IRDA modifies group life insurance schemes for financial entities
29 Dec 2014, 10:46 PM IST
Guidelines, to be effective from January will be applicable in respect of only Group Life Insurance Policies obtained under Lender-Borrower schemes by banks, NBFCs.
Insurance regulator IRDA panel to look into health products, other issues
29 Dec 2014, 08:49 PM IST
Health insurance is one of the fastest growing segment in last few years with premium of nearly Rs 17,500 crore as on March 2014.
How secure are your home contents?
8 Dec 2014, 08:00 AM IST
Find out here the conditions under which the insurance company will cover your gadgets and appliances, and not reject the insurance claim.
Property, fire insurance premium set to rise from next year
1 Dec 2014, 10:05 PM IST
After hardening of premium under group health insurance three months ago, property and fire segments are also set to witness increase in premium rates from the next calendar year.
IRDA flags wage issue to stem talent exodus
25 Nov 2014, 04:07 AM IST
While the private sector insurers appointed 2.83 lakh agents, they terminated the services of 4.14 lakh in the same period.
Online insurance sales to touch Rs 15,000 crore by 2020: Report
9 Nov 2014, 12:06
In insurance, term life plans and travel insurance have already picked up substantially in the last few years, the report said.
IRDA imposes fine on Sahara Life, Aviva Life for norm violation
3 Nov 2014, 10:29
Insurance regulator IRDA has slapped penalty of Rs 25 lakh and Rs 5 lakh on Sahara Life and Aviva Life respectively for violation of regulations.
IRDA moves to reform Ulip to stem mis-selling and meet needs of users
29 Oct 2014, 04:35
Insurance Regulatory and Development Authority had earlier advised that life insurance products be designed with a saving element.
Insurance industry braces for 'Hudhud' claims
14 Oct 2014, 09:53
As many as 24 people lost their lives in the two states, where properties worths hundreds of crores were washed away or damaged.
Irda panel favours 49 per cent FDI in insurance intermediaries
10 Oct 2014, 08:01
There was also a consistent demand for increasing the foreign shareholding in insurance brokers from existing limit of 26 per cent to 100 per cent.
Jammu and Kashmir floods: United India Insurance Company gives Rs 1 crore for relief
30 Sep 2014, 11:00
The United India Insurance Company gave a cheque of Rs 1 crore to Chief Minister Omar Abdullah for flood-hit people of Jammu and Kashmir.
General insurers want lower penalty for mis-selling
22 Sep 2014, 10:56
They have submitted a representation in this regard before a Parliamentary Select Committee through the General Insurance Council (GIC).
IRDA set to bury standardised format of general insurance policy; premiums headed for a fall
15 Sep 2014, 07:14
The move will bring transparency for insurance clients & products could be customised to suit need of clients & supported by reinsurance, say experts.
LIC ties up with five insurance repositories
21 Aug 2014, 09:40
People having more than one insurance policies in life segment with LIC can have one single account with which they can manage all those insurance policies.
IRDA allows three-year insurance for 2-wheelers
14 Aug 2014, 04:00
The IRDA said for three years insurers can charge three times the annual third party premium for two-wheelers as prescribed by them.
Rajya Sabha may take up Insurance amendment bill on Monday
1 Aug 2014, 04:03
The bill was listed for discussion and passage in the upper house on Thursday. It is now expected to be taken up on Monday, finance ministry officials told.
Proper health insurance plans essential for senior citizens
30 Jul 2014, 03:45
People of old age must also have a suitable insurance policy as most of them have no stable income and hospitalization will be a big burden on their finances.
Raising FDI cap in insurance will spur growth, says Insurance Regulatory and Development Authority
18 Jul 2014, 04:37
Large scale capital coming in the sector will create more jobs, he said on the sidelines of an Insurance Conclave organised by the CII here.
Budget 2014: Insurers want better tax-rebates, PPP in universal health plan & hike in FDI
9 Jul 2014, 11:11
The FDI in this (assuming 26%) is close to 8700 crores. If 49% happens, the sector stands to gain additional 7,800 crores as FDI.
IRDA mooting to allow conversion of life insurance policies into electronic form; to launch pilot project
1 Jul 2014, 04:27
You can convert your life insurance policies into electronic form or buy a new life insurance cover in electronic form relatively easily.
General insurance companies want tax sops to boost health cover for SMEs
22 Jun 2014, 12:19
Rs 70K-cr general insurance industry demanded tax exemption in forthcoming Budget to give boost to corporate health plans of SME employees & retail catastrophe cover.
Private insurers meet Finance Minister Arun Jaitley; pitch for raising FDI ceiling to 49 per cent
19 Jun 2014, 07:53
FM Arun Jaitley today met CEOs of pvt sector companies to discuss issues related to capital requirements, including cap on foreign direct investment.
Non-life premium income rises 6.7% to Rs 8,421 crore in April
1 Jun 2014, 01:20
Privately-owned companies in the segment saw their premium rising by 4.77 per cent in April to Rs 3,818.93 crore, Irda said in the release.
PNB MetLife launches term plan offering family monthly income
29 May 2014, 05:48
The Met Family Income Protector Plus plan allows one to choose between a lump sum payout or monthly income in case of the death of the customer.
LIC dominates new policy collections
24 May 2014, 09:08
Industry observers said that regulatory changes effected to equalize all non-linked and market-linked plans resulted in private players posting poor numbers.
Life insurance firms new business rises by 12 per cent at Rs 1.2 lakh crore in FY14
12 May 2014, 05:43
The first year premium income of life insurance companies increased by 11.6 per cent to Rs 1.20 lakh crore for the year ended March, 2014.
Insurance regulator IRDA seeks expert to streamline processes
27 Apr 2014, 11:44
The consultant would need to work with IT and other regulatory departments to establish periodic technology needs and oversee IT strategy and governance.
Insurance Regulatory and Development Authority slaps Rs 1.77 crore fine on Reliance Life Insurance
11 Apr 2014, 10:09
Insurance regulator Irda has imposed a fine of Rs 1.77 crore on Reliance Life Insurance for violation of various norms including obtaining business from unlicensed entities.
SBI General Insurance sets 60% premium growth this fiscal
6 Apr 2014, 03:06
SBI General Insurance, which draws around 60% of its business from banking channel, also said it would focus more on the other channels like brokers.
Safety Rating System planned for cars may be linked to insurance
31 Mar 2014, 04:12
Govt plans to formulate a safety rating system for cars based on robustness, and the rules if implemented may be linked to lower insurance premiums.
Online insurance sales to grow 20 times by 2020
18 Mar 2014, 05:48
The online insurance market in India is likely to grow 20 times by 2020, a study showed.
General Insurance Corporation stares at 75 crore claim for missing Malaysian flight
13 Mar 2014, 03:42
75-crore claim from Malaysian Airlines, one of whose aircraft vanished between Malaysia and China last week with 239 passengers on board.
IRDA plans to free up motor third-party rates
3 Mar 2014, 10:19
In all other businesses, including motor own damage (cover against damage to vehicle), pricing is decided by companies.
IRDA directs insurers to pay out dues to policyholders on time
18 Feb 2014, 10:33
It has directed insurers to oversee timely payouts through a Policyholder Protection Committee in order to bring better governance and transparency.
Lower commissions, new regulations taking effect for life insurance firms during March quarter
11 Feb 2014, 11:13
Insurance distributors will take a while to understand products that have undergone a structural change in terms of benefits and cost with many older, best-selling policies having gone off the shelves.
LIC outshines private insurers in 9-month premium collection
2 Feb 2014, 10:56
LIC has outperformed its peers in the private sector in premium collection by recording a 32 per cent growth during the nine months ended December, 2013 of the current fiscal.
Irda backs finance ministry on insurance broking, wants private banks to join
17 Jan 2014, 04:35
The Insurance Regulatory and Development Authority is in favour of banks selling products of multiple insurance companies, rather than restricting themselves to a few.
LIC buys Rs 7000 crore loans from 9 states
6 Jan 2014, 05:00
Corporation's investment in accordance with IRDA rules that require it to invest 25% of corpus in central government securities.
Irda to charge tax on providing services to players
1 Jan 2014, 08:25
Insurance regulator Irda will charge service tax from industry players on providing services such registration and renewal.
Adopt reasonable font size in policy forms: Irda to insurers
PTI 10 Dec 2013, 20:21
Insurance regulator Irda today asked all insurers to adopt a reasonable font size so that the policy holders are not at discomfort while reading forms
IRDA asks insurers to design policy for HIV/AIDS patient: Namo Narain Meena
PTI 6 Dec 2013, 18:19
IRDA has asked all life insurance companies to design products and provide insurance cover for HIV/AIDS patient, Parliament was informed today.
Irda plans 'use and file' regime for product approvals
PTI 27 Nov 2013, 18:58
Irda is planning to allow industry players to sell some products first and then take approvals as per 'use and file' regime.
General insurers want to use products before filing them
Shilpy Sinha 21 Nov 2013, 04:00
This will ensure that large insurance policies, which are reinsurance driven, can be tested in market and later filed with the regulator, to reduce the hassle
New India Assurance eyes Rs 15,000 crore premium income
PTI 15 Nov 2013, 19:38
Srinivasan said that during the first half of the current financial year, total premium income rose by 12.5 per cent at Rs 6,906 crore.
New norms to make health cover claims much easier
Preeti Kulkarni 7 Nov 2013, 04:14
Health insurance customers with multiple covers will now have the option of approaching one of the insurance cos and claim the entire amount.
General Insurers can double their exposure to liquid mutual funds: IRDA
Shilpy Sinha 6 Nov 2013, 03:04
India's insurance regulator has decided to double the investment limit in liquid mutual funds for general insurers.
Life insurance sector can grow to 2-2.5 times by 2020: Report
PTI 24 Oct 2013, 20:40
The life insurance industry has the potential to grow to 2-2.5 times by 2020 from its current size even as it is faced with multiple challenges.
High Court notice to 25 insurance cos on PIL asking pre-packaged rates
PTI 22 Oct 2013, 19:28
The notices were issued by a bench headed by Chief Justice Mohit Shah on a PIL filed by social worker Gaurang Damani detailing hardships faced by mediclaim policy-holders.
Don't deny claims of HIV infected policy holders: IRDA
PTI 13 Oct 2013, 13:06
Insurance sector regulator IRDA has asked life insurers not to reject any claim of those HIV infected persons who were HIV negative at the time of commencement of policy.
Life, general insurers can invest 20% of AUM in infra sector
PTI 26 Sep 2013, 21:43
Investment in infrastructure debt fund (IDF) shall be reckoned as investment in the infrastructure sector for which investment ceiling is 20 per cent.
P Chidambaram launches IRDA's Insurance Repository System
PTI 16 Sep 2013, 13:16
According to IRDA, the objective of creating an insurance repository is to provide policy holders the facility to keep insurance policies in electronic form.
Irda tightens advertising norms for life insurers
PTI 11 Sep 2013, 22:08
Irda said a review of the advertisements, especially Internet advertisements, revealed the necessity to improve the compliance.
Insurers can now invest in private equity, debt funds: IRDA
PTI 23 Aug 2013, 21:27
AIFs are funds established or incorporated in India for the purpose of pooling in capital from India and overseas to be invested as per a pre-decided policy.
Irda asks insurers for guidelines to TPAs for health claims
PTI 14 Aug 2013, 20:13
TPAs are engaged for the purpose of providing health services on the basis of a fee or remuneration by an insurance company.
Irda allows banks to act as insurance brokers
PTI 9 Aug 2013, 19:29
Irda has allowed banks to act as brokers and sell products of more than one insurer so as to increase the penetration of the sector across the country.
Accident insurance scheme for CNG-powered public transport drivers
22 Jul 2013, 21:57
An additional amount of Rs 25,000 towards children's education allowance per child subject to a maximum of Rs 50,000 will also be given under the scheme.
Mis-selling of insurance policies still at large
19 Jul 2013, 03:47
According to experts, the policyholders abandon their covers either because they realise that they bought the wrong products or because of poor returns
'Rupee fall may push travel insurance claims by 8-10 pc'
PTI 11 Jul 2013, 20:44
The falling rupee is likely to increase the cost of general insurers by an average 8-10 per cent in settling travel claims, according to industry players.
IRDA for banks selling products of multiple insurers
PTI 10 Jul 2013, 16:28
Irda today indicated favouring banks to sell products of multiple insurance companies as the move would help deepen insurance penetration
Insurers not ready for social media: Survey
PTI 27 Jun 2013, 04:04
One in three insurance companies across the globe feels they are inadequately prepared to face emerging trends like impact of social media.
Irda's draft norms for insurers to hedge interest rate risks
PTI 19 Jun 2013, 22:14
Irda today proposed to allow insurers to hedge their interest rate risks with long term financial derivative instruments including forward rate agreements and interest rate swaps.
IRDA asks insurers to keep policyholders' records for 5 years
PTI 27 May 2013, 21:47
IRDA today asked insurers to keep records of customers and beneficiaries for five years after termination of business relationship.
Irda allows insurers to set up business abroad
PTI 26 May 2013, 12:37
Regulator Irda has allowed insurers with sound financial health and a minimum of three years of operations to set up business in other countries.
IRDA plans to set up depository for paperless policies
PTI 10 May 2013, 15:44
It will will allow customers to hold policies in paperless form much like investors holding equity shares in demat accounts.
IRDA guidelines for life products may rise costs
Preeti Kulkarni 5 Apr 2013, 10:12
The regulator’s key objective is to bring traditional products on par with Ulips in terms of charges,” says Arvind Laddha, Vantage Insurance.
IRDA working to improve health insurance service
Oct 8, 2012, 06.00AM
IRDA is working on a centralised mechanism to capture health insurance data with a view to improving the service and preventing misuse of medi-claim benefits by hospitals.
IRDA asks SBI Life to distribute excess payments to policy holders
7 Oct, 2012, 12.53PM IST
NEW DELHI: Insurance sector regulator IRDA has directed SBI Life Insurance Company to distribute the "wrongful" component of administrative charges it paid as reimbursement of group expenses to commission agents to the members or beneficiaries of the concerned policies.
Insurance employees association opposes increase of FDI in Insurance sector
5 Oct, 2012, 09.13PM IST
KOCHI: All India Insurance Employees Association today strongly opposed Centre's decision to increase FDI in insurance sector to 49 per cent and to disinvest the public sector general insurance companies. These moves, through major amendments to the Insurance laws, are against the interest of the national economy and against interests of the people whose savings are involved in insurance and pensions, the association said.
Irda favours hike in FDI ceiling for insurance sector to 49%
3 Oct, 2012, 02.40PM IST
NEW DELHI: Insurance regulator Irda today favoured increase in foreign direct investment in the sector to 49 per cent, saying it requires big investments for growth.
Former SBI chairman, OP Bhatt on panel to hunt for new Irda chief
Sep 26, 2012, 05.00AM
NEW DELHI: Former State Bank of India chairman OP Bhatt has been appointed on a panel that will assist in the search for the next chief of Insurance Regulatory and Development Authority,
Irda supports FDI limit hike to 49% in insurance
Sep 24 2012. 10.02 PM
Higher FDI will enable insurers to overcome a capital crunch and grow faster, says Irda chairman
New India Assurance wins $10.5 bn Air India contract
Sep 14 2012. 12 14 AM
National flag carrier Air India Ltd has insured more than 120 planes for $10.5 billion
IRDA battles for insurance FDI
August 16, 2012 06:21 PM
Insurance regulator IRDA wants the foreign direct investment in insurance to be raised to 49 per cent
Irda mulls raising investment ceiling for all life insurers
Aug 07 2012. 12 33 AM
Mumbai: In a move that can increase the flow of money into equities, the insurance regulator is planning to raise the investment ceiling for all life insurers
Reliance Capital in talks to sell 26% stake in general insurance business
September 04, 2012 12:36 PM
Shares in Reliance Capital jumped 2.5 per cent after chairman Anil Ambani said the company is in talks to sell 26 per cent stake to strategic partners in its general insurance business
PNB can pick 30% stake in MetLife Insurance: Irda
September 03, 2012 10:34 PM
Insurance Regulator Irda has approved the 30 per cent stake purchase by Punjab National Bank (PNB) in MetLife India Insurance Company
IRDA want insurers to provide health cover up to 65 years
August 28, 2012 04:01 AM
Sectoral regulator IRDA has proposed to make it mandatory for health insurers to provide policy cover to people up to 65 years and settle all claims within a month
5 scenarios when you don’t need life insurance
August 28, 2012 04:01 PM
Life insurance is a tool that provides financial cover for the policyholder’s family in case of untimely death, retirement or disability due to accident. The purpose of life insurance is to provide for needs
Irda mulls single product for life, non-life insurance
August 28, 2012 04:01 PM
Sectoral regulator Irda has asked the Life Insurance Council to design a single insurance product that will cover life as well as non-life.
Insurance Regulatory and Development Authority slaps Rs 5 lakh fine on Bajaj Allianz Life Insurance
Jul 26, 2012, 09.53PM
The Insurance Regulatory and Development Authority today slapped Rs 5 lakh fine on Bajaj Allianz Life Insurance for enrolling new members into the existing group schemes
AEGON Religare Life insurance launches online health plan 'iHealth'
Jul 24, 2012, 04.58PM
Private insurer AEGON Religare Life Insurance (ARLI) today launched an online health plan iHealth targeted at the 'new age' customer, who prefers a direct and convenient process while buying any financial product
Future Group to sell stake in supply chain, stationery joint ventures
June 20, 2012 07:54 PM
After announcing a stake sale in Pantaloon and Future Capital, Kishore Biyani-led Future Group is readying itself for more sell-off, including Future Supply Chain and Staples Future Office Products.
Government appoints DK Mehrotra as LIC chairman
May 31, 2012 07:24 PM
The government has appointed DK Mehrotra as a chairman of India’s largest insurer- Life Insurance Corporation (LIC).
Govt puts on hold raising FDI limit in insurance sector
May 12, 2012 01:09 PM
The government has put on hold a proposal pending for years to raise the limit on foreign direct investment in insurance firms, possibly until after the 2014 elections,
Cabinet may retain FDI cap in insurance sector at 26%
May 10, 2012 10:44 PM
The government may retain foreign direct investment in the insurance sector to existing 26 per cent as recommended by the Standing Committee on Finance.
Bajaj Allianz General Insurance appoints Tapan Singhel as CEO
April 23, 2012 03:07 PM
Private insurer Bajaj Allianz General Insurance on Monday said it has appointed Tapan Singhel as its new managing directer and chief executive officer.
Religare gets health insurance licence
April 20, 2012 10:14 AM
Healthcare and financial services major Religare Enterprises said its health insurance company has received R2 license from the Insurance Regulatory and Development Authority.
Insurers see gains as IPL opts for record cover
April 13, 2012 08:36 AM
Indian Premier League (IPL) is among the biggest sporting extravaganza in the country and insurance covers taken for the mega event have added to its glory
Repositories Karvy and Stock Holding Corporation of India must keep off insurance business: IRDA
14 Oct 2011 03:27, Shilpy Sinha
IRDA has given licence to five companies to become insurance repositories in line with Sebi's securities' depository norms
Life insurance favorite investment class of urban Indians
12 Oct 2011, 14:50
The study said that Indians, in practice, remain "risk averse" and the main drive behind an urban Indian's investment is returns
PAN must for payment of premium above Rs 50,000 in cash, says insurance regulator Irda
Oct 6 2011, 01:10 PM
Insurance regulator Irda said that quoting PAN number would be mandatory for making cash payments of more than Rs 50,000 in insurance premium
IRDA tells insurers to honour the spirit of contract, reject claims only on 'valid grounds'
Preeti Kulkarni 5 Oct 2011, 08:13
Irda advises insurers not to repudiate claims unless they are convinced that they wouldn't have been admissible even if reported within the specified time frame.
Finance ministry asks PSU general insurers to bring down expense ratio
PTI 25 Sep 2011, 11:40
Finance Ministry has asked public sector general insurance companies to bring down their expense ratio and prune management expenses.
IRDA asks insurers not to reject claims mechanically
PTI 21 Sep 2011, 21:52
In a big relief to policyholders,IRDA today asked insurance companies not to mechanically reject claims on technical grounds.
Highest net asset value cover plans are risky: IRDA Chief
IANS 15 Sep 2011, 15:51
These plans guarantee returns as per the highest net asset value a policy is able to achieve during the term of the policy.
IRDA issues final guidelines, mediclaim portability starts in October
Mayur Shetty 14 Sep 2011, 11:56
Come October and health insurance policy holders can switch to another company and carry with them their track record and noclaim bonuses.
Irda draws up ALM & stress testing norms
ET Bureau 5 Aug 2011, 01:47
Insurance regulatory body IRDA has laid down framework for asset liability management(ALM)and stress testing to guard investment activities of insurance companies against fall in the equity market.
IRDA mulls making listing of life insurance companies mandatory
PTI 22 Jul 2011, 21:09
IRDA is mulling over making it mandatory for insurance companies to go public, even though the final IPO norms are still awaited
Health insurance portability: Change your health insurer with caution
20 Jun 2011, 00:58, Nupur Anand & Khyati Dharamsi
With health insurance portability likely to be launched on 1 July, here’s how to ensure a smooth transition.
Royal Sundaram Alliance eyeing presence in rural areas
17 Jun 2011, 19:15
Royal Sundaram Alliance Insurance today said it plans to increase its presence in the semi-urban and rural areas of the country.
Tata AIG to launch unit-linked child plan, Gyan Kosh
PTI 15 Jun 2011, 18:41
The plan ensures that in the unfortunate event of the death or disability of insured, the journey of their loved ones towards success is not hampered.
IRDA issues draft listing norms
Shilpy Sinha 15 Jun 2011, 01:21
Insurers need to either have embedded value (EV) twice the paid-up capital or a profitable track record of three years to tap the capital market.
Irda issues merger norms for private general insurers
ET Bureau 9 Jun 2011, 05:27
Irda has reserved the right to impose additional conditions prior to court approvals, a change from the draft where the regulator had kept the final approval to itself after the court approval.
Irda asks non-life insurers to submit balance sheet on economic capital by September
ET Bureau 30 May 2011, 04:01
Irda has asked all non-life insurers, to calculate the economic capital for the financial year ended March 2011.
Insurers can pay gratuity in instalments
TNN 20 Apr 2011, 06:12
IRDA has allowed state-owned non-life insurance companies to provide for their increased gratuity liability in instalments.
Insurers can pay gratuity in instalments
TNN 20 Apr 2011, 06:12
IRDA has allowed state-owned non-life insurance companies to provide for their increased gratuity liability in instalments.
IRDA wins ULIP battle: Govt to amend laws to revive sales
20 Jun 2010, 0536 hrs IST,ET Bureau
NEW DELHI: Insurance industry regulator Irda has emerged the victor in a high-profile tussle over the regulation of so-called unit-linked insurance plans or Ulips, with the government ruling that it and not the market watchdog Sebi would oversee the product.
RBI rule on equity sales won’t apply to insurers: IRDA
18 Jun 2010, 0158 hrs IST
Promoters of insurance companies, who have cut deals with their foreign partners to sell equity at fixed price, will now be able to stick to the contract.
Life comanies’ premium income may cross Rs 3 lakh crore in FY11
17 Jun 2010, 0257 hrs IST
The life insurance industry is expected to cross the Rs 3 lakh crore total premium income mark in 2010-11. During 2009-10, the life insurance sector’s new business premium increased 25% to Rs 1.09 lakh crore
IRDA eases deadline for life insurers to bundle life covers with pension plans
16 Jun 2010, 0132 hrs IST, SKANDITA AGRAWAL
Life insurance companies are set to be given more time to comply with the insurance regulator’s norm to bundle life covers with pension plans.
IRDA bans over 4,000 corporate agents
9 Jun 2010, 1609 hrs IST
The IRDA has said that as many as 4,261 corporate agents, out of the total 7,000 in the country, are not authorised to sell policies.
Insurance clients face risk of rising premium as rates bottom out
2 Jun 2010, 0400 hrs IST, Debjoy Sengupta
Premium rates for corporate covers, property insurance, general liability and directors & officers (D&O) policies appear to have bottomed out in India and the market will continue to harden over the course of 2010, notes a study conducted by global broking house Marsh Inc
LIC can't charge fee for transfer of policy: HC
28 May 2010, 0154 hrs IST
Life Insurance Corporation of India cannot charge any fee for transfer or assignment of its policies, the Bombay High Court has held.
IRDA’s new norms to provide strong cover for Ulip holders
19 May 2010, 0225 hrs IST
Holders of unit-linked policies will in future get more of their money back if for any reason they are forced to surrender their policy within a couple of years.
Irda tells postal dept to fall in line, triggers row
19 Apr 2010, 0352 hrs IST, Arindam Ghosh & Dheeraj Tiwari
India's top insurance regulator has demanded that the country’s postal department adhere to its norms while selling insurance products
Life insurance industry may grow 10 per cent in 2010
15 Feb 2010, 1025 hrs IST
India's life insurance industry is expected to grow around 10 per cent in 2010 over the previous year, mainly by improving efficiency but also by expanding in small towns and villages.
Bharti Axa Life Ins bets big on maiden child insurance product
14 Feb 2010, 1152 hrs IST
Betting big on its maiden child insurance product launched just two months ago (December 2009), life insurance major, Bharti Axa Life Insurance, is eyeing a premium of Rs 100-crore by end-FY 10, a top company official said.
Intimation to company in writing necessary for insurance claim
11 Feb 2010, 1534 hrs IST
An insurance company is not liable for any deficiency of service if a policy holder fails to submit the information about the accident, damage and claim in writing.
Bajaj Allianz IPL-linked scheme out for a duck
6 Feb 2010, 0115 hrs IST, Mayur Shetty
Ready to bet your twenty on the IPL thrill-a-ball Twenty20 action disguised as a game of cricket? Well, you are not the only cricket fan around who wants a piece of the big action.
IRDA to take up issue of SEBI showcause on ULIPs
4 Feb 2010, 0242 hrs IST
The life insurance industry has decided to respond to Sebi’s show-cause notice on unit-linked insurance plans stating that these are products approved by the insurance regulator and are being sold for several years as insurance plans.
Insurers want service tax on fund mgmt charges removed
3 Feb 2010, 0317 hrs IST
The life insurance industry has made a representation for the service tax on fund management charges to be abolished to offer a level-playing field to all the financial service companies.
Kotak Life targets 30 per cent growth in fresh premium in Q4
2 Feb 2010, 2220 hrs IST
Kotak Life Insurance today said it is aiming at 30 per cent growth in fresh premium in the last quarter of this fiscal and to cross the Rs 7,000-crore mark in its assets under management.
Life insurance policies could soon become paperless
1 Feb 2010, 0149 hrs IST
Life insurance policy holders may not be required to keep paper records of their policies once the plan for digitalisation of the sector that is being worked on by the Life Insurance Council is approved by the regulator IRDA.
Aditya Birla Nuvo to infuse Rs 800 cr in life insurance arm
29 Jan 2010, 2200 hrs IST
Aditya Birla Nuvo to infuse Rs 800 crore in its life insurance arm, Birla Sun Life Insurance, by end of next financial year.
Revive lapsed LIC policy in easy instalments now
29 Jan 2010, 0621 hrs IST
The instalment revival scheme would be applicable on all policies within five years of the last unpaid amount. How to invest in 2010 | ULP: Endowment & ULIPs in a pkg
Insurers have to disclose financial nos every 6 months
29 Jan 2010, 0349 hrs IST
The insurance regulator has asked life and general insurance companies to publish their balance sheet, profit & loss account, revenue account and key analytical ratios on a half-yearly basis.
Long-term cover for 2-wheelers in works
28 Jan 2010, 0226 hrs IST, Debjoy Sengupta
Remember the popular Hero Honda punch line ‘Fill it. Shut it. Forget it!’ A similar concept is being developed by the general insurers for the two-wheeler industry. ‘Cover it. Forget it!’
Non-life insurance sector maintains uptrend
27 Jan 2010, 0359 hrs IST
Despite recent recessionary trends, the non-life insurance sector — comprising PSUs and private players — has sustained its composite growth rates in premium income for three consecutive April-December periods.
SEBI, IRDA cross swords over regulation of ULIPs
23 Jan 2010, 0707 hrs IST
Market regulator sends show-cause notice to insurance cos on why they have not taken its approval before selling ULIPs.Potential stocks | Q3 Earnings
LIC logs 50% rise in new premia mop-up
22 Jan 2010, 0621 hrs IST, Paramita Chatterjee
In times of crisis, state-run insurer top draw.
'Term insurance is a pure risk-coverage plan'
22 Jan 2010, 0318 hrs IST
Our expert offers tips on the best insurance products available in the market.
Axis, Max to join hands for life
22 Jan 2010, 0259 hrs IST, Mayur Shetty
Axis Bank will join hands with Max New York Life for distribution of life insurance products, ending a three-year partnership with MetLife.
IRDA asks insurers for info on commission paid to banks
21 Jan 2010, 2211 hrs IST
Sectoral watchdog IRDA on Thursday asked insurance companies to provide information on commission paid to the banks for selling policies in the last three and a half years.
Ulips set for a 'golden harvest'
20 Jan 2010, 0340 hrs IST, Shailesh Menon
Fee ban, cut in Ulip charges favour insurers. Over 190 Ulip schemes launched to attract retail investments.
ULP: Best of endowment and ULIPs in a single package
19 Jan 2010, 1607 hrs IST
An investor can change the premium amount, the tenure and the sum assured during the policy period. How to invest in 2010 | Bubble trouble: What, why and how?
Insurers see less policy lapses in 2008-09, despite hard times
19 Jan 2010, 0421 hrs IST
As many as 91 lakh policies with sum assured value of Rs 99,543 crore were struck off the books of insurers during 2008-09 because they lapsed.
Bharti-AXA announces child ULIP
19 Jan 2010, 0400 hrs IST
Bharti AXA Life has started offering its new child plan - Bright Stars PLUS - with a feature that promises to hand out 7% of the fund value as ‘Jumpstart’ benefit.
ICICI Lombard offers add on covers for motor insurance
14 Jan 2010, 1844 hrs IST
CICI Lombard General Insurance on Thursday said it has started offering zero depreciation add-on cover and consumable items add-on cover for motor insurance products.
Bajaj Allianz offers 5% rebate on motor insurance premium for ladies
13 Jan 2010, 0400 hrs IST, Mayur Shetty
Bajaj Allianz is offering women a 5% discount in motor insurance premium after a study of auto claims revealed that a proportion of claims by women car owners is relatively low.
Future Generali India Life Insurance to infuse Rs 150 cr capital
12 Jan 2010, 2000 hrs IST
In order to support the aggressive growth in premium income in the current financial year, Future Generali India Life Insurance company has proposed to infuse an additional equity of Rs 150 crore before March end.
IRDA to come out with IPO guidelines by Feb-end
12 Jan 2010, 1849 hrs IST
Insurance-sector regulator, IRDA is planning to come out with the IPO guidelines for insurance companies by the end of next month, a top official said.
IRDA mulling cap on traditional products
12 Jan 2010, 1609 hrs IST
Star Union Dai-Ichi Life plans
pension and child benefit products
Star Union Dai-Ichi Life Insurance Company Limited, a joint venture life
insurance company promoted by Bank of India, Union Bank of India and Dai-Ichi
Mutual Life Insurance Company, Japan, plans to introduce pension and child
benefit products soon.
It has filed the proposal for these products with the Insurance Regulatory and
Development Authority (IRDA) and the approval is awaited. Both the pension and
child benefit products are proposed to be unit linked plans (ULIPs). The
company also plans to launch a traditional endowment plan combined with whole
life cover for the policy holder.Click here to read full at source.
India's Life Insurance Sector Posts
16% Growth
Private nonlife insurance companies posted 20% growth in new business while the
main public (state-run) life insurer, Life Insurance Corporation of India
[85485] saw a 15% drop in premiums, according to India's Life Insurance
Council.Among the top 10 life insurance companies,.Click
here to read full at source.
'Our thrust'll be on traditional
covers'AVIVA Life
Life, a joint venture between the promoters of the Dabur group and the UK’s
largest life insurer Aviva, is working out a new distribution model after its
tie-up with two banks ended, resulting in a 24 per cent fall in sales from new
policies. Aviva India Managing Director & CEO T R Ramachandran, who was
until recently the head of retail at Citibank, spoke to Shilpy Sinha about the
insurer’s plans to check the fall in sales.In December, the life insurance
industry’s premium collections dropped for the first time since liberalisation.
What are the reasons.Click here to read full at source.
IRDA may resolve investment ceiling
issue with LIC
Insurance regulator IRDA may soon sort out with LIC the investment ceiling
issue, arising from the over 10 per cent equity or debt the country's largest
life insurer has in companies contrary to the latest norms. While the regulator
has almost resolved the issue of equity ceiling with LIC, some points still
remain to be sorted out between them on the matter of debt exposure..Click
here to read full at source.
Bajaj Allianz launches CenturyPlus II
Bajaj Allianz Life Insurance has introduced a new CenturyPlus II unit-linked
investment plan, the company in a statement said.
Speaking at the launching ceremony Kamesh Goyal, Country Manager Allianz &
CEO Bajaj Allianz Life, said: “Wheel of Life Portfolio Strategy with
CenturyPlus II helps investors safeguard and reduce the risk during maturity
incase of market fluctuation.” Click here to read at source.
Tata AIG unveils Ulip with returns
based on highest NAV
Tata AIG Life Insurance Company Ltd on Wednesday announced the launch of Tata
AIG Life InvestAssure Apex, a unit-linked insurance plan that enables the
policyholder to enjoy returns based on the highest NAV declared over 100
months.Click here to read at source.
ICICI Pru will need two years to
break even
Shikha Sharma, managing director of ICICI Prudential Life Insurance Co. Ltd on
the impact of the global slowdown speaks on the insurance industry in general
and ICICI Pru in particularClick here to read at source.
Pension plans rise in insurance co
portfolios
Can I lead a comfortable life after my retirement? That's a question an
increasing number of people are asking themselves. And that's the reason why
pension plans today contribute about 30% of the insurance industry's total
business . The industry is seeing a 20%-25 % annual growth in pension policies
and a 50% growth in premium.Click here to read at source.
Insurance news, software, bancassurance, products :Banknet India
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