After the crunch period of 2009, the private banking industry, which caters to high net worth individuals, is once again in growth mode.
The Insurance Regulatory and Development Authority (Irda) has stuck to its guns on returns from unit-linked pension plans. Despite several representations from the industry, the regulator has decided that insurers will have to provide guaranteed returns of 4.5 per cent on gross premiums until March 11, 2011.
The proposed change would give policyholders the flexibility to switch their insurers, with the benefits of pre-existing diseases covered from the first year of shifting to a new company. At present, pre-existing diseases are covered only after the completion of four years of a policy.
Following recent changes to the guidelines for unit-linked insurance plans, companies are likely to focus more on single-premium products.
Prospective buyers might grumble about skyrocketing gold prices, but the recent run-up in bullion has one group of unexpected beneficiaries - companies who lend against gold.
New returns norm may push us off business, say insurers
Apart from paying ransom, the policy also takes care of the reward money, personal accident, cosmetic surgery and legal expenses.
Finance ministry asks Irda to make this and other changes while clearing these products.
You need not shell out the big bucks to be pampered. Buy a health cover and enjoy luxury treatment at a spa, join a gymnasium or a yoga centre and get the necessary incentives that suit your budget.
The government had last week hinted that it was open to a review of the 25 per cent public shareholding norm, but as of now, the rules remain in force.
Air India, which this year preferred a consortium of private sector players led by Reliance General, had in fact started feeling the heat even before the crash took place.
The average deal size has gone up from $7 million in 2009 to $12 million this year.
The reinsurer expects total insurance cover to be around $500 million.
In what is the largest ATM outsourcing deal in the country, Axis Bank has entered into an agreement with two third-party service providers to increase its ATM count to more than 9,000 within the next 18 months.
After reeling under losses for almost a decade, life insurance companies are now turning the tide. Four life insurers have, so far, posted profit, while three of them have brought down their losses.
Aluminum major Vedanta's $1.34-billion acquisition of the zinc assets of Anglo American, which will be funded through Hindustan Zinc, is the latest manifestation of the restored growth appetite of Indian companies.
At present, the rules do not allow the government to shed stake in the four public sector general insurance companies - New India Assurance, United India Insurance, National Insurance and Oriental Insurance.
After trying to reform unit-linked insurance plans (Ulips), the Insurance Regulatory and Development Authority (Irda) is now turning its attention to the protection of policyholders.
Most economists say the impact on inflation could be substantial, considering that steel prices rose by over 9 per cent in the past year.
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