The state-owned insurance giant Life Insurance Corporation of India (LIC) and private sector insurer HDFC Standard Life missed out on rural sector obligations during 2008-09. While two non-life insurers, Bharti Axa General Insurance and Apollo DKV, did not meet both the rural as well as the social sector obligations during the last financial year.

According to the annual report released by the Insurance Regulatory and Development Authority (Irda), “Out of the 21 life insurers in the private sector, except HDFC Standard, all have fulfiled their obligations towards the rural sector. LIC, which is non-compliant with its obligations in the rural sector during 2008-09, underwrote a lower number of policies in rural sector, than the prescribed 25 per cent for 2008-09.”

Also Read   Related Stories News Now - Life insurers log 53% rise in first premium income - 'Knowledgeable investors do not look at profit or loss numbers' - Where do I begin? - Offers that lead to despair - Infosys BPO chief quits; to join HDFC Standard Life - HDFC Standard Life lowers capital infusion by Rs 100 crore

Also Read   Related Stories News Now - Markets end on a strong note - Nabard FY14 operating surplus soars 28% to Rs 1,635 cr - RBI eases banks' term deposit restrictions - NMDC Q4 net down 21.74% to Rs 1,642.28 cr - Balrampur Chini Q4 profit up by 15% More

Similarly in respect of non-life insurer, 2 per cent of the total gross premium income in the first financial year has to be rural sector, which goes up to 7 per cent from the ninth financial year onwards.

At the same time all four public sector insurers have complied with both the rural and social sector obligations for 2008-09 with 7 per cent of the quantum of insurance business. The norms prescribed all public sector insurers to write 10 per cent above the target of 2007-08 in the number of lives covered by the respective insurer in the social sector or 550,000 or whichever is higher.

LIC complied with its social sector obligations and covered a more number of lives than the prescribed 2 million as obligations for 2008- 09.

In social sector, all insurers have to underwrite five thousand lives in the first financial year to 55,000 lives in the tenth financial year under social sector obligations.

New Ipad Application :Business Standard's all new IPad App Click here to download for free Other Stories      - Markets end on a strong note - Nabard FY14 operating surplus soars 28% to Rs 1,635 cr - RBI eases banks' term deposit restrictions - NMDC Q4 net down 21.74% to Rs 1,642.28 cr - Balrampur Chini Q4 profit up by 15%

Tags : Life Insurance Corporation of India | HDFC Standard Life | Bharti Axa General Insurance | Irda | rural sector |   Read Business news in  Advertisements -  Benefits Upto Rs. 2.36 Lakhs on the Fully Loaded TJet Petrol. -  Journey on, We are by Your Side. Click here to know more -  Help a Child Achieve her. Click to know more -  2 Lac Apartments, 1 Lac House / Plots. Click here -  Benefits Upto Rs. 2.36 Lakhs on the Fully Loaded TJet Petrol. -  Watch The Film Here. Click here to know more.. -  Leader in Passenger Car & Automobile Tyres. Click here -  1 billion in saving for Unilever without any tangles. -  Learn How One City is Running on FOOD SCRAPS. -  One Partnership Endless Possibilities. Click here to know more -  Helping doctors detect diseases earlier, saving costs & extending lives. -  36 Lakhs can get you a pool of Luxuries. Click here -  Which is the best plan for your daughter -  Check out the TRUE COLOURS of your Stocks, Now for FREE! -  One of the leading business schools in the world.Know More