Insurance Schemes

In a first, Centre planning a universal cattle insurance scheme

The scheme could be formalised on the lines of the Pradhan Mantri Fasal Bima Yojana (PMFBY), which is for the crop sector, sources said

Govt proposes issuance of one licence for all insurance businesses

Suggests allowing insurers to sell other financial products

Removal of cap: Insurers to get flexibility to allocate commissions

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

EPFO to appoint actuary firm for its pension and insurance schemes

The approved consultant will be empanelled with the EPFO headquarters in New Delhi for a tenure of three years

Telangana to launch insurance scheme to support bereaved weavers' families

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

Non-life insurers not keen on paying obligatory cession to GIC Re

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 says no decision on mandatory disclosure of insurance commissions

Irdai said it regulator intends to hold discussions on the matter before a decision

Don't stipulate solvency ratio for public sector general insurers: FinMin

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

Centre hikes premium for flagship insurance schemes as claims rise

Premium raised first time in seven years, will make schemes viable and encourage more private insurers to join

Insurance scheme for healthcare workers on Covid-19 duty extended

The Union Health Ministry said it has been decided to extend the policy to provide a safety net to dependents of health workers who are deputed to take care of Covid-19 patients

ULIPs gain traction as preferred insurance schemes amid pandemic: Survey

Affinity of investors to park money in ULIPs has gone up during the pandemic, mainly because of flexibility to manage the funds, according to a survey report by Bajaj Allianz Life Insurance

Govt wants speedy settlement of claims; FM to meet insurers today

FM Sitharaman to meet insurers to discuss easing processes for settling claims

Irdai launches standard personal accident cover, max Rs 1 cr sum assured

General and standalone health insurers will have to offer product from April 1, full claim payable on death with 12 months of accident date, even after the end of policy period

Saral Pension promises higher liquidity than existing plans: Details here

Surrender, loan options will encourage those wary of illiquid annuities

Insurers brace for huge claims due to Cyclone Amphan, eye aviation claims

West Bengal Chief Minister Mamata Banerjee said that the damage due to Amphan could be more than Rs 1 trillion

Covid-19 impact: Non-Life insurance premiums fall more than 10% in April

Claims have also not risen sharply both in motor and health, giving some respite to insurance companies

Insurance covers that protect cos from cyber attacks, data thefts & frauds

Post the ransomware attacks of 2017, the demand for cyber insurance from the manufacturing sector has been on the rise," said Sanjay Kedia, CEO Marsh India Insurance Brokers

Irdai partnering states to contact those with uninsured vehicles

Under the Motor Vehicles Act, it is mandatory for all vehicles to have a third-party insurance cover

GST Council decides to exempt 24 insurance schemes for reinsurance

The proposal to exempt reinsurance schemes was recommended by the Fitment Committee and was approved by the GST Council on January 18