IRDAI News

IRDAI 5 Big Changes for 2024: all insurance customers and agents should know

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IRDAI 5 Big Changes for 2024 all insurance customers and agents should know

The year 2024 brought significant reforms for insurance policyholders in India, thanks to the Insurance Regulatory and Development Authority of India (IRDAI). These customer-centric changes have made insurance policies more flexible, transparent, and beneficial. While these updates primarily serve customers, they also present opportunities for insurance agents to better serve their clientele and grow their … Read more

IRDAI New Policy Cap: A Game-Changer for LIC Advisors

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IRDAI New Policy Cap A Game-Changer for LIC Advisors

IRDAI New Policy Cap – The Insurance Regulatory and Development Authority of India (IRDAI) has introduced a significant regulatory change that is expected to reshape the dynamics of the insurance industry. The decision to cap the sale of insurance policies through banks at 50% has sparked a lot of discussion and brought about mixed reactions … Read more

What is Bima Sugam? And what are the IRDAI chief guidelines on Mis-Selling of insurance?

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What is Bima Sugam and what guidelines did IRDAI chief give on Mis-Selling Insurance

The insurance sector in India is poised for transformative changes with the introduction of digital platforms like Bima Sugam and a renewed focus on ethical practices. Recently, IRDAI (Insurance Regulatory and Development Authority of India) chief, Mr. Debasish Panda, raised critical concerns about the mis-selling and force-selling of insurance policies by banks. These practices, which … Read more

How to Apply for IRDAI Whole-Time Member (Life) Position | IRDAI Recruitment 2024

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How to Apply for IRDAI Whole-Time Member (Life) Position IRDAI Recruitment 2024

The Insurance Regulatory and Development Authority of India (IRDAI) has announced its 2024 recruitment for a Whole-Time Member (Life) position based in Hyderabad. This is a unique opportunity for individuals with an extensive background in life insurance or related fields, offering a prominent role within India’s insurance regulatory framework. Here’s a comprehensive look at the … Read more

What is the new surrender value for life insurance policies in 2024?

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What Is the New Surrender Value for Life Insurance Policies

The IRDAI Master Circular 2024 implemented across the insurance industry on October 1, 2024, introduced significant changes in policy terms, particularly focusing on the concept of the special surrender value (SSV) for endowment policies. This article delves into the key points of this circular, examining the implications of special surrender value, guaranteed surrender value, and … Read more

LIAFI recently filed an RTI against IRDAI over the clawback controversy

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LIAFI recently filed an RTI against IRDAI over the clawback controversy

The Life Insurance Agents Federation of India (LIAFI) recently filed a significant Right to Information (RTI) request directed at the Insurance Regulatory and Development Authority of India (IRDAI). This RTI request has ignited discussions in the insurance sector as it focuses on the critical topic of clawback — a provision that can significantly impact insurance … Read more

IRDAI Concerns Over High Auto Cover Commissions and the Future of Motor Insurance in India

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IRDAI Concerns Over High Auto Cover Commissions and the Future of Motor Insurance in India

The Insurance Regulatory and Development Authority of India (IRDAI) recently expressed serious concerns over high commission payouts in the motor own damage insurance sector, primarily involving motor insurance service providers (MISPs). This concern was raised during a meeting with executives from India’s non-life insurance companies, spotlighting the rising cost of motor insurance for consumers due … Read more

What will be the Surrender Value of LIC from October 1

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What will be the Surrender Value of LIC from October 1

Surrender Value of LIC – On October 1, 2024, significant changes will take effect in the insurance sector under the newly issued IRDAI (Insurance Regulatory and Development Authority of India) Master Circular. These changes cover a wide range of policies, including life insurance, general insurance, and health insurance. The new circular has introduced several new … Read more

IRDAI rejected LIC proposal: What was LIC proposal after all

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IRDAI rejected LIC proposal What was LIC proposal after all

IRDAI rejected LIC proposal – On the eve of October 1, 2024, the Life Insurance Council of India conducted a crucial meeting that brought together representatives from all major insurance companies, the Insurance Regulatory and Development Authority of India (IRDAI), and the Life Insurance Corporation of India (LIC). The agenda was to discuss the implementation … Read more