Finance Minister Mr. P. Chidambaram said in Lok Shabha that some Insurance Companies have been suspected to have evaded service tax and investigation for the same has been done. He also mentioned that in some cases the amount due has already been recovered as well. He added that in cases where investigations are completed, cases have been adjudicated and service tax liability confirmed; demand notice has been issued. Some appeals, against the orders issued, are still pending with Custom, Excise...  Read More »

The legendary master blaster, Sachin Tendulkar, has insured his house in Mumbai’s posh locality, Bandra for Rs 100 crore.

According to sources, the insurance cover is provided by a group of different insurance companies which includes the 4 public sector general insurers – New India, United India, National and Oriental Insurance as well as one private insurance company.

The premium that Sachin Tendulkar will have to shell out for this magnanimous cover will be close to Rs 40 lakh per...  Read More »

According to latest media reports, the Indian government has asked Life Insurance Corporation of India (LIC) to consider buying 10% stakes in the ailing Kingfisher Airlines.

As per the current market cap, the deal would be valued at around Rs 120 crore whereas the total debt required by Kingfisher Airlines is over Rs 2000 crore. An undisclosed official said that the government has asked LIC to consider it but the final decision will lie in the hands of LIC.

If such a deal goes through, it...  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 across...  Read More »

Federation of Bus Operators Association of Tamil Nadu and 25 others, including lorry  operators, self financing colleges and deemed universities etc, had filed a petition in response to Insurance Regulatory and Development Authority’s decision to increase the premium on third-party insurance for buses (IRDA).

Along with other issues, they demanded that IRDA deferred the premium hikes until there was a clear demarcation between heavy passenger vehicles and other passenger carrying vehicles.

Read More »