Finance ministry asks Irda to make this and other changes while clearing these products.

Risk cover to double on Ulips

Business Standard

As the row over investment-cum-insurance product came to an end, life insurers got another big relief on pension plans, which now would come with minimum guarantee. Recently, the Insurance Regulatory and Development Authority (Irda) had proposed a mandatory life cover with pension products, which had created an uproar in the industry.

Insurers relieved from bundling pension plans with life

The life insurance industry recorded a 45 per cent growth in new business premium income collected in the months of April and May. The growth came even as insurers pushed sales of unit-linked insurance plans (Ulips) and pension plans, anticipating a fall in sales of these products after the new norms kick in.

Life insurers' new premium up 45%

A plus on current rules, but there will be restrictions - and downsides.

Insurance firms, Irda work on health cover transfers

Following Insurance Regulatory Development Authority's move to allow insurance companies to offer &ldquo;Health plus Life&rdquo; products, Future Generali India Life Insurance, the insurance joint venture between Future Group and Generali of Italy, is planning to launch a combo plan in the next two months.

Future Generali to launch health plus term life insurance plan

Fresh norms introduce definitive changes in Ulips; more could have been done on cost.

More insurance, less investment

Guarantee returns for pension plans, cut front-loading of costs, increase risk cover.

New Ulips more investor friendly

State-owned Life Insurance Corporation (LIC) of India will close one of its most attractive unit-linked pension plans- Market Plus-1 in its present form from June 30 this year.

LIC to close market plus-1 today

Plan to tell Irda its new rule of a 4.5% guaranteed return isn&rsquo;t practical.

New returns norm may push us off business, say insurers

The Insurance Regulatory and Development Authority (Irda) today tightened the norms for unit-linked insurance and pension plans, while increasing the risk cover they offer.

Ulips set to get a makeover

Most expected to be unit-linked insurance plans.

New norms: Insurers to re-file up to 270 products

After trying to reform unit-linked insurance plans (Ulips), the Insurance Regulatory and Development Authority (Irda) is now turning its attention to the protection of policyholders.

Now, Irda focuses on policyholder protection

IndiaFirst resumed operations on January 15 this year and has already mopped up a pan-India premium of Rs 200 crore by the end of March this year.

IndiaFirst Life Insurance eyes Rs 1,000 cr premium collection

Max Bupa Health Insurance, a joint venture between Max India Limited and international healthcare company Bupa, is targeting to gain one million customers in five years. The company, which has lined up an investment of Rs 700 crore over a five-year period, hopes to break even during the same time.

Max Bupa launches AP operations

I am 35 and have a term plan (cover Rs 25 lakh) with an insurance company. My annual premium is around Rs 8,500. I have come across companies that offer the same cover for less than half the premium I am paying.

LIFE INSURANCE: Kamesh Goyal

Legendary investor Warren Buffett is keen on acquiring a majority stake in a state-owned general insurance company.

Buffett eyes majority stake in PSU insurance company

After reeling under losses for almost a decade, life insurance companies are now turning the tide. Four life insurers have, so far, posted profit, while three of them have brought down their losses.

After a year of consolidation, life insurers get a glimpse of profit

Two private life insurance companies are set to see a change of guard. While Bharti AXA Life&rsquo;s Chief Executive Officer (CEO) Nitin Chopra quit last month, Metlife CEO and Managing Director Rajesh Relan is also on his way out.

Bharti AXA Life Chief executive quits, Metlife's may follow suit

While returns on investment have helped non-life insurance companies register profits, they are yet to show profit from their core business of underwriting profit.

Insurance firms still to stop loss from core activity

Policyholders of unit-linked insurance plans (Ulips) with a top-up option might find the going tough in the next few months. Reason: Insurers are confused about the recent guidelines issued by the Insurance Regulatory and Development Authority (Irda). Apart from directing companies to provide a sum assured for retirement products, an Irda circular has mandated a cover for top-up premiums, too.

Confusion over top-up Ulips

Insurers of Aban Pearl, the natural gas exploration vessel that sank off the cost of Venezuela, would be spared heavy claims as they had placed 90 per cent of the risk with reinsurers.

Reinsurance comes to aid of Aban Pearl insurers

Insurance News: Visit Business Standard to know about the latest Insurance Industry News, online insurance information, expert views and updates.

Insurance News: Latest Insurance News, Insurance Industry Policy Headlines and Updates | Business Standard

Visit Business Standard to know about the latest Insurance Industry News, online insurance information, expert views and updates.

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