Page 34 - Insurance

Deposit insurance reforms to instil confidence in people on banking: PM

At Vigyan Bhawan, the Prime Minister said banks play an important role in the progress of any nation

PM Modi to address bank deposit insurance programme today

Prime Minister Narendra Modi will address the function on 'Depositors FirstAs per an official statement from Prime Minsiter's Office, Union Finance Minister Nirmala Sitharaman, MoS Finance and RBI Governor will also be present on the occasion."Deposit insurance covers all deposits such as savings, fixed, current, recurring deposits, etc. in all commercial banks, functioning in India. Deposits in State, Central and Primary cooperative banks, functioning in States/Union Territories are also covered," said the PMO."In a path-breaking reform, bank deposit insurance cover was enhanced from Rs 1 lakh to Rs 5 lakh," it added.With deposit insurance coverage of Rs 5 lakh per depositor per bank, the number of fully protected accounts at end of the previous financial year constituted 98.1 per cent of the total number of accounts, as against the international benchmark of 80 per cent.The first tranche of interim payments has been released by the Deposit Insurance and Credit Guarantee Corporation .

'PFRDA may look beyond annuities if Act's tweaked,' says chairman

New annuity products, however, will require no modifications to Act

Bolster your finances before third Covid-19 wave with an emergency corpus

Buying a personal health cover and reducing loan burden will put you in better shape to handle a crisis

Bharti AXA Life posts 33% growth in weighted new biz premium in H1FY22

The insurer's asset under management witnessed a strong growth of 28 per cent and has doubled over the past three years

Insurer can't alter loss assessed by surveyor

The National Commission concluded a surveyor's report must be given due importance unless there are valid reasons for disagreeing with it

Most insurance buyers prefer physical copies of policy document: Survey

About 56 per cent of the respondents were in the age-group of 18-40 years, 28 per cent in the 41-60 years, and 14 per cent of the respondents were 60 years and above

Insurance products preferred financial tools to meet future goals: Survey

Insurance products emerged as the preferred choice of investments for parents, as they consider these as low-risk and reliable financial tools to meet future goals, according to a survey.

18% GST on insurance premium is atrocious: Former IRDAI member Nilesh Sathe

Says insurance becomes a necessity in the absence of any social security for citizens, nowhere else in the world one has to pay such heavy tax on premium

PMC Bank customers not to get Rs 5 lakh deposit cover in first lot

Customers of stressed Punjab & Maharashtra Co-Operative Bank (PMC Bank) will not get up to Rs 5 lakh insurance cover in the first lot as the multi-state co-operative bank is under the resolution process. Deposit Insurance and Credit Guarantee Corporation (DICGC) in the first lot will pay customers of 20 stressed banks except PMC Bank. For the first lot, the mandatory 90 days period concludes on November 30. It is to be noted that RBI had in June given in-principle approval to a consortium of Centrum Financial Services and fintech startup BharatPe to acquire the stressed PMC Bank. Clearing decks for the takeover, the RBI earlier this month gave licence for small finance bank to the consortium. Recently, the DICGC said there may be a need to invoke the provisions of Section 18 A (7) (a) of the Deposit Insurance and Credit Guarantee Corporation (Amendment) Act, 2021, As per the Section 18 A (7) (a) of the Act, if a stressed bank is under the resolution process, the period for ...

Swiss Re to invest Rs 920 cr for 23% stake in Paytm's insurance initiative

Paytm Insuretech plans to leverage Paytm's customer base and merchant ecosystem to develop innovative insurance products and solutions

Aditya Birla Sun Life AMC second quarter profit up 38% to Rs 173 cr

The company had posted a profit after tax of Rs 125.4 crore in the year-ago period

Soon, regular yoga will get you a discount on your insurance premium

Irdai set to allow wellness programme along with life plans; policyholders participation voluntary

Insurance firms can fuel the startup ecosystem

The insurance regulator's move to allow insurers to invest in fund of funds creates a significant source of domestic capital for Indian entrepreneurs

Understand policy coverage before buying

The National Commission observed that both the insured and his spouse were doctors and hence capable of understanding the scope of the policy

Digit insurance clocks $400 mn in annual premiums, served 20 mn customers

In the wake of the pandemic, the company's group health business grew by 11 times to Rs 170 crore.

Online sale of term life insurance products gains traction: Max Life

The pandemic has brought in a lot of awareness among the people and this is evident from the fact that sale of pure protection plan has seen a significant jump post COVID-19.

Compensate for damage due to natural calamity

The National Commission observed that the melting of snow caused discharge of water in the river, causing the tank's collapse. This was a peril under the policy

Life insurers see impressive 22% YoY growth in new business premium in Sept

While private insurers, 23 in total, saw their NBP go up over 42%, LIC saw a 12 per cent rise

SME Chatroom: 'Defective packaging can imperil marine insurance claims'

Clause 4.3 of Institute Cargo Clauses (C) says that in no case will insurance cover loss, damage or expense caused by insufficiency or unsuitability of packing or preparation of subject matter insured