Fraudsters pretend as IRDA employees to trap customers
Some fraudsters pretending as IRDA (Insurance Regulatory and Development Auhtority) employees are luring customers with false promises of bonus on their existing insurance policies if they buy a new plan, according to media reports.
The racket has managed to sell around 4,000 policies to buyers in the past 12 months. Some fraudsters tell the victim that a big bonus has been declared on his existing policy but to get the money he must buy a new plan directly from IRDA. Others trap buyers by saying that their policies have been chosen for a bonus payment through a random draws, the reports added… Read more
Premium for group health insurance to increase: Ministry
Premiums on group health insurance could rise by up to 50% as the finance ministry has instructed all public sector insurers to stop giving discounts on such policies, according to media reports.
The ministry has instructed the four public sector insurers—National Insurance, New India Assurance, Oriental Insurance and United India Insurance—to stop giving discounts on policies where combined ratio, or the cost of a policy to the insurer, is more than 100%... Read more
Star Health to raise Rs. 1.5 bn for FY13
Star Health and Allied Insurance said it plans to raise Rs. 1.5 billion for the financial year 2012-13 to increase its solvency margin.
Solvency ratio refers to the difference between an insurance company’s capital and estimated liabilities. Insurance companies are required to maintain a minimum solvency margin. Star Health’s current solvency margin was at 1.76% compared with the industry’s 1.5%... Read more
Magma Fincorp to underwrite 1st policy in October
Sanjay Chamria, VC & MD, Magma Fincorp Ltd, says, Magma HDI General Insurance Company is a 74: 26 joint venture between Magma Fincorp, its promoters, and German insurance major HDI-Gerling. HDI-Gerling is part of the third largest insurance group in Germany, Talanx Group. The promoters have infused an initial paid-up equity capital of Rs. 2.08 billion into the new general insurance joint venture… Read more
We expect 20% growth for FY13: ICICI Lombard General
Bhargav Dasgupta, MD & CEO, ICICI Lombard General Insurance, says, The general insurance industry appears to be coming out of the impact of de-tariffing, with pricing beginning to slowly correct. This is a healthy sign for the overall sustainable growth of the industry. The industry grew at 23% over the previous year, underwriting a total premium of Rs. 547.62 billion in FY11-12. We expect a 15%-20% growth this year for the industry if the pricing remains at the same levels… Read more
Employees’ State Insurance… For lower income groups
Geeta—a lower income employee—is working in an organisation for more than two years. Apart from taking care of herself, she also has to meet the financial requirements of her family. Being tied-up with her work schedule and household chores, Geeta never knew what benefits her employer/company was offering to the employees. She only knew that she is earning Rs. 12,000 per month of which a certain amount is deducted for ESIS… Read more
SBI General appoints Bhaskar Sarma as MD & CEO
SBI General Insurance has appointed Bhaskar Jyoti Sarma as MD & CEO of SBI General Insurance for three years. He has taken over the affairs of the Company from 1 August 2012… Read more
Increase pension under EPF scheme to Rs. 5,000: Shashi Tharoor
Member of Parliament for Thiruvananthapuram Shashi Tharoor has urged the Indian government to increase the pension under the Employees Provident Fund (EPF) scheme to at least Rs. 5,000… Read more
RBI left repo & CRR rates unchanged as expected: Bharti Axa
The Reserve Bank of India (RBI) has left repo and CRR rates unchanged as was widely expected. On the growth inflation debate, the tone maintained was clearly hawkish with the RBI reiterating that inflation control was the primary objective. Expectations of future policy action are likely to get further back ended given the sticky inflation and monsoon concerns… Read more
IRDA imposes fine on Bajaj Allianz Life
Insurance Regulatory and Development Authority (IRDA) has imposed a penalty of Rs. 5 lakh on Bajaj Allianz Life Insurance for violating regulations pertaining to group unit-linked policies (ULIPs).
IRDA received a complaint against Bajaj Allianz Life Insurance that it was enrolling new members into the existing group scheme issued to Yes Bank under membership number 0193090575. (Bajaj Allianz Life Group Unit Gain–116L079V01–a ULIP Group Insurance Plan). A show cause notice was issued to Bajaj Allianz Life for enrolling new members into existing group schemes where master policy was issued prior to 1 September 2010 without revising the existing scheme as required under a fresh circular on ULIPs issued on 27 October 2010… Read more
Nippon Life, Reliance Life to introduce post-sales service in India
Japan’s Nippon Life along with its partner Reliance Life is planning to introduce the concept of post-sales services to the Indian insurance industry.
As a strategic partner, Nippon Life holds 26% stake in Reliance Life. Post-sales service is a widespread practice followed by many companies to retain their customers. Post-sales service involves a continued relationship between the company and its customers through maintenance and advice-like offerings for years after the actual sale of the product. However, post-sales services are not available in the Indian insurance industry… Read more
Spanco launches services from Bajaj Allianz Life
Spanco has launched services from Bajaj Allianz Life Insurance. Initially this service has been launched in Mumbai Zone (Thane, Mumbai and Raigad) and later Spanco will introduce it to all other districts.
The first launch ceremony happened at the VLE location in Sewri, Mumbai in the presence of Bajaj Allianz officials and on the first day of the launch 47 Bajaj Alliance policies were collected… Read more
Haryana govt brings rice under crop insurance scheme
On 31st July, the Haryana government said it has brought paddy under crop insurance scheme for Kharif 2012-13. Under the Modified National Agricultural Insurance Scheme (MNAIS), paddy will be covered during Kharif 2012-13 for the purpose of the crop insurance, the Haryana agriculture department said in a notification.
Under MNAIS, indemnity level or protection plan will be 90% and sum insured will be Rs. 45,700 per hectare in all the districts covered under the scheme. The scheme will be implemented in Karnal, Kaithal, Jind and Rohtak districts, it said… Read more