Page 17 - Insurance

General Insurance CEOs laud the switch to 'principle-based' regulation

We are the 15th largest general insurance market in the world, said Dasgupta

All about property transfer, insurance ULIPs: Top personal finance stories

This week we explain the difference between a will and gift deed; next we analyse index funds of life insurers

GIFT City gears up for direct listings, re-insurance in next growth phase

The first phase followed the creation in 2020 of a new regulator, the International Financial Services Authority, which outlined an ambition to create a welcoming place

LIC exploring possibility of setting up fintech arm says, Chairman Mohanty

As part of its digital transformation exercise, insurance behemoth Life Insurance Corporation (LIC) is exploring the possibility of setting up a fintech unit. LIC has initiated a total digital transformation project DIVE (Digital Innovation and Value Enhancement) and appointed a consultant to steer the project, LIC Chairman Siddhartha Mohanty told PTI in an interview. "Our objective is to get best in class digital initiatives for all our stakeholders, customers, intermediaries, marketing people and everybody through the project DIVE," he said. In the first phase, the customer acquisition part is going to be transformed, he said. Customer acquisition is done through three modes--agent, bancassurance and direct sale. LIC gets most of its new customers through its agents. Subsequently, other areas would see transformation, he said, adding, services like claims settlement, loan and other services will be made available at the click of a button. "Customers need not come to the office

LIC targets double-digit growth, plans 3-4 products for FY24: Chairman

Insurance behemoth Life Insurance Corporation (LIC) has lined up 3-4 product launches in the coming months with a view to achieve double-digit growth in new business premium in the current financial year. "We are projecting double-digit growth over the last year. We are going to achieve that because a recent trend is showing uptick in individual retail business. In order to further reinforce our commitment, we are going to launch some new attractive products," LIC Chairman Siddhartha Mohanty told PTI in an interview. LIC is going to launch one product in the first week of December, he said, hoping that it will attract a lot of traction in the market. Sharing some features of the new product, Mohanty said it will provide assured returns and after maturity, the policyholder will get 10 per cent of the sum assured life long. He exuded confidence that the new product will create disruption in the market as everybody wants to know how much he or she is paying and the returns one would g

High-value insurance policies in the slow lane after tax overhaul

The non-linked products are insurance plans which are not linked to the stock market, and therefore, their returns are not based on the performance of the market

Mis-selling trap; air purifier basics: Top personal finance stories

Our pick this week explains when you must say no to your relationship manager and what the best purifiers do

Reflects success: MoHRE as over 6.6 mn subscribe to Unemployment Insurance

The Scheme ensures social protection for workers - citizens and residents - in the federal government and private sectors, as it provides three-month compensation amounts for the insured

Irdai issues exposure draft on EoM for insurers based on RRC suggestions

The exposure draft has upheld and continues to propose a 30 per cent and 35 per cent limit on EoM for general insurers and standalone health insurers, respectively

GIC wants to divert terror insurance money for oil and nuclear risks

India has Rs 15,000 cr in terror risk insurance: Money could be better used

Insurers must curb product mis-selling: Insurance Ombudsman Delhi

Insurance companies have to keep a check on incidents of mis-selling, Insurance Ombudsman Delhi region Sunita Sharma said on Monday. Stressing that customers are the king and insurers are in existence because of customers, she said companies should avoid mis-selling products. Sharma, a former LIC MD, said usually companies engage customers till the free look period and disappear after that as they cannot make a claim of mis-selling after that. Policyholders are allowed a period of at least 15 days (30 days in case of electronic policies and policies sourced through distance mode) from the date of receipt of the policy to review its terms and conditions and to return the same if not acceptable. Insurance Ombudsman is a quasi-judicial grievance redressal machinery to redress complaints of insured persons against life and non- life insurance companies. Observing that the Self Contained Note (SCN) does not come on time from insurers, she said it is advised that these should be sent to

Funding assisted fertility; planning holiday: Top personal finance stories

Our best stories this week are what couples must know about the financial impact of IVF and places to go for a Diwali break

Insurtech startup Bimaplan raises $3.5 mn in pre-series A funding round

Company will use the money to improve technology platform, expand distribution

Premiums of general insurance companies rise 13.65% in October 2023

In terms of the market share, the public sector general insurers stood at 31.60 per cent of the overall insurance industry in October 2023, down from 33.01 per cent in October 2022

Zurich Insurance to pick 51% stake in Kotak Gen Insurance for Rs 4,051 cr

Plans to increase stake to 70% within three years

Zurich Insurance to buy 51% stake in Kotak Mahindra General Insurance

Further, within three years from the initial acquisition, Zurich Insurance Company Ltd will buy an additional 19% stake in the Kotak Mahindra General Insurance Company Ltd

Best of BS Opinion: Grassroots insurance, India's research riddle & more

Here is the best of Business Standard's opinion pieces for today

BS BFSI Summit: Irdai considering SLBC-like body, says chairman Panda

At BS BFSI summit 2023, Panda expressed concern on rising cyber and climate-related risks and the need for insurance companies to develop policies that would address those

Equiniti India aims to hire 800 employees as part of expansion in India

Equiniti India, the offshore arm of Equiniti Group, currently has a total of about 1,500 employees in India across Chennai and Bengaluru

Insurers to provide details of basic features to customers from Jan 1

The regulator has observed several complaints from policyholders due to the asymmetry of information between insurers and the policyholders