IRDA said that there has been negligence on the part of MetLife Insurance Company and has imposed a fine of Rs 2 lakhs to be paid within 15 days.

The insurance regulator received a complaint from Suresh Chukkapalli regarding non-receipt of life insurance policy from MetLife even after a lapse of 11 months.

In its defense, MetLife Insurance Company officials told IRDA, “The time taken to refund the proposal deposit was due to review of the underwriting decision on the request of the...  Read More »

New business premium of life insurance companies have collectively declined by 2.5% for the month of July 2011 as compared to that in July 2010.
 

Out of the 23 life insurance companies in India, only 7 of them have shown a positive growth. These companies are Life Insurance Corporation of India (LIC), SBI Life Insurance, Max New York Insurance, Aviva Life Insurance, Kotak Life Insurance, Met Life Insurance and ING Vysya Life.

Aviva Life Insurance has taken the highest jump of 94% by...  Read More »

Insurance awareness among Indian consumers is on the rise and insurance companies are leaving no stone unturned to gain an edge over their competitors by launching innovative plans. A lot of insurance companies are breaking out of the old vanilla plans to introduce insurance products to cater to different customer needs.

Life insurance policies contribute close to 4.4% of the total insurance penetration of 5.1% in India. This clearly indicates that customers are more inclined towards buying...  Read More »

Punjab National Bank (PNB) said that it will acquire 30% stakes in the MetLife India Insurance Company. The tie-up between PNB which is the second largest bank in the country and MetLife will aid the bank to gain a substantial foothold in the insurance space.

PNB has been looking to make a fresh foray in the insurance business, after buying 26% stakes of Principal Financial Group of Mauritius (PFG) and 32% stakes of UK (Berger) paints in Principal PNB Life Insurance Company Ltd. 

Earlier...  Read More »

Punjab National Bank (PNB) said that its board has approved MetLife India Insurance Company for strategic partnership in the insurance business. 

MetLife India Insurance Company  was incorporated as a joint venture between MetLife International Holdings, Inc., The Jammu and Kashmir Bank, M. Pallonji and Co. Private Limited and other private investors.

In January, state-run lender PNB, had invited expression of interest (EOI) from Indian and foreign companies for a new venture. The board...  Read More »

MetLife Insurance India Company has partnered with the India Unite to End Polio Now (IUEPN) campaign, supported by United Nations Children's Fund (UNICEF), to raise awareness for polio eradication. 

In an attempt to draw maximum eyeballs and to spread this message across, they will use out of home media. Buses have been branded with their messages 'Pehle 5 saal, mere bachchon ko 2 boond har bar' and 'Polio ka koi ilaaj nahi, 2 boond har bar hai bachav sahi'. The campaign will be carried...  Read More »

MetLife India Insurance Company reported a net profit of Rs 35.35 crores for the financial year ended March 31, 2011 and has achieved break-even. This is the first time that the company has posted profits since it started operations in India.

In the previous financial year 2009-10, MetLife India had reported a net loss of Rs 274.82 crores.

Commenting on this achievement, Rajesh Relan, Managing Director & CEO, MetLife India Insurance said, “I am glad that we have achieved a break-even an...  Read More »

Punjab National Bank (PNB), state-run lender, has shortlisted Bharti AXA Life Insurance, MetLife Insurance and Aviva Life Insurance companies for its fresh foray in the life insurance business.

PNB had earlier ventured into the life insurance business in 2005 in partnership with Principal Financial Group of Mauritius and UK (Berger) Paints. In January this year the bank decided to part ways with them and bought 26 per cent stakes of PFG and 32 per cent stakes of UK paints in Principal PNB...  Read More »

In the existing insurance market, where numerous insurance companies are selling a host of policies, buyers are spoilt for choices. First, whether to opt for a traditional insurance or a market-linked plan, the next dilemma is whether to go for a single premium policy or a regular premium.  The question then is where are the buyers investing their money?

Let’s look at the purchasing trends of the customers as described in the latest report of Insurance Regulatory and Development Authority...  Read More »