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.
Sources familiar with the developments said the clearance came a few days earlier. While the details of the revised structure were not known, the sources said it would remain an all-stock deal.
Draft norms reduce investment ceiling from 25% to 5%.
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.
This is being done for two reasons: to avoid conflict of interest and bring in transparency in the functioning of the banking regulator.
RBI last year initiated the process for issuing fresh licences by publishing a discussion paper inviting comments from the public.
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.
After rising for more than a year, short-term interest rates have started falling since the beginning of the month, thanks to improved liquidity.
State Bank of India (SBI) has put on the backburner its plan to acquire a stake in Tata Motors Finance, following the Reserve Bank of India's (RBI's) objection.
According to RBI data, bank lending to commercial real estate registered 20 per cent growth in the year ended May 30 as compared to 1.2 per cent in the previous year.
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.
RBI feels allowing foreign companies into this business may affect financial stability.
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.
It is clear now that our policy to treat FCCBs as debt upfront turned out to be the right approach.
Khan would replace Shyamala Gopinath who retires on June 20, after a seven-year stint as deputy governor.
The Financial Stability and Development Council had earlier mandated RBI and the Securities and Exchange Board of India to undertake a review of the existing practices followed by banks and brokerage houses in offering wealth management services.
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.
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