Canadian firm Manulife and Mahindra & Mahindra (M&M), an Indian automaker with interests in financial services, have signed an agreement to form a 50:50 life insurance joint venture (JV) with a total capital commitment of up to Rs 3,600 crore each totalling Rs 7,200 crore.
The United States-based insurance major Metropolitan Life Insurance Company on Friday said it aimed to make India its second largest market for insurance products after the United States by 2010.
MetLife India Insurance Co Pvt Ltd is looking out for Channel Sales Officers.
Twenty years after India's insurance sector was opened up, unshackling the control of state-owned companies, as many as 50 private players have set up shop. Along with their foreign partners, private players have brought about a sea change in the product offering, distribution and underwriting processes, and services levels. Yet, India's insurance penetration needle has not moved much.
MetLife has signed a MoU with University of Delhi, to launch "Yuvodaya" a special life insurance education and training programme for the University of Delhi students.
Insurance companies are going all out to grab eyeballs.
United Progressive Alliance-led government proposed lenders as insurance brokers; new FM not too keen, say insurers.
HDFC Life, which posted a consolidated net profit of Rs 281.83 crore (Rs 2.81 billion) for the quarter ended June compared with Rs 11.92 crore (Rs 119.2 million) in corresponding period last year (according to HDFC's first quarter results), has diversified its distribution mix.
The National Commission noted that if the policyholder wanted reinstatement, he should have made a written request and should have also cleared the premium till that date, but no such request had been made.
Life insurance companies are balancing the increasing use of celebrity endorsers by limiting the association to short, event-led campaigns.
According to Insurance Regulatory and Development Authority recommendations, a uniform grace period of 30 days is extended for annual, half-yearly and quarterly renewals, and 15 days for monthly renewals.
Deal with current owner Exide may be signed next week
Visa and 20 insurance companies in India have joined forces to make paying life and general insurance premiums "faster and easier" through a range of new payment options for Visa cardholders
New Irda rules open the way, with 5 entities getting okay to set up as repositories; firms preparing structures for switch
Sources say given the complexity involved in the process of creating a holding company, which will ultimately be the parent company of banking and other businesses, banks are going slow in acquiring stakes in insurance arms or mutual funds of other lenders.
Private insurance firms say, over the past few years, they have been investing on digital technologies to reach semi urban and rural areas.
As opposed to term insurance that keeps you covered for a specific time period, opting for a whole life term plan means that you are covered for your entire life, says Santosh Agarwal.
Bharti will move FIPB soon for increasing Axa's stake to 49%
Insurance behemoth LIC on Tuesday said it has garnered a little over Rs 5,627 crore from anchor investors led primarily by domestic institutions ahead of its mega initial public offering (IPO). Anchor Investors' (AIs) portion (5,92,96,853 equity shares) was subscribed at Rs 949 per equity share, the insurer said in an early morning filing to exchanges. Out of the allocation of about 5.9 crore shares to AIs, 4.2 crore shares (71.12 per cent) were allocated to 15 domestic mutual funds through 99 schemes, the filing said.
Use whole life term policies for legacy planning. By doing so, your annual outgo will come down and returns will improve, suggest Chirag Madia and Tinesh Bhasin.
Combination of term plans and mutual funds will provide the same benefits.
Around 88 per cent of all Indian employers surveyed said they offered benefits to attract employees from competitors.
Unit-linked plans or Ulips continue to be expensive compared to other instruments, say certified financial planners.
Retirees have better options that offer liquidity, better returns and are more tax-efficient.
FM proposed rationalisation of various tax exemptions.
Many people struggle to claim or liquidate investments and insurance policies due to procedural issues.
Ad rates on regular days are less than half, media planners said.
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