Insurance News

The insurance regulator has release an Exposure Draft which proposes providing health insurance cover to those living with HIV and to individuals like doctors and nurses who work closely with HIV patients. This has been done after various representations have been received by IRDA from stakeholders including the government authorities.

There is a lot being written on IRDA’s reluctance to approve new single premium life insurance products. Single premium life insurance products have been selling well with consumers opting for it more for the convenience factor rather than from an insurance coverage angle. From an insurance perspective, single premium policies definitely do not serve the purpose. Actually it does not serve the purpose from an investment angle also when compared to regular premium policies.

The...  Read More »

 The Insurance Regulator in India IRDA feels that life insurance policies should be sold based on the customer’s requirement and suitability. In order to achieve this, the regulator has suggested use of a Suitability Index or Prospect Product Matrix which should be used by the insurers to check suitability before making a life insurance sale.

Based on the inputs received from the customer by the insurer or its distribution partners, a suitable product can be recommended to the customer. This...  Read More »

Life Insurance Corporation of India, LIC has launched a new Child Insurance Plan today. The plan is called Jeevan Ankur.

LIC Jeevan Ankur is a traditional insurance plan which is not market linked. It is a participating plan which means that Bonus will accrue to the plan depending on the performance of the company. In this plan, the life of the parent is insured. In case of the death of the policy-holder, the nominee will get the Basic Sum Assured immediately and additionally 10% of the Basic...  Read More »

January to March is the tax-saving season which sees high number of customers flocking towards financial products to avail tax benefits. This is the time when insurance companies try to cash-in on these customers and maximize their revenues. But this quarter may be a little disappointing for customers looking to invest in pension plans as well as for the private life insurers.
The reason for this is the withdrawal of existing pension or retirement plans from the markets because of the new...  Read More »

Bharti AXA General Insurance Company said that it has seen a 47% growth in its premium collections in 2011 as compared to that in 2010.

The private insurer’s premium collections in 2011 stood at Rs 776 crore in 2011 against its collections of Rs 528 crore in 2010.

Commenting on this achievement, Amarnath Ananthanarayanan, CEO of Bharti AXA General Insurance said, "Year 2011 has been a great year for us and this outcome is the result of our colleagues, partners and stakeholders'...  Read More »

Cigna, a global health service company and TTK Group, an Indian business conglomerate, announced their health insurance joint venture.

With only around 2.2% of the population covered under private health insurance, Indian markets hold tremendous potential for players that can cater to the growing needs of this large population.

The joint venture between the two companies is named Cigna TTK and it will be headquartered in Mumbai. Sandeep Patel, Managing Director of Cigna Health Solutions...  Read More »

Aegon Religare Life Insurance, the first company to launch an online term plan in India called “iTerm”, has released a new version of the plan with improved features.

The new iTerm Plan comes with an in-built terminal illness cover and also offers a policy term up to the age of 75. Terminal Illness is defined as an advanced or rapidly progressing incurable & uncorrectable medical condition, which in the opinion of the treating physician is highly likely to lead to death within the next six...  Read More »

Insurance Regulatory and Development Authority (IRDA) has slapped a fine of Rs 20 lakhs on Future Generali Life Insurance for violation of norms.

According to IRDA, Future Generali permitted various unlicensed individuals to solicit and procure business through Insurance For You (Future) when the entity itself was not licensed i.e approved by the Authority as Corporate Agent.

In April, 2011, IRDA carried out an onsite inspection at the Hyderabad Branch of Future Generali to investigate...  Read More »