed, and premiums established.
The goal of requesting that life, health, and general insurance companies publish their underwriting approach for reviewing health insurance applications on their websites is to ensure transparency and clarity for potential transgender policyholders.
&nbsp;

Policybazaar IPO: Policybazaar and Paisabazaar owner PB Fintech is hoping for a crackling initial public offer ahead of Diwali. 

Policybazaar IPO Open Today: Top points to consider before investing

Market-leader yet loss-making insurance aggregator PB Fintech's IPO has analysts sitting on the fence. Here is what you need to know before investing. 

Policybazaar IPO: Is its safe bet for retail investors, do you know these risks?

What's exciting about this IPO? PB Fintech&nbsp;offers a pie of India's largest online platform for insurance (Policybazaar) and lending products (Paisabazaar). Holds 65.3 percent market share in all digital insurance sales in India by number of policies sold. Marketshare is great but does it make profit?&nbsp; The company posted a consolidated loss of Rs 150.24 crore for the financial year FY21, but the bright side is that is was much lower compared to a loss of Rs 304.03 crore&nbsp;the year before. Revenue however have seen a big jump to Rs 886.66 crore&nbsp;from Rs 771.3 crore&nbsp;over the last two years.&nbsp; What are my risks?&nbsp; Online insurance or fintech&nbsp;as a whole has become a highly competitive market in India with a host of startups&nbsp;establishing themselves as serious competition like recent unicorn Acko and Virat&nbsp;Kohli&nbsp;backed Digit Insurance. Analysts fear with competition rising and a history of losses, the company may not be able to sustain growth in a cost effective manner.&nbsp;It also warned in its DRHP&nbsp;that the company expects its costs to increase over time and losses will continue given the investments expected towards growing its business.&nbsp;
&nbsp;

Policybazaar IPO: PB Fintech, the operator of Policybazaar, has mopped up Rs 2,569&nbsp;crore from 155 anchor investors on October 29.

<a href="https://www.editorji.com/story/policybazaar-ipo-aims-to-raise-rs-6-500-crore-likely-to-fie-drhp-in-a-week-1626834795938">Policybazaar</a> and Paisabazaar&nbsp;owner PB Fintech&nbsp;is hoping for a crackling initial public offer ahead of Diwali.&nbsp;The IPO&nbsp;price band has been set at Rs 940 to 980 and the issue is open from November&nbsp;1-3. Here are the things you must know before investing:
<h3>What's exciting about this IPO?</h3>
PB Fintech&nbsp;offers a pie of India's largest online platform for insurance (Policybazaar) and lending products (Paisabazaar). Holds 65.3 percent market share in all digital insurance sales in India by number of policies sold.
<h3>Marketshare is great but does it make profit?&nbsp;</h3>
The company posted a consolidated loss of Rs 150.24 crore for the financial year FY21, but the bright side is that is was much lower compared to a loss of Rs 304.03 crore&nbsp;the year before. Revenue however have seen a big jump to Rs 886.66 crore&nbsp;from Rs 771.3 crore&nbsp;over the last two years.&nbsp;
<h3>What are my risks?&nbsp;</h3>
Online insurance or fintech&nbsp;as a whole has become a highly competitive market in India with a host of startups&nbsp;establishing themselves as serious competition like recent unicorn Acko and Virat&nbsp;Kohli&nbsp;backed Digit Insurance. Analysts fear with competition rising and a history of losses, the company may not be able to sustain growth in a cost effective manner as it has also warned of the same in it's DRHP.&nbsp;
<h3>Gauging sentiment vs grey market premium </h3>
Policybazaar operator PB Fintech&nbsp;is available at Rs 1,100-1,150 per share in the grey market, a premium of Rs 120-170 or 12-17 percent over upper price band of Rs 980.
Also Read |&nbsp;<a href="https://www.editorji.com/business-news/nykaa-ipo-time-to-glam-up-your-portfolio-1635390009005">Nykaa IPO: time to glam up your portfolio!</a>

September, the season of the student send-offs is upon us, but as you prepare and pack your bags the study abroad program one must remember to pack in a student travel insurance plan as well even if it is not mandated by the country/university. Here is why;

Your regular health cover will not come to your aid if you fall sick during your stay abroad. Medical costs can sky rocket in overseas.&nbsp;
The insurance covers the student's checked baggage loss or delay by the carrier
Travel insurance policy also covers the expenditure to be incurred if the student loses her/his passport and has to get a replacement.
If the insured student has been hospitalised for seven days or more, a family member's travel expenses will be borne by the insurance companies.&nbsp;
Even bail money incase&nbsp;on gets arrested in a foreign land is covered by the insurance firm.&nbsp;

Many have the option for signing up for the university provided insurance covers once one lands but those tend to have limited coverage and also are far more expensive than the policies offered by the homegrown&nbsp;insurance providers such as&nbsp;Bharti Axa Smart Traveller Student,&nbsp;Bajaj Allianz Student Travel Insurance and HDFC&nbsp;Ergo.&nbsp;

Study abroad season is here! Make sure you pack a travel insurance with you

From flying out family when you are hospitalised or even getting you bail money.. Here are the many reasons you must&nbsp;pack a student travel insurance plan before you take off for your studies abroad.&nbsp;

Student Travel Insurance, get it now and get it here

<h1 class="headline">Student policies from Indian insurers are cheaper.&nbsp;</h1>

September, the season of the student send-offs is upon us, but as you prepare and pack your bags the study abroad program one must remember to pack in a student travel insurance plan as well even if it is not mandated by the country/university. Here is why;
<ul>
<li>Your regular health cover will not come to your aid if you fall sick during your stay abroad. Medical costs can sky rocket in overseas.&nbsp;</li>
<li>The insurance covers the student's checked baggage loss or delay by the carrier</li>
<li>Travel insurance policy also covers the expenditure to be incurred if the student loses her/his passport and has to get a replacement.</li>
<li>If the insured student has been hospitalised for seven days or more, a family member's travel expenses will be borne by the insurance companies.&nbsp;</li>
<li>Even bail money incase&nbsp;on gets arrested in a foreign land is covered by the insurance firm.&nbsp;</li>
</ul>
Many have the option for signing up for the university provided insurance covers once one lands but those tend to have limited coverage and also are far more expensive than the policies offered by the homegrown&nbsp;insurance providers such as&nbsp;Bharti Axa Smart Traveller Student,&nbsp;Bajaj Allianz Student Travel Insurance and HDFC&nbsp;Ergo.&nbsp;

Lok Sabha&nbsp;on Monday passed a bill to amend the general&nbsp;insurance&nbsp;law to allow the government to pare its stake in state-owned insurers.&nbsp;The amendment in the General Insurance Business (Nationalisation) Act, 1972 is to facilitate privatisation of one general insurance company in the public sector which has met a lot opposition from PSU&nbsp;employees as well as other political parties.&nbsp;
The Finance Minister in the Budget 2021-22 had announced a big-ticket privatisation agenda which included two&nbsp;public sector&nbsp;banks and one general insurance company.
As of date, there are four general insurance companies in the public sector - National Insurance Company Limited, New India Assurance Company Limited, Oriental Insurance Company Limited and the United India Insurance Company Limited. Unconfirmed reports suggested that the NITI Aayog&nbsp;had recommended United India Insurance Company as one of the potential candidates for privatisation.&nbsp;Even with bill passed it is unlikely that the sale will be wrapped up in this fiscal year as per experts as&nbsp;given the challenges in identifying suitable buyers and making sure that no downsizing at the public sector outfit takes place, the process is likely to be lengthy.&nbsp;

Lok Sabha passes bill allowing govt to reduce stake in insurance companies, privatisation path paved

Path to privatisation paved for govt, Lok&nbsp;Sabha&nbsp;passes bill allowing govt to sell stake in insurance companies

The PSU Sale ! 

<ul>
<li>Lok Sabha&nbsp;passes bill paving way to privatise national insurance companies&nbsp;</li>
<li>Govt looking to privatise two&nbsp;public sector&nbsp;banks and one general insurance company.</li>
<li>India has 4 general insurance companies, likely to privatise United India Assurance as per unconfirmed reports&nbsp;</li>
<li>Stake sale in insurance company unlikely to happen this year due to lengthy process</li>
</ul>

<h2 class="alternativeHeadline">General Insurance Business (Nationalisation) Amendment Bill, 2021, will allow private participation in public sector insurance companies</h2>

Lok Sabha&nbsp;on Monday passed a bill to amend the general&nbsp;insurance&nbsp;law to allow the government to pare its stake in state-owned insurers.&nbsp;The amendment in the General Insurance Business (Nationalisation) Act, 1972 is to facilitate privatisation of one general insurance company in the public sector which has met a lot opposition from PSU&nbsp;employees as well as other political parties.&nbsp;
The Finance Minister in the Budget 2021-22 had announced a big-ticket privatisation agenda which included two&nbsp;public sector&nbsp;banks and one general insurance company.
As of date, there are four general insurance companies in the public sector - National Insurance Company Limited, New India Assurance Company Limited, Oriental Insurance Company Limited and the United India Insurance Company Limited. Unconfirmed reports suggested that the NITI Aayog&nbsp;had recommended United India Insurance Company as one of the potential candidates for privatisation.&nbsp; Even with bill passed it is unlikely that the sale will be wrapped up in this fiscal year as per experts as&nbsp;given the challenges in identifying suitable buyers and making sure that no downsizing at the public sector outfit takes place, the process is likely to be lengthy.&nbsp;

Policybazaar's&nbsp;parent firm PB Fintech&nbsp;is reportedly aiming to raise Rs 6,500 crore&nbsp;via its upcoming IPO.
The IPO&nbsp;could value the country's largest insurance aggregator at $4-5 billion. Policybazaar&nbsp;may file its draft prospectus in July and is expected to be listed by&nbsp;November or December.
Notably, the&nbsp;company&rsquo;s list of investors includes Japan&rsquo;s SoftBank, private equity firm True North, Premji Invest, Tiger Global Management and Temasek.
Policybazaar&nbsp;reported a net loss of Rs 218 crore&nbsp;in FY20 and Rs 213 crore&nbsp;in the previous financial year.

Policybazaar IPO aims to raise Rs 6,500 crore likely to file DRHP in a week

Policybazaar IPO aims to raise Rs 6,500 crore likely to fie DRHP in a week

THE IPO Rush Continues

Policybazaar's&nbsp;parent firm PB Fintech&nbsp;is reportedly aiming to raise Rs 6,500 crore&nbsp;via its upcoming IPO.
The IPO&nbsp;could value the country's largest insurance aggregator at $4-5 billion. Policybazaar&nbsp;may file its draft prospectus in July and is expected to be listed by&nbsp;November or December.
Notably, the&nbsp;company&rsquo;s list of investors includes Japan&rsquo;s SoftBank, private equity firm True North, Premji Invest, Tiger Global Management and Temasek.
Policybazaar&nbsp;reported a net loss of Rs 218 crore&nbsp;in FY20 and Rs 213 crore&nbsp;in the previous financial year.

IPO&nbsp;likely to value the country's largest insurance aggregator at $4-5 billion

The IPO&nbsp;deluge continues,&nbsp;Policybazaar's&nbsp;parent firm PB Fintech&nbsp;is reportedly aiming to raise Rs 6,500 crore&nbsp;via its upcoming IPO.
ALSO WATCH:&nbsp;<a href="https://www.edtr.ai/9xk5" target="_blank">Glenmark Life Sciences files RHP; could raise Rs 1,600 cr via IPO</a>
The IPO&nbsp;could value the country's largest insurance aggregator at $4-5 billion. Policybazaar&nbsp;may file its draft prospectus in the next one week and is expected to be listed by&nbsp;November or December.
Notably, the&nbsp;company&rsquo;s list of investors includes Japan&rsquo;s SoftBank, private equity firm True North, Premji Invest, Tiger Global Management and Temasek.
ALSO WATCH:&nbsp;<a href="https://www.edtr.ai/9xe6" target="_blank">Swiggy delivers hot $1.25 billion fund raising from investors</a>
Policybazaar&nbsp;reported a net loss of Rs 218 crore&nbsp;in FY20 and Rs 213 crore&nbsp;in the previous financial year.

With a focus on the mega LIC&nbsp;IPO&nbsp;scheduled for this fiscal, the govt may postpone plans to privatise one general insurer and two banks this year as per reports.General Insurance Business (nationalisation) Act 1972 has been given a miss for this parliament session and sources told Moneycontrol.com that finance ministry is looking the privatisation plan for 2022-23 as it requires many details yet to be formalised to ensure job security and smooth transition.&nbsp;As per reports Central Bank of India and Indian Overseas Bank had been shortlisted for privatisation. The insurance company, as yet unidentified, could be one among National Insurance, United India Insurance and Oriental Insurance.

Privatisation Postponed? Privatisation of general insurer, 2 banks unlikely: reports

Privatisation Postponed?

Finance Ministry had assured no job losses in the process of privatisation.&nbsp;

With a focus on the mega LIC&nbsp;IPO&nbsp;scheduled for this fiscal, the govt may postpone plans to privatise one general insurer and two banks this year as per reports. General Insurance Business (nationalisation) Act 1972 has been given a miss for this parliament session and sources told Moneycontrol.com that finance ministry is looking the privatisation plan for 2022-23 as it requires many details yet to be formalised to ensure job security and smooth transition.&nbsp; As per reports Central Bank of India and Indian Overseas Bank had been shortlisted for privatisation. The insurance company, as yet unidentified, could be one among National Insurance, United India Insurance and Oriental Insurance.

Virat&nbsp;Kohli&nbsp;and other investors are surely dancing to a tune of higher valuation as insurance startup&nbsp;Digit Insurance has seen valuations zoom to $3.5 billion as it raised $200 million from existing and new investors.&nbsp;Bengaluru&nbsp;based&nbsp;Digit Insurance, which offers health, car, bike, and travel insurance services raised money in January this year which valued it just over $1.9 billion and made it the first unicorn for 2021.&nbsp;Digit Insurance which boasts of backers such as Fairfax founded by Canadian billionaire Prem Watsa, Virat&nbsp;Kohli&nbsp;will now see&nbsp;Sequoia Capital India, IIFL Alternate Asset Managers also stepping in as investors.&nbsp;

Digit Insurance triples valuation in 6 months, worth $3.5 billion now

Click this video to find out which big investment is making&nbsp;Virat&nbsp;Kohli dance.&nbsp; #DigitInsurance&nbsp;#Startup&nbsp;#Insurance

Virat Kohli backed Digit Insurance doubles valuation in 6 months, worth $3.5 billion now

((Breathe video of Virat&nbsp;Kohli&nbsp;dancing to Digit Insurance ad at start please )) https://www.youtube.com/watch?v=eLov9sPZyCI
&nbsp;
<ul>
<li>Virat&nbsp;Kohli&nbsp;backed insurance&nbsp;startup&nbsp;raises Digit Insurance $200 million&nbsp;</li>
<li>Digit Insurance now valued at $3.5 billion vs $1.9 billion in January</li>
<li>Bengaluru&nbsp;based&nbsp;Digit Insurance was India's first unicorn in 2021</li>
<li>Investors in Digit Insurance: Canadian Billionaire Prem&nbsp;Watsa's Fairfax, Virat&nbsp;Kohli, Sequoia&nbsp;</li>
</ul>

Digit Insurance, India's first unicorn in 2021 raised&nbsp;$200 million from existing and new investors, in one of the biggest funding rounds in the insurance sector.

Virat&nbsp;Kohli&nbsp;and other investors are surely dancing to a tune of higher valuation as insurance startup&nbsp;Digit Insurance has seen valuations zoom to $3.5 billion as it raised $200 million from existing and new investors.&nbsp; Bengaluru&nbsp;based&nbsp;Digit Insurance, which offers health, car, bike, and travel insurance services raised money in January this year which valued it just over $1.9 billion and made it the first unicorn for 2021.&nbsp; Digit Insurance which boasts of backers such as Fairfax founded by Canadian billionaire Prem Watsa, Virat&nbsp;Kohli&nbsp;will now see&nbsp;Sequoia Capital India, IIFL Alternate Asset Managers also stepping in as investors.&nbsp;

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