Insurance News on MetLife

MetLife India fined for misselling of insurance policies

09 Nov 2013, 02:40 PM  by   723 Views | Write a Comment »

The Chandighar district consumer disputed redressal forum passed an order against MetLife India holding it guilty of unfair trade practice and deficiency in services. The company was held guilty for mis - selling eight insurance policies to an underage boy. The minimum age prescribed for a person to avail insurance policy is 20 years, however the company sold the above 8 insurance policies to a boy aged 19 years only.

 

The forum directed the insurance company refund the premium amount of Rs....  Read More »

Posted in MetLife Insurance

Jammu and Kashmir bank to exit insurance business by selling off its entire stake in Metlife India

10 Oct 2013, 07:04 PM  by   990 Views | Write a Comment »

Jammu and Kashmir bank, which has entered into a joint venture with Metlife India, plans to exit insurance business by intending to sell the entire 5% of its remaining share holding or a part thereof. The bank acts as a corporate agent of Metlife India and markets its products through its strong branch network. The bank diversified its operation when it entered into both life and non life insurance business.

 

The bank currently has 750 branches across India and plans to add more 250 in coming...  Read More »

Posted in MetLife 2013 Highlights

Housing and Educational loan borrower from PNB to get insurance coverage from MetLife

16 Apr 2013, 06:38 AM  by   785 Views | Write a Comment »
PNB Metlife India Insurance Company, on the inauguration date of Punjab National Bank, which also is an auspicious day of Baisakhi, announced the launch of Met Flexi Shield plan, a loan protection plan, for its home and educational loan customers. The salient feature of this plan is that it provides a shield against loan liability to the family members of the borrower, in case of the death of the borrower due to unanticipated circumstances.
 
PNB Metlife India Insurance Company is a joint...  Read More »

Posted in MetLife

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

07 Jan 2013, 06:45 PM  by   1180 Views | Write a Comment »

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

MetLife finally gets the approval to transfer shares to Punjab National Bank

09 Oct 2012, 11:21 AM  by   1327 Views | Write a Comment »

MetLife LogoMetLife India Insurance Company has got the approval from the Insurance Regulatory and Development Authority (IRDA) to transfer 30 percent shares to Punjab National Bank (PNB). 

MetLife, which is a joint venture between US based MetLife International and M. Pallonji & Co. Ltd and a few other investors, had been facing constraints with regards capital contribution. IRDA had intervened in the way capital calls were being made at MetLife and asked to identify an optimal solution. One of the...  Read More »

Posted in MetLife

Metlife Insurance will buyback shares

18 Sep 2012, 11:26 AM  by   1308 Views | 1 Comments »

MetLife India LogoMetLife, a leading global provider of insurance, will be buying its share from Jammu and Kashmir Bank and private equity investor Srini Raju as part of rearrangement exercise of the shareholding pattern of its Indian joint venture.

MetLife Inc is expected to pay around Rs 190 crore in return of 50 million shares to Jammu and Kashmir Bank for buying back a part of its stake in MetLife India Insurance Co. After this buy back exercise the MetLife will maintain a 26 per cent stake in the Indian...  Read More »

Posted in MetLife

MetLife India Insurance changes its shareholding pattern

04 Sep 2012, 11:11 AM  by   1613 Views | 1 Comments »

Logo of MetLife India InsuranceThe 73rd meeting of the Board of Insurance Regulatory and Development Authority (IRDA) was held on August 31, 2012 at New Delhi. Amongst the various agenda items considered by the Board, the IRDA considered the proposal for change in the shareholding pattern of M/s. MetLife India Insurance Company Limited and broadening the definition of ‘Indian Promoter’ as defined under the IRDA (Registration of Indian Insurance Companies) Regulations, 2000 to include a Limited Liability Partnership.

The...  Read More »

Posted in MetLife

Delhi University College offers an add-on course in Actuarial science

17 Aug 2012, 06:19 PM  by   1767 Views | Write a Comment »

Hindu College of Delhi University in collaboration with MetLife Insurance Ltd is now offering an add-on course in actuarial sciences from this year onwards.

An actuary is a business professional who deals with the financial impact of risk and uncertainty. Actuaries provide expert assessments of financial security systems and Actuaries' insurance disciplines include life, health, pensions, annuities, asset management, property, casualty, general insurance, and reinsurance.

Currently in...  Read More »

Posted in MetLife

IRDA orders Metlife Insurance to pay a penalty of Rs 2 lakh

10 Jan 2012, 11:37 AM  by   1771 Views | Write a Comment »

IRDA said that there has been negligence on the part of MetLife Insurance Company and hasIRDA logo 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 »

Posted in IRDA Life InsuranceMetLife

Life Insurance premium collection dips by 2.5 percent in July 2011

25 Aug 2011, 05:41 PM  by   2877 Views | 1 Comments »

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 »

Posted in Life Insurance AvivaICICI Prudential LifeKotak Life InsuranceLICMax New York LifeMetLifeTerm Plan

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