Insurers must pay claims on 3-year-old policies

October 30, 2015

Irdai has now made it compulsory for all life insurers to pay claims made three years after the date of the policy

Breathe easy. Life insurers cannot reject claims made on policies that are over three years old.

Life insurance companies must compulsorily pay all claims made three years after the date of commencement of […]

By |November 2nd, 2015|Uncategorized|0 Comments

ICICI Bank to sell 9% stake in Lombard General Insurance for Rs 1550 crore

October 30, 2015

MUMBAI: ICICI Bank board on Friday approved sale of 9% stake in ICICI Lombard General Insurance to its Canadian partner Faifax Financial Holdings (promoter of Lombard) for Rs 1550 valuing the company at Rs 17,225 crore.

Following the stake sale, the shareholding of ICICI Bank and Fairfax will be approximately 64% and 35% respectively. […]

By |November 2nd, 2015|Uncategorized|0 Comments

Final norms for foreign reinsurers to open branch offices in India

November 01, 2015

Insurance Regulatory and Development Authority of India (IRDAI) has brought out final regulations for registration and operations of branch offices of foreign reinsurers (excluding Lloyd’s).

It has stipulated that the foreign re-insurer should be in the reinsurance business for at least 10 years and infuse a minimum capital of ₹1,000 crore in the branch […]

By |November 2nd, 2015|Uncategorized|0 Comments

LIC’s individual premium income drops 10% in H1

24 October 2015

The country’s largest insurer, Life Insurance Corporation (LIC), has seen a 10 per cent decline in individual regular new business premium growth during the first six months of this fiscal year, with collections dropping to ₹8,115 crore from ₹8,890 crore during the same period last year.

At the same time, the private life insurance […]

By |October 26th, 2015|Uncategorized|0 Comments

Now, community- level insurance policy for Mumbai’s Jains

22 October 2015

“We have been working on health insurance for a long time. The new idea can change the dynamics of insurance policies. It will ensure better deals to members of a community. Other communities or groups can adopt a similar policy,” said Naypadmasagar Maharajsaheb, the inspiration behind ‘JIO High Networth Individual Mediclaim Policy’, unveiled […]

By |October 23rd, 2015|Uncategorized|0 Comments

Life insurance cover for student loanees

19 October 2015

Reserve Bank of India and Indian Bank Association have directed to make available higher education loans to students as per prescribed model scheme.

Earlier, there was no provision for insurance of loanee students’ life and accident under higher education loan scheme. Under the revised scheme, provision of life insurance will be made in the […]

By |October 19th, 2015|Uncategorized|0 Comments

Mayank Bathwal to head Aditya Birla Nuvo’s health insurance venture with S. Africa’s MMI

18 October 2015

Aditya Birla Nuvo has elevated Mayank Bathwal, Deputy CEO of Birla Sun Life Insurance, to head their health insurance joint venture company.

In his previous role at Birla Sun Life Insurance, Mayank Bathwal oversaw various departments, including finance, planning, IT, operations, strategy, group business and investment functions.

When contacted, a spokesperson from Aditya Birla Nuvo […]

By |October 19th, 2015|Uncategorized|0 Comments

LIC betting on group business to grow topline

October 18 2015

While public sector behemoth Life Insurance Corporation of India (LIC) has been witnessing a fall in individual new business, it is aggressively lapping up risky group business to boost its topline. During April-September 2015, LIC’s new business premium from group insurance business stood at Rs 27,294 crore, a growth of 34 per cent […]

By |October 19th, 2015|Uncategorized|0 Comments

Insurance selling changing from push to pull

October 18,2015

There’s an internet meme that was doing the round some years ago. The meme shows a picture of a door and someone standing outside it. The text on the picture says: “They have either come to eat your brain or to sell you insurance; both options are equally terrifying.”

The top bosses of the over […]

By |October 19th, 2015|Uncategorized|0 Comments

SC brings 4 more schemes under Aadhaar

October 16, 2015

The Supreme Court on Thursday modified its order on the use of Aadhaar identity cards, bringing within its fold four additional social welfare benefit schemes – provident fund and pension schemes, the Mahatma Gandhi National Rural Employment Guarantee Scheme and the Jan Dhan Yojana.

The order was passed by a five-judge Constitution bench headed […]

By |October 19th, 2015|Uncategorized|0 Comments
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