Page 20 - Insurance

Select a global health plan covering planned and emergency hospitalisation

The cost of treatment, especially in countries like the US, is much higher than in India, which makes a large sum insured essential

32% vehicles in Kerala currently uninsured, says Transport deptartment

Thirty-two per cent of vehicles in Kerala are currently uninsured, posing a threat to several lives, state Transport Commissioner, S Sreejith has said. Sreejith said the Motor Vehicle Department was making all-out efforts to achieve complete insurance coverage for all vehicles. Sreejith made this statement during a recent Women's Motorcycle Rally as part of the IRDAI mandated insurance awareness drive launched by general insurer Magma HDI at Thiruvananthapuram. "Putting several lives at huge risk, 32 per cent of the vehicles on the Kerala roads are currently uninsured. In a bid to address this alarming statistic, the Motor Vehicle Department is on an all-out effort to achieve complete insurance coverage for all vehicles," Sreejith was quoted in a release. Emphasizing the importance of insurance, he said apart from vehicles, people should also be aware of its need for themselves and their assets as well. Magma HDI, in the release said that low insurance awareness has been cited as

Non-linked insurance plan: Surrender or stay? Do the math before deciding

The new norms contained in IRDAI's exposure draft, if implemented, will make surrendering less painful

Approval for 19 General insurance cos applications in IRDAI's pipeline

Out of the 19 applicants, only Narayana Health Insurance Private Limited has reached the R2 stage of the application. Twelve of them are in their R1 stage

IRDAI eases claim settlement norms for victims of Cyclone Michaung

The regulator's circular added that the special dispensation granted is applicable to the claims arising out of Cyclone Michaung and the resulting heavy rains/floods

Time to review insurance cover; and buy art: Top personal finance stories

Our best stories this week explain how to review a key component of your financial portfolio and how to invest in art

Trust, financial education crucial in achieving insurance for all by 2047

Irdai has committed itself to enabling "Insurance for All" by 2047, where every citizen has life, health, and property insurance cover

Insurance for all by 2047: Insurers call for MF-style ad blitz & a rethink

These discussions took place at the Life Insurance CEOs panel at the Business Standard BFSI Insight Summit

Insurance industry must embrace innovation, enhance capabilities: Irdai

The biggest challenge is to draft a regulation which can foresee, predict and provide guidance for payments, said Panda

Insurance industry faces hurdle in growth due to dearth of human capital

To counter the shortage of human capital, insurance firms are investing in employees by recruiting directly from campuses

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