POLICY BONUS
LIC warns policyholders about offers to buy their current insurance policies
The life insurance behemoth has urged all policyholders to proceed with extreme caution before making any decisions about their policy that might compromise their family's risk coverage and financial stability.
Haryana government may file review petition: CM after SC junks state's plea on quashing extra-marks policy
Haryana Chief Minister considers review petition or bill after Supreme Court upholds high court order quashing state's policy of granting extra marks in job exams. The policy, termed 'populist measure', was struck down by a vacation bench of Justices Abhay S Oka and Rajesh Bindal.
SC dismisses Haryana's plea against quashing of extra marks policy, says move 'populist measure'
The Supreme Court upheld a Punjab and Haryana High Court ruling that quashed the Haryana government's policy of awarding extra marks to local residents in recruitment exams, labeling it a "populist measure." The policy, which granted bonus marks based on socioeconomic criteria, was deemed unconstitutional. The Supreme Court dismissed the Haryana Staff Selection Commission's appeal, emphasizing that such policies unfairly advantage certain candidates.
Higher refund on premature exit from life insurance policy as IRDAI introduces new surrender value rule; check how much you will get
Life Insurance Policy Surrender Value Rule Changes: To curb mis-selling of life insurance plans, IRDAI has introduced a higher special surrender value for traditional endowment policies. Even if a policyholder exits a life insurance policy after the first year, he would get a part of his premium back if he has paid it. Till now, there has been no refund on exiting the policy in the first year. How much money will you get back if you prematurely exit your life insurance policy? Check calculation here.
Shriram Life declares Rs 201 cr bonus in FY'24, up by 35%
Shriram Life Insurance has declared a bonus of Rs 201 crore for the financial year ending March 31, 2024, due to a 35% increase in premium income. The bonus payout will benefit 3.86 lakh policy holders. The surge in new business premium in FY'24 was driven by new partners, technology upgrades, and focused sales.
Ashok Leyland rolls out 'Sarathi Suraksha' policy
The policy, classified as an 'Unnamed GPA (Group Personal Accident) policy' covers any driver operating an Ashok Leyland vehicle, providing comprehensive protection for the drivers. The comprehensive insurance policy covers accidental death, permanent and partial disability and also includes a special education bonus for children.
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Health insurance premiums can be reduced if you don’t make a claim, policy cancellations to be less costly and more: 5 rule changes
Health insurance rule changes: To make health insurance policy more inclusive, flexible and customer-friendly, IRDAI has recently released a master circular on health insurance business. The regulator introduces new measures regarding cancellation charges, standardising no-claim bonus, and increasing claim settlement transparency. ET Wealth Online explores how these regulations empower policyholders and improve their health insurance experience.
Health insurance claim rule change: Cashless claims must be cleared in 3 hours; insurer to pay hospital charges for delay in discharge, says IRDAI
Health insurance: The Insurance Regulatory and Development Authority of India (IRDAI) has released a master circular to streamline health insurance claim process. Previously, delays in claim approvals forced patients to stay in hospitals longer. Now, insurers have three hours to approve cashless discharge requests. Additionally, insurers will be liable for extra hospital charges due to delays.
Health insurance new rule: You will get full coverage during grace period even if premium is unpaid, mandates IRDAI
New health insurance rule: To bring some much-needed relief to health insurance policyholders, Insurance Regulatory and Development Authority of India (IRDAI) has released a master circular on Health Insurance Business. Typically, most health insurance plans offer a grace period, a buffer to pay premium of your insurance policy. Earlier, health insurance grace period offered a buffer to pay premiums but no coverage for claims during that time. IRDAI's new rule mandates coverage during the grace period. What changes for the health insurance policyholders. How is this new move going to impact them? Read here to find out.
Airlines dole out hikes and bonus after a good year
IndiGo and Air India announce salary hikes and bonuses for employees. IndiGo offers a 5% bonus to mark profitability in FY24, while Air India hikes salaries and bonuses up to Rs 1.8 lakh from April 1.
HDFC Ergo withdraws 3 health insurance policies: How will it impact policyholders? Will premiums increase?
In a move impacting existing policyholders, HDFC Ergo discontinues its my:health Suraksha health insurance plans. The insurer will migrate customers to alternative policy. Key concerns for existing customers include changes in premiums, coverage details, and potential loss of renewal benefits. ET Wealth Online delves into how this will affect renewals, benefits, and the migration process. Customers of HDFC Ergo my:health Suraksha health plans must know these details
How to select the right motor insurance cover: 8 points to consider
Evaluate your coverage needs based on the type of vehicle and its usage. Determine whether you require basic third-party liability coverage or comprehensive coverage that includes protection against own damage, theft and natural calamities.
Why you should renew your car insurance policy on time?
Renew car insurance promptly to comply with the law, avoid financial burdens, and maintain benefits like no-claim bonuses. Online services simplify the process, ensuring continuous coverage and hassle-free renewals.
Post Office Life Insurance policy bonus declared for Financial Year 2024-25
The government offered a bonus for Post Office Life (PLI) insurance subscribers. Bonus rates for the fiscal year 2024-25 will be effective April 1, 2024.
Flipkart tweaks merit approach, converts hikes into payouts
Flipkart changes increment policy, offering merit-linked payouts and 100% bonuses to employees. Lump sum payments replace salary hikes. Last year, Flipkart had frozen hikes of 30% staff including senior leadership among tough macroeconomic conditions. In January 2023, ET had reported that Flipkart has begun a workforce reduction exercise that could see its total team size decrease by 5-7% and be completed by March-April as part of performance reviews.
FOMC, FII action among 10 factors to impact D-Street movement this week
Nifty down 2.1% due to selling in various stocks. IT stocks gained. Market to resume with focus on Fed's monetary policy, US Fed's interest rate decision, and other global events impacting trading. Arvinder Singh Nanda says "the broader index to likely face hurdle at 22,250-22,350 in the coming sessions, with support at 21900-21800."
The power of multilingualism in a globalized economy
Language education is crucial for preparing a versatile workforce. Proficiency in English and multilingual competence are valuable skills in a globalized world. In an interconnected future, language education becomes vital for cultural understanding and professional versatility in a globalized world. Multilingualism is essential for understanding diverse cultures and seizing business opportunities in a globalized world.
Portugal to reward Bachelor’s & Master’s graduates with salary bonuses
The scope of the premium extends to all taxpayers under the age of 35 residing in Portugal, having completed their bachelor's and/or master's degrees in national higher education institutions. This encompasses both public and private institutions, with the provision extending to academic degrees obtained abroad, provided they are recognized in Portugal.
How to make more money at your job in 2024
How to earn more income: Unless you have inherited millions, staying in a job, maximising your income, saving and investing is the most reliable formula to create wealth.
Have a life insurance policy that does not suit your need? How to find out and get rid of bad insurance covers
The assured returns and enormous maturity amount of life insurance policies look tempting to many. Topping the list is the need to save tax. Whatever be the reason, millions of Indians are holding life insurance policies that don’t suit their needs. Before you buy insurance, ask yourself if you need it at all. How to find out if you have a bad life insurance policy and how to get rid of it.
Health is literally wealth at this Chinese company that asks employees to run 50 km a month for bonus
Guangdong-based Dongpo Paper is making waves by discarding traditional year-end bonuses in favour of a monthly rewards system tied to employee fitness.
What are the tips and hacks one may miss out in a health insurance policy document?
“It has been an exciting year for health insurance. A lot of new products have come in which kind of offer that benefit to the customer that if they buy a Rs 10 lakh policy then every year there sum insured can go up which is usually called as the cumulative bonus or the renewal bonus that once you renew your policy that can increase from anywhere from Rs 10 lakh to 15 lakh every year.”
HCLTech may not offer wage hikes to middle and senior-level staff in FY24
The classification of E0 – E2 employees range from freshers to technical leaders and E3 – E6 employee band are those with mid-level positions ranging starting from project managers up to vice presidents. E7 and above are the senior-level employees.
Britain abandons decade old restriction on banker bonuses
The United Kingdom's post-Brexit financial landscape undergoes a shift as it abandons a decade-old EU-imposed bonus restriction on bankers, prompting a sharp divide in reactions from labor unions and regulators alike.
How to claim no claim bonus on new car insurance
If the car buyer has earned a no-claim bonus (NCB) on his previous car policy, this can be claimed on the insurance premium for the new car.
Health insurance: Can you transfer ‘no claim bonus’ or ‘waiting period’ while porting your policy?
When you decide to port your health insurance policy and switch to a new policy either with the same insurance company or the other you need to consider an important aspect which is the accumulated bonus and completion of waiting period. Will you get these benefits that you have earned, in your new insurance policy.
How to transfer no claim bonus of motor insurance policy to a new vehicle
When a policyholder purchases an insurance policy, he receives an NCB certificate, and it is now up to him whether or not he files any claims within the policy year.
HCLTech reverts to pre-pandemic policy on bonus pay
HCLTech has updated its performance bonus policy from 100% engagement performance bonus (EPB) to variable pay format.
Kotak Life insurance policyholders to get Rs 840 crore as participating bonus
Kotak Life's bonus for fiscal 2023 is 24% higher than what was paid for FY22 and marks 22nd consecutive year of bonus payment to policyholders. Cash bonuses or special one-off bonuses will also be paid out on specific policy events as per policy conditions, the insurer said.
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