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IFRS Ready: IRDAI to meet industry honchoes to finalise norms at 2-day Bima Manthan
Debasish Panda, chairman,IRDAI ``It is our endeavour to implement...
Prasun Sikdar joins as Bima Sugam CEO
IRDAI has fixed Apr 19,2025 as the date of the launch of Bima...
“Govt to have minimum presence in life insurance, general insurance and reinsurance” Sitharaman
“If minimum presence is something that has to be there as per policy, I will obviously be present in LIC, in the general insurance industry, and somewhat in the reinsurance sector also,” finance minister said.
Debashish Panda, secretary, department of financial services(DFS) announced changes to the pension payouts of Public Sector Banks. Family members of deceased PSB bankers will now get pension of 30 pc of last drawn salary as against earlier Rs 9,284, says
“Pension payouts to bank employees could increase to Rs 30,000-Rs 35,000 from the earlier cap of Rs 9284,” Panda said.
AB Sun Life Insurance reduces premium rates for its term insurance plan up to 15%
Commenting on the premium price reduction of ABSLI DigiShield Plan, Kamlesh Rao, MD & CEO, Aditya Birla Sun Life Insurance, said, “The pandemic lasted longer than expected with people experiencing strains on their personal finances. We have been meticulously observing the pandemic experience before making any price revisions in our products. With a rise in demand for term plans, we have consciously announced reduction in premium for ABSLI DigiShield Plan, a hyper-personalized term plan offering, to suit our customer’s ever evolving monetary needs. “
Govt mulls permitting foreign investment in LIC
The proposal is under discussion between the Department of Financial Services and Department of Investment and Public Asset Management (DIPAM).
According to the current FDI policy, 74 per cent foreign investment is permitted under the automatic route in the insurance sector.
However, these rules do not apply to the Life Insurance Corporation of India (LIC), which is administered through a separate LIC Act.
16 merchant bankers in race for managing LIC IPO
Seven international bankers, including BNP Paribas, Citigroup Global Markets India and DSP Merrill Lynch Ltd (now known as BofA Securities), will make presentations on Tuesday, as per a circular by DIPAM.
Other bankers that will be making presentations on Tuesday are — Goldman Sachs (India) Securities, HSBC Securities and Capital Markets (India), JP Morgan India, Nomura Financial Advisory and Securities (India).
Modernising Fraud Risk Management: a must for Insurers in Pandemic
Equipped with subject matter expertise, technology, insight, connections, and money, these fraudsters are running mini organized crime empires across the country. With help from insiders, they have mapped the insurers to understand their SOPs, priorities, approach and risk appetite.
Indian insurance companies have also learned and devised effective fraud risk mitigation techniques aimed at controlling these leakages. They have invested in technology and embraced analytics in their fight against fraud.
LIC launches campaign for policyholders to revive lapsed policies
The campaign has been launched from August 23, 2021 to October 22, 2021, the release said. Policies which are in a lapsed condition during the premium paying term and not completed policy term are eligible to be revived in this campaign, it said.
Post LIC IPO, 60 pc of insurance biz to be with listed entities: FinMin official
The insurance sector, over the two decades since the introduction of competition and regulation, has matured with 69 insurers today as against only eight in 2000. ‘A majority of these have crossed their initial breakeven phase. Once the proposed listing of LIC happens, about 60 per cent of the insurance industry business would be with listed entities. The sector as a whole has been growing at a pace significantly higher than that of the overall economy, additional secretary in the finance ministry Amit Agarwal said
FDI proposal for bank-promoted insurance firm to be vetted by RBI, Irdai: Govt notification
”Applications for foreign direct investment in private banks having joint venture or subsidiary in insurance sector may be addressed to the Reserve Bank for consideration in consultation with the Insurance Regulatory and Development Authority of India (IRDAI), in order to ensure that the limit of foreign investment applicable for the insurance sector as specified in serial number F. 8.1 and F. 8.2 is not breached,” the notification said.
LIC, EPFO keen to set up fund for startups: DPIIT Official
Additional Secretary in the Department for Promotion for Industry and Internal Trade (DPIIT) Anil Agrawal said it was decided that a portal will be developed by the Small Industries Development Bank of India (SIDBI) for funding purposes of startups.
These issues came up in the meeting of the National Startup Advisory Council. Agrawal said several initiatives are underway to strengthen the startup ecosystem in the country.
Covid-19: Economic slowdown, job insecurity and fear of debt drive low confidence among people, says HDFC Life Report
41% respondents have availed a life insurance policy post the first wave that enabled them to plan better for the second wave and the impact of COVID-19 is more severe across metros in comparison to Tier 1 and Tier 2 cities, said the report.