Monday, January 24News That Matters
Shadow

Tag: Standard

Over 70% industry respondents expect Budget to hike standard deduction limit: KPMG survey

Finance
NEW DELHI: A vast majority of industry respondents expect that the standard deduction limit for salaried individuals could be enhanced from the existing Rs 50,000 in the Budget next week, a KPMG in India survey said on Wednesday. A majority of respondents in the survey believe that with the government facing the prospect of significantly increased expenditure in the coming year, the revenue needs can be met through increased collections fuelled by an economic recovery as well as by improved technology-driven enforcement, rather than through the introduction of new taxes. A smaller number of respondents, however, expect a new COVID-19 cess. As many as 250 respondents across sectors participated in the KPMG in India's pre-budget Survey 2021-22. Asked what measures the government could adopt...
IRDAI’s standard coronavirus insurance policy set to be a fixed benefit cover

IRDAI’s standard coronavirus insurance policy set to be a fixed benefit cover

Finance
Mumbai: The country’s insurance regulator has directed all general and health insurers to offer a standard coronavirus cover by June. While the final details of the proposed cover is still in works, the Insurance Regulatory and Development Authority (IRDAI) has come up with draft guidelines. As per the terms devised by the regulator, the standard covid-19 cover will be a benefit-based product offering a 100% lumpsum if a policyholder is tested positive and hospitalised. The minimum sum assured for the product will be Rs 50,000 and it can go upto a maximum of Rs 5 lakh. “In view of the global pandemic Covid-19, the Authority has decided to mandate all general and health insurers to offer a standard individual Benefit Based COVID-19 health insurance product,” according to the draft, a copy o...
Standard Chartered appoints Samrat Khosla as Head – Wealth Management, India

Standard Chartered appoints Samrat Khosla as Head – Wealth Management, India

Finance
KOLKATA: Standard Chartered Bank, India has announced the appointment of Samrat Khosla as its new Head of Wealth Management (WM) effective February 1, 2020. Khosla will take over from Nitin Singh, who has decided to leave the Bank to pursue other opportunities. Samrat Khosla, who will relocate to India, brings to the role a wide experience gained over his career in distribution, products and wealth management. He joined the Bank in 2003 and worked in various roles across Retail Banking and WM before relocating to Singapore to join the Bank’s Group WM team in 2010. Most recently, as Head of Life Insurance, he has been instrumental in leading the exclusive strategic partnership with Prudential. He has played a pivotal role in transforming the strategic life insurance product agenda. In his n...
Offer standard health policies with maximum sum insured Rs 5 lakh: Irdai to insurers

Offer standard health policies with maximum sum insured Rs 5 lakh: Irdai to insurers

Finance
NEW DELHI: Regulator Irdai on Thursday issued guidelines on standard individual health insurance, asking the general and health insurers to offer product that can take care of basic health needs of customers with maximum sum insured of Rs 5 lakh and a minimum of Rs 1 lakh. The product will be named as Arogya Sanjeevani Policy, succeeded by the name of the insurance company. No other name is allowed in any of the documents, Insurance Regulatory and Development Authority of India (Irdai) said in its guideline. "The health insurance market is having a number of individual health insurance products. Each product has unique features and the insuring public may find it a challenge to choose an appropriate product. Therefore,...the Authority has decided to mandate all general and health insures t...