Insurance Schemes

Goa Chief Minister Pramod Sawant on Tuesday launched the 'Bima Sakhi Yojana' in the state with the aim of providing "insurance for all". With this, Goa became the second state after Haryana to launch this flagship scheme envisioned by Prime Minister Narendra Modi, a government release said. As per the central government's portal, the Bima Sakhi Yojana initiative of Life Insurance Corporation of India (LIC) is designed to empower women aged 18-70 years, who are Class X pass. They will receive specialised training and a stipend for the first three years to promote financial literacy and insurance awareness. After training, they can serve as LIC agents and the graduate Bima Sakhis will have the opportunity to qualify for being considered for development officer roles in LIC. After distributing the Bima Sakhi Yojana letters to the beneficiaries, CM Sawant said the scheme will not only give financial support to these women, but the role of a Bima Sakhi is going to be very significant ...

Term insurance policies are a must for young professionals who have dependants and looking to insure their financial future

During the winter session, a question was raised about insurance companies investing heavily in real estate or real estate investment trusts (REITs)

In premium financing, a borrower secures a loan from a third-party provider to cover the policy's premiums

At the Business Standard BFSI Summit, experts discussed key changes needed in the insurance amendment bill, and what measures can be taken to achieve the vision of 'coverage for all' by 2047

A medical cover may handle medical expenses but does not provide for the temporary or permanent loss of income during the recovery period and after, and expenditures such as travel costs

Centre may increase cover from the current Rs 2 lakh to Rs 5 lakh under its flagship insurance schemes ahead of the high-stakes assembly elections in three states

LIC drives growth with 18.7% rise

This week learn about the implications for insurance policyholders as surrender values are revised; in a separate story we write about training your voice

IRDAI website reported an outage on Tuesday due to some technical issues. Services became inaccessible to users, with the site showing the message - "Our services aren't available right now"

SLBC-like forum could be a useful step

The prepared estimates are set to be submitted for approval to the Central Board of Trustees (CBT)

Public sector banks (PSBs) have set a target for the sale of flagship government insurance schemes Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) in FY24. Besides, they have also set goals for other financial inclusion schemes like Mudra Yojana and StandUp India Scheme. There are about 8.3 crore beneficiaries under PMJJBY and 23.9 crore under PMSBY, as of now. Since the launch of the schemes in 2015, 15.99 crore enrolment has taken place under PMJJBY, while 33.78 crore under PMSBY as of March 31, 2023. Last year, the finance ministry revised rates from Rs 330 to Rs 436 under PMJJBY and from Rs 12 to Rs 20 for PMSBY, effective June 1, 2022. The revision was being undertaken because of the long-standing adverse claims experience by the schemes and to make them economically viable. According to sources, the ministry has asked banks to encourage customers to buy these policies for multi-years rather than renewing every year. PMJJBY off

The scheme could be formalised on the lines of the Pradhan Mantri Fasal Bima Yojana (PMFBY), which is for the crop sector, sources said

Suggests allowing insurers to sell other financial products

According to Irdai, the revised draft regulations on commissions emphasise on the board's oversight through a board-approved policy on the payment of commission

The approved consultant will be empanelled with the EPFO headquarters in New Delhi for a tenure of three years

Aiming to provide financial support to the bereaved families of handloom and power loom weavers in Telangana, the state government will launch the 'Nethana Beema' scheme on August 7

The obligatory cession was reduced from 5 per cent to 4 per cent for FY23. The impact of the reduction on GIC Re would be around Rs 2,000 crore

Irdai said it regulator intends to hold discussions on the matter before a decision