'This will be our first large-size bank partner, and hence, the partnership will be a game-changer for us.'
'Private General insurers are poised to grow at 17 per cent - 18 per cent over the next 5 to 7 years and we will grow faster.'
The Indian lenders are worried over the fast depleting asset base of the Future group companies which would make their recovery of dues difficult. The asset base of Future group has eroded in the last two years due to lockdown and takeover of 947 stores by rival Reliance Retail after Future group's lease on the properties expired. Bankers said they have approached bankruptcy court so as to avoid any duplication of legal action and reduce time at the legal forums.
Debt-ridden Future Group on Friday said it will sell part of its stake in Amar Chitra Katha Pvt Ltd (ACKPL), which publishes Amar Chitra Katha comics, for Rs 13.62 crore. It has entered into definitive agreements on Thursday to dispose of part of its investments held in ACKPL constituting to 18.58 per cent of the total paid-up share capital of ACKPL to Ramanaidu Daggubati and Spirit Media, according to a regulatory filing. Future Consumer Ltd (FCL), part of the Future Group, will be offloading the stake.
The regulatory changes brought in by the insurance regulator and the amendments proposed to the Insurance Act by the Centre may herald a new dawn for the sector in India. This may result in insurers bringing out more consumer-led products, top honchos of general insurance companies of the country concurred at the Business Standard BFSI Insight Summit 2022.
The FDI in insurance and defence and the plethora of schemes for improving the rural economy with all round focus on development programmes, are a key thrust.
If your flight is cancelled or delayed or you miss one, a travel insurance policy can cover the costs at such times and help you book a new one.
In Nov last year, L&T Finance Holdings had told BSE it was not eligible to be the sponsor of an insurance business, as it was a subsidiary of L&T under the Irda norms
The company's total debt is Rs 5,500 crore (Rs 55 billion) as of December 31, 2012.
Debt-ridden Future Group is now focusing on saving and rebuilding firms such as -- Future Lifestyle Fashions, Future Supply Chain Solutions, Future Consumer and Future Enterprises, after the Rs 24,713-crore deal with Reliance Retail was rejected by secured creditors, according to industry sources. However, Future Group's flagship firm Future Retail Ltd (FRL), which has nearly Rs 18,000 crore debt, is bound to face the corporate insolvency resolution process before the National Company Law Tribunal (NCLT). Other companies like Future Enterprises Ltd (FEL), Future Lifestyle Fashions Ltd (FLFL), Future Supply Chain Solutions Ltd (FSCSL), Future Consumer Ltd (FCL) can sustain on their own and can be rebuilt by restructuring their liabilities with the help of current lenders and investors, said an industry source close to the Future Group.
Encourage domestic savings by providing tax incentives for investment in insurance and pension schemes.
First, we need to have premiums for catastrophe events, like what they have in the developed countries. Although fire insurance covers accidents and floods, earthquake cover is optional.
With increased awareness and concern over unexpected events like the 26/11 terror attack on Mumbai, Ganesh mandals (organisers of the Ganapati festival) are seeking higher insurance cover. For instance, Mumbai's most popular mandal, Lalbaughcha Raja Ganesh Mandal, has bought insurance worth Rs 4 crore (Rs 40 million).
This law will further promote inclusive economic growth targeting a larger population and enabling deeper insurance penetration.
Insurance companies are seeking a separate deduction limit of Rs 1 lakh for insurance premium payment under Section 80C of the Income Tax Act in the upcoming Union Budget to bring in more people under the ambit of insurance. The insurers also want reduction in the goods and services tax (GST) rate of 18 per cent currently applied on health insurance products to 5 per cent to make such products more affordable to common people. Finance Minister Nirmala Sitharaman will present the Union Budget for 2022-23 on February 1.
According to the plan made by the lenders and RIL, all Future group listed companies will be merged into Future Enterprises. RIL will then invest Rs 8,500 crore in the merged entity which will include the retail business.
You will lose out on discounts and have to pay a higher premium.
Deal with current owner Exide may be signed next week
Insurers say they will have to study the available data to work out by how much premiums will have to go up to be able to cover mental illnesses as well
Given that medical inflation is estimated at 15% to 20%, a no-claim bonus can provide added benefit
Contrary to popular perception, health insurance is rarely expensive and claims are usually paid by the insurers.
K G Krishnamoorthy Rao, managing director and CEO, Future Generali India Insurance, answers insurance queries.
Have a question about insurance?
'It is important to ensure that the person driving the car has a valid driving licence, is in a stable mental condition and is not under any heavy medication or influence of alcohol,' says K G Krishnamoorthy Rao, MD and CEO, Future Generali India Insurance.
While your insurer will help you open an e-insurance account at the time of buying a policy, existing policyholders must do so themselves
Commercial papers, certificates of deposit also dry up
Instead of enhancing the sum insured of your basic policy, a more cost-effective option is buying a super top-up policy.
But much depends on govt action & global economy; Sensex gains in 2070 the biggest in five years
Apart from rail mishaps, the coverage would take care of terrorist attacks and accidental fall of a passenger from a train and normal accidents, riots, robbery and dacoity
The film hits theatres tomorrow, July 25.
Irdai's push will make insurance cheaper for consumers and enable a consolidated view of all policies.
Staying healthy is good news for the insurance company as well since it implies lower claims. Insurance companies offer discounts anywhere between 8 And 30 per cent discount on premium.
The RBI cited lower-than-expected inflation, weak crude prices and weak demand, as well as the government's commitment to sticking to a fiscal deficit target as reasons.
The industry's reactions to the Budget have been mixed.
The biggest surprise for customers, at the time of claiming, is the fact that they will get only depreciated value of the product.
Experts hail Budget 2015 as a progressive, growth oriented one.
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