Jio Financial Services and Munich-based Allianz Group have signed a binding agreement to establish a 50:50 joint venture for general and health insurance in India, building on an earlier reinsurance partnership.
Fair trade regulator CCI on Tuesday cleared Bajaj Group's proposed acquisition of a 26 per cent stake each in its insurance joint ventures, Bajaj Allianz General Insurance and Bajaj Allianz Life Insurance, from its partner Allianz SE for a total of Rs 24,180 crore. "The proposed combination involves acquisition of 26 per cent paid-up equity share capital of Bajaj Allianz Life Insurance Company Ltd (BALIC) and Bajaj Allianz General Insurance Company Ltd (BAGIC) by Bajaj Finserv Ltd (BFS), Bajaj Holdings & Investment Ltd (BHIL) and Jamnalal Sons Pvt Ltd (JSPL) from Allianz SE," the regulator said in a release.
Bajaj Finserv on Thursday said it has completed the acquisition of Allianz SE's stake in Bajaj General Insurance and Bajaj Life Insurance, worth Rs 12,190 crore and Rs 9,200 crore, respectively. Bajaj Finserv, along with Bajaj Holdings & Investment and Jamnalal Sons, acquired the foreign insurer's 23 per cent stake in the businesses, marking the largest transaction in the Indian insurance sector.
The Insurance Regulatory and Development Authority of India (Irdai) has asked at least 10 general and life insurance companies to submit a detailed road map for their listing strategies by the end of this month, according to multiple sources with direct knowledge of the matter. "The regulator met four life and six general insurers last month and asked them to provide their listing strategies by the end of February," said one of the sources.
'Pick a sum insured that realistically covers major hospitalisation costs in your city.'
Hurdles such as approvals for repair and fixed rates can make the process time-consuming.
Ask rediffGURU Naveenn Kummar your insurance mutual fund and personal finance-related questions.
The insurance regulator's move to prod insurance companies to sell health products to all age groups, including those above 65, is aimed at increasing penetration though there would be challenges on pricing due to higher risk perception, experts said. While there was no regulatory cap on age for health insurance policies, most companies had an internal policy which did not allow them to sell health insurance products to persons over 65.
Insurance companies are seeking a separate deduction limit of Rs 1 lakh for insurance premium payment under Section 80C of the Income Tax Act in the upcoming Union Budget to bring in more people under the ambit of insurance. The insurers also want reduction in the goods and services tax (GST) rate of 18 per cent currently applied on health insurance products to 5 per cent to make such products more affordable to common people. Finance Minister Nirmala Sitharaman will present the Union Budget for 2022-23 on February 1.
Cyber insurance policies cover ransomware attacks and the ensuing damages, including ransom payments, data restoration costs, forensic and other first-party costs, and loss of profit due to business interruption.
If you are a frequent traveller, then you should opt for a multi-trip travel plan because it works out to be cheaper.
The judgment from a five-judge Constitution bench, led by Chief Justice DY Chandrachud, offers clarity on licensing regulations and is expected to prevent insurance companies from rejecting claims based on the type of licence of drivers involved in accidents.
Did you know that your home insurance covers valuables in bank locker?
Annual premiums do not exceed what you readily shell out for an OTT subscription.
The mutual fund (MF) industry has seen a fair number of new entrants in the last 10 years but none of them have proved to be much of a challenge for the larger players. The list of top 20 fund houses, which manage over 90 per cent of the industry's total assets, continues to be dominated by players who have been in the business for more than a decade. Bajaj Finserv MF may change that, say experts.
Expect premiums to go up or introduction of a co-pay option for third-party damage
It is similar to top-up health insurance plan, but provides for one or more claims cumulatively crossing the threshold limit.
Irdai to allow 12 minor changes including expansion of critical illness and day care procedure lists, premium payment in instalments, change sum assured, etc.
If your flight is cancelled or delayed or you miss one, a travel insurance policy can cover the costs at such times and help you book a new one.
Buying medical insurance? Make sure that you know what you are getting and what you are not.
'They take care of the problem: How can I ensure my child's education and other goals are not compromised, even if I am not around?'
Banks and insurers are beginning to reward customers who show exemplary conduct with lower prices and penalise those who behave poorly by imposing higher costs.
Insurance experts said since it may be difficult to set a tariff or fixed rates for Covid-19 treatment, an indicative rate chart has been proposed.
Experts suggest that it's best to go for the bundled product that has only one-year own damage cover.
Parts of electric cars are costlier and repairing often means replacing an entire system, which drives insurance premium rates up.
According to Section 80D, the premium paid for medical insurance is deductible from your income up to Rs 15,000 a year
Don't panic if your car is stolen because your insurer is liable to pay the full amount as compensation, but you need to keep in mind that your claim should be genuine because most of the insurers try to avoid such claims, says Harjot Singh Narula
Inflow of more funds is likely to widen the reach of insurance and drive M&A activities in the sector where growth has stalled.
Sarvesh Agrawal tells Shobha Warrier about how he built a start-up "of the interns, by the interns and for the interns."
