Customers must sign the agreement promptly to avoid disruptions. They should read it thoroughly and understand their rights and obligations.
In October last year, market regulator Securities and Exchange Board of India had approved life insurance companies to issue IPOs.
The healthcare industry on Friday asked the government to revamp the foreign direct investment and capital adequacy norms for health insurance entities to make world-class medical treatment available to Indians and make the country a healthcare hub i
In the April 2012-February 2013 period, the life sector's industry's new business premium collections fell 6.1 per cent, compared to the corresponding period of the previous financial year.
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.
Regulator wants all existing products to be refiled.
They want to take advantage of the few days remaining before the IRDA's new guidelines on Ulips come into force. What has also added to the rush is the fall in the sale of big-ticket, single-premium covers and Ulips in the current financial year as individuals are holding on to big-ticket purchases, especially where the returns are linked to the equity markets. For insurers, big-ticket policies mean a lower lapse rate and it translates into higher commission for agents.
One year after the Insurance Regulatory and Development Authority's (Irda) allowed insurance companies to invest in venture capital (VC) funds, no insurer has shown interest in funding VCs.
The Insurance Regulatory and Development Authority on Monday proposed major amendments in the Insurance Act,
Implementation of BI tools can improve the bottom line by 10-15 per cent of insurance companies.
Insurance Regulatory and Development Authority also favoured portability in the health insurance space, a move that will pave the way for the consumers to switch from one insurer to the other for their mediclaim policies.
Most policies attached to co-branded cards to lure customers.
The JV, Edelweiss Tokio Life Insurance (ETLI), will soon apply to the Insurance Regulatory & Development Authority to get its nod to start operations, which may take eight months to one year time from now, Edelweiss Capital's Chairman Rashesh Shah said.
After a slump in sales in January, life insurance companies saw 36 per cent rise in new premium income during February.
Priority will be to maintain a balance between sector's growth and consumer welfare.
'The outlook for the next Samvat is more constructive, as many of the earlier drags are gradually becoming supports.'
Now that insurance companies are offering portability the one question uppermost in every mind is: Should one opt for it? While it is too early to provide an answer in black and white the best strategy policyholders could follow now is wait and watch, says Salil Dhawan.
'Reinvention is not a hugely difficult task. With technology as available today, you can reinvent yourself pretty quickly.'
Mauritius-based IndusInd International Holdings and other Hinduja group entities are expected to make payments worth Rs 9,661 crore for the acquisition of bankrupt Reliance Capital (RCap) only after getting all the legal and regulatory clearances, including from the Supreme Court, thus delaying the closure of the transaction. A source close to the development said that according to the National Company Law Tribunal (NCLT) order dated February 27, the payment for the acquisition was to be made within 90 days from the NCLT's approval of the resolution plan and after receiving all legal and regulatory clearances.
In a huge relief for senior citizens, the entry age for health insurance has been extended to 65 years. But, will it come at a cost?
LIC and GIC employees will go on strike on Tuesday to lodge their emphatic protest against the 'ill-advised' two Bills the Government of India introduced in Parliament on Monday. The office bearers of Insurance Employees' associations said the increase in FDI limit under external pressure results in increased access to private foreign capital over domestic savings, thereby weakening the public sector LIC of India.
Is your insurance company taking you for a ride by delaying or repudiating in settling your claim? You need not spend sleepless nights now. The Insurance ombudsman office will take care of the problem.
With a view to provide flexibility to insurance companies, the Insurance Regulatory and Development Authority has said that life insurers will be allowed to change the premium quotes from what they have filed with the regulator for group business.
National Insurance Company is going to come out with a new health policy for those above 60.
"We had two meetings with the Sebi and couple of more is required (to decide on final guideline on IPO)," IRDA chairman J Hari Narayan said at a CII event.
In its draft guidelines, the Insurance Regulatory and Development Authority (Irda) has asked the country's life insurance companies to refile their existing products and withdraw the same by September 30.
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 on Wednesday issued a 26-point guideline for on-line agent training institutes which stipulates at least 100 hours of training in life or non-life insurance.
Says market regulator's order is misconceived and not in public interest.
Life Insurance Corporation of India (LIC) reported encouraging results for the April-June quarter (Q1) of FY26. The net premium income of India's largest life insurer was Rs 1.2 trillion, up 5 per cent year-on-year (Y-o-Y), in Q1. Renewal premium grew 6 per cent Y-o-Y to Rs 59,900 crore, while first-year and single premium grew 1 per cent and 4 per cent Y-o-Y respectively to Rs 7,500 crore and Rs 51,900 crore.
