News – aegisinsurance

What's New in Insurance?

The 30-Day Shield: IRDAI Mandates Extended Free-Look Window to End Mis-Selling Grievances”

In a massive structural victory for consumer protection, the Insurance Regulatory and Development Authority of India (IRDAI) has enforced a mandatory extension of the standard “Free-Look Period” from 15 days to a full 30 days across all life and health...

Finance Ministry Formally Notifies 100% FDI in the Insurance Sector

The Ministry of Finance has officially notified the historic policy transition to permit 100% Foreign Direct Investment (FDI) in the insurance sector via the automatic route. Amending the Foreign Exchange Management (Non-debt Instruments) Rules, the notification legally executes a major...

Alignment of Insurance Protocols with the Digital Personal Data Protection Act

IRDAI has initiated a major compliance overhaul to align all digital insurance operations, customer onboarding workflows, and data-sharing systems with the Digital Personal Data Protection (DPDP) Act. Insurance companies, third-party administrators, and web aggregators must now obtain explicit, granular consent...

Dynamic Projections Position India as the Fastest-Growing Major Insurance Market

India’s insurance sector is entering a multi-year high-growth era, with real premium growth projected to hit an average annual rate of 6.9% between 2026 and 2030. This growth rate comfortably outpaces projected expansions in established markets like the United States,...

Mandated Transparency for Network and Non-Network Hospitals

To completely remove the ambiguity and confusion around cashless treatments, IRDAI has ordered all health insurers to build and maintain fully updated, geo-tagged registries of their network hospitals on their public web portals. These digital directories must clearly state the...

Your Financial Safety Net: How Insurance Protects Your Family, Your Savings, and Your Future From Life’s Unexpected Shocks”

A comprehensive economic evaluation by the Swiss Re Institute highlights that the Indian insurance market is entering an era of robust growth, with annual premiums projected to expand by an average of 6.9% through 2030. This growth outpaces major global...

GST Removed Completely on Health and Life Insurance Premiums, Saving Billions for Everyday Citizens

In a massive, historic victory for consumer welfare and middle-class finances, the GST Council has officially eliminated the tax on individual health and life insurance policies, completely lowering the rate from the previous 18% down to 0% (Sahni, 2026; Sumathi,...

No Double Penalty for Prudence: Supreme Court Upholds Claimants’ Right to Both MACT & Mediclaim Receipts”

The Supreme Court of India addressed a critical question regarding overlapping insurance benefits: Can a claimant receive compensation for medical expenses under a Motor Accident Claims Tribunal (MACT) award if those identical expenses have already been reimbursed via a personal...

Term Insurance: Individual Premium Income Spikes by 19% Following Historic Policy Exemptions

The pure protection and term life insurance sector has recorded robust momentum, posting a 19% year-on-year increase in premium income over the last quarter alone. Total premium collections climbed to Rs. 62,581 crore, up from Rs. 52,427 crore in the...

Imposition of Strict Penal Interest Rates on Delayed Claim Payouts

The regulator has tightened the screws on insurers who deliberately stall or delay the payout of mutually agreed or court-ordered claim funds. According to the updated claims settlement circulars, once a claim has been officially approved or a legal dispute...

Absolute Portability Safeguards for Existing Credit & Continuity Benefits

The regulatory body has fortified the rules governing policy portability, making it seamless for consumers to migrate between health insurance providers without losing their hard-earned advantages. Under these revised guidelines, when a policyholder decides to switch their insurer due to...

Government Move to Hike PMJJBY Social Cover to ₹5 Lakh

The Department of Financial Services (DFS), in lockstep with the IRDAI, has initiated talks to significantly enhance the safety net of the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) as it hits its 10-year milestone. Discussions are underway to scale...

Hard Capping of Grievances Pending Beyond 90 Days

The Chairman of the IRDAI has issued a strict operational warning to the Ombudsman Council regarding complaints lingering past the 90-day mark. The regulator has mandated that long-pending cases must be resolved immediately, aiming for a zero-backlog state for mature...

Victory for Policyholders: Court Rules Lifestyle Diseases Are Not Grounds for Automatic Life Insurance Rejection”

Recent regulatory reforms have significantly strengthened the framework for protecting policyholders’ interests across the Indian insurance sector. Under the Sabka Bima, Sabki Raksha (Amendment of Insurance Laws) Act, 2025, the government has empowered the IRDAI to impose stricter penalties—up to...

Mandatory Coverage for Critical & Severe Illnesses

Under its strict non-discrimination guidelines, the IRDAI has made it compulsory for health insurers to offer coverage for critical, high-risk medical conditions like cancer, strokes, renal failure, and HIV/AIDS. Insurers are completely barred from categorically denying retail policies to individuals...

Bima Vistaar: The Revolutionary Single-Policy Bundle Targeting the Mass Market

To bridge the massive protection gap in rural and middle-income households, the Insurance Regulatory and Development Authority of India (IRDAI) is rolling out ‘Bima Vistaar’—the country’s first-ever all-in-one bundled insurance product. Recognising that buying separate health, term life, and property...

Insurance ombudsmen resolved 41,055 complaints in FY26

79% of total complaints were decided in favour of policyholders. The Insurance Ombudsman resolved 41,055 grievances during 2025-26, of which 79 per cent were decided in favour of the policyholders. This was disclosed by the Insurance Regulatory and Development Authority...

Missed insurance claim submission deadline? You are still eligible for reimbursement

A Bombay High Court ruling on April 20, 2026, favoured policyholders, stating insurers cannot reject claims solely for delayed document submission beyond the 90-day deadline. The court invoked Section 28 of the Contract Act, deeming such clauses void. This judgment...

From Housewife to ‘Nation Builder’

Historic Supreme Court Verdict (Shishu Pal Shish Ram &Ors v Surjeet & Ors, June 11 2026 Elevates the Economic Dignity of Unpaid Household Labour of women in the country. -The Supreme Court delivered this landmark judgment while hearing a 25-year-old...

Insurance for All by 2047: What India needs to fix to meet the goal

The Insurance Regulatory and Development Authority of India (Irdai) has anchored its flagship vision to India’s centenary year of independence. ‘Insurance for All by 2047’ aims to provide every citizen with appropriate life, health, and property insurance coverage while supporting...