Price Hike Before Holi: Commercial LPG Cylinder Becomes Costlier; Changes in Insurance Premium Payment Rules
Ahead of the Holi festival, oil companies have increased the price of LPG cylinders. The new LPG rates were announced on March 1. The month of March has brought several changes, including a ₹6 increase in commercial LPG cylinder prices, modifications in mutual fund and Demat account nominee rules, and new insurance premium payment regulations.
Key Changes Effective From March 1, 2025
1. Commercial LPG Cylinder Prices Increased by ₹6
The price of a 19 kg commercial LPG cylinder has been hiked by ₹6 across major cities:
- Delhi: Increased from ₹1,797 to ₹1,803.
- Kolkata: Increased from ₹1,907 to ₹1,913.
- Mumbai: Increased from ₹1,749 to ₹1,755.50.
- Chennai: Now available at ₹1,965.
However, domestic LPG cylinder prices remain unchanged. A 14.2 kg domestic cylinder continues to be priced at ₹803 in Delhi and ₹802.50 in Mumbai.
2. Up to 10 Nominees Allowed in Mutual Fund and Demat Accounts
The Securities and Exchange Board of India (SEBI) has introduced a rule allowing investors to nominate up to 10 individuals for their Demat accounts and mutual fund portfolios. This move aims to reduce unclaimed assets and improve investment management.
3. Changes in Insurance Premium Payment Rules
The Insurance Regulatory and Development Authority of India (IRDAI) has instructed insurance companies to implement a new facility called “Insurance-ASBA” for life and health insurance policies. Under this system:
- Policyholders can block the premium amount in their bank account instead of paying upfront.
- The amount will only be deducted once the policy is issued.
- If the policy is rejected, the blocked amount will be released immediately.
- This facility will initially be available for individual policyholders.
4. KYC Mandatory for Punjab National Bank Customers
Punjab National Bank (PNB) has warned that accounts inactive for over two years may be deactivated or closed. To keep accounts active, customers must update their KYC details as per the bank’s latest guidelines.
No Change in Petrol and Diesel Prices
Despite these financial changes, fuel prices remain unchanged:
- Delhi: Petrol at ₹94.72/liter, Diesel at ₹87.62/liter.
- Mumbai: Petrol at ₹103.44/liter, Diesel at ₹89.97/liter.
These changes will have a significant impact on businesses and consumers, particularly in the insurance and financial sectors. Stay updated with the latest financial policies to manage your investments effectively.
