Nirmala Sitharaman, Finance Minister "…The matter of review of GST...
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Insurance (Amendment) Act, 2024: Govt has no composite plans for LIC and PSU general insurance companies
To enable PSU insurers to avail composite licenses, the government...
Govt seeks to overhaul Indian insurance sector with extensive reforms measures
Insurers to be allowed to do certain other business, in addition to...
LIC’s total assets swell 22 % to Rs 38 trillion in FY 2021
The corporation’s total Life Fund(total investment) has gone up by 10 per cent y-o-y to the tune of Rs.34,36,686 rores in Fy 2020-21.
The total funds of the corporation, invested across the sectors of the economy, are Rs 36,76,170 crores as on 31st March 2021.
In 2020-21 LIC has settled 229.15 lakhs claims amounting to Rs. 1,47,754 crores.
M&A in global insurance sector remain subdued during H1
Despite witnessing robust U.S.Mergers and acquisitions (M&A) activities, the global insurance industry fell 3% in the first half of 2021. There were 197 completed deals worldwide, down from 206 in the second half of 2020, said Clyde & Co.’s...
Covid treatment or booster Shot? Non-Vaccine aims to boost immunity
Fortunately, there’s another promising option: preventative Covid-19 treatments using monoclonal antibodies. These are lab-made proteins that boost the immune response to infection by binding to particular sites on the SARS-CoV-2 spike protein. The technique was developed over 35 years ago and more recently used against the Ebola virus.
Jan Dhan accounts exceed 430 mn in 7 yrs, total deposits over Rs 1.46 trn
This national mission was launched to ensure people have access to financial services, namely, banking, remittance, credit, insurance, pension in an affordable manner.
On the road ahead, the finance ministry said, eligible PMJDY account holders will be sought to be covered under the Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY).
As on August 18, 2021, the number of total PMJDY accounts stood at 430.4 million. Of this, 55.47 per cent (23.87 crore) Jan-Dhan account holders are women and 66.69 per cent (28.70 crore) holders are in rural and semi-urban areas, the finance ministry said in a statement.
Out of total 430.4 million PMJDY accounts, 368.6 million or 85.6 per cent are operative, and the average deposit per account is Rs 3,398, as per the statement.
Increase in average deposit is another indication of increased usage of accounts and inculcation of saving habit among account holders, it said.
Sun Life taps AWS to transform its global digital services
As part of its move to accelerate digital transformation and deliver new client experiences using the cloud, Sun Life built development workspaces in North America and innovation labs in Asia to bring together IT teams and business leaders to innovate with AWS technologies.
In Asia, for example, one of the labs created the Sun Life Secure Experience, which enables Sun Life advisors to collaborate with clients virtually using video conferencing and secure file sharing.
Citigroup, Kotak Mahindra, Among 10 Others Selected To Manage LIC IPO
A ministerial panel, called the Alternative Mechanism on strategic Divestment, is expected to decide soon on the size of the stake to be sold. It could be around 10 per cent, sold in two tranches, the two government sources said.
The other selected lenders are JM Financial Ltd, Axis Capital, Nomura, BofA Securities, J.P. Morgan India Pvt Ltd, ICICI Securities and Kotak Mahindra,
Govt launches e-SHRAM portal to maintain database of 38 cr unorganised sector workers
Prime Minister Narendra Modi has sanctioned Rs 2 lakh accidental insurance cover to every registered unorganised worker on the e-SHRAM portal. If a worker registered on the portal meets with an accident, he/she will be eligible for the amount on death or permanent disability and Rs 1 lakh on partial disability.
A national toll free number — 14434 — was also launched to assist and address the queries of workers seeking registration on the portal
As part of the initiative, the workers will be issued an e-SHRAM card containing a 12-digit unique number The objective behind the move is integration of social security schemes of the government.
Munich Re unveils predictive technology for life insurers
ALLFINANZ Predictor allows clients to seamlessly deploy cutting edge predictive modelling technology into their underwriting process.
Tobias Frenz, Head of Digital Solutions Life & Health, Asia Pacific, Middle East and Africa for Munich Re said: “The co-creation of model development by Munich Re’s AI and Analytics team, and deployment with ALLFINANZ Predictor, has led to the successful launch of the first comprehensive predictive underwriting solutions for life and health insurance in Asia Pacific. This marks the beginning of a new era in underwriting using AI, rules and data to fundamentally transform the onboarding experience.”
“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. “