The state-run Oil and Natural Gas Corporation (ONGC) is expecting a higher insurance premium to renew the cover of its offshore assets which are estimated to be valued at $33.7 billion. Last year, ONGC paid a premium to the tune of $25 million to insure its offshore assets and it may have to pay a higher premium this year to obtain same amount of cover.

There are several reasons cited for probable increase in insurance premiums of ONGC but the primary one could be due to the global rise in...  Read More »

LIC of India has made an important announcement for all its policyholders and beneficiaries in newspapers and on its website.

To increase security and privacy of the policy money, and to speed up the credit process, Life Insurance Corporation of India (LIC) will be crediting all payments directly to the policyholder’s bank account.  Payments include Maturity Benefit, Survival Benefit, Surrender Benefit, Pensions; Money on Group Schemes, Loans etc.

LIC has requested all its Policyholders...  Read More »

The Federation of Obstetric and Gynaecological Societies of India (FOGSI), representing practitioners of obstetrics and gynecology, have moved the Bombay High Court against United India Insurance for demanding higher premium amount on group insurance policy.

United India Insurance had issued a 1 year group mediclaim insurance policy to 1173 members in March 2009. Out of this, 898 policyholders were covered for an amount of Rs 5 lakh and the remaining members were covered for Rs 10 lakh. The...  Read More »