Bajaj Allianz Guaranteed Maturity Plan Company: Bajaj Allianz Life Insurance Company Type of policy: Single premium unit-linked Life insurance plan which offers you ‘Guaranteed Maturity Certificates’ of single premium of Rs 5,000 each. The policyholder has the choice to buy any number of these certificates under a single policy. Age at entry: Minimum: 8 years [...]

Thanks to the IGMS (integrated grievance management system) set up by the Insurance Regulatory and Development Authority in April, redress of grievances in the insurance sector is faster now. The average time to settle a complaint is just around 14 days, media reports quoted Mr J Hari Narayan, Chairman, IRDA, as saying. Ever since the [...]

Company: Kotak Mahindra Old Mutual Life Insurance Company Type of policy: Unit-linked insurance policy Age at entry: Minimum: 0 years, maximum: 60 years Age at maturity: Minimum: 10 years; maximum: 75 years Policy term: Regular premium: 10, 15, 20, 25 and 30 years. Limited Pay: 10, 15, 20, 25 and 30 years and single premium: [...]

A.M. Best Co. has affirmed the financial strength rating of B++ (Good) and issuer credit rating of “bbb+” of United India Insurance Company Limited. The outlook for both ratings is stable. The ratings reflect United India’s strong capitalisation, strong business profile in India’s insurance industry and the management’s commitment to improve the company’s underwriting performance, [...]

Insurance Regulatory Development Authority (IRDA) is planning to introduce an electronic re-insurance platform for insurers and both Indian and foreign re-insurers. “The proposed platform will have to be mandatorily used by insurers and Indian reinsurers as well as foreign reinsurers operating in India,” Mr J Hari Narayan, IRDA Chairman, has said. IRDA had taken up [...]

Edelweiss Tokio Life Education Company: Edelweiss Tokio Life Insurance Company Type of policy: Term insurance plan Minimum and maximum age at entry of Life Assured: 18 to 60 years (last birthday) Minimum and maximum age at entry of child: 28 to 70 years (last birthday) Policy term: 10 to 30 years Premium payment frequency: Annual [...]

Parliament has approved a Bill for increasing the paid-up capital to Rs 100 crore of the state-owned Life Insurance Corporation of India (LIC) after the Government faced some tense moments in the Rajya Sabha, where Left parties pressed for division of votes over an ‘amendment’. Though the upper House negated the ‘amendment’ moved by the [...]

Bharti AXA Future Invest Company: Bharti AXA Life Insurance Company Type of policy: Unit-linked insurance policy with limited premium paying term Minimum age at entry: 18 years Maximum age at entry: 70 years Maximum age at maturity: 80 years Policy term: 10 years Premium payment period: 5 years Premium paying frequency: Annual, semi-annual, quarterly and [...]

Union Finance Minister Mr Pranab Mukherjee has instructed the Life Insurance Corporation of India (LIC) and non-Life insurance companies to ensure that all districts have at least one branch or a satellite office of theirs in 2012. Out of the 156 districts in the seven States/Union Territories in South India, 18 do not have a [...]

Private insurers who have been operating for more than 10 years will be allowed to open branches and set up insurance joint ventures, including subsidiaries, outside India, according to Insurance Regulatory and Development Authority (IRDA). The norms would apply to all companies involved in Life, General, Health and reinsurance businesses. In a note issued to [...]