Ajay Seth, chairman, IRDAI
Though, basically it will be a welcome meeting for the insurers, Seth will use the forum to discuss a few things including the action plan by the insurers to implement the new goods and services tax (GST) plans announced by the government on Sept 3
Hyderabad: Ajay Seth, newly appointed chairman of IRDAI, is having its first meeting with chief executive officers (CEOs) and actuaries of the Indian insurance companies on Sept 17 in Hyderabad and will discuss GST exemption issue with .
The reinsurers are not included in the meeting.
Seth, who took over as the chairman of IRDAI on Sept 1, will meet CEOs of life and non-life insurance(including stand alone health insurers) companies separately on the same day and will divide his day between both the meetings.
However,it is not yet known whether quarterly Bima Manthans, where CEOs of Indian life, non-life and reinsurance industry used to meet the chairman of Irda over two days, introduced by Seth’s predecessor Debasish Panda, will continue or not under Seth.
Though, basically Sept 17 will be a welcome meeting for the insurers, Seth will use the forum to discuss a few things including the action plan by the insurers to implement the new goods and services tax (GST) plans announced by the government on Sept 3.
Individual life and health insurance premiums have been exempted from the 18 per cent GST from 22nd September onwards. This includes term insurance, health policies, including family floater and ULIPs.
IRDAI has already asked the insurers to inform them about the exact plans of each insurers to implement the new GST plans.
Finance Minister Nirmala Sitharaman had said she will personally monitor passing on of GST rate cuts in the form of price reduction.
Sitharaman had promised that she will personally monitor the passing on of GST rate cuts by the businesses to the consumers.
As the insurers are not getting any input tax credit (ITC) after the 18 per cent GST has been removed from retail Health and Life Insurance covers, there are possibilities that they will raise prices of their products to maintain their margins.
However , analysts point out that IRDAI will not allow such hikes for some time.
Other general insurance customer also want some GST benefit. Some people not taking motor insurance with using political flag / police / army / government logo.
When product is launched all overheads are considered. Why they are increasing prices
before service tas n gst there was not such thing
it is dadagiri of insurance companies
they must be restricted from increasing the price
it is obligatory for the government to provide health insurance free. But charges are there burdening customers
Indian bureaucracy is in a great hurdle, they don’t know the practical life
Only bossing is the prime criteria.
Excuse me for such comments. Last 10 days they couldn’t decide
Really very sorry
these officers are not handled properly
New IRDAI Chairman should take serious action against Care Health Insurance ,which is paying only 67 % claims as per report published in Economic Times in Nov 2024.Complaints made to IRDAI should not be closed until Complainant is satisfied in writting.At present Care Insurance is bluntly violating Protection of Policyhoders Interest Regulation 2024.Co.os not able to make the payment of claims.
Are group health policies exempt from GST? We are senior citizens with an individual policy within a group. We pay annual premium of 54K for a 10 lakh policy. Why we have to pay GST when all other policies are exempted? In 2021 our premium was 12,500. In 2024 with lesser benefits our premium has increased to Rs54,000.
Medicover hospital is charging around 5000 rupees other than non medical charges towards Admin/allied services.
FHPL TPA is admitting
Kindly review
I have taken the agency under CARE HEALTH INSURANCE LTD 3 years ago & booked handsome business about 70 lacs Premium in very first year. There after also in subsequent years I also booked good volume of premiums.As I have received regularly commission at prescribed rate regularly, since April – 25, company paid 5% less commission by stating that my claim ratio is higher .Company impose an addon benifit of OPD TREATMENT compulsory & if a health planner (agent ) not bring the premium for this add on benifit, the commission to be also paid 5% less. I lost Rs.70000/- during 6 months. Is it fare ?
Is there any platform to lodge the agent’s complaint against the company regarding less commission payout ?
If such, please provide such details & email id for that.