Page 30 - Insurance
Stricter norms for new crop insurance scheme
PMFBY will have actuarial yield-based scheme with provision for upfront premium subsidy to be released to insurers
 "Stricter norms for new crop insurance scheme")
Reinsurance rates may see 10% increase in FY17
Recent Chennai floods led to heavy losses for insurers to the tune of Rs 5,000 cr
 "Reinsurance rates may see 10% increase in FY17")
Bajaj Allianz Life launches Principal Gain, a Ulip with assured returns
Its plan offers 101% of the premiums paid as returns and offers a guaranteed loyalty addition if one chooses to be invested till maturity period
 "Bajaj Allianz Life launches Principal Gain, a Ulip with assured returns")
 "Kidney claims highest among youngsters")
Insurers hiring specialists to improve service
In life insurance, insurers are looking at hiring counsellors to help policyholders at the time of a death claim
 "Insurers hiring specialists to improve service")
Pension product share in overall portfolio drops to 10% from 25%
Companies are fiinding it difficult to offer guaranteed returns as mandated by Irdai
 "Pension product share in overall portfolio drops to 10% from 25%")
 "Organised crime touches new high in insurance")
Premium hike unlikely to help motor insurers cut losses
Irdai had recently proposed third-party insurance premia increase in the range of 9 to 30 per cent across categories
 "Premium hike unlikely to help motor insurers cut losses")
Long-term 2-wheeler motor policies a hit with customers
Irdai has allowed insurers to bring out long-term two-wheeler policy (both liability alone & package) for a maximum of three years
 "Long-term 2-wheeler motor policies a hit with customers")
Organised crime touches new high in insurance
Gangs tie-up with former insurance sector employees to understand how claims process exactly works
Kidney claims highest among youngsters: ICICI Lombard
From 2011-2015, the insurer's internal claims data showed that maximum claims are from the age group of 19 years and 25 years
 "Kidney claims highest among youngsters: ICICI Lombard")
NIC expects Rs 12,000 cr income from premium during FY16
During FY15, the company's premium income stood at Rs 11,235 crore, up by nearly 10%
 "NIC expects Rs 12,000 cr income from premium during FY16")
What ails India's public sector insurance firms
In Budget, FM announced plans for listing of four PSU general insurance firms; except for New India Assurance, none of the other three is in position to get Sebi nod unless Irdai steps in
 "What ails India's public sector insurance firms")
SBI Life unveils women centric life insurance plan
Plan provides for life cover, savings and female specific critical illness benefits
 "SBI Life unveils women centric life insurance plan")
New Irdai norms to ensure faster growth of general insurers
Norms come into force from April 1, will allow marketing of corporate products even before regulatory nod
Birla Sun Life moves to cluster method to get better sales, higher persistency
Company sets up innovation lab to bring better solutions
 "Birla Sun Life moves to cluster method to get better sales, higher persistency")
Third-party motor insurance premium to go up by 9-30%
IRDAI regulates third party motor premium that is revised each year based on inflation and claims
Much preparation ahead for listing state-owned general insurers
It is anticipated that New India, which is among the largest in the public sector, could be the first to be taken to the listing path
 "Much preparation ahead for listing state-owned general insurers")
Budget 2016: Kejriwal says middle class 'cheated', farmers deprived
He said the budget has nothing for farmers in distress who are committing suicide
 "Budget 2016: Kejriwal says middle class 'cheated', farmers deprived")
Budget 2016: Govt to launch health insurance for senior citizens
Scheme will offer a health cover of up to Rs 1 lakh, with a top-up of Rs 30,000
 "Budget 2016: Govt to launch health insurance for senior citizens")
