Indian Insurance Industry News & Updates - March 2024
Choose life policy carefully; early surrender can cause major losses
With the new financial year commencing on April 1, several changes will come into effect that may impact your financial life. Below, we outline some of the significant changes and offer guidance on how to navigate them effectively.
What is Saral Jeevan Bima and what are its key features
New Delhi: Saral Jeevan Bima, an insurance scheme introduced by the industry regulator in 2020, provides basic protection to self-employed individuals or people in low-income groups. As its name says, the scheme is a simple method to provide life insurance to people who cannot pay hefty premiums.The Insurance regulatory and development authority has mandated all life insurers to offer the standard product.
AMCs outline riders to exit small, midcap MFs in case of market crisis
The policies for small and midcap schemes were prepared by MF trustees following directives from the Securities and Exchange Board of India (Sebi) earlier this month. Amid concerns of excessive froth, the regulator called for additional measures to protect investors in small and midcap schemes.
LIC to keep offices open on March 30, 31
New Delhi: Life Insurance Corporation will keep its offices open on March 30 and March 31 to facilitate taxpayers’ completion of tax-saving exercises before the end of the fiscal year. LIC’s measure follows banks’ announcements that their branches will remain open on Saturday and Sunday. Earlier this month, the RBI directed banks to keep their designated branches open for government transactions up to the normal working hours on March 30 and March 31, 2024.
When Can you Withdraw your EPF Money, How is it Taxed, and How to Avoid it?
The Employee Provident Fund (EPF) is one of the most popular retirement schemes in India. This scheme is a type of savings account where employees and employers make contributions towards the employee’s retirement fund. The Employee Provident Fund Organisation (EPFO) administers the scheme on behalf of the government of India.
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