Hot Topics

Third Party Car Insurance rates hiked.
Monday, Mar 31, 2014 01:38 PM

The revision of the motor third party premium rates are out and will be in effect from 1st April 2014. Earlier Insurance Regulatory and Development Authority (IRDA) had proposed to increase the premium by up to 137 percent. However the recent revised rates released by IRDA shows a marginal addition of around 9-20 percent (depending on vehicle type) to the existing third party premium rates.The [...]

Religare Health Insurance explores the Bancassurance channel
Thursday, Oct 24, 2013 01:36 PM

The bancassurance channel has always been a promising distribution channel for the insurance companies. Through it the insurance companies can use the bank's network to reach out to the different areas of the country. All major insurance companies are tied up with banks to increase penetration to the different parts of India. The newest in the line exploring this idea is Religare Health [...]

Insurance for HIV Positive People in India
Wednesday, Oct 23, 2013 01:25 PM

Insurance for HIV positive people in India may soon become a reality. In one of its most humanitarian moves, Insurance Regulatory and Development Authority (IRDA) of India has asked insurance companies to put in place a board approved underwriting policies with respect with life insurance for people living with HIV/ AIDS. The underwriting policy is to cover clear guidelines on life insurance with [...]

Max Life Insurance rewards its customers
Friday, Dec 28, 2012 11:39 AM

For a policyholder of Max Life Insurance, there is a reason to be happy this New Year. The private insurer has announced a special one-time bonus for its active policyholders. The estimated amount to be distributed in this special award would be around 130 crore. The bonus shall start from February 1st 2013 and shall be awarded at the policy anniversary of each policyholder.The parameters on which [...]

Private insurer Max Life Insurance reports 6% growth
Friday, Nov 16, 2012 07:36 AM

The first half of this fiscal (April 2012 ? September 2012) reflected healthy figure for Max Life Insurance. Although most private players were not able to grab a profitable share, Max Life Insurance reported a 6% growth. The net profit for this period was INR 398 as compared to INR 375 for the corresponding period last fiscal.  The total premium stood at INR 2900 crore against INR 2872 crore [...]

Common Third Party Administrator for the Indian PSU General Insurer
Thursday, Nov 08, 2012 06:53 AM

The general insurance companies have finally decided to bring an in house solution to the mounting pressure of Third Party Administrator (TPA) that?s curbing their profits drastically. The claims ratios or the percentage of claims to the premium earned of the public sector companies is over 120% and the insurers blame the TPA for these figures.State run general insurance companies like New India [...]

Healthy Growth Figures for both Life and General Insurers in India
Wednesday, Oct 31, 2012 07:05 AM

The first half of this financial year (April 2012? September 2012) has registered growth for both life and general insurance companies. As compared to the same period last year, Life insurance companies have registered a growth of 11.2 % in new business premium collection while non-life insurance premium collection grew by 24.70%. The total collection for life insurance companies stood at Rs [...]

HDFC Standard Life Launches New Immediate Annuity Plan
Tuesday, Oct 30, 2012 06:58 AM

The market for immediate annuity plan is gaining new ground in India. Although traditionally insurance companies in India have more number of deferred annuity plans, the trend is set to change. At least this is what HDFC standard Life Insurance feels as they prepare to launch their new immediate annuity plan in December 2012. They have already received the IRDA approval for this new product ? HDFC [...]

Car Insurance - Premium calculation and proposed changes
Thursday, Oct 18, 2012 06:41 AM

Car insurance in India is an insurance which every vehicle owner must mandatorily avail if they possess a vehicle. However many people actually don?t bother to wonder how these values are calculated. Although this write-up is about the recent proposed changes by Insurance Regulatory and Development Authority (IRDA) of India, the article would serve more sense if some preliminary information of car [...]

Postal Life Insurance and Rural Postal Life Insurance initiates improvements in their schemes.
Tuesday, Oct 16, 2012 06:56 AM

While the whole insurance industry is buzzing with competitive products and expensive promotions, the Postal Life Insurance (PLI) and the Rural Postal Life Insurance (RPLI) are working their way to glory. At least that?s what the statistics show. The PLI was introduced in the year 1884 and the RPLI was introduced 1995. These schemes are only available to Government and Semi government employees. [...]

General Insurance gets two more Companies in India
Friday, Oct 12, 2012 08:45 AM

The general insurance sector of the Insurance industry grew more competitive as two new players have formally launched their operations. These new players are Religare Health, an initiative of Religare Enterprises Limited, Union Bank of India and Corporation bank, and Magma HDI General Insurance, a joint venture between non-banking financial company Magma Fincorp and HDI Gerling, a leading German [...]

What the Insurers Need
Thursday, Oct 11, 2012 06:58 AM

The insurance business in India has come a long way since the Insurance Act of 1938. Some of the key milestones in this sector since independence of India would be the merging of all life insurance companies to form Life Insurance Company of India (LIC) in 1956, the merging of all general insurance companies to form four General Insurance Companies (National Insurance, New India Assurance, [...]

Max Life Insurance disinvests 5% stake from Mitsui Sumitomo
Tuesday, Oct 09, 2012 08:37 AM

The Insurance industry has started showing the first sign of reaction to the proposed decision of increasing the FDI limit to 49% from the existing 26%. Earlier this year in April 2012, Mitsui Sumitomo had acquired New York Life Insurance?s 26% stake in Max New York Life Insurance (Then a joint venture between Max India and New York Life Insurance). Since then the Insurance Company has be renamed [...]

IRDA to step in over cancellation of cashless cover by PSU Insurers.
Monday, Oct 08, 2012 08:30 AM

On July 1st, 2011 four PSU firms for General Insurance viz. National Insurance, New India Assurance, Oriental Insurance and United India Assurance had stopped their cashless hospitalization facility. The reason was overcharging by the hospitals and non standardization of the treatment charges. Insurance companies have a network of hospitals, known as PPN, which offers health insurance [...]

Experts speak on FDI reforms in Insurance
Saturday, Oct 06, 2012 09:35 AM

Sometime back in July 2012 we had written about the first positive ripples of investment in the Insurance Sector. We had discussed about the possibility of increasing the FDI investment cap from the erstwhile 26% to 49%. With the recent ongoing parliamentary discussions this possibility might soon be a market changing reality for the Insurance Business. Though we have to wait till November and [...]

India First Life Insurance Launches MagicBoard
Friday, Oct 05, 2012 09:19 AM

The days of cumbersome sales meeting, extended paperwork and mis selling may soon come to an end for the Indian Insurance industry. For many years now, insurance companies have been brainstorming with their IT to bring out the cutting edge technology which addresses the above mentioned hassles surrounding the insurance industry.  A solution to this would automatically lead to a drop of [...]

Government plan to increase FDI cap to 49% in the Insurance Sector
Wednesday, Jul 04, 2012 07:36 AM

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United India Insurance pays Rs 1.16 crore to the widow of a businessman
Friday, May 18, 2012 11:18 AM

United India Insurance Company suffered a major blow when the Bombay High Court dismissed its petition and upheld the order to pay a compensation of Rs 1.16 crore to the widow of a businessman who died around nine years ago. On September 30th 2011, the Mumbai Motor Accident Claims had directed United India Insurance to pay an aggregate sum of Rs 69.18 lakh and interest at the rate of 8.5% per [...]

Mitsui Sumitomo Insurance to buy 26% stake in Max New York Life Insurance
Thursday, Apr 19, 2012 08:48 AM

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IRDA introduces the declined risk pool for the Indian Motor Insurance industry.
Monday, Mar 26, 2012 10:05 AM

The last fiscal was not at all encouraging to the Indian Motor Insurance Industry. The loss ratio currently stands at 145%. Simply put for every Rs 100 premium paid, the loss incurred is Rs 45. Under the Indian Government Laws, third party cover is a mandatory purchase along with the purchase of your vehicle. However due to high losses, private insurers refrained from providing third party covers. [...]

Indian Life Insurance Companies Vs IRDA
Thursday, Mar 22, 2012 08:12 PM

The Insurance Regulatory Authority of India (IRDA) has always been the responsible Big Daddy of the insurance industry in India. It has always tried to ensure that things are running smooth and that no one is unfairly holding an edge over the others. However of late, the relationship between IRDA and the Life Insurance Companies of India has been stained. Both sides have their own gamut of [...]

2012 - The LIC ONGC story so far
Tuesday, Mar 20, 2012 10:00 AM

For this fiscal ending March 2012 the Government of India had a firm target of acquiring Rs 40,000 crores through its disinvestment strategies. Part of its strategy to achieve the target was the 5% stake offer of Oil and Natural Gas Commission (ONGC). However a flurry of over expectation, bad marketing and perilous economic scenario threatened to completely pulverize this move. Once again, as we [...]

Sahara India Life Insurance introduces new child educational plan.
Tuesday, Mar 20, 2012 08:54 AM

Sahara India Life Insurance, the first wholly Indian-owned life insurance company in the private sector, has introduced a new child educational plan. The plan is called ?The Sahara Vatsalya Jeevan Bima? and has the following features.- The plan is available for parents aged between 20 to 50 years and for their children aged between 0 ? 12 years.- The educational benefits come when the child is 19 [...]

LIC joins the Online Term plan bandwagon
Monday, Oct 17, 2011 10:17 AM

Life Insurance corporation of India (LIC) finally plans to release their first online term product. While this might look surprising for a company which banks heavily on its strong agent?s network, it would also seem logical as the other companies (like ICICI and Kotak) which offers pure online term product are about 50-60% cheaper than LIC. To keep up with the competition, LIC believes that they [...]

Sanlam Group invests in Shriram Capital
Monday, Sep 12, 2011 10:45 PM

Shriram Group has entered into a joint venture with Sanlam Group of South Africa. This deal involves a Rs 2000 crore investment by Sanlam Group in Shiram Capital which is the financial wing of Shriram Group. This would also result in a 26% stake transfer. Though these two companies have been involved in insurance joint ventures before, this is the largest still now. It is for the second time that [...]

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Third Party Car Insurance rates...
Mar 31, 2014: The revision of the...
Religare Health Insurance explores...
Oct 24, 2013: The bancassurance...
Insurance for HIV Positive People...
Oct 23, 2013: Insurance for HIV...
Max Life Insurance rewards its...
Dec 28, 2012: For a policyholder...
Private insurer Max Life Insurance...
Nov 16, 2012: The first half of...
Common Third Party Administrator...
Nov 08, 2012: The general...
Healthy Growth Figures for both...
Oct 31, 2012: The first half of...
HDFC Standard Life Launches New...
Oct 30, 2012: The market for...
Car Insurance - Premium calculation...
Oct 18, 2012: Car insurance in...
Postal Life Insurance and Rural...
Oct 16, 2012: While the whole...
General Insurance gets two more...
Oct 12, 2012: The general...