Page 116 - Insurance News
HDFC Life launches cover compliant with new traditional product norms
The new product, HDFC Life ClassicAssure Plus, is a protection cum investment plan with limited premium payment term
 "HDFC Life launches cover compliant with new traditional product norms")
 "6 months too short for new product switchover: Max Life")
Insurance industry sees rise in profitability
After reeling under the impact of macro-economic situations, low penetration, the sector is finally seeing good results
Banks mull recast of Rs 4,000 crore Winsome debt
PNB, Canara Bank, had opened letters of credit to winsome Diamonds and Jewellery for the purchase of gold; however, after the firm failed to pay the bullion lenders, the aforementioned invoked the LCs
 "Banks mull recast of Rs 4,000 crore Winsome debt")
Banks to have multiple structure options to tie-up with insurers
Banks would now have options to tie up with nisurers as a corporate agent, a broker or in a particular zone
Irda gears up for product refiling process
S Roy Chowdhury, Member (Life) Irda says regulator to involve more staff to approve products
 "Irda gears up for product refiling process")
Irda to have new formula for persistency
The regulator will disclose new formula in next few weeks
Over 36 lakh insurance agents terminated in last 4 years
Life Insurance Council says companies need to augment their agency force with 15-20% growth every year in number of agents
 "Over 36 lakh insurance agents terminated in last 4 years")
Motor segment drove premiums for general insurers in FY13
While motor third party insurance is mandatory in India, own damage insurance is optional
 "Motor segment drove premiums for general insurers in FY13")
Insurance industry sees rise in profitability
Life insurance, which has seen slowdown in new business premium collection, has also fared better in terms of profitability
 "Insurance industry sees rise in profitability")
Insurers' non-operating fin arms under spotlight
Rules don't allow subsidiaries to hold stake in insurance firms
Life insurers see marginal rise in new business premium
General insurers see 22% premium rise
 "Life insurers see marginal rise in new business premium")
Irda to examine NOFHc structure for insurance companies
As per present rules, a subsidiary company cannot hold stake in an insurance company
Smokers spend 56% more than non-smokers on life insurance
Aviva Life research says a smoker pays Rs 12,292 annually as life insurance premium for a 10-yr term plan with a sum assured of Rs 1 cr
 "Smokers spend 56% more than non-smokers on life insurance")
Reliance Life eyes higher profits in FY'14
The company had recorded its first full-year net profit in the financial year ended March 31, 2012
S K Roy takes charge as LIC MD
Roy joined the largest insurance company in the country in 1981
 "S K Roy takes charge as LIC MD")
Insurers should maintain records of all transactions: Irda
These norms are in conformance to the Prevention of Money Laundering (Amendment) Act 2012
Insurers take social media route to promote business
Insurers are also exploring methods of helping customers renew their policies using social networking accounts
 "Insurers take social media route to promote business")