Amid the ongoing controversy surrounding net asset value-guaranteed products, the Insurance Regulatory and Development Authority is standardising the method of calculating NAV under the unit-linked plans of life insurance companies.
Indian banks are knocking the regulator's doors, seeking approval to open branches in Dhaka, the capital of Bangladesh, as they sense an opportunity to cater to the business community involved in the trade of non-Basmati rice.
Reliance Capital, the financial service arm of the Anil Dhirubhai Ambani Group, has already started the due diligence process and is expected to complete this by the end of this financial year.
Regulator plans minimum death benefit at five times the annual premium.
Highest NAV guarantee products accounted for a fifth of Ulip sales after pension plan sales dried up following the stringent norms on Ulips from September 2010.
Draft norms reduce investment ceiling from 25% to 5%.
According to market sources, Jhunjhunwala will acquire a significant minority stake in Pipavav.
A host of companies started the ground work for their banking play.
The premium would rise, despite 'no claims' during 2010-11 and the same fleet size.
Minority shareholders are disappointed after the Securities and Exchange Board of India (Sebi) increased the size of the mandatory open offer from 20 per cent to 26 per cent, ignoring the Achuthan panel's recommendation of giving all shareholders an exit option.
This is a major relief for life insurers, as pension products used to account for nearly 30 per cent of their sales before the new regulations came into force.
"The tacit understanding between people now is that a question should be looked upon as a statement," says an institutional dealer.
Jobless growth has found a new home - India's life insurance companies. In the last financial year, private life insurers reduced headcount by 27 per cent to achieve profitability.
Rupee-denominated contracts will be traded from 9 am to 5 pm.
The insurance regulator is likely to confine the portability of health insurance policies to non-life insurance companies.
After lying low since its foray into the credit card business two years ago, Life Insurance Corporation (LIC) of India on Monday announced a tie-up with Axis Bank to offer co-branded credit cards to its policyholders and employees.
While listing can be good, success depends on sentiment and performance.
According to data from company sources, the Life Insurance Corporation of India (LIC) still remains the benchmark when it comes to settling death claims. However, major private players are also fast catching up.
More than half a dozen life insurance companies -- that are operating for nearly a decade now -- have cut their branch presence significantly in the last six months in a bid to cut cost and increase efficiency.
Unlike other cases, where elimination of terror kingpins has led to moderation in terror activities, insurers anticipate Osama's death may trigger a series of incidents across the world, especially in the US and Europe.
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