PNB's board in its meeting held today has accorded its approval for...
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IRDAI asks insurers to fast track cyclone Remal claims
Insurers have been advised to settle claim payments/on account...
DoT unveils 160 series for service, transactional voice calls
Now, for example, the service and transactional calls originating...
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.
IRDA panel favours setting up of Standalone Microinsurance Company with a capital of Rs 20 cr
The panel has suggested that microinsurance companies (cooperatives and mutuals as well) should be allowed to act as composite insurers to transact both life and non-life business through a single entity.
IRDAI may establish a Microinsurance Development Fund to support and promote the growth of the microinsurance business across the country.21 The fund could support human resource development, digital and financial literacy, IT infrastructure and product development.
By implementing changes to facilitate standalone microinsurance businesses with reduced capital requirement, over 500 million Indians will have the
opportunity of obtaining financial protection and security, enabling them to emerge from poverty and to move towards self-reliance. ,