Page 10 - Insurance Sector

LIC eases policy claim settlement process to mitigate customer hardships

To mitigate the hardships faced by customers due to the pandemic, LIC said policyholders can deposit their maturity claim documents at their nearest LIC office anywhere till the end of the month.

RS adjourned four times amid uproar over bill on raising FDI in insurance

The Congress and other Opposition parties Thursday forced adjournments of Rajya Sabha proceedings for four times during the post-lunch sitting

Nirmala Sitharaman to move Insurance Amendment Bill 2021 in RS today

Union Finance Minister Nirmala Sitharaman will move the Insurance (Amendment) Bill 2021 in Rajya Sabha for passing on Thursday

Relay Strike: PSU non-life & life insurance staff to go on strike

It is going to be a relay strike by unions in the public sector financial services sector domain

Covid-19 insurance claims spike as infection cases surge in March

Insurers have received 938,640 claims, of which 796,247 have been settled

FM Sitharaman introduces Bill in Rajya Sabha to allow 74% FDI in insurance

The government had earlier allowed 100 per cent foreign direct investment in insurance intermediaries

Vidal Health Insurance buys Vipul MedCorp TPA for an undisclosed amount

In general, these admin­istrators are independent, but can also act as an entity belonging to the insurers

Govt proposes to hike in LIC's authorised capital to Rs 25,000 cr

The government has proposed to significantly increase the authorised capital of Life Insurance Corporation of India (LIC)

FDI hike in insurance sector likely to see mixed response, say experts

No fresh capital will come in, unless the foreign partner decides to infuse funds after raising its stake.

ICICI Lombard board approves Rs 4/share interim dividend for FY21

ICICI Lombard General Insurance has approved an interim dividend of Rs 4 per share for the current fiscal in the midst of a pandemic year

How insurance sector will gain from FM Sitharaman's Budget booster

What do the Budget proposals, as well as the proposed LIC IPO and privatisation of one general insurance company mean for the sector? Nikita Vashisht explains

Govt amends rules, brings insurance brokers under ombudsman ambit

Policyholders can also now file online complaints

Health insurance companies get over 900K Covid-19 claims, settle 84%

Overall, the insurers have settled almost 84 per cent of the claims in terms of the number of claims, and 52 per cent in terms of the amount of claims

Max Life Insurance attains highest claim settlement ratio at 99% in FY20

Max Life Insurance on Thursday said it has settled individual claims worth over Rs 562 crore in 2019-20, and attained a settlement ratio of 99.22 per cent during the year.

Bharti AXA Life boosts protection cover segment to expand footprint

The firm has enriched the protection cover segment with the benefits of 'Quit Smoking' and 'Stay Fit' in its life cover solution Bharti AXA Life Flexi Term Pro

Axis entities get Irdai approval to acquire stake in Max Life Insurance

Axis Entities will have the right to acquire another 7 per cent in the life insurance company, in or more tranches

Motor insurance likely to remain muted amid Covid-19, say experts

Experts said this is the result of higher new vehicle sales on the back of strong retail demand during the festive season

Edelweiss Financial Services plans to invest Rs 800 crore in insurance biz

In the general and life insurance businesses, the firm expects to invest Rs 100 cr a year in the next 3-4 years

Retail health continues to shine as motor and crop insurance slide

Till January, the health insurance segment has grown 14.59 per cent to Rs 48,501 crore

Future Generali launches health product with 80% discount on no-claim

General insurer Future Generali has launched a health product offering 80 per cent flat discount on the premium on renewal if there was no claim in the previous year. The health super saver policy offers a straight 80 per discount on the premium on renewal in the second/third year in case there was no claim in the previous year, said Anup Rau, managing director & chief executive of Future Generali India Insurance, which has over 3 lakh health insurance customers. The company is offering the new product in two variants--1X and 2X-- under which the former provides a 80 per cent discount on the premium in the consecutive year in case the first year was claim-free and the later offering 80 per cent more coverage for the family members on an individual sum insured basis. This product also covers a one-day-old infant to a senior citizen who is 70. * * * * * GMR Kannur Duty Free Services launches outlet * GMR Kannur Duty Free Services Ltd (GKDFSL) on Thursday launched its first duty .