Insurance Scheme

Insurance regulator Irdai has told insurance firms which will be shareholders in Bima Sugam to inject initial capital of Rs 300 crore

The government seeks to fully unlock the potential of India's insurance industry, and has announced opening up of the sector to 100 per cent FDI

PSBs achieved only 51% of enrolment targets for the Pradhan Mantri Jeevan Jyoti Bima Yojana by Dec 2024

Term insurance is a must for young professionals who are looking to provide a cushion for their dependants

In an attempt to grow operations, Aviva's India business paid about $26 million between 2017 and 2023 to entities who purportedly provided marketing and training services

By 2025, it is estimated that there will be about 1,900 total operational GCCs in the country, up from the existing 1,580

The source said Care Health could, therefore, pass a fresh resolution for the grant of Esops to Saluja without requiring any Irdai approval

Life Insurers NBP continue to decline

The proposal to elicit response from the interested actuarial firms was issued on Friday and the process is slated to commence by August 17

In a bid to push micro insurance schemes, Financial Services Secretary Vivek Joshi held a meeting with chief secretaries and senior officials of all states and union territories. The meeting via video conference was held on Monday with the objective of sensitising and impress on states salient features of the intensive three- month long campaign to boost coverage of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) at gram panchayat level. The three-month campaign will cover all the districts in the country from April 1 to June 30, 2023, the finance ministry said in a statement on Tuesday. During the meeting, states/UTs were urged to increase enrolments under the micro-insurance schemes given the scope and size of population in states, it said. Currently, it said, active enrolments under PMJJBY are 8.3 crore and 23.9 crore under PMSBY, and claims of about Rs 15,500 crore have been paid under these schemes. Joshi sought support of the

The aim of doubling the asset under management to Rs 80 lakh crore can be met earlier than the targeted year of 2027, if the mutual fund sector is allowed to manage pension, provident and insurance funds, an industry body official said on Saturday. The Association of Mutual Funds in India also anticipated that AMC Repo Clearing Ltd (ARCL) will become operational from January 2023, which will provide a fillip to the wholesale corporate debt market. "We want the government to allow the mutual fund industry to manage funds of pension, provident and insurance firms. This will help the MF industry ensure greater efficiency in managing the resources in a cost-effective manner. The industry can achieve the target of doubling the asset under management to Rs 80 lakh crore much earlier than the targeted year of 2027," AMFI chief executive N S Venkatesh said at a programme organised by the Indian Chamber of Commerce. The current asset under management (AUM) of mutual fund industry is Rs 40 la

Suggests allowing insurers to sell other financial products

Features like recharge and guaranteed no-claim bonus enhance the cost-effectiveness of health insurance policies

Seeks to revise order of preference while placing reinsurance business

India's largest insurer is also looking to revamp its human resources systems in its drive to make the oldest insurance company more technologically advanced, said people aware of the development

This initiative was started by insurance regulator a few years ago, but did not take off as the operational challenges and associated cost for insurers outweighed customer convenience

Premium raised first time in seven years, will make schemes viable and encourage more private insurers to join

It is advisable to buy a policy that offers more comprehensive coverage

To safeguard your vehicle against a cyclone, supplement a comprehensive motor policy with a couple of add-ons

Avoid over 5% exposure and have 5-7 years of investment horizon