Purchase price of annuity plans to increase
FOREIGN reinsurers setting up branches in India would be allowed to repatriate surplus capital from branches if their available solvency margin is above 175 per cent, said a panel constituted by insurance regulator Irdai.
Business Standard 27/10/2015
HDFC stand-alone net profit grows 18.2%
Mistry said the flat growth was because of factors including a large dividend reversal. Strong growth in new business from the HDFC's life insurance subsidiary also had an impact due to expenses associated with the new business generated, explained Mistry.
MINT 27/10/2015
Telenor launches free life insurance cover to consumers as value proposition
In what could be termed as a unique and first of its kind initiative in the telecom industry, Telenor India on October 20, 2015 announced free life insurance cover for its existing 47.55 million as well as potential new customers across its six operating circles.
Nagpur Today 27/10/2015
Product launches
Max Life Insurance has launched Max Life Monthly Income Advantage Plan, a traditional, participating, money-back plan that provides guaranteed monthly income for 10 years and lump sum benefit on maturity. The plan is available in two variants: premium term of 12 years with policy term of 22 years, and premium payment term of 15 years with policy term of 25 years.
The Economic Times 26/10/2015
Diminishing a bank’s traditional role
A financial intermediary is one that acts as a middleman between two parties in a financial transaction. The most common intermediary is a bank but the category also includes entities such as insurance companies, mutual funds, brokers, dealers and others.
The Hindu 26/10/2015
Women insurance segment to be worth $22-35 billion by 2030
report
Furthermore, leveraging women in the salesforce to sell products to women clients is an option. While there are efforts to increase the number of women agents, approximately 75% of them are still men. Employing women agents in rural areas can help insurers reach out to the near 70% of the population that lives in such areas. Insurers should also conduct in-depth research on what women expect from health insurance.
Live mint 26/10/2015
Irdai panel sets 175 per cent solvency to repatriate capital
FOREIGN reinsurers setting up branches in India would be allowed to repatriate surplus capital from branches if their available solvency margin is above 175 per cent, said a panel constituted by insurance regulator Irdai.
Financial Chronicle 12/10/2015
Consumer forum directs insurance firm to pay patiala woman’s claim
The district consumer disputes redressal forum has directed the Tata AIG General Insurance Company Limited to pay a claim of `20,962 pertaining to their health insurance policy to a Farid Nagar resident along with 9% interest per annum from March 26, 2013 within a month. In her complaint to the district redressal forum, Babita Walia had written that she had obtained the insurance policy ‘Wellsurance Family Policy’ from the AIG General Insurance Company Limited, New Lal Bagh Colony in Patiala, which covered her’s and her husband’s health.
Hindustan Times 12/10/2015
PLA directs insurance company to honour widow’s claim
The PLA also directed the New India Insurance Company to pay the claim amount of ` 5 lakh, with 14% interest per annum, payable from February 2 2015, to Manisha Saxena, native of Sitapur district. The court said that the interest amount on the claim would be applicable till the date the insurance company made the payment to the litigant.
Hindustan Times 12/10/2015
India Post may sell life insurance policies
If all goes according to plan, India Post will soon offer life insurance products as part of a broader strategy to give its millions of customers a suite of financial and savings instruments ranging from small savings, fixed deposits, insurance and mobile wallets. A specific policy for the girl child, with a maximum assured sum of `10 lakh, is also on the cards.
Hindustan Times 10/10/2015
Insurance companies do not want to withdraw deposit from parent banks
Insurance companies promoted by banks have unanimously lobbied against Insurance Regulatory & Development Authority of India's suggestion to prevent them from parking fixed deposits (FDs) or certificate of deposits (CDs) in promoter banks.
The Economic Times 10/10/2015
IRDAI Proposal On FD, CD Irks Insurers
Insurance companies promoted by banks have unanimously lobbied against Insurance Regulatory & Development Authority of India’s suggestion barring them from parking fixed deposits (FDs) and certificate of deposits (CDs) with promoter banks.
The Economic Times 10/10/2015
Insurance firm to pay Rs 5.24 lakh for delaying claim
The State Consumer Disputes Redressal Commission has directed United India Insurance (UII) to pay Rs 5.24 lakh insured declared value (IDV) to Jaswant Verma of Sector 44 at 12% interest from October 24, 2013, which is the date six months after filing of the original claim till realization. UII has also been asked to pay compensation of Rs 50,000 (instead of Rs 25,000 ordered by the District Forum) and Rs10,000 as cost of litigation to the complainant.
The Times of India 12/10/2015
Telenor India launches free life insurance for subscribers
Telenor India on Wednesday announced free life insurance cover for its existing 47.55 million as well as potential new customers across its six operating circles. By spending on regular recharges with a small incremental value, Telenor consumers will get the benefit of a life insurance cover, which will be a hundred times of the monthly recharge value and up to a maximum of Rs. 50,000, the company said in a statement.Telenor India on Wednesday announced free life insurance cover for its existing 47.55 million as well as potential new customers across its six operating circles. By spending on regular recharges with a small incremental value, Telenor consumers will get the benefit of a life insurance cover, which will be a hundred times of the monthly recharge value and up to a maximum of Rs. 50,000, the company said in a statement.
BGR 09/10/2015
Insurance cos face steep rise in Dengue claims
Sanjay Datta, chief underwriting and claims, ICICI Lombard General Insurance said, “In admission year 2015 (till September 2015) top 10 cities ie the four metro cities and Pune, Bangalore, Hyderabad, Vadodara, Nagpur and Nashik have contributed 82 per cent of the total
Financial Chronicle 09/10/2015
Long-term health insurance policies on cards
The Insurance Regulatory and Development Authority of India (IRDAI) is examining a proposal that seeks to allow customers to buy health insurance for a period of two-to-three years at one stroke in view of the demand for long-term health insurance and health savings policies.
Financial Chronicle 09/10/2015
Pensioners want modification in health insurance scheme
Instead of authorizing a few hospitals for giving medical treatment to the patients under the health insurance scheme, the patients should be allowed to get treatment in all hospitals, which will ensure timely medical assistance to the beneficiary. The discharge summary should be attached with a detailed report on the cost of the treatment given at every stage during the stay at hospital. The entire amount of Rs. 40,000 being spent for cataract surgery should be reimbursed, the protestors said.
India Infoline 08/10/2015
Recharge your mobile and get free life insurance cover
This refers to ‘Smartphones, a swadeshi success story’ by Jaideep Mehta (October 7). Indeed this is one success story that has not got its due recognition. It is no mean achievement to feature in the top 5 phone vendors list in India, considering how competitive the sector is. It would be unfortunate if we are not able to leverage our strengths and allow our electronic import bills shoot up.
The Hindu Business Line 08/10/2015
Govt is mulling free medical insurance for secondary care
Speaking at the launch of Non-Communicable Disease (NCD) Control Programme's pilot project at the TMA Pai Convention Centre on Monday, Khader said that the government has been providing free medical insurance for tertiary care for surgery and treatment of seven major ailments.
Bangalore Mirror 06/10/2015
Policyholders to benefit from Irdai move
The next time you step into a bank branch, the relationship manager might not try to sell you an insurance policy that isn’t suitable for you. If at all you are sold a policy, it will be after a thorough analysis of your financial needs and goals. After all, the bank wouldn’t want to be held guilty of misselling. According to data from the Insurance Regulatory and Development Authority of India ( Irdai), as of March this year, there were 278,992 complaints against life insurance companies.
Business Standard 06/10/2015
Ministry in Tie-Up for Road Accident Insurance
It may be odd to wish for a road accident, but if at all it is on the Jaipur-Delhi, Ranchi-Jamshedpur or Vadodra-Mumbai highways, insurance companies will pay for hospitalisation. The ministry of road transport & highways has tied up with IFFCO-Tokio General Insurance and ICICI Lombard to offer cashless insurance cover to road accident victims. There will be ambulances to take the injured to hospitals, too.
The Economic Times 06/10/2015
Insurer to pay interest on damages
The Rajasthan High Court has ruled that an insurance company would be liable to pay interest on delayed payment from the date of the industrial accident besides the amount of compensation under the Workman’s Compensation Act. The order to the contrary passed by the commissioner in Udaipur was set aside in the case, National Insurance Company vs Smt Raju Bai.
Business Standard 05/10/2015
Protect insurance buyers
One hopes the Insurance Regulatory and Development Authority of India (IRDAI) acts swiftly to make corporate agents, including banks and their employees, liable and fully accountable for the insurance products they sell. For some inexplicable reason, they were left free to act as they pleased, so the need for accountability is extremely vital for customers, for whose benefit lRDAI is supposed to act.
Deccan Chronicle 05/10/2015
Consumer Forum asks insurance firm to pay up
The Mumbai suburban district Additional Consumer Redressal Forum recently penalised the Star health insurance firm for wrongly repudiating the insurance cover of a Thane-based consumer. The forum directed the firm to pay the consumer the insurance cover amount of Rs 65,000, along with 10 per cent interest rate on the amount from the year 2014.
DNA 04/10/2015
Irdai tightens norms for mis-selling insurance
As of now, corporate agents are considered entities working on behalf of an insurance company, a distributor of its products. An insurance broker, on the other hand, sells products of multiple insurers. While an insurance broker can be held liable for the sale of a product, agents can't.
Domain-B India 04/10/2015
Insurance cos target domestic travellers
When the premium for outbound travel can range between Rs 1000 to Rs 5000, depending upon the medical costs in the visiting country, domestic premium can be less than Rs 200. Some of the states like Maharashtra had been planning to mandate insurance for those travelling outside the state after a travel mishap occurred sometime back.
Financial Chronicle 05/10/2015
IRDA to come out with guidelines on corporate governance & reinsurance regulations
Insurance schemes for increasingly gairavikri (Miss sailing) is responsible for the employees of the new insurance law ..ASSOCHAM the insurance industry on the day of a conference organized by the Association of Indian Insurance Regulatory and Development Authority (IRDA) Chairman T. S. Vijayan was speaking Thursday.
Loksatta 03/10/2015
IRDAI asks corporate agents to maintain policy database
In order to stop mis-selling of insurance products by banks, the Insurance Regulatory and Development Authority of India (IRDAI) has asked corporate agents to maintain a database and give its access to the regulator.
Niti Central 03/10/2015
IRDA’s Latest Rules an Attempt to Clean Up Bancassurance
Will the insurance regulator’s tightening of rules under which banks sell insurance change anything much? Insurance regulator IRDA says that banks are going to be liable for the insurance policies that they sell. Just as importantly, IRDA wants recording of, and access to, the actual bank employee responsible for each insurance policy sale.
The Financial Express 05/10/2015
Banking On Insurance
Starting April 1, 2016, corporate agents, banks and their employees will be liable for insurance policies sold by them. The bank and its specific employee found guilty of mis-selling insurance products are likely to face action. This is based on the the Insurance Regulatory and Development Authority of India (Registration of Corporate Agents) Regulations, 2015.
The Financial Express 05/10/2015
Irdai panel suggests better disclosures
A committee set up by the Insurance Regulatory and Development Authority of India on review of life insurance regulations has said the remust be transparent disclosures about insurance products.
Business Standard 01/10/2015
Non-life insurers see ‘appification’ of claims, sales
The non-life insurance segment is now increasingly seeing an ‘appification’ of the underwriting and the claims especially in the retail segment. While ICICI Lombard and Bajaj Allianz already have apps to process claims through mobile or tablet apps, Liberty Videocon General Insurance is the latest to launch at ab-based claims surveyor application for faster motor claims processing.
Business Standard 01/10/2015
LIC to launch Ulip by end of August
Life Insurance Corporation of India (LIC) is planning to launch a unit-linked product (Ulip) by August-end. The insurer has approval from the regulatory authority, said V K Sharma, LIC managing director.
Business Standard 14/08/2015
Unions reject proposal on health insurance
Trade unions, including Bharatiya Janata Partybacked Bharatiya Mazdoor Sangh, on Thursday rejected a proposal to provide an option to workers between the employees’ state insurance scheme and health insurance offered by private companies.
Business Standard 14/08/2015
Tie-up with multiple insurers for banks to be optional
The Insurance Regulatory and Development Authority of India (Irdai) has decided that corporate agents (including banks) can tie up with up to three life, non-life and health insurers each for distribution of insurance products. However, this will not be made mandatory, said Nilesh Sathe, member-life, Irdai said.
Business Standard 14/08/2015
Aegon Religare banks on support services to push insurance sales
With a view to make insurance selling a feel-good experience, Aegon Religare Insurance Co has started asking its agents to understand the nitty-gritties of helping customers apply for Aadhaar, PAN card, Passport, name change of electricity connection user and other simple activities. Knowing these processes help agents engage with prospective customers in a far stronger way than the usual cold calling and home visits, says Amit Kumar Roy, chief distribution officer of the company.
Financial Chronicle 14/08/2015
LIC mops up 7K cr from relaunched senior citizens pension scheme
Life Insurance Corporation of India (LIC) today said it has so far collected over Rs 7,000 crore under its senior citizen pension scheme 'Varishth Pension Bima Yojana'
The Economic Times 14/08/2015
Insurance scheme not benefitting farmers
However, bankers – Andhra Bank General Manager Venkateswara Rao and Insurance Officer Rajeswari objected to the suggestion made by the Minister stating that it was not possible not to collect insurance amount as it was a directive from the Union Government and mandatory. With this, the meeting passed two resolutions – not to collect insurance mount, except for maize, without the consent of farmers and cotton insurance should be based on weather – unanimously, which would be forwarded to the State Level Banker’s Committee (SLBC) for consideration.
The Hindu 14/08/2015
Health Insurance TPA of India to start operations in Sept
Health Insurance TPA of India Ltd, set up to manage the health claims of public sector general insurers, will begin operations in September. With this, 10-12 per cent of the claims handled by external third party administrators (TPAs) are expected to move to the new body, helping reduce the turnaround time.
Business Standard 13/08/2015
SBI hopes to sell stakes in insurance units by year end
tate-run State Bank of India on Tuesday said the valuation process for the stake sale in its insurance units has begun and the transaction is likely to be completed by the end of the year.
Hindi Business Standard 13/08/2015
Royal Sundaram's 'Lifeline' Comprehensive Mediclaim
The insurance Regulatory ana Development Authority of India (IRDAI) issued draft regulations on expenses of management for life and non-life companies. The draft does not change the limits on expenses of management for life insurance companies, but it plans to implement the rules strictly and stop the payment of upfront commissions.
Money Life 13/08/2015
Jan Dhan scheme: 215 accident insurance claims settled
As many as 215 claims have so far been settled under the ?1 lakh accident insurance cover provided by the Pradhan Mantri Jan Dhan Yojana (PMJDY) launched last year, AP Hota, Managing Director and CEO, National Payments Corporation of India, said.
The Hindu Business Line 13/08/2015
New health cover plan likely
On Independence Day, Prime Minister Narendra Modi may announce a universal health insurance plan. most probably without any subsidy, which will cover all members of a family under a single sum insured. ftWe are still working on the proposed scheme and fine-tuning the premium.
Business Standard 12/08/2015
Government Launches Suraksha Bandhan Drive
In order to build on the very encouraging response to the two very affordable and convenient to subscribe insurance schemes, namely the Pradhan Mantri Suraksha Bima Yojana (PMSBY) for accident and disability cover of up to Rs.2 Lakh at an annual premium of Rs.12 and the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) for a term life cover of Rs.2 Lakh at an annual premium of Rs.330, launched by the Prime Minister Shri Narendra Modi on 9th May 2015.
Business Standard 11/08/2015
Student insurance scheme launched
About 20,000 students from Class I to Plus two level in about 64 government/aided schools will receive the benefit of the scheme. The insurance scheme is part of the Aksharatheeram comprehensive educational programme being implemented in Aluva.
The Hindu 11/08/2015
Andhra Bank’s new deposit scheme
Andhra Bank has launched two new depositcum-insurance schemes as a social security measure on the eve of Raksha Bandhan. The two schemes, Suraksha Bima Deposit and Jeevan Suraksha Bima Deposit, are available to customers in the 18-70 and 18-50 age groups, respectively. The deposits can be subscribed by way of gift cheques.
The Hindu Business Line 11/08/2015
Aviva Life will ride digital wave for next phase of growth, says CEO Trevor Bull
The reality is that 10 years ago people did not use tablets and mobile phones as much as they do now, says Trevor Bull, the new CEO and Managing Director of Aviva Life Insurance Company India. And, it is this signi?cant shift in the way people live their lives that is prompting the company to “refresh” itself and look at a “strategic shift” in its operating model in India.
The Hindu Business Line 11/08/2015
Use-and-file may soon be permitted for general insurance products
The Insurance Regulatory and Development Authority of India (Irdai) may allow general insurance companies to implement the use-and-file method to get products into the market. This will be the first step to implement the working group report on File-and-Use (F&U) guidelines. This would mean customers would get products quicker, which could then be tweaked based on feedback.
Business Standard 09/08/2015
We want to offer product for every stage of life
PNB MetLife India Insurance recently entered the online segment and now has a critical illness plan and a term one. TARUN CHUGH, managing director and chief executive officer, talks with M Saraswathy & Priya Nair on the product strategy and way forward.
Business Standard 09/08/2015
Life insurers told to avoid delay in pension payment
Insurance watchdog IRDAI has issued directive to life insurers to streamline process to ensure timely payment of pension to policyholders who have bought such products from them. The Insurance Regulatory and Development Authority of India (IRDAI) has asked life insurers to start sending communications from September onwards to all policyholders who have bought pension products from them and whose payment is due from April 1, 2016.
The Echo of India 09/08/2015
New products
Aegon Religare Life Insurance last week launched three online protection plans — iIncome plan, iSpouse plan and iCancer plan — which will be sold exclusively through their portal. iIncome, a term assurance plan, has been designed to protect the household’s income stream for a Rs.xed term, in the event of demise of the insured.
The Hindu Business Line 10/08/2015
Two lives, one policy
Stepping into wedlock?. You don’t have to take individual life insurance policies for yourself and your spouse. State-owned Insurer SBI Life recently launched its new product Smart Humsafar, which provides life cover to both husband and wife through a single policy.
The Hindu Business Line 10/08/2015
Irdai to hasten online approvals
The Insurance Regulatory and Development Authority of India (Irdai) plans to make the approval process for online products simpler and faster. With a separate process for filing applications on these, it says it is trying to ensure they do not undergo the same rigorous process as offline products to get approved, and are approved within 30-40 days.
Business Standard 07/08/2015
HDFC Life starts selling life insurance through Common Services Centre
HDFC Life, India’s leading long term private life insurance solutions provider announced the launch of a new sales channel to take life insurance to semi-urban and rural India using the Common Services Centre (CSC) network.The company has designed HDFC Life CSC Suraksha, an exclusive term insurance plan to be sold through CSC channel. Announcing the launch, Amitabh Chaudhry, MD & CEO, HDFC Life said.
Free Press Journal 07/08/2015
Apollo Munich's health insurance policy for dengue
Apollo Munich Health Insurance has launched Dengue Care, an over-the-counter health insurance policy to cover dengue-related expenses. At a premium of U.2 a day, one-time premium of 3444 will provide 50,000 inpatient and 310,000 OPD coverage (diagnostic tests, consultation, home nursing and pharmacy) only on dengue treatment.
The Financial Express 07/08/2015
FDs to fund premium of insurance schemes
The money from Suraksha Deposit Scheme and Jeevan Suraksha Deposit Scheme will be used for subscription of PMSBY and PMJJBY, respectively. In May this year, Prime Minister Narendra Modi had launched PMSBY, a group life insurance term plan, and PMJJBY, an accident insurance plan, in an attempt to increase the focus on providing access to financial services.
MINT Live mint 06/08/2015
Bajaj Allianz ties up with Snapdeal to sell 2-wheelers insurance
Bajaj Allianz General Insurance, is tying up with Snapdeal to sell two-wheeler insurance to the increasing number of people who are purchasing motorcycles from the online marketplace. Snapdeal sold 180,000 two-wheelers in over six months, it shows its growing popularity as a online shopping portal for buying motorcycles.
India Infoline 05/08/2015
Cabinet approves `500 crore fund for eight road projects
Under the scheme, drivers-conductors will get benefits of insurance, assistance for treatment of diseases, assistance for daughter’s marriage, skill upgradation, loans for self- employment and scholarships for their children.
Hindustan Times 05/08/2015
Clear Hudhud claims by month-end, insurance firms told
The Government, noting with concern that 158 claims of companies seeking insurance for the damage caused by very severe cyclone Hudhud in October last were pending, reviewed them here on Tuesday.
The Hindu 05/08/2015
IRDAI tells life insurance firms to avoid delays in starting annuities
Taking note of delay in the commencement of annuity on vesting date for policy holders, sectoral regulator IRDAI has directed life insurers to avoid inconvenience/loss to annuitants and collect all necessary information at an early stage.
Financial Chronicle 05/08/2015
Jan Suraksha policies can be social sector obligation for insurers
This comes as a big relief to insurers who had sought clarification from Insurance Regulatory and Development Authority of India (IRDAI) on this issue. “The regulator has said that the two insurance plans under the Jan Suraksha scheme can be part of our social sector obligations since there is no subsidy involved, said a senior general insurance official.
Business Standard 05/08/2015
Insurance sector issues warning over Uber
Insurance industry officials warn that Uber drivers don’t have sufficient accident coverage and are putting themselves and the passengers in danger when they get behind the wheel. This stark message for the city to regulate Uber drivers, came during what a pair of insurance officials and Councilor Jim Karygiannis called a ‘technical briefing’ at City Hall, Toronto.
India Infoline 01/08/2015
Future Generali Assured Education Plan: At What Cost?
Future Generali Assured Education Plan (FGAEP) is a traditional non-participating child insurance plan that guarantees investment benefit upfront. But the regulator does not mandate that insurers specify the returns on the product on maturity. So, product returns have to be calculated by the customer which can be difficult for a layman.
Money Life 03/08/2015
Man kills father for Rs 70 lakh insurance money
Police on Sunday claimed to have solved the murder mystery of a 50-year-old man who was found dead on July 27 with the arrest of his son and his accomplice. The arrested duo has admitted to killing Omkar Singh, of Buthan Kalan village, to get his life insurance claim of Rs 70 lakh to pay up debt.
The Times of India 03/08/2015
Insurance to get a digital makeover soon
Documentation heavy insurance business will move digital; right from issuance of policies to admittance of claims to settlements, if a proposal of the Insurance Regulatory and Development Authority (IRDA) on ecommerce and insurance becomes a reality. The insurance regulator has constituted a life and general insurance group comprising subject matter experts from the regulatory body, insurers, intermediaries and insurance repositories.
The Times of India 01/08/2015
Call centres for healthcare services soon
Companies like EXL, WNS, Antworks, Cognizant and Infosys, who already have infrastructure and experience in BPO services, are eyeing the market. While some of these companies have already partnered with hospitals, diagnostic chains as well as insurance companies in India and abroad, others are evaluating the opportunity and are likely to enter the space soon.
The Times of India 02/08/2015
Private players lead life insurers’ charge
THE life insurance industry posted a 20% y-o-y rise in new business premium for the quarter ended June 2015 on the back of strong growth shown by private sector players, especially in the unit-linked insurance plan (Ulip) segment.
The Financial Express 31/07/2015
BJP to inspire brothers to gift security schemes to sisters this Raksha Bandhan
RSS outfits Bhartaiya Majdoor Sangh and Bharatiya Kisan Sangh would also be supporting and helping BJP and the government in widening the implementation of insurance schemes through their cadres. Jain maintained that besides these two schemes, which provide economic and social security to the families, the idea of Mudra Bank for which the government has earmarked Rs 20,000 crore in the budget scheme would create an environment of economic well-being in the country.
The Pioneer 30/07/2015
Final word on Ulip fund investments from Irdai in Aug
Insurance regulator, Insurance Regulato-ry and Development Authority of India (Irdai) is set to come out with final ruling on various issues pertaining to the insur-ance industry in its board meet-ing. The meeting which is like-ly to be scheduled in the second half of the August will review draft guidelines which man-dates at least 25% of unit linked insurance plan (Ulip) funds to be invested in central govern-ment securities.
The Financial Express 29/07/2015
Irdai to review Ulip discontinuance charges, surrender fund structure
COUNTRY'S insurance regulator Irdai is likely to study the structure of discontinuance fund and charges relating to discontinuance of a policy for unit-linked insurance products (Ulips). With the rise in misselling complaints, the regulator had in the past took relooks at Ulip products, which at one time had a lot of hidden costs.
Financial Chronicle 28/07/2015
Irdai tweaks rules for unclaimed fund handling
NSURANCE watchdog Irdai has tweaked its rules that govern how insurers will handle unclaimed funds. It has given more time to insurers to comply with the modified norms. Irdai said it had received representations from life and non-life insurance industry bodies on the earlier norms that were announced in May this year.
Financial Chronicle 28/07/2015
Centre to launch all-in-one insurance product for farmers
Amid concerns over rising incidents of farmer suicides in the country, the Centre is planning to unveil an exclusive all-in-one insurance product for the farming community as part of its ongoing social security scheme. To be known as the Uni?ed Package Insurance Scheme (Bhartiya Krishi Bima Yojana), the policy will ?aunt nine features with mandatory crop insurance.
The Hindu Business Line 28/07/2015
17 years after man’s death in US, kin to get insurance claim
Nearly 17 years after a Chennai resident, who had taken a foreign mediclaim policy, died of leukemia in a hospital in the US, the national consumer commission in New Delhi has asked an insurance company to pay the equivalent of $10,000 as the claim amount to his family.
The Times of India 28/07/2015
LIC policy change of address now from anywhere
Life Insurance Corporation (LIC) has given great relief to customers. This relief is about policy change in address. Now LIC policy change of address will be made in any branch of it.
Amar Ujala 25/07/2015
Barrage of insurance rules to flood sector
The Insurance Regulatory and Development Authority of India (Irdai) is set to bring out a number of new rules to conform to the new insurance Act. These might be implemented from as early as December 2015. The Insurance Laws (Amendment) Act 2015 has made fundamental changes in the way insurance is conceptualised, sold and bought. Among other areas, it will bring out regulations on claim rejection, expense management, and solvency ratio.
Business Standard 26/07/2015
Feedback helps mediclaim ratings advance
Last month, the Chinese insurance regulator announced its intention to rate insurers on service standards. Ratings make performance transparent and simplify decision-making. This makes for a case to introduce more ratings into insurance. Critical illness and top-up plans could be next.
MINT 27/07/2015
IRDA favours hike in third-party insurance assessment limit
Hundreds of insurance surveyors are staring at the spectre of losing their livelihood following a proposal by the regulator to increase the threshold for assessment of losses in claims. If accepted, insurance companies will be able to settle claims of up to Rs 50,000 for cars and Rs 1 lakh for property without engaging surveyors.
The Economic Times 27/07/2015
Irda’s new proposal may boost health cover awareness
Yet another recommendation is to link insurance premiums to Consumer Price Index (CPI), just as the Reserve Bank of India links the repo rates to inflation. The suggestion by the committee is to include a benchmark — Consumer Price Index (CPI) + 3 per cent for an automatic revision of premiums annually.
The Financial Express 26/07/2015
Irda says no to 100% FDI in insurance broking biz
There is no plan to allow 100 per cent FDI in insurance broking, said a top official. In 2013, Irda had appointed a committee under its senior director Suresh Mathur, Sr joint director, Irda, to look into the possibility of 100 per cent FDI in broking business as the Insurance Act did not specially mention about limiting FDI to 26 per cent in broking.
The Indian Express 24/07/2015
Irdai tightens norms to check insurance mis-selling by banks
The Insurance Regulatory and Development Authority of India (Irdai) is further strengthening the norms against forced selling of insurance policies by banks. In its recent meeting, Irdai decided to seek an undertaking from the CEO and the chief financial officer (CFO) of the corporate agent (including banks) that there is no forced selling of an insurance product to customers at periodic intervals.
Business Standard 21/07/2015
Soon, bariatric surgery may get insurance cover
The surgery has been approved for medical insurance cover by Star Health Insurance,” said Dr S Prakash, Executive Director, Star Health insurance, at the international conference on bariatric surgery at Indraprastha Apollo Hospitals. CGHS and many public limited companies already cover this surgery and other insurance companies may follow suit.
Hindustan Times 21/07/2015
Surveyors to only be appointed by insurers’
The Insurance Regulatory and Development Authority of India (Irdai) has reiterated that surveyors and loss assessors, who assist in ascertaining quantum of claims, can only be appointed either by insurer or by insured. Only claims above ~50,000 for motor insurance and ~1 lakh for others would qualify for the services of insurance surveyors and loss assessors, according to the Irdai directive.
Business Standard 16/07/2015
Life insurers taking 2 to 7 months to settle death claims
SETTLEMENT of insurance claims, as industry veterans put it, is when the rubber hits the road. While individual death claims have been settled in less than a month by most firms in the life insurance industry, some companies have been taking a lot longer to settle. If Irdai data is anything to go by, DHFL Pramerica took an average 207 days to settle such claims during April 2014 to March 2015. Shriram Life took an average 172 days. Edelweiss Tokio took 77 days.
Financial Chronicle 15/07/2015
EPFO to enhance insurance benefits 30 times the monthly wage
Facing tough competition from the National Pension System (NPS), the Employee Provident Fund Organisation (EPFO) has proposed to increase the insurance benefits under Employee's Deposit Linked Insurance Scheme (EDLI) to 30 times the monthly wage as against 24 times.
BUSINESS INSIDER 10/07/2015
Life insurers take help of credit information companies
Life insurers are now taking help from credit information companies to ascertain details given by customers at the time of purchase of policy. This includes the identity and address details of the customers, while going forward insurers may look at credit history of the customers in the future to see whether they can pay renewal premiums on time in the future.
Business Standard 10/07/2015
Mobile wallet operators eye small trades generating regular cash
MOBILE wallet operators are seeing an opportunity in handling cash for small businesses, MFIs, insurance companies and others which generate cash on a daily or weekly basis. While tapping these segments, the wallet companies or their appointed agents are making carrying cash by the small businesses less risky and are cutting the lag in collecting the money and depositing it in a bank.
Financial Chronicle 10/07/2015
No insurance cover for students
Students in North Delhi Municipal Corporation’s schools will not be able to avail of insurance in the current academic year 2015-16, as the civic body has been unable to renew the group insurance policy for its students. In case, a student meets with any unfortunate incident within the school premises, they will not benefit with insurance.
The Asian Age 10/07/2015
Doordarshan, AIR to publicise insurance schemes launched by PM Narendra Modi
Insurance cover under the two social security insurance schemes Pradhan Mantri Suraksha Bima Yojna (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojna (PMJJBY) h a s c o m -menced for subscribers and claims have already started arising, Adhia wrote. Adhia wants DD and AIR to also publicise the stories of people whose claims have been settled and "encourage claimants to file claims".
The Economic Times 10/07/2015
Future Generali launches Assured Education Plan
Future Generali India Life Insurance has launched the Assured Education Plan which is a non-linked and non-participating, guaranteed plan. It is designed to financially secure the child's education milestones by providing a savings platform along with a premium waiver option in case of an unforeseen event.
The Financial Express 10/07/2015
Guaranteed returns plan from Edelweiss Tokio Life
Edelweiss Tokio Life Insurance has launched a non-linked non-participating guaranteed return life insurance plan. It offers fully guaranteed maturity benefit and death benefits along with a guaranteed accrual addition (GAA). It is accrued every year, starting from the 9th policy year till maturity and depends on annualised premium, policy term, premium paying term, entry age and the gender of the life assured. The cumulative GM is payable on death or maturity
The Financial Express 10/07/2015
Increasing risk appetite drives sales of ULIPs
While the annualised premium of the life insurance industry contracted 9% in FY15, it is expected to grow at 12-15% in FY16 on the back of an improved capital market scenario and moderation in physical returns. Volumes of unit-linked insurance plans grew 54% to R13,300 in FY15 because of an increasing risk appetite and there is a gradual rise in the proportion of the single-premium business for private players.
The Financial Express 10/07/2015
Tech Glitch Hits UIIC Ops
Customers of United India Insurance Company (UIIC) were left stumped on Thursday as a technical glitch saw the company’s in-house software systems crash across the country. Those at regional centres and agents offices who wanted to pay premiums and transact other business could not until the glitch was corrected at 4 pm.
The Financial Express 10/07/2015
Parl panel favours health insurance cover for HIV+ lot
A Parliamentary panel on Health and Family Welfare has favoured both life and health insurance cover to all the HIV positive people preferably at a normal rate of premium. Seeking insurance cover to the people suffering from the deadly AIDS, the panel headed by BSP MP Satish Chandra Misra, said that the sector should be “provided life and health insurance cover without any discrimination preferably at normal rate of premium or they may be charged slightly higher rate of premium but in no case exorbitant rate of premium.”
The Pioneer 10/07/2015
Govt considering 100% stake FDI in insurance broking
The government is considering exempting insurance intermediaries including brokers from the foreign direct investment limit. Although caps on insurance intermediaries were not originally envisaged the insurance regulator had at some point decided to apply the same limits applicable to insurance firms to companies across the sector.
The Times of India 10/07/2015
No distinction between FDI and FII a dampener for insurance sector
The failure to distinguish between foreign direct investment (FDI) and foreign institutional investment (FII) is stalling a major economic reform. Much hope was raised in March this year, when the government responded to a long-standing demand and, aided by a show of unprecedented maturity by the opposition, amended the law to raise the foreign investment limit in insurance companies from 26 to 49 per cent.
Business Standard 01/07/2015
Life insurers to have representative body without Irdai members
Insurance Regulatory and Development Authority of India (Irdai) members will no longer will be there on the newlyformed Life Insurance Council. The council, which will work on the lines of Indian Banks’ Association, will have four members including one permanent member from the Life Insurance Corporation of India.
Business Standard 01/07/2015
We’ll launch Ulip in the second quarter
Life Insurance Corporation of India (LIC), the country’s largest insurer, which was absent from the unit-linked insurance plan (Ulip) segment for one-and-a-half years, is set to launch one in the second quarter of this financial year.
Business Standard 01/07/2015
SBI set to cut stakes in general and life insurance subsidiaries
THE country’s largest lender State Bank of India (SBI) would be encashing its holdings in insurance subsidiaries by offloading stake to the respective foreign partners. The lender will sell 10 per cent stake in its life insurance subsidiary and 23 per cent in the general insurance subsidiary. “We have received a letter from the foreign partner of the life insurance company stating its intent to increase its stake by 10 per cent to 36 per cent.
Financial Chronicle 01/07/2015
Insuring for a safe future
The role of actuaries is crucial for the insurance industry. As per estimates by India Brand Equity Foundation (IBEF), there are 52 insurance companies in the country and the overall market size of India’s insurance sector might touch US$ 350 to 400 billion by 2020 from US$ 66.4 billion in the financial year 2013.
Hindustan Times 01/07/2015
Investments in public sector banks voluntary: LIC
When State Bank of India (SBI) failed to convince foreign and institutional investors to buy its shares in January of last year, the nation’s biggest insurer came to the rescue, an act that Life Insurance Corporation of India (LIC) has repeated several times with alacrity, mostly with state-run companies, when other investors have been reluctant.
MINT 01/07/2015
Govt may Take Big Bite of Ulip Money in Blow to Insurers
The government may raid unit-linked insurance policies to pay for its expenditure, dealing a body blow to private sector insurance firms and thousands of investors who had bet heavily on the instrument for future planning. G-sec investment could lower returns for investors and force insurance firms like ICICI Prudential and HDFC Life to deliver lower returns. Valuations of these firms will be hit at a time when they are preparing to go to the market to raise money from investors.
The Economic Times 01/07/2015
IRDA proposes 25% of unit-linked insurance funds be invested in government securities
The government may raid unit-linked insurance policies to pay for its expenditure, dealing a body blow to private sector insurance firms and thousands of investors who had bet heavily on the instrument for future planning. G-sec investment could lower returns for investors and force insurance firms like ICICI Prudential and HDFC Life to deliver lower returns. Valuations of these firms will be hit at a time when they are preparing to go to the market to raise money from investors.
The Economic Times 01/07/2015
LIC Investments of .`10k cr under Scanner
ife Insurance Corporation, the country’s biggest insurer, is under the government’s scanner for alleged nexus between top company officials and brokers for making gains at the expense of the institution. In response to an application filed under the Right to Information Act, the finance ministry said that "the matter is being examined".
The Economic Times 01/07/2015
LIC Will Have More Products, a Strong Distribution Team This Year
The amendment has an impact on various fronts. One is foreign equity coming to private insurers, which I am not concerned about. There are far-reaching consequences as far as customers are concerned and it will impact customer insurer relationships. The pre-amended Act gave opportunities to life insurance companies to investigate an early claim. Today there is no option available to the insurance company. Now, for a variety of reasons people talk about misselling in the insurance industry.
The Economic Times 01/07/2015
Shriram Life bags award
Shriram Life Insurance bagged the award in the category of the ‘Best Insurance Company for NonUrban Coverage – Life Insurance’ at the Indian Insurance Awards organized by Fintelekt recently. These awards recognized and honoured the achievements of insurance companies in India that have met measurable and tangible business objectives.
THE HANS INDIA 01/07/2015
22 claims settled in 30 days under PM’s insurance schemes
As many as 22 death and accident claims were settled within a month of the launch of the government’s flagship social security insurance schemes, giving relief to the kin of policyholders. Prime Minister Narendra Modi launched the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) to provide insurance cover to people at nominal premium. These schemes came into force from June 1.
The Hindu Business Line 01/07/2015
Every investment happens aftet due diligence: LIC chief
Life Insurance Corporation chairman SK Roy has dismissed the “perception” that the corporation was bailing out the government’s disinvestment programme, saying “there’s no data to support this” argument. Stating that the Corporation which manages assets worth Rs 17 lakh crore is set to regain the 75 per cent market share in premium income this year, the LIC chief said in an interview that it has booked a profit of over Rs 24,000 crore from the stock markets in 2014-15 and “every investment decision happens after due diligence.”
The Indian Express 01/07/2015
SBI’s Insurance Biz Partners to Increase Stake
State Bank of India’s joint venture partners in life and general insurance business have asked the country’s largest bank to increase their stake following changes in Indian laws that enabled foreign partners to increase stake up to 49%. This will be the first such increase in stake by foreign partners
The New Indian Express 01/07/2015
New norms on accounting standards, distribution channel soon, says IRDA
I n a move to maintain transparency and strengthen both life and non-life segments in the sector, insurance regulator Insurance Regulatory and Development Authority of India (IRDA) is planning to soon announce new norms on accounting standards and distribution channel. “We are working on introduction of controls proactively in areas like accounting standards and distribution channel in the sector.
The Pioneer 01/07/2015
SBI eyes ``3k cr from insurance JV stakes
SBI could realize Rs 2,500-3,000 crore from stake sales in its insurance joint ventures during the year. The bank has received notices from both its insurance partners about their interest to exercise their right of first refusal for purchasing additional equity.
The Times of India 01/07/2015
Under amended law, insurers will find it tough to turn down claims
Compared to most life insurers, LIC has a lower rate of rejections. With the amendment, the number may go down further. According to data released by the Insurance Regulatory and Development Authority of India (IRDAI), the claim settlement ratio of LIC improved to 98.14% during the year 2013-14 compared to 97.73% during the previous year. The percentage of rejections was 1.10% in 2013-14, remaining almost at the same level (1.12%) as of the previous year.
The Times of India 01/07/2015
Co-payment in health insurance only after netting hospital discounts: IRDAI
The Insurance Regulatory and Development Authority of India (Irdai) has said in health insurance policies with co-payment or the deductible conditions, the insurer or the third party administrator (TPA) should ensure that the co-payment or deductible is effected only after netting discounts offered by the hospital, if any.
Business Standard 24/06/2015
FDI Plan a Villain in Cover Story of Insurance Cos
New rules proposed by India’s insurance regulator could thwart the investment plans of some of the world’s biggest insurance companies and work against the government’s attempts to simplify laws on foreign ownership, industry executives say.
The Economic Times 24/06/2015
Pass on discount on health insurance claim to policyholders: IRDAI
Asking insurers to get the best and cost-effective services for health insurance claimants, regulator IRDAI has directed them to pass on discounts, if any given by hospitals, to policyholders. In a circular to insurers and Third Party Administrators (TPAs), IRDAI said they may be obtaining discounts from various network providers and other hospitals outside the network during settlement of claims under health insurance policies.
The Economic Times 24/06/2015
RIL, ONGC, SBI, BHEL, L&T could be out of Sensex in 10 yrs’
Five out of the 15 new entrants will enter through the initial public offering route, Ambit says, which includes themes such as e-commerce (Flipkart and Paytm); insurance (ICICI Prudential Life Insurance); consumer discretionary services (Café Coffee Day); and disinvestment (Hindustan Aeronautics Limited).
Business Standard 24/06/2015
Tech to be used for new model of crop insurance
The erratic weather pattern has got the government opting for a new model of crop insurance. The state government will launch a pilot project with 500 villages and use satellite imagery with the aim of covering more farmers under the insurance network. “In the present system, only if there is 50% crop loss, will crop insurance be applicable in the entire revenue circle. But, the present rainfall trend is such that it is very localised, and so even if farmers incur a loss they don’t get the insurance back,” said chief minister Devendra Fadnavis.
Hindustan Times 24/06/2015
UK insurer bridges India nuclear pool gap
The UK-based insurer Marsh has come to the rescue of domestic reinsurance company GIC Re to launch India's first nuclear pool. Marsh, a global leader in insurance broking and risk management and a member of the UK pool, Nuclear Risk Insurer (NRI) that is commonly called British nuclear pool, is contributing Rs 600 crore despite India not throwing open its nuclear installation for inspections by foreigners.
DNA 15/06/2015
LIC improves its performance, still loses market share in April
After underperforming in 2014-15, state-owned Life Insurance Corporation (LIC) has improved its performance in April by recording 21 per cent growth in premium and 18 per cent higher sales of policies over the corresponding month a year ago.
Business Standard 15/06/2015
GIG ?nancial adviser backs KPMG
The ?nancial adviser of the General Insurance Corporation of India (GIC) has denied allegations that there were irregularities in the appointment of KPMG Peat Marwick to go into the accounts and auditing functions of GIC and its subsidiaries. The allegations were made by the All India Insurance Employees Association (AFIEA) in a press release distributed on June 9, 1995.
The Hindu Business Line 15/06/2015
INSURANCE
IndiaFirst Life Insurance has launched Cash Back. Policyholders can choose premium payment terms of five, seven or 10 years. The corresponding policy tenures will be nine, 12 and 15 years, while payouts will be made at three, four and five year intervals.
The Economic Times 15/06/2015
LIC IMPROVES, STILL LOSES MARKET SHARE IN APRIL
After underperforming in 2014-15, state-owned Life Insurance Corporation (LIC) has improved its performance in April by recording 21 per cent growth in premium and 18 per cent higher sales of policies over the corresponding month a year ago. According to data from Life Insurance Council, an official representative body of life insurance industry, LIC collected Rs 3,582 crore premium in April, 2015 against Rs 2,966 crore in April, 2014 and sold 8,43,235 policies in April, 2015 against 7,14,572 policies in April, 2014.
Daily Post 15/06/2015
LIC might seek clarifications on merger
Life Insurance Corporation of India (LIC) may seek some clarifications on the Cairn India merger with Vedanta Group. The merger, announced on Sunday, has a 1:1 swap ratio where the minority shareholders of Cairn India, including LIC, receive one equity share for each share.
Business Standard 15/06/2015
LIC TO START OPERATIONS IN BANGLADESH
Life Insurance Corporation of India has applied for licence to operate in Bangladesh as a joint venture company with local partners. Insurance Development and Regulatory Authority (IDRA) Chairman M Shefaque Ahmed handed over the consent letter on June 6, 2015 at an event, to S K Roy, Chairman, LIC in the presence of Prime Minister Narendra Modi, Prime Minister of Bangladesh, Sheikh Hasina, Ministers of Bangladesh and other dignitaries of both the countries. The new JV company will be christened as ‘LIC Bangladesh Ltd’
The New Indian Express 15/06/2015
Mayawati ‘disappointed’ with Modi rule
"Due to this, the common man and even their supporters want to get rid of them. Even media surveys are showing bubble of the 'Modi Magic' has burst," she said. Terming as ‘eyewash’ Centre schemes like Jan Dhan, Jivan Jyoti and ‘much publicised’ insurance scheme, Mayawati said poor people are being shown ‘dreams’ with these schemes on which Centre was ‘not spending a single penny’.
Metro India 15/06/2015
MP to host meeting on state-owned crop insurance scheme
Madhya Pradesh chief minister Shivraj Singh Chouhan will hold a marathon meeting with experts in Bhopal on Monday to discuss an indigenous crop insurance scheme for the state. Chouhan has made repeatedly stated over the last few years that existing crop insurance schemes lack a focal point to manage risk.
Business Standard 15/06/2015
Product liability, recall covers might see rise in claims
Sasikumar Adidamu, chief technical officer (non motor underwriting) at Bajaj Allianz General Insurance, explained that earlier, the awareness about liability covers was very low. Now even global entities ask these companies to take a back-to-back product liability cover, he added.
Business Standard 15/06/2015
WBCIS for farmers
The government of Himachal Pradesh has allowed HDFC ERGO General Insurance Company to implement weather based crop insurance scheme (WBCIS) for loanee and non loanee farmers on Friday. Weather Based Crop Insurance Scheme offers insurance cover against losses to farmers due to aberrant weather conditions during the crop cycle.
Daily Post 15/06/2015
Anil Ambani's Reliance launches new insurance plan for children
Anil Ambani-led Reliance Life Insurance Company (RLIC), which is also a subsidiary of Reliance Capital Ltd, has launched a brand new insurance plan for childrenthe Reliance Education Plan. The plan is a non-linked and non-participating in nature and it provides for a child's finance for his education and securing his future. It lays emphasis on a child's parents to save a considerable amount for their children. The plan is designed such that it assists the parents to secure their child's future education finances and provide them with the security of a steady income when they grow up.
Meri News 14/06/2015
Insurance pool set up to cover nuke liability
India on Saturday announced the formation of the nuclear insurance pool, the absence of which had virtually stalled the growth of the country’s atomic power sector. The insurance pool worth Rs 1,500 crore, formed by General Insurance Corporation of India and 11 other non-life insurers, also fulfils the legal requirements as mandated by the Civil Liability for Nuclear Damage (CLND) law.
Deccan Herald 14/06/2015
'Launch of insurance pool to set ball rolling on Haryana n-power project'
The India Nuclear Insurance Pool, launched earlier this week by General Insurance Corporation of India and 11 other non-life insurers, will help in going ahead with the development of the long-pending Gorakhpur Haryana Anu Vidyut Pariyojana (GHAVP) nuclear power plant in Haryana, Jitendra Singh, Minister of State for Atomic Energy, said on Saturday. “The GHAVP was supposed to be a pressurised heavy water reactor sanctioned by the previous Government.
The Hindu Business Line 14/06/2015
We want to offer products for lower income groups
CignaTTK Health Insurancehas moved from 100 employees to more than 500 employees at present. We have been able to train 6,500 people in the past six months and have 100 per cent welcome calling for all our customers. The aim is to build the business in the right way. The matrix used to gauge our performance is the net promoter score where we have been performing well.
Business Standard 14/06/2015
10.17 crore people enrolled under PMJJBY and PMSBY social security schemes
Modi had launched two insurance schemes -Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY)-and a pension scheme Atal Pension Yojana (APY).
Patrika 13/06/2015
49% FDI In Insurance: Deal Breakers?
It took almost 10 years for India to raise the FDI limit in insurance from 26% to 49%. All in an effort to bring in much needed foreign capital and grow the sector. But, are the new stipulations on ownership and control proving to be deal breakers? Will 49% FDI in insurance remain a promise on paper? Menaka Doshi went looking for some answers this week.
Money Control 13/06/2015
IndiaFirst Life Insurance launches Cash Back Plan
Catering to the need for secure, regular payouts to meet mid to long term goals, IndiaFirst Life Insurance has launched its IndiaFirst Cash Back Plan to help customers gain big joys with small savings. Customers can start investing with as low as Rs.522 a month and see their money grow steadily.
The Hindu 13/06/2015
Insurance as a Service: SaaS set to transform the insurance industry
Studies conducted by Ovum, the global analyst house, reveal that the use of SaaS (software as a service) in the global insurance industry is already significant with at least a third of all insurers fully deploying or trialling SaaS currently. Despite a significant minority of insurers remaining cautious of SaaS (for regulatory, risk and reliability reasons) there is almost universal agreement among insurance carriers that SaaS will have a significant impact on both the insurance industry and individual insurers within the next five years.
FIRSTPOST 13/06/2015
Insurance Companies Pay Rs 2500 Crore to Flood Hit Traders?
With the business community crying foul over what it terms the inordinate delay in the relief and rehabilitation, the Insurance companies claim of have settled more than two thousand cases of the traders who were hit by the ravaging floods of September last year and were given Rs 2500 Crore rupees as insurance claims.
Kashmir Life 13/06/2015
Irdai likely to ask banks to tie up with more than one insurer
Once banks start submitting their business proposals with bancassurance plans, Insurance Regulatory and Development Authority of India (Irdai) may insist on them tying up with more than one insurer. The regulator has done away with an earlier proposal on capping insurance business from one insurer by a bank. But now, industry sources said it may nudge banks to open up to at least one more insurer, in each category.
Business Standard 13/06/2015
Loans to Small Biz May Double to `1L cr: FM
“As far as the two insurance schemes Sukasha and Jeevan Jyoti are concerned we have now touched a figure of 10.17 crore. In just one month and three days we have already crossed the 10 crore figure,” Jaitley told reporters here.
The New Indian Express 13/06/2015
Rs 50-lakh penalty on Future Generali
The Insurance Regulatory and Development Authority of India (IRDAI) has imposed a penalty of ?50 lakh on Future Generali Life Insurance Company. The regulator, which had examined 34 charges on a variety of aspects related to business, said the company had violated many norms, including not settling ‘huge’ number of claims in respect of the group insurance schemes, continuation of corporate agency even after expiry of licence, use of unlicensed entities for procuring business and distribution of gift vouchers procured from Big Bazar, one of the group companies.
The Hindu Business Line 13/06/2015
SBI Life introduces ‘Connect Life
S BI Life Insurance today introduced ‘Connect Life’, a tabletbased service which gives the power of choice to the customer while purchasing a policy in simple and effective steps. It is adopting digitization of the entire process beginning with built in need analysis calculator that offers a customer the right products to choose from, filling the proposal form with a facility of paying premium and uploading necessary documents from the tablet. Distribution Partners from all the sales channels of SBI Life can sell insurance products through this facility
Central Chronicle 13/06/2015
Irdai likely to ask banks to tie up with more than one insurer
Once banks start submitting their business proposals with bancassurance plans, Insurance Regulatory and Development Authority of India (Irdai) may insist on them tying up with more than one insurer. The regulator has done away with an earlier proposal on capping insurance business from one insurer by a bank. But now, industry sources said it may nudge banks to open up to at least one more insurer, in each category.
Business Standard 09/06/2015
Enrolment drive for insurance schemes
The collector Sanket Bhondwe has asked Secretaries of village Panchayats and Asha workers to make a door to door visit and get hundred percent enrolments for insurance schemes by June 15. The secretary and Asha worker will visit all wards of the village daily and get forms filled for registration of insurance schemes.
Free Press Journal 09/06/2015
G7 to support climate insurance for poor, finance disappoints
Group of Seven leaders agreed on Monday to provide insurance against climate hazards for up to 400 million for more vulnerable people and back development of early warning systems, but did not outline a clear path for increasing climate aid up to 2020. Experts at June 1-11 climate talks in Bonn were disappointed that G7 leaders gave only vague assurances they would work to mobilise $100 billion per year by 2020 to help poorer nations cope with extreme weather and rising seas, and to develop their economies cleanly as promised by rich governments in 2009.
Hindustan Times 09/06/2015
Accenture assists insurers to improve multi-channel cross-selling
Accenture has launched Accenture Insurance Customer Insights Solution using which insurers can access new distribution models, with management across multiple channels, including social media. The solution available in the cloud or on-premises utilizes Accenture Duck Creek Policy as the core policy administration platform.
INFOTECH LEAD 09/06/2015
Cholamandalam MS aims over 30 per cent growth in premium this fiscal
Cholamandalam MS General Insurance aims over 30 per cent growth in premium to Rs 2,500 crore in the current financial year. Also, the insurance company, which is a joint venture of Murugappa Group and Japan's Mitsui Sumitomo Insurance Company, plans to grow the contribution of its health portfolio two-fold to 25 per cent over the next five years.
The Economic Times 09/06/2015
IndiaFirst Life launches new plan
IndiaFirst Life Insurance has launched its IndiaFirst Cash Back Plan to help its customers gain big joys with small savings. With this new plan, customers can start investing with as low as Rs 522 a month and see their money grow steadily.
The Hans India 09/06/2015
Urban bank signs MoU with insurance company
The Pondicherry Cooperative Urban Bank Limited on Monday signed a Memorandum of Understanding (MoU) with National Insurance Company Limited for implementing Pradhan Mantri Suraksha Bima Yojana (PMSBY), a Union government scheme to provide security against personal accidental risk and permanent or partial disability.
The Hindu 09/06/2015
HDFC Life eyes 15% growth
Private insurer HDFC Life, a joint venture between HDFC and Standard Life, is looking at a near 15-per cent growth in ?rst-year premium this ?scal. The company had reported ?rst-year premium collections of ?3,341 crore last year. This includes single premium collections.
The Hindu Business Line 09/06/2015
Insurance firm office gutted in east Delhi
The fire started in an office of Max Life Insurance in Nipul Tower. Around 35 employees work at the Insurance office along with 150 freelancers. "The fire was doused off in half-an-hour. Fortunately, the offices were closed at the time of the incident and therefore, there were no casualty or injury reported," said Atar Pal Singh, station officer (Fire). The fire was spotted by locals as they saw smoke coming out of the windows of the fifth floor, police said. There were three to four people in the building when the fire was reported and they had already come out by the time the fire had started spreading, police said.
The Times of India 09/06/2015
Talent can make India major insurance mkt
The $13-billion Marsh & McLennan Group is looking to expand in India. The group owns the world’s largest reinsurance broker Marsh, management consultancy firm Olivery Wyman which has advised Sebi and Reserve Bank of India, and talent advisory firm Mercer which already has a headcount of 3,000 in India. Daniel (Dan) Glaser, president & CEO, Marsh & McLennan Companies, is credited with rejuvenating Marsh Inc after its settlement with the New York Insurance Superintendent. In an interview with TOI, Glaser speaks of how India can be a regional insurance market. Excerpts:
The Times of India 09/06/2015
Modi's income insurance idea may not win over angry farmers
Indian farmers rarely go for crop insurance except for schemes attached to bank loans. Existing insurance plans based on just crop yields or weather damage barely cover 10 percent of the country's 263 million farmers.
Business Standard 03/06/2015
Expect India’s reinsurance business growth to out pace China’s’
Getting clarity is the main reason for this trip. We will meet the insurance regulator (Insurance Regulatory and Development Authority f India Chairman T S Vijayan) on Thursday. We will meet Finance Minister Arun Jaitley on Tuesday. We are also meeting Health Minister J P Nadda and officials from the Prime Minister’s Office to discuss national health insurance schemes. We are trying to focus on non-traditional sectors like health and agriculture. There is a new customer base out there.
Business Standard 03/06/2015
Reliance Capital clarifies on Health Insurance Biz reports
The Exchange had sought clarification from Reliance Capital Ltd with respect to news appearing in The Economic Times on June 2, 2015 titled "Reliance Capital May Spin Off Health Insurance Biz." Reliance Capital Ltd clarified that Company is continuously engaged in evaluating opportunities and as and when any transaction is finalised resulting in a disclosable event, the Stock Exchanges will be promptly informed as required under Clause 36 of the Listing Agreement.
India Infoline 03/06/2015
Tied model for banking channel in insurance may continue
Recent amendments to the draft guidelines on open architecture in insurance distribution will bring respite to bank-promoted insurance companies. According to the fresh draft put out by the Insurance Regulatory and Development Authority of India (Irdai) on 29 May, it is no longer mandatory for corporate agents to sell policies of at least two insurance companies in the same line of business.
Live mint 03/06/2015
India Has Edge Over Dubai, S’pore as a Reinsurance Hub, Says Hannover Chief
India has the potential to become the world’s reinsurance hub if it opens up its policies, world’s third largest reinsurer Hannover Re’s Global CEO Ulrich Wallin said. “India has an advantage over countries such as Dubai and Singapore as there is great potential in the domestic market with the insurance penetration picking up and foreign business could also be brought to India,” Wallin told ET. “However, India needs to liberate and open its market more and the new government looks willing but it’s still early days.”
The Economic Times 03/06/2015
Reliance Capital may spin off health insurance business
After India allowed foreign players to own 49 per cent in an insurance company, many global insurance companies have started looking for a tie-up with local partners. Companies including South Africa's Discovery and US-based Aetna have been scouting for partners to set up health insurance subsidiaries in India. The Insurance Regulatory and Development Authority is looking at framing different rules for health insurance companies after the amendment to the insurance Bill, which empowered he regulator to frame differentiated norms. Health insurance was earlier clubbed with general insurance.
Economic Times 03/06/2015
Insurance scheme for students soon
Under the scheme titled MLA Student Insurance Scheme, each student will get an insurance cover of Rs. 50,000 for a period of one year, while the compensation will be Rs. 25,000 in case theylose their parents due to calamities, road accidents, drowning, etc
The Hindu 03/06/2015
LIC to hire 5,066 trainee officers
Life Insurance Corporation of India (LIC) will recruit 5,066 people for the post of Apprentice Development Officers in its various zonal offices. The total number of vacancies, including those for the reserved category, may increase or decrease and the selection will be based on an online examination and interview, LIC said in a notification posted on its Web site. The total number of vacancies also varies from zone to zone. Graduates in any discipline or a Fellow of the Insurance Institute of India, Mumbai are eligible to apply. The upper age limit is 30 for general candidates, 42 for LIC employees and 37 for its agents. Upper age limit is relaxed for reserved categories, according to existing norms.
Hindu Business Line 03/06/2015
CM asks ISB to help plan crop insurance scheme
MOHALI: The Punjab government would soon be collaborating with Indian School of Business (ISB) in Mohali for effective implementation of citizen-centric policies and programmes in the core sector of health, education, agriculture, besides promoting skill development. A decision to this effect was taken by chief minister Parkash Singh Badal during a meeting with the faculty members of ISB and the senior officers of the Punjab government here on the institution's campus on Tuesday
Times of India 03/06/2015
Non-linked policies not to lapse: Irdai
The Insurance Regulatory and Development Authority of India, in an exposure draft on surrender value regulations, said every policy offered under a non-linked (traditional) platform should be kept in force to the extent of the paidup sum assured. Irdai said these policies will not lapse by reason of non-payment of further premiums
MILLENNIUM POST 22/05/2015
LIC starts scheme for education & children’s needs
Life Insurance Corporation of India (LIC) Zonal Manager (North) T T Kabui has launched LIC’s new Jeevan Tarun plan. Speaking on the occasion, he said that this is a non-linked with-profits, limited premium payment plan specially designed to meet the educational and other needs of growing children.
MILLENNIUM POST 22/05/2015
New India Assurance launches health insurance products in Dubai
"New India Assurance will have inclusive participation in all countries of operation and this launch comes at a time when DHA has made health insurance compulsory for all in phased manner," said K Sanathkumar, Director and General Manager. An additional feature is optional travel cost reimbursement to home country to avail in-patient treatment. "The price is an attractive feature for all prospects, he said.
The Economic Times22/05/2015
New distribution norms to dent valuations of insurers tied to banks
Valuations of insurance companies, tied to banks, are set to plunge, given the new distribution policy pursued by the regulator. Global insurance companies such as Dai-ichi and IAG ( Insurance Australia Group) may pay a lower premium to raise their stake in the joint venture with banks. The Insurance Regulatory and Development Authority (Irda) has proposed a mandatory open architecture, where one bank will have to sell products of multiple insurance companies.
The Economic Times22/05/2015
Govt plans healthcare scheme for sr citizens
The Centre has launched the PM’s Jan Dhan Yojana, which has provided banking facilities to all households not part of the banking system. It has resulted in almost Rs 15,000 crore flowing into the financial system that was lying idle in households.
The Times of India22/05/2015
RBI sees 'contagion risk' in LIC's bank ownership: Report
State-owned Life Insurance Corporation of India (LIC) could be too exposed to the country`s banking sector through its stakes in both state and private lenders, Reserve Bank of India deputy Governor S.S. Mundra said in a newspaper interview.
ZEE News22/05/2015