ULIPs have become popular amongst investors, especially those who do not have the time to track the markets but want to earn higher returns on maturity.
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.
Life insurers, on the prodding of global reinsurers, are set to hike premiums on term plans because rising mortality after the second wave of the pandemic has led to an increase in the number of settlements. Some will do so next month while others may wait till January. Global reinsurer Munich Re had nudged its insurance partners on the hike in September and insurers have been engaged in negotiations with the reinsurer on the amount of the increase. Term plan prices in India were among the lowest in the world for a long period but in the past couple of years, they have been increased a few times.
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
Currently, FDI up to 26 per cent is permitted through automatic approval route.
The government on Thursday issued an ordinance for setting up a full-fledged Pension Fund Regulatory and Development Authority akin to Insurance Regulatory and Development Authority and Securities Exchange Board of India.
The Insurance Regulatory and Development Authority has tightened financial disclosure norms by asking general insurers to give details of the reserves maintained for claims that have been paid but not reported adequately in the books of accounts.
'As our per capita income increases and various demographic segments emerge, the need for various kinds of protection and risk covers will become even more explicit.'
IRDA seems to be sleeping. It is bothered about the well-being of the insurance companies and not about the man on the street who is buying costly Ulips.
Insurance Regulatory and Development Authority expects decline in premium rates of fire, engineering and motor own damage covers once insurers are given the freedom to price these businesses from 2007.
However, the finance ministry is yet to apply its mind on whether to merge the interim Pension Fund Regulatory and Development Authority with Insurance Regulatory and Development Authority or have two separate regulators for pension and insurance.
Irda chairman C S Rao speaks about the need for detariffing, pitfalls to be avoided and the impact of detariffing on the insured.
Taking a cue from Zomato's stellar initial public offering (IPO), through which it garnered a valuation of Rs 1 trillion, the government has asked its advisors and valuers to ascertain if the Life Insurance Corporation of India (LIC) should be valued at Rs 10 trillion or more. The government is looking to offload about 10 per cent stake in LIC through the IPO. At that valuation, the government stands to net at least Rs 1 trillion from LIC's proposed IPO, which will boost the Centre's efforts to meet its disinvestment target of Rs 1.75 trillion for the current financial year.
Personal accident cover should be purchased by everyone, irrespective of age, occupation or health condition, as one does not know when an accident could occur, causing hardship to the family.
Raising concern over the underwriting skills of insurance companies to properly price products, the Insurance Regulatory and Development Authority on Monday said it would consider all factors before taking a final decision on de-tariffication of the
About 70,000 employees of public sector general insurance companies would go on a one-day strike on December 21 in protest against the proposed increase in foreign direct investment cap, outsourcing of jobs and to press for early settlement of their
Life Insurance Corporation of India has said the Insurance Regulatory and Development Authority's requirement that extra 50 per cent solvency margins above regulatory norms be maintained was unfair and unwarranted.
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