IndiaFirst Life Insurance Company, a joint venture between Bank of Baroda and Andhra Bank along with UK’s risk and investment company Legal & General, has recorded a growth of over 40 per cent year on year, by collecting more than Rs 1,000 crore in premium during financial year 2011-12. Dr P Nandagopal, Managing Director & [...]
Life insurance companies that plan to hit the stock market with an initial public offering (IPO) may have to settle for lower-than-expected valuation. This is because investors could be wary of the fact that their earnings come more from lapsed policies rather than from operational income, according to media reports. Insurance companies have either been [...]
Bharathidasan University, Tiruchirapalli, has made it mandatory for all its 116 affiliated colleges to join the group insurance scheme for students from this academic year. At present, 60 colleges are in the fold of the novel scheme initiated in 2004 through a memorandum of understanding with The New India Assurance Company. Under the ‘first of [...]
National Insurance Company proposes to come out with a new product that may enable it to extend coverage to HIV positive and AIDS patients. Mr N S R Chandran, Chairman and Managing Director, NIC, told the media that there seemed to be need for “some sort of regulation in the Health insurance sector so that [...]
Everything about Indian Premier League (IPL) is grand, not least the money poured into roping in star players. And the latest figures available confirm that IPL 5 has recorded the highest insurance cover being taken for an event. The Board of Control for Cricket in India (BCCI) has raised the event limit insurance to Rs [...]
Sahara Life has launched Sahara Nivesh, a single-premium endowment plan, a non-ULIP and non-participating product. ‘Sahara Nivesh Jeevan Bima’, its name in full, is a one-time premium paid plan for those aged between 9 and 60 years, with a fixed policy term of 10 years. Sahara Nivesh covers the Life of the policy holder and [...]
Insurance Regulatory and Development Authority (IRDA) has circulated among Life insurance companies an Exposure Draft containing guidelines on servicing of orphan policies. It wants to allow new agents to service such polices in the wake of large numbers of agents discontinuing services with a given insurance company before completing the minimum service prescribed. As such [...]
IDFC is planning to launch what is billed as India’s first infrastructure debt fund through the mutual fund route and has filed an offer document with the Securities and Exchange Board of India (SEBI). The framework for establishment of infrastructure debt funds (IDFs) was announced by the Union Finance Minister in Budget 2011 wherein IDFs [...]
Thanks to natural calamities in Asia, General Insurance Corporation of India (or GIC Re as the national reinsurer is now known) may report its first-ever net loss and an underwriting loss of around Rs 1,500 crore – the highest in its history. The loss is a result of its exposure to Thailand flood losses, earthquake [...]
The Union Budget has stipulated that a Life policy should provide for cover of at least ten times the annual premium in order to be eligible for tax breaks. And Life Insurance Corporation of India’s Jeevan Vriddhi, a new single-premium product, could fall a victim to this new provision. “The new requirement will spell doom [...]
