Life insurers have been bracing for a surge in fraudulent claims after the implementation of Section 45 in the Insurance Amendment bill which says that life insurers cannot repudiate a claim after three years of the policy being in force even if a fraud is detected.
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Insurance sector regulator Irdai has recommended waiver of service tax on the premium amount being paid by policyholders in order to have a level playing field with other financial products, a top official said.
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