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Ease G-Sec rule for insurance companies: IRDAI panel
Monday, December 18, 2017, 1:09 PM
A panel constituted by the Insurance Regulatory and Development Authority of India (IRDAI) has called for reviewing norms that require 50% of the funds mobilized from traditional life policies to be invested in government bonds. According to the panel's report, the restriction on investments does not permit life companies to generate a return of even 8% in traditional policies given the drop in yields on government bonds.
Life Insurance Schemes Might Fetch Better Returns In Future
Monday, December 18, 2017, 7:54 AM
Life insurance schemes might offer better returns from next-year if the recommendations of IRDAI-constituted committee are accepted and put in practice. A committee constituted by the IRDAI has suggested a host of changes in the life insurance sector, including in the investment norms to improve the returns generated by the funds. IRDAI-constituted committee has suggested that the minimum investment limit of 50% in government securities should be reduced.
Demonetisation changed saving habits of Indians, says finance ministry
Friday, November 10, 2017, 1:10 PM
Demonetisation has brought about a significant shift in saving habits among Indians, with many parking a higher share of their disposable income in bank deposits and market instruments, the government has said. A finance ministry note submitted to a parliamentary panel said gross financial savings in terms of deposits, shares, debentures, insurance funds and pension funds increased by 48% in 2016-17.
‘40% of investors do research online but buy policy offline’
Sunday, August 13, 2017, 10:59 AM
“Around 40% of prospective investors do research about the various insurance products online, but eventually end up buying it from an advisor or agent, simply because of the convenience and ease in buying it from someone you know,” says Nilesh Sathe, Member (Life) IRDAI. He also said that emergence of new technology in insurance would not affect agents.
Private insurers' individual, group single premiums see a drop
Wednesday, June 14, 2017, 11:03 PM
Private life insurers reported a slump in premiums earned in both individual single premium and group single premium categories on a month-on-month basis and the twelve-month ending May-2017. While the decline in the month of May-2017 was 12.8% and 26.58% in the individual and group single premium segments, respectively, the decline in the twelve-month period ending May was 10% and 24.43%, respectively.
LIC launches new insurance policy with 8% assured annual return
Tuesday, May 16, 2017, 6:39 PM
LIC launched a long-term endowment policy Jeevan Umang, that covers up to 100yrs and offering a combination of income and protection including an assured 8% annual return. The plan provides for annual survival benefits from the end of the premium paying term till age 99 and a lump-sum payment at the time of maturity or on death of the policyholder during the policy term.
BJP urges RBI to launch probe into public sector bank loans to Munnar
Monday, May 15, 2017, 3:12 PM
BJP in Kerala today urged RBI to initiate an inquiry into the loans allegedly given by some public sector banks to some resorts in the tourist town of Munnar, flouting all banking norms. BJP state president Kummanam Rajasekharan also wanted stringent action against those involved in deploying public money to "finance non-viable and highly risky and litigation prone projects."
Performers needn't worry; there's enough demand: Wipro HR head on job
Friday, May 12, 2017, 11:02 AM
India's technology services firms are facing their worst period in a decade. The industry is facing technology and business shifts, impacting their growth and their employees. Amidst fear of layoffs across many IT companies, Saurabh Govil, head of Wipro's Human resources, explains who are the affected lot and why it is essential to re-skill for employees in this sector.
Edelweiss Tokio Life launches PoS product
Friday, May 5, 2017, 8:05 PM
Edelweiss Tokio Life Insurance, the joint venture between the Edelweiss Group and Tokio Marine Holdings of Japan, has launched an over-the-counter life insurance product in India called 'Edelweiss Tokio Life – POS Saral Nivesh’. This is non-linked, non-participating endowment life insurance plan with dual benefits of protection and savings. One can avail this product by paying minimum premium of Rs.5,000 annually or Rs.1,000 monthly.
Cabinet approves appointment of two candidates for LIC MD
Tuesday, April 11, 2017, 6:47 PM
The appointments committee of the cabinet has approved appointment of two candidates Sunit Sharma and B Venugopal as managing director of Life Insurance Corporation. With their appointment, LIC now has four MDs. Three major portfolios of investments, personnel and marketing will be reallocated among the four. Investments, which has three divisions including operations, risk management & research and monitoring will be redistributed.
IRDAI wants insurance policies issued in demat format
Tuesday, March 28, 2017, 9:53 AM
The Insurance Regulatory and Development Authority of India is planning to ask life insurers to issue policies only in a dematerialized (demat) format beyond a specified threshold premium. This rule will be made applicable to all insurance contracts, both for existing and new customers. IRDAI has been trying to get insurance policies under demat format since 2013, but LIC has always resisted the move.
FM Arun Jaitley introduces four bills on GST in parliament
Monday, March 27, 2017, 12:45 PM
Finance minister Arun Jaitley on Monday introduced four bills on the Goods and Services Tax (GST) in the lower house of parliament, paving the way for the government to launch the landmark tax reform. The bills introduced are the Central GST Bill, the Integrated GST Bill, the Union Territory GST Bill, and the GST (Compensation to States) Bill.
SBI Life set to enter Bahrain in next financial year
Monday, March 27, 2017, 9:39 AM
"SBI Life is all set to expand and enter Bahrain next financial year and we have already received the approvals from IRDAI for the same," SBI Life managing director and chief executive Arijit Basu told."We are now waiting for the approval from Central Bank of Bahrain (which also regulates that country's insurance industry) to kick off our operations," he said.
Life insurers' assets rise 23% in 2 years
Tuesday, March 21, 2017, 7:12 PM
Over the last two years, life insurance industry has witnessed a 23% increase in its assets. Data from the umbrella body shows 28% jump in fixed income assets to Rs.20.9 lakh crore at the end of 2016, compared to Rs.16.3 lakh crore at the end of 2014. Equity assets witnessed a growth of only 5%, rising to Rs.6.7 lakh crore in the same period.
GoI at work for smooth roll out of GST on July 1
Saturday, March 18, 2017, 11:28 AM
The government is burning the candle at both ends to clinch the smooth rollout of the most awaited Goods and Services Tax. The country is likely to welcome the GST on July 1, 2017. The government is currently working to mitigate the industry fears over the tax increases. There are four tax slabs of 5, 12, 18 and 24% pegged by the GST Council.
