Buyers of unit-linked insurance policies can now heave a sigh of relief. The insurance regulator, Insurance Regulatory and Development Authority of India has issued a standard format that will simplify things for the policyholder and arrest the rampant mis-selling.
Insurance Regulatory and Development Authority (IRDA) on Thursday said ten new players have applied for licences to enter into this fast growing sector.The Shriram group, Ranbaxy-promoted Religare Securities and real estate major DLF, have sought regulatory approval for entering the insurance sector, Muralidharan said.
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.
Buying a cover at a late age is expensive; the benefits, too, are limited.
LIC's product will be a hospital cash product (that is for major listed surgeries and procedures, LIC will pay the insured a predetermined lump sum amount, depending on his premium payment). LIC's product will also be a long-term product of over 10 years. For claim payouts, the public sector behemoth has tied by with Axis Bank, Syndicate Bank and Bank of America.
Insurance claims arising out of the Mumbai terror attacks in 2008 are estimated to wipe out about Rs 500 crore (Rs 5 billion) from the corpus set up by general insurers to fund such losses.
Such products in insurance parlance are called acturial-funded products. The ban would require Aviva Life Insurance to withdraw all its 14 ULIP products, while Bajaj Allianz one of its ULIPs called Capital Unit Gain.
Harinarayan's name is under consideration, sources familiar with the development said. Going by the timing of recent appointment orders of the government, it is likely that it will announce his appointment late on Tuesday and keep everyone guessing. If appointed, Harinarayan will be the third chief of Irda after its inception in 1999. Like Rao, Harinarayan is an Andhra cadre IAS officer.
According to the IRDA's data in 2007-08, the health insurance segment was estimated to be around Rs 5,152 crore, with only 2 per cent of the total population being covered. Realising the potential and advantages -- the segment has been growing at 37 per cent since 2002 -- both life and non-life insurers are offering health insurance products. Health insurance in 2007-08 accounted for 0.2 per cent of the individual regular premium for life insurance companies in India.
The Insurance Regulatory and Development Authority (Irda) has constituted a seven-member committee on health insurance for senior citizens.
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.
The Insurance Regulatory and Development Authority has clarified that only the premium collected for providing health cover in the case of unit-linked health insurance policies will be eligible for tax benefits.
Insurance companies are expected to get greater leeway in investing policyholders' funds with the addition of mortgage-backed securities to the list of approved investments.
Development officers and agents of LIC are promoting Money Plus claiming to offer astronomical returns
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?
In the context of market integrity, the IRAI and RBI should go over the minutes of the LIC and SBI board meetings when the decisions to invest in Adani equity or debt were taken, notes Jaimini Bhagwati, former World Bank treasury professional.
An interview with Insurance Regulatory and Development Authority (Irda) Chairman J Hari Narayan. He is charting the road map for strengthening the regulatory framework and also dealing with the turmoil in the US.
The Insurance Regulatory and Development Authority on Wednesday announced that it would lift pricing controls on motor insurance, along with other lines of business currently under tariff, with effect from January 1, 2007.
The insurance regulator wants the removal of the minimum entry capital requirement of Rs 100 crore for setting up an insurance business in a bid to facilitate the entry of multiple players such as standalone micro insurers and niche players. Debasish Panda, chairman, Insurance Regulatory and Development Authority of India (Irdai), said it should be left to the regulator instead to decide what should be the entry fee for interested players, depending on the size of the business and operations. According to the current norms, insurers are required to have a minimum paid-up capital of Rs 100 crore.
The old ULIP lacked both and individuals did not have an inkling about either even after taking the ULIP.
The department of post is in the process of floating a separate company to bring its Postal Life Insurance and Rural Postal Life Insurance products under the ambit of the Insurance Regulatory and Development Authority, an official said on Saturday.
With losses mounting in health insurance portfolio due to higher claims, Oriental Insurance Company is in the process of hiking premium rates for its Individual Mediclaim Policy by upto 30 per cent for people in the higher age group.
The incentive of the insurance advisor is definitely not in favour of the individual wanting an insurance policy.
The Insurance Regulatory and Development Authority (Irda) may allow up to 25 per cent investment to a single group of companies as part of the group exposure norms for unit-linked insurance plans (Ulips).While in the normal course, the regulator is likely to cap the investment of such polices at 20 per cent, the ceiling can be relaxed by another 5 per cent with prior approval of the board through what is called discretionary limits.
The government is unlikely to come up with the IPO of Life Insurance Corporation (LIC) in the current financial year ending March 2022, as the valuation of the state-owned behemoth is taking more than anticipated time, and the preparatory work is still far from complete. There are still some issues that need to be addressed with regard to the valuation of LIC, a senior official of one of the merchant bankers said. Even after the valuation, there are several regulatory processes that have concluded, the official said.
The Insurance Regulatory and Development Authority on Monday proposed major amendments in the Insurance Act,
The free pricing regime in the general insurance industry has come into force, with the Insurance Regulatory and Development Authority clearing all the revised rates filed by general insurers.
The Allahabad Bank-led, five-party venture for a non-life insurance company is expected to start operations by April-May 2007
The third party premium has been increased from the current Rs 700 to Rs 2,500, a 257 per cent hike for private cars, where the cubic capacity of the vehicle exceeds 1,500 cc.
Union Road Transport and Highways Minister Nitin Gadkari on Wednesday pitched for formulating a policy for using the Reserve Bank of India's rising foreign exchange reserves for funding road projects, saying the country needs low cost finance for such infrastructure projects. Addressing a virtual event organised by industry body CII, Gadkari further said that the National Highways Authority of India (NHAI) should also have a financial arm like the power ministry's Power Finance Corporation (PFC). "We have a surplus of dollar reserves in the country. I have decided to talk with the RBI Governor, about how we can formulate a policy by which we can use this foreign exchange reserves for development of infrastructure in the country," he said.
Anil Ambani-controlled Reliance Capital Ltd is all set to start life insurance business with regulator IRDA approving the acquisition of Chennai-based AMP Sanmar Life Insurance Ltd.
The latest data released by the Insurance Regulatory and Development Authority (Irda) show that during April and May this year, premium from the sale of new policies rose to Rs 8,119 crore (Rs 81.19 billion) compared with Rs 7,331 crore (Rs 73.31 billion), representing a rise of 10 per cent.
In a bid to assure those affected by torrential rains in Maharashtra, insurance regulator IRDA on Thursday said public and private general insurers will not withdraw flood cover for homes and commercial establishments.
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