REFUND OF PREMIUM
![Higher refund on premature exit from life insurance policy as IRDAI introduces new surrender value rule; check how much you will get](https://img.etimg.com/thumb/msid-110969159,width-100,height-75,resizemode-4/wealth/insure/life-insurance/get-more-refund-on-premature-exit-from-life-insurance-policy-from-first-year-with-irdais-new-surrender-value-rule-how-much-will-you-get.jpg)
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.
![Poor service on premium air ticket: Air India asked to pay Rs 1 lakh compensation for defective seats in Delhi Toronto return flights](https://img.etimg.com/thumb/msid-110933486,width-100,height-75,resizemode-4/wealth/save/poor-service-on-premium-air-ticket-air-india-asked-to-pay-rs-1-lakh-compensation-for-defective-seats-in-delhi-toronto-return-flights.jpg)
Poor service on premium air ticket: Air India asked to pay Rs 1 lakh compensation for defective seats in Delhi Toronto return flights
Air India: A international AI flight from Delhi to Toronto return was booked by a retired Admiral. However for the entire journey of more than 14 hours the airline could not offer a working seat. This is despite the Admiral paying a premium for business class seat with reclining facility.
![All insurers must offer basic cover, meet settlement deadlines: IRDAI](https://img.etimg.com/thumb/msid-110924155,width-100,height-75,resizemode-4/markets/stocks/news/all-insurers-must-offer-basic-cover-meet-settlement-deadlines-irdai.jpg)
All insurers must offer basic cover, meet settlement deadlines: IRDAI
IRDAI announced customer-centric measures, requiring general insurance companies to offer basic insurance products with clear coverage details on their websites for easy comparison and customization.
![Health insurance premiums can be reduced if you don’t make a claim, policy cancellations to be less costly and more: 5 rule changes](https://img.etimg.com/thumb/msid-110612599,width-100,height-75,resizemode-4/wealth/insure/health-insurance/health-insurance-premiums-to-be-reduced-if-you-dont-make-a-claim-policy-cancellations-to-be-less-costly-and-more-5-irdai-rule-changes.jpg)
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.
![Will you get refund of flat booking amount after cancelling it? Check your state's RERA Act which will decide the extent of recovery](https://img.etimg.com/thumb/msid-109624885,width-100,height-75,resizemode-4/wealth/save/will-you-get-refund-of-flat-booking-amount-after-cancelling-it-check-your-states-rera-act-which-will-determine-the-extent-of-recovery.jpg)
Will you get refund of flat booking amount after cancelling it? Check your state's RERA Act which will decide the extent of recovery
Flat booking refund: There are some states like Maharashtra, Delhi, Madhya Pradesh etc who specify up to how much amount of the booking amount can be forfeited and be refunded if a buyer cancels a booking. Know here the full list of states where flat booking amount refund is specified.
![Airline cancellation charges, refund comparison: Air India vs Indigo vs Spicejet vs Akasa Air](https://img.etimg.com/thumb/msid-109081879,width-100,height-75,resizemode-4/wealth/save/airline-cancellation-charges-refund-comparison-air-india-vs-indigo-vs-spicejet-vs-akasa-air.jpg)
Airline cancellation charges, refund comparison: Air India vs Indigo vs Spicejet vs Akasa Air
Airline cancellation charges: If there's a possibility of needing to cancel a flight, it becomes crucial to carefully review the terms and conditions at the time of booking. Let us take a look at the cancellation and refund policy and charges of Air India, SpiceJet, Akasa Air and Indigo.
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LIC expects income tax refund of Rs 25,464 cr in Q4
Life Insurance Corporation of India has received an income tax refund order of Rs 25,464 crore, and it is likely to be realised during the current quarter, its chairman Siddhartha Mohanty said. Last month, the Income Tax Appellate Tribunal (ITAT), Income Tax Department, issued intimation for a refund of Rs 25,464.46 crore. The refund is related to interim bonuses to policyholders in the past seven assessment years.
LIC shares jump 9%. Here are 2 reasons behind the surge
The total amount of refund was Rs 25,464.46 crore. However, the Income Tax department released Rs 21,740.77 crore in February. In Q3 FY24, LIC reported a standalone net profit of Rs 9,444 crore for the quarter ended December 2023.
Not happy with your new life insurance, or general insurance policy? Soon, you may get more time to return it
IRDAI has proposed increasing the free-look period from 15 days to 30 days. At present, insurance companies have to offer a mandatory free-look period of 15 days for life and general insurance policies. The proposal to extend the free-look period is a customer-friendly initiative, say experts. Know how this proposal can impact insurance policyholders
Top life insurance cos raise concerns over proposed change in policy surrender values
Insurers have raised concerns about persistency, particularly for long-term products with premium paying terms exceeding 10 years. They fear that distributors may incentivize policyholders to surrender existing policies and switch to newer ones promising higher returns.
10 Luxury Gifts for Wife - Give your wife the best this Valentine’s Day (2024)
Discover the epitome of luxury with our carefully curated list of gifts for wife. These opulent offerings combine sophistication and sentiment, ensuring each item is a symbol of your love. Whatever the occasion—achievement, anniversary, birthday, Mother's Day, Valentine's Day, or something else entirely—you ought to get something exceptional for the women in your life.
Budget must give a guide path of fiscal prudence to justify our premium valuations: Nilesh Shah
Nilesh Shah, MD of Kotak AMC, expects the budget to focus on infrastructure investment, raising revenue, and fiscal prudence. He also believes that the government should attract more foreign institutional investors and simplify the old tax structure. Additionally, he discusses the possibility of freebies and tax sops in the budget and the market's focus on policy and reforms. The market has already factored in the continuity of government and policies, as seen in the recent up move in the market.
LIC gets income tax refund of Rs 25,464 cr
In the first half of the current financial year, LIC's new business premium income (individual) segment registered a 2.65 per cent growth to Rs 25,184 crore as against Rs 24,535 crore in the year-ago period, as per the filing. New business premium is the premium due in the first policy year of a life insurance contract.
Surrender fee: Insurers propose dual structure as regulator pitches for a hike
A higher surrender value on nonpar policies, which guarantee survival or maturity benefit without depending on insurers’ profit, could lead to an increase in more people giving up on policies prematurely, according to the insurers. This could result in a decline in persistence levels — or the proportion of policyholders who opt to pay premiums regularly — for the life insurance sector, according to them.
Irdai proposes limit on surrender charges for non-linked plans
In this draft circular, the regulator has suggested changes in surrender value rules for non-linked life insurance policies. Under the current draft Irdai regulations on non-linked insurance products, surrender values are determined based on a percentage of premiums paid by the policyholder, which increases with the number of premiums paid.
Volvo Car India starts deliveries of luxury electric car C40 Recharge
The premium car company launched its first locally-assembled pure electric SUV XC40 Recharge in July last year. "Deliveries of the first born electric C40 Recharge are important milestone in our journey towards becoming an all-electric company by 2030. The C40 Recharge is the second car which is being delivered under our ambitious Online Direct Sales model," said Jyoti Malhotra, Managing Director at Volvo Car India.
LIC's new plan Jeevan Kiran offers life cover with premium return
The plan caters to 18 to 65-year-old subscribers. Under this policy, policyholders have the freedom to choose the policy term, ranging from 10 to 40 years, based on their specific financial goals and requirements.
LIC Jeevan Kiran life insurance policy: Maturity benefit, how to apply online, premium payments, death benefits
Jeevan Kiran plan provides financial help to the family in the event of the life-assured's untimely death during the policy term and refunds the total premiums paid in the event of survival to adulthood.
Motor floater insurance policy: All you need to know about single premium for multiple vehicles
If one of the vehicles is transferred or sold, it will be removed from the policy and applicable premium will be refunded.
LIC Tech Term online term insurance plan: Features, benefits, eligibility, other details
Term insurance policies are most suitable for working people who have dependents (kids, parents) and want to safeguard themselves against life's unforeseen events.
Long-term Third-Party, Own Damage motor insurance cover proposed: Know proposed features, price, premium
In order to allow the policyholders a wider choice, IRDAI has proposed to permit all general Insurers to offer long-term motor insurance policies — a) 3-year in respect of private cars co-terminus with motor Third Party Liability cover, b)5-year in respect of two-wheelers co-terminus with motor Third Party Liability cover.
Inox Green Energy Services IPO: Here's how to check allotment status & GMP
Incorporated in 2012, Inox Green Energy Services is one of the major wind power operation and maintenance service providers in India. The company is a subsidiary of Inox Wind.
Kaynes Technology IPO: Here's how to check allotment status & GMP
The quota reserved for qualified institutional buyers (QIBs) was subscribed 98.47 times while the one reserved for non-institutional investors (NIIs) and retailers was subscribed 21.21 times and 4.1 times, respectively. Majority of the brokerage firms remain positive on the company citing its strong order book and growth prospects.
Bikaji Foods IPO: Here's how to check share allotment status and GMP
The quota reserved for qualified institutional buyers (QIBs) was subscribed 80.6 times while those reserved for non-institutional investors (NIIs), retailers and employees were subscribed 7.1 times 4.77 times and 4.38 times, respectively.
Global Health IPO: Here's how to check allotment status & GMP
The company's Rs 2,206 crore IPO was sold in the range of Rs 319-336 per share and received a positive investor response. It garnered over 9.5 times bids between November 3-7.
In relief to tenants, AAR allows tax credit on GST paid on upfront lease premium
Till now, tax authorities have been mostly disallowing input tax credit on upfront lease premium, arguing that this transaction is similar to immovable property and since no input tax credit is allowed in any real estate deal the same principal should apply to lease premiums, experts said.
Refund penalty levied on clients for margin shortfall, brokers told
The margin requirement was increased to 75% of the peak margin, and from September 1, 2021, it was 100%. Stock brokers now have to pay penalties for reporting a shortfall in the collection of client collateral.
Insurance regulator looks at premium financing proposal
A senior executive aware of the developments said the move is aimed at increasing insurance penetration, retention, reducing protection gap and also creating new avenues of consumer and corporate financing.
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