Policyholders can now switch insurer and carry the benefits of the previous health insurance policy. The Insurance Regulatory and Development Authority (Irda) today allowed portability of health insurance products. It will be applicable for all existing and new contracts from July.

Irda allows portability of health insurance

Business Standard

Private life insurer ING Life India on Tuesday launched a new product ING ACE in the Uttar Pradesh market. The new plan has two variants &mdash; Pension and Life with features as guaranteed additions, limited premium pay and tax benefit under Section 80 C of the Income Tax Act. ING ACE Pension offers guaranteed addition of 8.75 per cent annually throughout the 10-year term of policy. ING ACE Life offers 7.75 per cent annual guarantee additions depending on the premium paid.

ING Life's new insurance product in UP

IDBI Federal Life Insurance sees growth opportunity in the pension segment, which had shrunk to 2-3 percent of the total insurance business on the impact of recent regulatory guidelines from 30 percent earlier.

IDBI Federal eyes growth in pension space

ING Life Insurance Company , the insurance arm of the ING Group, is eyeing 50 per cent increase in business from the northern region. The region for ING life comprises Jammu and Kashmir, Punjab, Haryana, Himachal Pradesh , Delhi and Rajasthan.

ING Life eyes 50% growth in biz from north

Health cover portability to be allowed from July 1, but it may not be simple.

New insurer, same cover

Move necessitated by Irda&rsquo;s draft guidelines for non-life M&amp;As.

Royal Sundaram, Reliance arm to re-apply for merger

Life insurance companies will not be allowed to dilute more than 10 per cent stake through initial public offers (IPOs).

Irda wants life insurers to face 10% stake sale cap

New data show gap between life expectancy of men and women has narrowed.

Live longer, pay more: Life cover for women to become costlier

First-year premium collections by life insurance companies increased 25.8 per cent to Rs 94,820 crore in the April-January period of the current financial year. The increase was mainly led by a surge in Life Insurance Corporation of India&rsquo;s (LIC) premium collections.

Life insurers' new business premium rises 25.8%

Life insurers, however, feel Irda should have curbed mis-selling in this segment, rather than ban such products.Industry sources said the final norms related to these were unlikely to be passed soon. Highest NAV-guaranteed products are a type of unit-linked plans (Ulips) that promise to pay the highest value the fund records during a certain period of the term (five to seven years). For this, insurers have to invest aggressively in stocks, something that may lead to undue risks. The controversy surrounding these products surfaced in September 2010, when Irda indicated its discomfort on the grounds of "systemic risks" associated with the way such funds were managed. It felt such products emphasised on debt instruments and had a risk of heavy sell-off in equities, in case of a fall in the stock market.

No need to ban high-NAV products: Insurers

Insurance Regulatory and Development Authority (Irda) has brought out final guidelines for standardisation of health insurance

Irda issues norms to bring clarity in health insurance

Itâ€™s a comeback any professional would dream of. Less than two years after he was demoted to managing director of Life Insurance Corporation (LIC) following charges of financial irregularities, something that eventually prompted him to take voluntary retirement in November 2012, T S Vijayan was appointed chairman of the Insurance Regulatory and Development Authority (Irda), the countryâ€™s insurance regulator.An Irda statement said Vijayan had taken charge with immediate effect.Vijayan, 60, who succeeds J Hari Narayan who completed his term yesterday, would get a five-year term. The Irda chiefâ€™s tenure is for five years or till the age of 65.This is probably the first time a financial sector professional would head the regulatory body of the same sector.Earlier, Vijayan was under the scanner of the Central Bureau of Investigation (CBI) for about two years. However, he was exonerated after the agency didnâ€™t find any wrongdoing. After

Former LIC chief takes charge as Irda chairman

BS Reporter

Bloodthirsty' lawyers haunt UK insurers

was demoted to managing director of Life Insurance Corporation following charges of financial irregularitiesâ€”something that eventually prompted him to take voluntary retirement in November 2012â€”T S Vijayan, 60, has been appointed as the countryâ€™s insurance regulator

TS Vijayan: The comeback man

Aim is to boost sales volumes and increase penetration

Insurance sector looking for remunerative tax incentives

Top priority will be to restore growth; maintain a balance between insurersâ€™ growth and consumer welfare

Complex agenda for new insurance regulator chief

Irda had received a complaint against the micro insurance business procured by various divisional offices

Adhere to guidelines governing business of micro insurance, Irda tells LIC

Former Life Insurance Corporation of India (LIC) chairman T S Vijayan is likely to become the next chairman of the Insurance Regulatory and Development Authority (Irda). According to sources in the sector, he has been proposed by the Union finance ministry and the application sent for final approval. The current chairman, J Hari Narayan, leaves office on Wednesday.Though the Central Vigilance Commission (CVC) had cleared Vijayan's name for the post last month, the Appointments Committee of the Cabinet (ACC) has yet to approve. Finance ministry officials said the appointment notification would be issued once this was done.Usually, the ACC doesn't turn down a name once the CVC clears it. Insurance sector sources say Vijayan would get a five-year term. Under the rules, the chairmanâ€™s tenure is five years from the date of entering office but not beyond the age of 65 years.For being eligible, a government circular had said the person should have at leas

T S Vijayan likely to be next insurance regulator

In his last public appearance, Irda chief says industry saw a huge transformation during his tenure

Finance ministry and I were like husband and wife: Hari Narayan

Insurance Regulatory and Development Authority (Irda) has enabled Indian insurers and reinsurers to help cover Iran crude oil import by Indian refineries

Insurers can offer cover to Indian refineries for Iran crude import: Irda

Despite the insurance regulator proposing risk charge for debt instrument across all rating grades, except state and central government securities, the insurance companies will continue investing in those instruments due to attractive returns and keep their investment portfolio diversified

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