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Insurance News on Life Insurance

Private Life Insurance Companies unite together to battle Fraudulent Investment Scams

April 29, 2013 - 02:37 PM

Six private insurance players viz: Reliance Life Insurance, ICICI Prudential, HDFC Life, Birla Sun Life, SBI Life and Aegon Religare have filed a complaint with Economic Offence Wing against the bogus callers who lure the customers with artificial commitments on loans and other investment products with a intend to cheat them. This complaint is in addition to capital market regulator Securities and Exchange Board of India’s (SEBI) investigation into a fraud investment organization.

Preliminary... Read More »

Posted in Life Insurance | 133 Views | Write a Comment »

30 days free Life Insurance Cover by Xpress Money Services Limited

March 31, 2013 - 07:52 AM

Mr. Vinesh venugopal Nair, Vice President – Global Marketing and Communications, Xpress Money Services Limited, announced that they plan to launch a 30 days life insurance cover to their customers who remit money using the services of their company. This insurance cover will be for Rs. 2 lakhs and will be provided at free of cost as an additional benefit for those who avail their remittance services. They plan to launch it in the Middle East first before taking it to other locations including... Read More »

Posted in Life Insurance , Insurance | 145 Views | Write a Comment »

IRDA to investigate further on the sting operations for 3 Insurers

March 26, 2013 - 08:49 AM

In order to investigate further and take corrective action on the sting operation codenamed “Operation Red Spider” carried out by Cobrapost, charging three private banks for money laundering, market regulator Insurance Regulatory and Development Authority (IRDA), called for the pertinent records from three private life insurance companies viz: HDFC Standard Life Insurance Company, ICICI Prudential Life Insurance Company, Max Life Insurance Company.

This in secret action which was carried out... Read More »

Posted in Life Insurance , IRDA | 204 Views | Write a Comment »

Pantaloon to exit from insurance business

March 11, 2013 - 04:34 PM

Without disclosing the deal package, Management of Pantaloon Retail announced their decision to part with their 22.50% of its shareholdings in its life insurance joint venture business with Future Generali India Life Insurance Company. These shares would be sold to Industrial Investment Trust Limited, an investment company listed on a Bombay Stock Exchange in the year 2008. This announcement is in line with their strategy to exit from non related businesses.

At present Pantaloon Retail holds... Read More »

Posted in Future Generali , Life Insurance | 321 Views | Write a Comment »

Foreign Companies eying Indian Insurance Business

February 07, 2013 - 11:55 PM

According to the sources from insurance industry, many prominent insurance companies from South East Asian countries like, South Korea, Japan etc is planning to enter in to Indian market for insurance business. Also in past, many giant insurance companies like Nippon Life and Mitsui Sumitomo have established themselves in India by purchasing shares of Reliance Life and Max New York Life Insurance respectively.

South Korea’s giant, Samsung Life Insurance, one of the largest insurance companies... Read More »

Posted in Insurance , Life Insurance | 255 Views | Write a Comment »

Average ticket size of private life insurers sees a dip

February 04, 2013 - 12:20 AM

According to a study conducted by Delloite India, the average premium per policy has lowered by almost 8% in the last financial year. The dip is from Rs. 34,500 in the financial year 2010-11 to Rs. 29,000 in the financial year 2011-12, in case of young insurers. However, older insurance companies, with a vintage of being in the industry for at least 8 years or so, have managed to maintain their average ticket size of Rs. 32,000 for the year ending March 2012.

Deloitte India, in its official... Read More »

Posted in Life Insurance , Others | 206 Views | Write a Comment »

IRDA plans new mortality rates, Life Insurance to get cheaper in 2013

February 03, 2013 - 11:50 PM

The market regulator for the Insurance Industry in India, IRDA (Insurance Regulatory and Development Authority) has indicated its plan to release new mortality rates by starting of next financial year. This would affect all Life Insurance Policies, existing and new. Once this rate is put into practice the life insurance premium is expected to go down. The proposed new table for mortality rates, awaiting IRDA's approval would be finalized on the basis of the latest mortality experiences varying... Read More »

Posted in IRDA , Life Insurance | 482 Views | 1 Comments »

2 New Wealth Creation Planw introduced by Edelweiss Tokio Life Insurance

January 10, 2013 - 11:11 AM

Edelweiss Tokio Life Insurance Company Limited has introduced Edelweiss Tokio Life-Save n Grow Plan (WA), a participating endowment plan with increasing protection over the policy term and Edelweiss Tokio Life-MultiGain Plan (WA), a participating endowment scheme with regular cash back. These plans designed for customers who have mid to long term investment horizon for wealth creation. These plans address the Wealth Accumulation needs of a customer and protect the family against any eventuality.... Read More »

Posted in Edelweiss Tokio Life Insurance , Life Insurance | 347 Views | Write a Comment »

Punjab National Bank acquires 30% stake in Metlife India, to be rebranded as PNB Metlife India

January 07, 2013 - 06:45 PM

On receiving the approval from Competition Commission of India (C.C.I) – a regulatory authority who ensures fair trade, State owned Punjab National Bank (P.N.B) announced the purchase of 30% stake i.e 60.38 crores shares in the general insurer - Met Life Insurance Company without revealing the actual amount. Both P.N.B and Met Life had approached C.C.I. on 07th December 2012 for getting the investment approval.

MetLife India, as it was before the new stake of PNB, was a joint venture... Read More »

Posted in MetLife , Life Insurance | 526 Views | Write a Comment »