LIC vs agents: 7% commission cut, protests, policy surrender and more

LIC vs agents: 7% commission cut, protests, policy surrender and more

These modifications follow the Insurance Regulatory and Development Authority of India’s (Irdai) master circular on life insurance products (Insurance Products Regulations, 2024). Key changes include reducing the entry age to buy an endowment plan to 50 years from 55. The minimum basic sum assured has been increased to ₹2 lakh from ₹1 lakh with an … Read more

Star Health data leak: What recourse do policyholders have?

Star Health data leak: What recourse do policyholders have?

The company suffered a severe hacking episode last month in which a hacker using the alias “xenZen” created a website and Telegram chatbots to leak its policyholders’ sensitive personal data from names, phone numbers, email IDs, addresses to financial and health information.  The hacker said Star Health’s chief information security officer Amarjeet Khanuja sold the … Read more

Exiting your insurance? This expert suggests selling instead of surrendering

Exiting your insurance? This expert suggests selling instead of surrendering

Perhaps influenced by LIC’s stance, the government amended the Insurance Act, 1938 in 2015 to discourage ‘trading’ in insurance policies.  Mehta approached the Supreme Court to clarify that a ‘one-time assignment’ was not considered ‘trading’ in life insurance. The court ruled in his favour saying that a ‘one-time assignment’ was not considered ‘trading’ in life … Read more

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