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
Department of Financial Services under the Ministry of Finance requested other Ministries not to include solvency ratio as a criterion for participation of public sector general insurers in tenders
Premium raised first time in seven years, will make schemes viable and encourage more private insurers to join