The Insurance Regulatory and Development Authority (IRDA) is in the process of devising a new micro-insurance policy for the rural masses which will offer the multiple benefits of life insurance, health insurance and asset protection. IRDA has requested the Life Insurance Council of India to assess the pros and cons of such a multiple benefit insurance policy and submit a report at the earliest.

For a long time, IRDA has been studying the feasibility of offering products that can cover...  Read More »

Unit-linked insurance plans which were offering the guarantee of returns basis highest NAV of the term on maturity have been banned by the Insurance Regulatory and Development Authority (IRDA).

Around 2009-10 insurance companies could see a lot of customers becoming refusing to buy unit-linked insurance plans due to the high risk involved in such products. To make the proposition attractive and assure a certain guaranteed benefit, the insurance companies designed ULIP with a guaranteed...  Read More »

HSBC which holds 26% in Canara HSBC OBC Life Insurance Company is known to be in talks of exiting the business of life insurance in India. This is the first ever time HSBC has ventured into the life insurance space.
 
Canara HSBC Oriental Bank of Commerce Life Insurance Company which started operations in 2008 is a joint venture between Canara Bank, Oriental Bank of Commerce and HSBC Insurance. HSBC has been exiting many of their non core businesses globally in order to maintain focus on its...  Read More »

The Finance Ministry is expected to discuss the Insurance Bill with the Cabinet in a few days from now. However, the reforms suggested in the bill seem to be toned down. The wait for increasing the FDI limit in the insurance sector from 26% to 49% will go on for a bit longer.
 

The proposed changes / amendments in the Insurance Bill are focusing on customer protection and better transparency. Some of the points which may be a part of the changes in the Insurance Bill are –

• FDI limit...  Read More »

DLF, the Indian arm of the life insurance company DLF Pramerica is looking to exit the joint venture by selling its stake. Reports are that DLF is in talks to sell a majority stake in its life insurance joint venture to HCL Group for about 5 billion rupees.

The real estate sector has been under tremendous pressure for last couple of years and DLF too is learnt to be starving for working capital and cash. The real estate giant has a debt of over $4.2 billion. DLF plans to pay off a huge chunk...  Read More »

On 4th May 2012, The Insurance Regulatory and Development Authority (IRDA) released an order whereby it has imposed a fine of Rs.28 lakhs on M/s Shriram Life Insurance Company Ltd

IRDA had conducted an onsite inspection of Shriram Life Insurance Company in 2010 which revealed certain violations of the provisions and regulations of the Insurance Act, 1938. There were several charges whereby Shriram Life Insurance Co was found in compliance of the rules barring a few observations for which the...  Read More »

Max Bupa Health Insurance Company announced the appointment of Mr. Manasije Mishra as their new Chief Executive Officer (CEO). He will take over the office from Dr. Damien Mormion who has been handling the position since inception.

Prior to Max Bupa, Mr Manasije Mishra has served as Managing Director & CEO of HSBC Invest Direct. He has also served as Sales & Marketing Director of Canara HSBC OBC LIFE Insurance Company. Mr. Mishra joined the HSBC group in 1989 and has immense experience in...  Read More »

Max Bupa Health Insurance Company, the latest entrant in the group of standalone health insurance companies announced the completion their two successful years of operation in India. Max Bupa also shared their aim to double their growth on all parameters and cover 1 million lives by 2015.

The growing insurance sector in India has witnessed launch of monoline or specialist health insurance companies. These companies focus on offering only health insurance products popularly known as mediclaim...  Read More »

The Ministry of Finance has requested the Insurance Regulatory and Development Authority (IRDA) to relax the branch opening norms in smaller cities thereby increasing the penetration of insurance in smaller towns and rural areas.

The current penetration of insurance in rural areas is very dismal in both life as well as non-life insurance sector. The Ministry of Finance is of the opinion that the one of the ways to boost the penetration of the insurance in these areas is by relaxing the norms...  Read More »

On April 24, 2012, Tata AIG General Insurance Company announced the launch of their health insurance policy called MediPrime. One of the striking features of this policy is that it offers lifetime renewal.

“We are proud to announce the launch of MediPrime; a product that has been designed specifically to meet the current requirements of the consumer and ensure that their needs from a health policy are met. Customer Delight is an important pillar of our Company values and MediPrime, with its’...  Read More »