The Insurance Regulatory and Development Authority of India (IRDAI) has issued a master circular barring the promotion of Unit Linked Insurance Plans (ULIPs) as 'investment products'. Unit-linked or index-linked insurance products shall not be advertised as 'investment products', IRDAI said in a master circular dated June 19. Insurers will have to specifically state that market-linked insurance plans are different from traditional endowment policies and carry risks. Likewise, participating (with bonus) endowment policies will have to state upfront that the bonuses projected in benefit illustrations are not guaranteed. All the advertisements of linked insurance products and annuity products with variable annuity payout option shall disclose the risk factors, it said. "All insurers shall advertise the launch of unit-linked funds or index-linked funds under existing insurance products or new insurance products, only with reference to the underlying life insurance coverage and the ...
The Insurance Regulatory and Development Authority of India (Irdai) in its 'Master Circular on Life Insurance Products' issued on Wednesday prescribed enhanced Special Surrender Value (SSV)
Bima Vahak, a part of Irdai's Bima Trinity, is a women-centric, dedicated distribution channel to sell insurance products
Private sector City Union Bank expects significant growth in the income contributed from the insurance vertical during the current financial year, a top official has said. The Tamil Nadu-based bank was on track to reach pre-Covid level in slippages and recovery, the bank's Chairman and Managing Director and CEO N Kamakodi said. "As we have onboarded six insurance companies covering life, general, and non-life during FY'23, our insurance income contribution has also doubled to Rs 55 crore in FY'24 as compared to Rs 27 crore in FY'23," he said. "We expect significant growth in insurance income in the current financial year," he told analysts in an earnings call. On the outlook, Kamakodi said the bank opened its 800th branch in Ayodhya last financial year and this year has planned to open about 50-75 branches. The digital lending process targeted to serve the micro, small, and medium enterprises segment was also reaching the 'last leg' and should be launched before mid-June, he said.
Company 'targeting gain in market share', says MD and CEO Prashant Tripathy
The conglomerate has also invested in other businesses in the insurance industry. Berkshire owns a stake in Aon Plc, a major broker, and has previously bet on rivals including Marsh & McLennan Cos
Go Digit General Insurance Ltd, a firm backed by Canada-based Fairfax Group, is set to launch its initial public offering on May 15. The initial share sale will conclude on May 17 and the bidding for anchor investors will open for a day on May 14, according to the Red Herring Prospectus (RHP). Go Digit's proposed IPO comprises fresh issuance of equity shares worth Rs 1,125 crore and an Offer For Sale (OFS) of 5.47 crore equity shares by a promoter Go Digit Infoworks Services and existing shareholders. At present, Go Digit Infoworks Services owns an 83.3 percent stake in the company. Proceeds from the fresh issuance have been proposed to be utilised for the augmentation of the company's capital base and maintenance of solvency levels and general corporate purposes. Cricketer Virat Kohli and his wife and actor Anushka Sharma are among the investors in the firm. They are not selling any shares in the IPO. In March, Go Digit secured approval from the Securities and Exchange Board of
It is an integration of preventive and comprehensive healthcare plans that includes infertility treatment, stem cell storage, nursing care, senior care and more
It aims to address the dissatisfaction of policyholders during claim settlement arising due to lack of understanding, intricate details and fine print of the insurance policy
Artificial intelligence, machine learning, big data, the internet of things, and many more such new technologies are causing disruptions and changing the traditional fabric of the sector
The outgoing CEO & MD Naveen Tahilyani will be transitioning to the role of non-executive director of Tata AIA Life Insurance Company
The finance ministry on Monday asked banks and insurance companies to expeditiously resolve issues of exporters and facilitate overseas trade. The meeting chaired by Financial Services Secretary Vivek Joshi was attended by senior officers from the Ministry of External Affairs, the Department of Commerce and the Ministry of Finance. They discussed issues faced by exporters and importers. During the meeting, Joshi advised banks to classify issues faced by them in different categories and indicated that they may consider seeking necessary regulatory guidance from the RBI and also develop a standard operating procedure through the Indian Banks Association (IBA), an official statement said. Functionaries of the Reserve Bank of India (RBI) and the Insurance Regulatory and Development Authority (IRDAI), the chairman of the State Bank of India (SBI) and senior executives of major commercial banks were also part of the meeting. Insurance related issues faced by traders were discussed with .
This initiative, spearheaded by the General Insurance Council, aims to simplify claims processing, mitigate fraud, and bolster overall industry trust
Payout by life insurance companies declined by about Rs 6,000 crore during 2022-23 because of lesser number of death claims as compared to previous financial year which was impacted by COVID-19. The life insurance industry paid a total benefit of Rs 4.96 lakh crore in 2022-23 as compared to Rs 5.02 lakh crore in FY22, according to the latest annual report released by sector regulator IRDAI. During FY22, the year hit by COVID-19 wave, the insurance companies paid Rs 60,821.86 crore as death claims. This came down by Rs 19,000 crore to Rs 41,457 crore in 2022-23. The benefits paid on account of surrenders/withdrawals increased by 25.62 per cent to 1.98 lakh crore in 2022-23, of which public sector insurers accounted for 56.27 per cent. During the year, out of the total surrender benefits, it said, benefits for ULIP (unit-linked insurance plans) accounted for 62.51 per cent for private insurers and 1.56 per cent for state-owned life insurers. In case of individual life insurance ...
New regulation by IRDAI allows greater flexibility for insurers in IDF-NBFC investments
Mohanty called for a framework facilitating regular interaction among regulators
Premium income of life insurance companies grew 12.98 per cent to Rs 7.83 lakh crore in fiscal 2023 while that of general insurers increased by 16.4 per cent to Rs 2.57 lakh crore, as per the Irdai's annual report released on Wednesday. Private sector life insurers have clocked a growth of 16.34 per cent in premiums, while the public sector life insurer recorded a 10.90 per cent rise in premiums, the Insurance Regulatory and Development Authority of India (Irdai) said in its Annual Report 2022-23. Renewal premium continues to contribute the majority of total premiums underwritten by life insurers at 52.56 per cent in 2022-23. The rest 47.44 per cent is contributed by the new business premium. However, the growth in new business premium was higher at 17.90 per cent compared to renewal business at 8.88 per cent, as per the report. During 2022-23, Irdai said, life insurers issued 284.70 lakh new policies under individual business, out of which public sector insurers issued 204.29 lakh
Out of the 19 applicants, only Narayana Health Insurance Private Limited has reached the R2 stage of the application. Twelve of them are in their R1 stage
A parliamentary committee said on Tuesday that the government should explore a robust monitoring mechanism to keep a check on unjustified profit-making and any unethical linkage between insurance companies and hospitals in the implementation of the PMJAY scheme. The Department-related Parliamentary Standing Committee on Health and Family Welfare, in its 151st report presented in the Rajya Sabha on Tuesday, suggested that the government should push for the payment of insurance premium in instalments, preferably on a monthly or quarterly basis. Necessary mechanisms should be in place to ensure that the insurance companies are working in accordance with the objectives and norms of the scheme, it underlined. The panel also recommended expanding the outreach and base of the beneficiaries to be covered under the Pradhan Mantri Jan Arogya Yojana (PMJAY) scheme gradually till Universal Health Coverage (UHC) is achieved. Those states where the target set to cover the population under the ..
BFSI firms hold a weighting of 34.5%, down from 36.7% at the end of Dec 2022