HDFC Life has announced its highest-ever bonus of Rs. 3,722 cr. on...
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Rushabh Gandhi to succeed R M Vishakha as MD&CEO of IndiaFirst life Insurance
Rushabh Gandhi, MD&CEO designate, IndiaFirst Life Insurance...
Sebi allows LIC 3-yrs from now to comply with 10% minimum public shareholding norms
The corporation now has to achieve 10 per cent public shareholding...
Kotak Life forays into health insurance;launches Kotak Health Shield
G. Murlidhar, MD & CEO, Kotak Mahindra Life Insurance Company Ltd. said, “Rising health treatment costs continues to be a major financial strain to crores of Indians across geographies, and our new Kotak Health Shield is yet another insurance policy from Kotak Life that has been designed to address the much required insurance cover to Indian consumers. Kotak Health Shield is an affordable health insurance policy that covers major critical illnesses.”
FTLife and Munich Re announce collaboration on digital underwriting
The new collaboration will allow FTLife to use Munich Re’s SaaS digital automated underwriting solution – ALLFINANZ SPARK (“SPARK”) – to offer a much-enhanced digital experience for customers, including shorter turnaround times for issuing policies. It is a significant advance in the digitalisation of FTLife’s underwriting process.
Pope says same-sex couples should be covered by civil union laws
“Homosexual people have a right to be in a family. They are children of God and have a right to a family. Nobody should be thrown out or be made miserable over it,” he said.
“What we have to create is a civil union law. That way they are legally covered. I stood up for that,” he said.
India Post Payments to sell AIC’s Crop Insurance products
This strategic tie-up will be a win-win for both AIC and IPPB and will ultimately be beneficial mainly to the small and marginal farmers of the country at large.
IBAI votes out its president Sanjay Kedia, elects five new faces as directors
IBAI’s 15-member board of directors, have chosen Sumit Bohra as the new the new president of the association.
After voting out some existing directors who were seeking re-election, the brokers had elected five new faces as directors for three years,.
They are Sundaram Venkatavaradan of Abhivridhi Insurance Brokers. Rashmi Ravi Iyer of Global Insurance Brokers, Sandeep Dadia of Aditya Birla Insurance Brokers, Mohan Sriraman of Paavana Insurance Brokers, Surender Kumar Tonk of Advance Life Insurance Brokers
Over the past three decades, India has gained 10 years in life expectancy: Lancet study
“In India maternal mortality used to be very high, but now it is coming down. Cardiovascular diseases used to be number five, and now it is number one, and cancer rates are increasing,” Mokdad, Professor of Global Health at the Institute for Health Metrics and Evaluation (IHME), said.
Life insures have to mandatorily launch standard term life product from Jan 21:IRDAI
The minimum sum assured of the product should be at Rs 5 lakh while maximum sum assured can be Rs 25 lakh. Insurers have the option of offering sum assured beyond Rs 25 lakh under Saral Jeevan Bima with all other terms and conditions remaining the same, said the IRDA.
The following words shall be prominently displayed in BOLD, on the welcome letter of policy document as well as on the first page of Sales Literature.
“This policy will cover death due to accident only during the waiting period of 45 days from the date of commencement of risk.In case of death of the life assured other than due to accident during the waiting period, an amount equal to 100% of all premiums received excluding taxes, if any, will be paid and the sum assured will not be paid;;
Policyholders can now opt for renewal, migration and portability of their standard Covid covers:IRDAI
In respect of Corona Kavach individual policies, insurers have the choice to offer migration to any other indemnity based health insurance product offered by them as per the option exercised by the policyholder.
These short term policies are permitted to be renewed till 31st March,2021.
ICICI Prudential Life Insurance to raise up to Rs 1,200 crore via NCDs
“The Board of Directors has at their meeting held on October 7, 2020 approved raising capital by issuance of subordinated debt instruments in the nature of rated, listed, redeemable, unsecured, fully paid-up, non-cumulative, non-convertible debentures (NCDs) up to Rs 12 billion,” ICICI Prudential Life Insurance Company said in a regulatory filing.
Life insurers see recovery in new premium income, subdued growth in policy sales in H1 FY 20-21
The life insurance behemoth LIC is at the verge of recovery as its new premium income, at Rs88, 018 crore, has shown a de growth of just two per cent.
Among the listed players, HDFC Life reported robust growth of 43 per cent y-o-y , followed by Max Life (16 per cent y-o-y growth), while SBI Life posted 4 per cent y-o-y-o decline. On the other hand, ICICI Prudentail Life Insurance (IPRU Life), which declined 24 per cent y-o- y continued to witness pressure.