'The plan is to secure nod of the Union Cabinet and other relevant regulatory approvals within the next three months,' a senior finance ministry official said, requesting anonymity.
There are four public sector general insurance companies.
Sanjib Jha, CEO, Coverfox Insurance Broking answers your health insurance related queries.
The finance ministry has asked state-run general insurers to increase premiums on health insurance, motor and other policies, and refrain from undercutting each other to get new business.
The Life Insurance Corporation of India has the wherewithal to acquire a composite license, a top source aware of the development told Business Standard, adding that the insurance behemoth may look into entering the health and general insurance segments. "LIC has the scale, capacity, IT infrastructure, and the distribution reach to take advantage of the composite license. "LIC is looking at organic as well as inorganic growth opportunities.
The interplay between domestic and foreign capital will shape India's equity markets.
The Centre on Friday announced a special voluntary retirement scheme for employees of four public sector general insurance companies to cut the excess flab.
In a move that impacts long-term subscribers of medical insurance policies, leading insurers like Oriental Insurance Company and United India Insurance have stopped no-claim bonus for existing and new policy holders.
Most popular mandal in Mumbai, Lalbaugcha Raja, takes Rs 51 crore cover.
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 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.
Oriental Insurance Company has bagged the domestic aviation industry's first-ever contract to cover losses owing to fog for national flag carrier Air-India.
rediffGURU Rohit Gupta, co-founder and COO of College Vidya, provides a list of competitive exams that can help you land a job in the public sector.
It will help in reducing the turnaround time.
Since no insurance companies share data on their claims with each other, the finance ministry and Irdai suspect that a lot of the resultant claims are duplicates.
'Some part could be used for consumption purposes, and the rest could be used to meet important financial goals.' 'The split can be 30:70 to 50:50, depending on one's situation.'
Public general insurance companies to collaborate for speedy settlement of claims
Equity-focused schemes may perform better in a bull market, while debt-oriented ones may offer greater stability during volatile periods.
'I have no idea about such a medal. Never got one,' says Surya Shekhar Ganguly, the national chess champion between 2003 and 2008.
Apart from rail mishaps, the coverage would take care of terrorist attacks and accidental fall of a passenger from a train and normal accidents, riots, robbery and dacoity
The change in policy for the three companies, from listing to merger, shows the level of discomfort within the government about their ability to take on the expanded load for insurance coverage with their current financial strength, including the massive premium and claim settlement cover under the proposed universal health coverage plan announced in Budget 2018.
Severe skilled, unskilled shortage threatens to pull emergency brakes on India's industrial engine.
The three PSU insurers managed a meagre 2-4 per cent growth in business and eroded their market shares, while private players grew by 70 per cent to grab over 14 per cent of the general insurance market during 2003-04.
Presumably hurt on their balance sheets by the allegedly inflated bills for medical costs of people covered by cashless mediclaim facilities, these insurers have pruned the list of hospitals in four large cities for providing this facility with effect from this month.
Move to strengthen market share and become more profitable.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
With at least three IPOs in the offing this year, stock market investors have a lot to look forward to.
Good performance of ICICI Lombard, New India, Oriental Insurance and Bajaj Allianz pushed the general insurance industry growth to 16 per cent in April-February of 2005-06.
The Bill will come up for discussion in the upcoming winter session of the Parliament.
The main concern among industry and market experts is that the governance in these companies needs to be strengthened and the focus on social insurance has to come down.
Though General Insurance Corporation of India has a majority stake of 40 per cent as the re-insurer, the rest was re-insured with global reinsurers.
United Progressive Alliance-led government proposed lenders as insurance brokers; new FM not too keen, say insurers.
rediffGURU and financial planning expert Colonel Sanjeev Govila (retd) answers your personal finance-related questions.
The past eight months have seen vast improvement in the Indian economy, says Edelweiss Group chairman and chief executive Rashesh Shah, who feels domestic-oriented sectors are likely to do better.
Motor insurance claims will also come in, due to the extensive damage to vehicles.
