IRDAI unveils `Standard Individual Immediate Annuity Product'', to be mandatorily offered by life insurers from Apr 1

Indian News       Jan 25, 2021

  Hydearbad: With a view to having uniformity on annuity products across life insurers, the insurance regulator IRDAI,on Monday,  has asked all of them mandatorily offer a ``Standard Individual Immediate Annuity Product'' with effect from 1st April, The product shoud be filed by the insurers latest...

Global life insurers impose restrictions, worried about long-term pandemic risks

International News       Jan 25, 2021

Global life insurers are taking steps to curb payouts stemming from the coronavirus pandemic, including long-term health consequences that are not fully understood, industry sources told Reuters. Life insurers, including Prudential Financial Inc, and Aviva PLC, are now imposing waiting periods before COVID-19 patients, including...

SCOR develops biometric risk calculator to improve the life underwriting process

International News       Jan 21, 2021

  Paris: SCOR has developed an innovative biometric risk calculator to improve the underwriting process in the life insurance business   Though the life insurance underwriting process is simple and straightforward for healthy customers, it can be long and complicated for those with pre-existing conditions. Underwriters must...

HSBC, Maybank’s Insurance Venture among bidders for AXA Singapore

International News       Jan 20, 2021

HSBC Holdings Plc and Malayan Banking Bhd.’s insurance venture are among shortlisted bidders for AXA SA’s business in Singapore, which could raise about $700 million in a sale, according to people familiar with the matter. The British bank and Etiqa, majority owned by a Maybank...

Growth in health and protection biz to soften Covid-19 economic pressures on Indian insurers:Moody's 

Indian News       Jan 20, 2021

  Mumbai: Indian insurers look set to withstand an economic downturn exacerbated by the coronavirus pandemic, with general insurance premium growth remaining in positive territory thanks to persistently strong sales of health and protection cover, said international rating agency Moody's on Wednesday...  ``Resilient sales of health...

Siddhartha Mohanty,

Siddhartha Mohanty appointed as LIC's MD, to be a front-runner for corporation's chairmanship

Indian News       Jan 19, 2021

  New Delhi: The centre on Tuesday has approved the name of Siddhartha Mohanty,57, CEO, LIC Housing Finance, for the position of one of the the managing directors of the Life Insurance Corporation(LIC). Mohanty can take over as MD of the LIC on or after 1st...

DHFL resolution: Lenders approve Piramal''s $ 5 billion bid

Indian News       Jan 17, 2021

  New Delhi: Debt-ridden mortgage lender DHFL Ltd, having exposures of banks and insurnace companies, on Sunday said the Committee of Creditors (CoC) has approved resolution plan submitted by Piramal Capital and Housing Finance Limited, a Piramal Group company. This was approved by the CoC in...

LIC drags new premium biz down 3% in Dec, private life insurers fare well

Indian News       Jan 10, 2021

  New Delhi: The new business premium of life insurance industry contracted by 3 per cent year-on-year to Rs 24,383.42 crore in December. The new business or the first-year premium of 24 life insurance companies was Rs 25,079.89 crore in the same month of 2019. LIC's...

S Khuntia, chairman, IRDAI

IRDAI asks life insurers to maintain 13th month persistency at 90%

Indian News       Jan 08, 2021

  Pune:: The insurance regulator IRDAI has asked the life insurers to maintain their 13th month persistency ratio of policies at 90 per cent. In insurance industry , policy retention is known as “persistency" and “persistency ratio" measures how long customers stay with their policies, by...

LIC policyholders get a 2nd chance to revive their lapsed policies in current fiscal

Indian News       Jan 07, 2021

  Mumbai:  To encourage continuation of risk cover in the current circumstances of Corona Pandemic and high risk,life insurnace behmoth  the Life Insurance Corporation (LIC) has decided to launch a Special Revival Campaign from Jan 7 to Mar 6 for its 30 crore customers to revive...

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