Siddartha Mohanty, CEO & MD, Life Insurance Corporation To...
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LIC chairman Mohanty re-designated as CEO and MD
Siddhartha Mohanty, chief executive officer and managing director,...
Ageas Federal Life declares highest-ever total bonus of Rs 134 crore in FY24
Ageas Federal Life Insurance has announced its highest-ever total...
Jan Dhan scheme completes six years, benefits 40.35 crore people
“Today, six years ago, the Pradhan Mantri Jan Dhan Yojana was launched with an ambitious aim of banking the unbanked. This initiative has been a game-changer, serving as the foundation for many poverty alleviation initiatives, benefitting crores of people,” the prime minister Narendra Modi tweeted.
In August, 2020, out of total 40.35 crore PMJDY accounts, 34.81 crore or 86.3 per cent were operative,.
The finance ministry said the endeavour is to ensure coverage of PMJDY account holders under micro insurance schemes and improving access of PMJDY account holders to micro-credit and micro-investment such as flexi-recurring deposit etc.
IRDAI asks applications for the 2nd cohort of the Regulatory Sandbox
The window for filing of applications shall open on 15thSeptember, 2020 and close on 14th October, 2020.
The IRDAI has created a Regulatory Sandbox whose objective is to use innovative ideas to foster growth and increase the pace of most innovative companies, in a way that provides flexibility in dealing with regulatory requirements and at the same time focussing on policyholder protection.
Max Life Insurance partners with Royal Challengers Bangalore for IPL 2020
As part of the partnership, Max Life will be the official life insurance partner of the Royal ChallengersBangalore (RCB) team for the second consecutive year. In addition to being the team’s official life insurance partner, Max Life is also among the apparel partners for RCB for the 13th edition of Indian Premier League T20.
Bajaj Allianz Life launches Smart Assist
Tarun Chugh, Managing Director and CEO of Bajaj Allianz Life said, “The business environment has changed significantly since the pandemic, and it is essential to respond to changing customers behaviors. We are focused on building agile business processes to meet the new needs, and Smart Assist is yet another step in that direction. The innovative tech-enabled service is designed to deliver superior service experience. We are confident it will play an essential role in keeping life goals of our customers on track, irrespective of the limitations due to the pandemic.”
Axis Bank cuts stake purchase in Max Life to 17%
The private-sector lender’s move comes months after media reports said the deal, announced in April, ran into a regulatory roadblock over certain clauses in the agreement.
LIC launches new Annuity Plan
he policyholders have an option to choose a type of annuity from 10 available options on payment of a lump sum amount.
The annuity rates are guaranteed at the inception of the policy and annuities are payable throughout the life time of annuitants.
Aditya Birla Sun Life open to consolidation due to Covid-19 disruptions: MD
Under the current scenario, it was very difficult to have a short or long-term view about the business, he said adding ABSLI would continue to have a healthy mix of products with a focus on protection and guaranteed solutions.
In certain pockets, owing to liquidity issues, delay in payments have been observed but no negativity in collection, he added.
Rao also said that death claims in the first quarter of the financial year have been on the lower side compared to the same period last year.
Govt to hire Deloitte, SBI Capital Markets to help LIC prepare for IPO
The advisers will help evaluate the capital structure of India’s biggest insurer as well as aid the company in reworking its financial statement, according to a tender document issued in June.The government will soon invite bids seeking firms to value LIC,
Insurer AIA’s new business drops 37% in first-half as pandemic hits sales
Insurers across the world have been hit by pandemic-related claims including for travel, business interruption and event cancellation, while economic slowdown and job losses have led to reduced demand for life insurance.
In Asia, insurance firms mainly rely on their army of agents for product sales, which have been dented by lockdown and social distancing measures put in place in various countries to contain the pandemic.
COVID-19 will see insurers adapt polices as risks change, says GlobalData
the transition to working from home has led to concerns in other areas such as physical and mental health, which were not originally covered in household policies. As everyday risks change, insurers will have to adapt their policies accordingly, says GlobalData, a leading data and analytics company.