LIC will fall in line with the other private insurers in meeting the IRDA's stringent norms on solvency margin by providing an aggregate Rs 10,000 crore (Rs 100 billion) by the end of 2003-04.
The new business premium of life insurance companies usually sees the highest growth in the March quarter.
Cut throat competition between public sector units and private companies may push up general insurance business by over 25 per cent to Rs 15,000 crore this fiscal.
The Saral Jeevan Bima product to be offered by all life insurance companies will be a non-linked non-participating individual pure-risk premium life insurance plan.
Insurance industry is poised to double its business with premium income expected to be 3 per cent of gross domestic product in 4-5 years compared to 1.6 per cent now, the Insurance Regulatory and Development Authority said on Wednesday.\n\n\n\n
The new regulations will allow the insurers to charge an extra premium from policyholders who wish to buy riders with unit-linked insurance plans.
The Insurance Regulatory and Development Authority of India (IRDAI) has issued guidelines that will allow car dealers to become Motor Insurance Service Providers (MISP) and offer the policies of multiple general insurers, says Sanjay Kumar Singh.
Payments can be made till April 21; for motor the relaxation is only for third-party insurance.
The discount should be equal to interest rates on savings bank account deposit of State Bank of India.
Policyholders would be given an option to check whether any amount is lying due with insurance firms
Irdai has listed diseases that can't be excluded from health insurance policies, including neurodevelopmental disorders, mental illness problems, psychological disorders, genetic diseases, puberty- and menopause-related disorders.
The insurance companies will use "green, orange, and red" colours to indicate the complexity of the products that are on offer.
Merely bringing down the government stake below 51% may not find any taker for the PSBs. The government must bring down its holding to at least 26%, recommends Tamal Bandyopadhyay.
'It is a good match for those aged 25-30, who have just started working and need a basic product.'
At present, the EPFO is mandated to invest 20-45 per cent of its incremental funds - of around Rs 1.5 trillion - in debt-related instruments.
Sebi's stewardship code for mutual funds and alternative investment funds lays down six principles to improve corporate governance standards in their investee companies, reports Jash Kriplani.
Irdai had introduced two Covid specific products in the market - Corona Kavach and Corona Rakshak - that saw huge acceptance among the consumers as these products had lower premiums.
Irdai has proposed to increase the Motor Third Party premium rates for cars below 1000 cc to Rs 2,120 from the existing Rs 1,850 for the fiscal 2019-20.
There is huge potential for data analytics insurance sector in India which has over 40 crore life insurance policies.
Irdai will maintain a centralised list of the details of all agents appointed by insurers.
Private insurance firms say, over the past few years, they have been investing on digital technologies to reach semi urban and rural areas.
They combine financial protection and health and lifestyle management support for non-communicable diseases such as hypertension, diabetes, heart disease, cancers and tumours.
However, the number of renewals has grown by only 0.4 per cent, which means only high value and ticket size renewals are coming.
While there has been a rise in obesity reduction surgeries, it may still take time before health insurance cover is made available for these.
It will help in reducing the turnaround time.
The government on Friday notified the rules for insolvency and liquidation proceedings of financial service providers (FSPs). These rules, notified by the ministry of corporate affairs, will not be applicable to banks, reports Ruchika Chitravanshi.
The Insurance Regulatory and Development Authority of India (Irdai) will look at Indian executives for all top posts at insurance companies.
Motor insurance is expected to generate largest claims for the companies whereas for crop insurance, the Agriculture Insurance Company is expecting claims of about Rs 15-16 crore
The new draft guidelines issued by IRDAI proposes a minimum sum assured of Rs 50,000 and a maximum of Rs 5 lakh. A General Insurance Council official said the guidelines were still being worked on and would only be finalised next week.
LIC is currently allowing customers to revive policies that have lapsed for more than two years.
A lot of work is needed to be done on the part of the insurance sector behemoth, and the government, before it is ready for its market debut.
The government hopes to use this data to assess the extent of financial support needed to recover from the pandemic.
There are judicial precedents where it has been held that if payment is made for temporary disablement, it would be taxable, points out Tinesh Bhasin.
'We will be looking to prune our portfolio to make GIC Re a healthier entity.'
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