Page 59 - Insurance News

Irdai on use-and-file products

Use-and-file is a procedure where the insurer is permitted to market the product without prior noting of IRDAI

Corporate agents may enter into new tie-ups in FY17 with IRDAI nudge

IRDAI has asked banks, corporate agents to have board-approved policy on open architecture

Product wording de-tariffing demand on back burner

With heavy discounts affecting fire and group health, freeing wordings may only worsen situation, say industry officials

New premiums up 15.5% for life insurers in April-January period

Top insurer LIC posts 15% growth during this period, collects Rs 66,336 cr as new business premium

More young professionals have lifestyle disorders, inadequate health cover

Chronic body pain, obesity on the rise among professionals aged 23-35; many of them depend only on employer-provided cover

Domestic re-insurers to get preference: Irdai

The re-insurance industry is worth Rs 18,000 crore in India of which life insurance constitutes about Rs 1,200 crore

Irdai pushes for better governance of insurance firms

The regulator, in its guidelines, has put additional responsibility on firms to ensure sound governance is practiced

Four insurance marketing firms get licence

Firms will solicit, procure insurance products; no entity among them to sell other financial products

Point-of-sale persons may lower insurers' cost

IRDAI has said PSP can sell motor, personal accident, travel and home insurance policies

IRDAI puts higher responsibilities on insurer's boards

Guidelines seek to ensure structure, responsibilities and functions of company and that it recognises expectations of all stakeholders

IRDAI makes e-format must for Rs 10 lakh-plus life policies

Individual health policies of Rs 5 lakh and above, or annual premium of Rs 5,000 and above must also be offered in e-format

Debt funds, balanced funds may become popular in Ulips as markets turn topsy-turvy

Insurance sector officials said that while customers are less apprehensive about short term volatility, some fund switches could be made

CCI approves Nippon Life stake hike in Reliance Life to 49%

Nippon Life had announced its plan to hike the stake to 49% at an investment of Rs 2,265 crore

IRDAI to maintain caps on broker commission

However, chairman T S Vijayan said he was ready to discuss the quantum of upper limit

Private insurers might junk PM's Jan Suraksha schemes

Jan Suraksha scheme incorporated a personal accident policy, a term plan and a pension plan

Insurers have to live with Section 45

This particular section says that a life insurance policy cannot be rejected after three years of being issued

LIC mops Rs 1,650-crore new premium in UP

In the past two months, the public sector behemoth had launched three new policies -- Jeevan Labh, Jeevan Shikhar and Jeevan Pragati

Private insurers may reduce exposure to non-retail motor insurance

Insurers' claim ratios have even exceeded 150 per cent in certain periods in this space meaning that the claim amount exceeded the premium collected

Unified insurance package for farmers to cover life

The components in the united package include the Fasal Bima Yojana, fire insurance, agriculture pump-set insurance and life insurance

Health insurance uptake higher among elders, says Max Bupa survey

The survey showed that 72 per cent of those in age group of 46-54 years while 68 per cent of those in 55-60 years bracket own a health insurance policy