With festivals such as Durga Puja, Ganesh Puja and Dahi Handi during Janmashtami becoming bigger and grander, the demand for insurance to cover possible risks such as loss of life and property is on the rise.
The pension and insurance regulators are finalising a strategy to streamline the process for payouts under the National Pension System, including online purchase of annuities, easier KYC norms and a simplified form.
The Insurance Regulatory and Development Authority of India (IRDAI), which had directed insurers to ensure that claims on existing health policies are not rejected based on exclusions for genetic disorders, has put that direction on hold.
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