Lender to acquire 30% after existing shareholders divest stake
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.
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.
Private players continued to show strong momentum in the life insurance individual new business segment during August, 2023. On an aggregate, the industry registered 14 per cent growth year-on-year (Y-o-Y) compared to 15 per cent in July '23. Private players were up 21 per cent Y-o-Y, up from 16 per cent Y-o-Y in July '23, while public insurers' growth was muted at 3 per cent.
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.
Private insurance firms say, over the past few years, they have been investing on digital technologies to reach semi urban and rural areas.
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.
Satwik-Chirag eyeing "great things" at Paris Olympics after cracking service variation challenge
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.
New Irda rules open the way, with 5 entities getting okay to set up as repositories; firms preparing structures for switch
Combination of term plans and mutual funds will provide the same benefits.
Life insurers need applicants to abstain from tobacco for up to five years.
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.
Unit-linked plans or Ulips continue to be expensive compared to other instruments, say certified financial planners.
Around 88 per cent of all Indian employers surveyed said they offered benefits to attract employees from competitors.
Insurance companies are going all out to grab eyeballs.
Retirees have better options that offer liquidity, better returns and are more tax-efficient.
Deal with current owner Exide may be signed next week
Bharti will move FIPB soon for increasing Axa's stake to 49%
The Securities and Exchange Board of India (Sebi) has just released a proposal to alter the regulations pertaining to the sponsor system for mutual funds. One of the reasons for the proposed changes is that there are two conflicting regulations that need to be clarified. The other reason is that the sponsor system may itself be outdated as it stands, and the proposed changes would allow new entities such as private equity funds and portfolio management services to enter this space.
FM proposed rationalisation of various tax exemptions.
Despite recent developments that have accelerated the impending extradition of fugitive diamantaire Nirav Modi, who has been in custody in London's Wandsworth Prison for over two years, the last month has seen his uncle Mehul Choksi dominate the headlines instead with his circus-like exhibition in the Caribbean that has involved red herrings such as a "girlfriend", to whom his wife seemed to have no objection, and possibly concocted stories of being kidnapped and manhandled. Choksi was widely regarded as Modi's Svengali in Mumbai when he returned from Belgium to expand his business. He had fled to Antigua well before news around how Modi finagled thousands of crores from Punjab National Bank (PNB) and other institutions through a series of allegedly coordinated and fraudulent actions involving letters of undertaking, or LoUs.
The ED has claimed that Nirav Modi had refused to join the probe despite acknowledging mails and summons issued to him and that he doesn't want to return to India.
Many people struggle to claim or liquidate investments and insurance policies due to procedural issues.
The rally in index heavyweight ITC has boosted the sentiment across the board.
The question being silently telegraphed around the court room was: When did this happen? Wasn't this trial about Indrani murdering her daughter to prevent her from marrying Rahul Mukerjea, her husband Peter Mukerjea's son from his first marriage?
One couldn't help feeling a certain melancholy viewing these now vagrant documents and photographs that would never be rightfully cherished. The pictures spoke to you. They offered slices of extinguished lives. They breathed sadness too, for what could have been and will never be. The sweet promises that Life made and insolently, arrogantly never kept.
Then came the electrifying climax of Tuesday's hearing. Pasbola showed Sharma copies of cheques that had been deposited at the bank with Indrani's signature on them. He accused Sharma of forging Indrani's signature and collecting the money for herself. In the back Indrani stood up in the accused box and very pointedly nodded her head up and down and mouthed, "She did!".
One always ponders over why the witnesses should not have poor memory when answering cross examination questions or recounting events that occurred six years ago. Too many witnesses seemed to have drunk some Harry Potter-esque Philosopher's Stone magic elixir that has Botoxed their fading memory to make it as good as new again.
Why had the CBI decided to have Waghmare tell the court the tale surrounding this odd trip to Kolkata made for even odder reasons, close to a year-and-a-half after Sheena's murder? To show the kind of person Indrani was? And that the murder of her daughter was not a heat of the moment crime, given Indrani was capable of other odd, suspicious, premeditated acts like this?
'... not even a moral one, let alone a legal one.' 'Even if it is assumed that Deepak Kochhar tried to influence his wife into doing something dodgy for his 'social acquaintance', why would she do it?' 'By all accounts she has been granted share options in ICICI Bank of a very substantial amount which easily makes her a multi billion-pati.' 'She did not become CEO against some stiff competition by being stupid and concocting devious cock-and-bull renewable energy stories.' S Murlidharan, former managing director, BNP Paribas, unravels the Deepak Kochhar-Videocon controversy.
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