N Ramaswamy, CMD, GIC Re Though the largest Indian reinsurer has...
Category:
Life
Latest
Max Life integrates Swiss Re’s ‘Digital Health Underwriting’ solution to elevate the customer onboarding experience
Swiss Re’s DHU solution automates technical underwriting, using...
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...
Allow life insurers to sell pension-based health policies: HDFC Life Chairman
”Across the world, both pension and health cover are very much part of life insurance, as they protect people from longevity and morbidity risks.Hence, allowing life insurers to distribute products such as health indemnity, NPS would help improve the much-needed insurance reach across the country,” he said.
With vaccinated support staff, primary schools can open: ICMR
Bhargava said children can handle viral infection much better than adults and it has also been established that they have a lower number of ace receptors to which virus attaches.
“In some countries, particularly the Scandinavian ones, they (authorities) did not shut down their primary schools during the first, second or third wave whatever (Covid) waves they had, their primary schools were always open.
Rs 500-cr COVID claims leave ICICI Prudential in the red with Rs 186 cr Q1 net loss
On the massive pandemic claims, Kannan said the company had a gross claim of Rs 1,100 crore from 5,000 insured, which translates into Rs 500 crore net claims (as the remainder of the claims is paid by the reinsurers). This is 2.5X of what it settled in the whole of last year — net paid only Rs 200 crore to 2,000 people. Kannan further said all of the Rs 500-crore net claim is not paid yet but refused to share the exact settled amount, saying as a policy they set aside funds for the entire claims filed for.
LIC launches health insurance plan, cover upto 80 years
An individual can insure himself/herself(as principal insured(PI), his/her spouse, all children and parents under one policy.The plan is available for principal insured/spouse/parents aged 18 years to 65 years and children of age 91 days to 20 years.
The cover period available for PI/spouse/parents up to age 80 years and for children up to 25 years.
This plan provides benefits like flexible benefit limit to choose from,flexible premium payment options,valuable financial protection in case of hospitalisation, surgery etc,lump sum benefit irrespective of actual medical costs, Increasing Health cover by way of Auto Step Up Benefit and No Claim Benefit.
HDFC Life net profit declines 33 pc to Rs 302 cr in Q1 FY22
”In the quarter gone by, we witnessed a steep rise in death claims with peak claims in wave two at around 3-4 times of the peak claim volumes in the first wave. We paid over 70,000 claims in Q1.The gross and net claims provided for amounted to Rs 1,598 crore and Rs 956 crore, respectively. It appears that claims on individual business have peaked in June and expect them to normalise in the coming months with more people getting vaccinated and a fall in the absolute number of infections,” HDFC Life said on the impact of the pandemic on the business during the quarter.
Govt plans to complete LIC IPO this fiscal: Karad
”The Initial Public Offer (IPO) of the Life Insurance Corporation of India (LIC) is planned to be completed during the year,” Karad said in a written reply to the Lok Sabha.
RBI to unveil first financial inclusion index: Das
The index will have parameters across the three dimensions, including access, usage and quality, he said, adding “work on FII is underway and the index will be published very shortly by the Reserve Bank”.
IFSCA forms expert panel to develop a Longevity Finance Hub in GIFT City
Development in medicinal science and technology will support extending of lifespan and longevity of the silver generation. It is estimated that by 2040, there will be more members of the silver generation than people under 20. This demographic change will throw open new challenges and opportunities especially in the areas of wealth management, health, insurance, and other investment products, said the IFSC.
2 vaccine doses given to police personnel successful in preventing 95 pc Covid deaths: ICMR study
“We would like to reiterate that our vaccines are effective and hugely safe. Pregnant women and lactating women should receive it. Patients with cancer and diabetes are even more needy in this requirement and here is real life data to show vaccine effectiveness to prevent deaths is huge,” Paul said.
Govt invites bids from merchant bankers, legal advisors for LIC IPO
The Department of Investment and Public Asset Management (DIPAM) would appoint up to ten merchant bankers and one legal firm for assisting and advising on the stake sale.The last date for putting in bids is August 6, as per a notice issued by DIPAM.
Last week, the Union Cabinet approved an Initial Public Offer (IPO) of LIC and the modalities such as issue size, pricing and timing would be decided by a panel headed by Finance Minister Nirmala Sitharaman.