Insurance Sector

New India Assurance cuts health insurance policy rate by 50% for girl children

New India Assurance cuts health insurance policy rate by 50% for girl children

New India Assurance, the country's largest insurer, on Friday launched a new scheme, called New India Asha Kiran, which offers a discount of 50 per cent on policy rate for girl children.

Launched on the eve of International Women's Day, the New India Asha Kiran is floater policy that covers the proposer, spouse and dependent girl child. In case of accident of parents, the sum insured will be placed as fixed deposit (FD) in the name of the girl child.

LIC to buy 5% stake in BHEL

LIC to buy 5% stake in BHEL

State-run Life Insurance Corporation of India (LIC) will acquire 5 per cent stake in Bharat Heavy Electricals Ltd (BHEL) through a block deal, which is expected to fetch the national exchequer nearly Rs 20.46 billion.

The announcement was made on Friday by Disinvestment Secretary Ravi Mathur, who said that the government would divest 5 per cent stake in BHEL to LIC through a block deal this fiscal.

Insurance industry offering greater job opportunities

Insurance industry offering greater job opportunities

The life insurance industry is now offering greater job opportunities for insurance agents, Insurance Regulatory & Development Authority (IRDA) Chairman T. S. Vijayan said.

In a recent interview, Mr. Vijayan said there had been a considerable increase in hiring agents in the industry over the past few years.

Reliance Life Insurance to launch 25 products under new regime

Reliance Life Insurance to launch 25 products under new regime

Private-sector insurer Reliance Life Insurance has announced its plans to start selling life insurance products from the start January and launch 25 products compliant with the new product guidelines in the final quarter of current financial year.

Reliance Life Insurance CEO Anup Rau said that the gradual process of launching of the new products would be phased out. He added that company would largely focus on providing traditional, simple and need-based solutions to customers.

Aviva reportedly preparing to sell its 26% stake in India JV

Aviva reportedly preparing to sell its 26% stake in India JV

Aviva Plc is reportedly in search of a buyer for its stake its stake in Aviva Life - an insurance joint venture with India's Dabur Group.

Aviva owns 26 per cent stake in Aviva Life, while the remaining 74 per cent stake in the insurance joint venture is owned by the Dabur Group.

At current price of Aviva Life shares, Aviva Plc's stake is worth more than $500 million.

Sources, with direct knowledge of Aviva Plc's plans, revealed that the company was in the process of appointing corporate advisers to find buyers for its stake.

LIC to open special camp office in Uttarakhand to settle claims

LIC to open special camp office in Uttarakhand to settle claims

Life Insurance Corporation (LIC) has announced its decision to open a special camp office in flood-hit Uttarakhand to settle claims at the earliest possible.

Thomas Mathew, acting chairman of LIC, also confirmed that the government-run corporation had decided to relax norms for speedy settlement of life insurance claims.

Announcing the decision, Mathew said, "LIC will be opening a special office in that area to attend to all the claimants and relax the usual requirements for claim settlement."

Insurance sector will witness sub-5% growth rate in FY’14: CII

Insurance sector will witness sub-5% growth rate in FY’14: CII

India’s cash-strapped insurance industry would likely witness a moderate growth rate of sub-5 per cent during the current financial year, according to the Confederation of Indian Industry (CII).

In the CII survey, nearly half of life insurance firms said they expected negative growth rates during the financial year 2013-14.

The non-life insurance firms, however, expressed optimism about their growth outlook, with around 60 per cent of them projecting an average growth of more than 10 per cent for the current financial year.

23 banks & insurance firms facilitate money laundering: Cobrapost

23 banks & insurance firms facilitate money laundering: Cobrapost

Senior officials of 23 private as well as public sector banks and insurance companies are actively involved in the illegal activity of facilitating money laundering, a new sting operation by Cobrapost revealed.

The list of banks and insurances companies allegedly involved in facilitating money laundering includes Satate Bank of India (SBI), Life Insurance Corporation (LIC), Bank of Baroda, Canara Bank, Punjab National Bank, Indian Bank, Yes Bank, IDBI Bank, Federal Bank, Birla Sunlife and Reliance Capital.

Motor insurance premium to rise 20% from April

Motor insurance premium to rise 20% from April

Industry regulator, the Insurance Regulatory and Development Authority (Irda) has released third-party insurance premium rates for the motor vehicles in the country.

The third-party premium rates are set to increase by 20 per cent on average from 1 April, 2013. The regulator released third-party insurance premium rates in an order on Tuesday for all classes and sub-classes of vehicles in the country. Vehicle owners in the country will now have to pay a higher premium on their insurance policies for their vehicles from next month.

Nokia to offer mobile insurance cover

Nokia to offer mobile insurance cover

Nokia India, the Indian arm of Finnish handset maker Nokia, has teamed up government-owned New India Assurance to offer customers insurance cover against any loss or damage of their handsets.

The company announced that customers purchasing Nokia devices from Nokia-branded retail stores would be offered insurance cover at 1.25 per cent of the price of the phone.

The minimum premium for the insurance cover plan has been fixed at Rs 50, and the plan will take effect from Thursday.