With the Budget just round the corner, insurance companies have suggested a separate limit for deductions under Section 80C of the Income Tax Act, for long-term saving instruments like life insurance and exempt exempt exempt (EEE) treatment on the maturity proceeds of products.
Insurance companies now offer to cover funeral expenses under health and personal accident policy.
Those with plans to enter the wealth management business want to first put in place robust processes.
Thanks to its indemnity cover, Citibank may not have to provide for the alleged multi-crore fraud by Shivraj Puri, the relationship manager at its Gurgaon branch.
After life insurance products, the sector's regulator is now turning its attention to unit-linked insurance products (ULIP) that guarantee the highest net asset value (NAV) over its term.
Banks are starting to fall in line with the Reserve Bank of India's position on so-called teaser home loans. Even as the country's largest lender State Bank of India stood its ground, several other banks have said they could go slow on teaser loans -- home loans bearing an introductory lower interest rate for a stipulated period of time.
The ensuing liquidity crisis has prompted many MFIs to seek a moratorium on loan repayment to banks.MFIs raise 75-80 per cent of their funds via bank borrowings, 15 per cent from equity and another 10 per cent from other sources like cash securities.
The Insurance Regulatory & Development Authority (Irda) is planning to cap the charges on universal life policies, or ULPs. These have almost replaced unit-linked insurance plans (Ulips) in terms of new business. Ulips, which used to account for around 80 per cent of the segment, lost their sheen after the regulator brought in stringent norms from September 1.
After having failed to stump up the cash for an event cancellation policy of Rs 713 crore (Rs 7.13 billion), the organising committee of the Commonwealth Games in Delhi has decided to take a limited cover, with a total sum assured of Rs 140 crore (Rs 1.4 billion).
The development comes a day after a shootout near Delhi's Jama Masjid, which left two Taiwanese tourists injured, prompted authorities to place both New Delhi and Mumbai on red alert.
By packaging rates and stabilising costs, insurers expect to cut expenses.
Slum rehabilitation projects, increase in FSI trigger frantic activity by funds.
India's insurance industry is set for a makeover as it seeks to survive and grow in a changed environment that dawned on September 1. With a three-month spat over who will regulate unit-linked insurance plans (Ulips) settled, the Insurance Regulatory & Development Authority (Irda) in July announced sweeping changes to the way insurance companies do business.
The new rules of the Insurance Regulatory and Development Authority take effect from September 1.
After doing business at very high costs for a decade, the life insurance industry will have to ensure greater volumes.
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.
New returns norm may push us off business, say insurers
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