IndiaFirst Life Insurance, a joint venture of Bank of Baroda, Andhra Bank and Legal &amp; General of UK, here on Friday launched &lsquo;Autolife&rsquo;, which provides life insurance cover for automobile customers.

IndiaFirst Life Insurance launches Autolife

Business Standard

Life Insurance Corporation of India has launched a new product called Jeevan Ankur in the child plan space that aims to meet educational and other needs of children. In case of death of the policyholder, the new policy pays the total sum assured (SA) to the nominee, which is 10per cent of the SA payable every year till the end of policy term.

LIC launches new child policy

After highest net asset value (NAV) guaranteed products, the single premium, two-year premium and three-year premium policies are the latest life insurance products to come under the Insurance Regulatory and Development Authority&rsquo;s (Irda) scanner.

Single-premium life insurance policies under regulator's lens

Future Generali India Life Insurance Company Ltd, a joint venture between Future Group and the Italy-based Generali Group, would roll out seven new products by March 2011. These products would be a mix of traditional insurance products and Unit-Linked Insurance Products (ULIPs).

Future Generali to roll out seven new products

By packaging rates and stabilising costs, insurers expect to cut expenses.

Private insurers to adopt PSU rates for cashless mediclaim

Patients who are undergoing treatment and have cashless medical policies can now breathe easy. Their existing policies will cover their expenses even if the hospital they are admitted to is no longer a part of the preferred provider network (PPN) of their insurer.

Sweet prescription for cashless mediclaim

In what will earn insurance agents a higher commission, life insurance companies are launching new traditional products along with revised unit-linked insurance plans (Ulips).

Insurers bank on traditional products

When a 30-year-old client met with an accidental death, his claim voucher amounted to Rs 65,280, including the accident benefit. His wife was distressed when handed over the money, since it was definitely not enough for a housewife with no other income to bring up two young children. Her husband had earned about Rs 60,000 every year but he had bought only one policy with a sum insured of worth Rs 25,000. There was nothing else she could expect from the insurers.

Sufficient cover = 8-10 times salary

Claims proposed to be regulated to lower losses.

Third party motor covers to cost more

Future Generali India is hoping to collect up to Rs 700 crore in new premiums in the life insurance business for the current year with an expected growth of 20 per cent on the back of new product launches and expansion of marketing operations.

Future Generali hopes to collect Rs 700 cr in new premium business

Insurance agents with more than five years of experience are in for a pleasant surprise. In a move that could provide additional income avenues to these agents, the Insurance Regulatory and Development Authority (Irda) plans a new set of agents &mdash; senior agents &mdash; to mentor junior agents.

Irda wants senior agents to mentor new ones

I have learnt that international travel insurance policies are mainly health insurance.

General Insurance: Gaurav Garg

The finance ministry has prescribed a three-pronged strategy to arrest the slide in premium growth in the life insurance sector.

Govt's three-way strategy to boost collection

In view of the stable market scenario at present and sound economic conditions, LIC (Life Insurance Corporation) has planned to introduce at least four more products in the conventional and non-conventional category.

LIC likely to introduce four new products

On the back of a surge from the Life Insurance Corporation of India (LIC), the first-year premium collection by life insurance companies increased by 23.8 per cent to Rs 1,03,878 crore in the April-February period of the current financial year.

LIC collections make up for others' slack

In a radical move, the Insurance Regulatory and Development Authority (Irda) proposed to open up a bancassurance distribution channel, where banks would be allowed to tie-up with one set of insurance companies (life, non-life and standalone health insurance company), in one state.

Banks can partner insurance cos, sell multiple products

At a time when the country&rsquo;s life insurance industry is facing a downturn in premium collection, it has earned itself a dubious distinction of being one of the &ldquo;least&rdquo; profitable market across Asia.

Among the least profitable across Asia

Life insurance premium collection down 20%.

Pvt Life insurers policy issuance dips 35% since April 

Due diligence report by RIL found valuations expensive.

Reliance calls off Bharti-AXA Insurance deal

Aiming to set up a bank once regulations allow it to do so, the Shriram Group has started reshuffling its top deck.

Shriram Group reshuffles top deck

The commercial third-party motor pool may be dismantled. This follows four public sector general insurance companies being given a &lsquo;conditional&rsquo; nod, in a meeting with the regulator recently. The move would bring relief, particularly to smaller private general insurance companies, since by virtue of a pool, losses on account of the commercial third-party motor portfolio, are shared among all general insurance players, according to their total market share.

Third-party motor pool may be done away with

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.

Page 174 - Insurance News