Insurance Newsletter - April 11 to 13, 2016

India Infoline News Service | Mumbai | April 13, 2016, 14:19 IST

The Indian life insurance industry is likely to report 12-15% growth in the financial year 2016-17, according to an ICRA paper. ICRA has analyzed the performance of nine life insurance companies in India, one in the public sector and eight in the private sector.

Top News
 
Sun Life Fin increases stake in Birla Sun Life to 49% from 26%
Aditya Birla Nuvo Limited announced the completion of the transaction whereby Sun Life Financial has increased its stake in the life insurance joint venture, Birla Sun Life Insurance from 26% to 49%. ABNL continues to ho!d the controlling stake in BSLI at 51°/o.  With the regulatory approvals in place, from Insurance Regulatory and Development Authority of India ("IRDAI"), Foreign Investment Promotion Board ("FIPB") and Competition Commission of India ("CCI"), ABNL sold approximately 437 million equity shares constituting 23% of the issued and paid up equity share capita! of BSLI to Sun Life. The Office of the Superintendent of Financial Institutions in Canada, the principal regulator of the Canadian insurer Sun Life, has also approved of the transaction.
ABNL has received a sum Rs. 1,664 Crore from the stake sale, valuing BSLI at Rs. 7,235 Crore. Read more

Life insurance industry to grow 12-15% in FY17: ICRA
The Indian life insurance industry is likely to report 12-15% growth in the financial year 2016-17, according to an ICRA paper. ICRA has analyzed the performance of nine life insurance companies in India, one in the public sector and eight in the private sector. The companies analysed are: LIC, ICICI Prudential Life Insurance, Bajaj Allianz Life Insurance, SBI Life Insurance, Birla Sunlife Insurance, Max Life Insurance, Reliance Life Insurance, Kotak Mahindra Old Mutual Life Insurance and HDFC Standard Life Insurance. Read more

News Infocus
 
EPFO settles 118 lakh claims in 2015-16
At the end of the financial year 2015-16, EPFO settled 118 lakh claims out of which 39% were settled within 3 days, 79% within 10 days and 96% within 20 days.  The Organisation redressed 22,925 grievances during the month settling 95% of the grievances, leaving 1,280 grievances pending at the end of the financial year 2015-16.  Out of the pending grievances, 72% of the grievances are pending disposal for less than 7 days.  A total 2,21,624 grievances were redressed during the financial year 2015-16.
 
To widen the social security net, the government took a major decision to bring all banks under the ambit of EPF & MP Act, 1952 employing 20 more number of persons as a class of establishment, for those employees who are not entitled to the benefits of Contributory Provident Fund or old age pension in accordance Read more

Domestic News
 
HDFC Life launches ‘HDFC Life YoungStars’, a first-of-its-kind digital talent hunt for kids
HDFC Life, India’s leading private life insurance company and #fame announced the launch of India’s first ever digital talent hunt for kids for categories in dancing, singing, musical instruments and comedy. This unique initiative will invite talented children between the ages 6 and 14, from across the country to participate in the competition by uploading their video on its websitewww.hdfclifeyoungstars.com. Keeping with HDFC Life’s digital-first focus, HDFC Life YoungStars is driven primarily on the digital medium. Right from the call for entries round, wherein one just needs to upload a video on the website, to all its following phases, to the grand finale, the entire property is digital based. Read more

Farmers get health insurance coverage
Minister for Higher Education Surjit Singh Rakhra introduced Bhagat Puran Singh Health Insurance Scheme for farmers during a ceremony organized at Bahawalpur Palace, Patiala, as per reports. The scheme will offer health insurance cover of Rs.50,000 per annum per family besides Rs.5-lakh cover against accidental death and complete disability of the head of the family. The scheme will benefit 28.90 lakh blue card-holder families of Punjab, 11 lakh marginal J-form-holder farmers, 2.33 lakh small traders and 2.32 lakh construction workers. Read more

ABNL down 0.26%; completes 23% stake sale in Birla Sun Life
Aditya Birla Nuvo Limited (ABNL) announced the completion of the transaction, whereby Sun Life Financial has increased its stake in the life insurance joint venture, Birla Sun Life Insurance (BSLI) from 26% to 49%. ABNL has received a sum Rs.1,664 crore from the stake sale, valuing BSLI at Rs.7,235 crore. ABNL continues to hold the 51% controlling stake in BSLI. Read more

Indian Railways to offer Rs 25L coverage for rail passengers soon
The Indian Railways soon expects to launch insurance coverage for its passengers. Its tourism and catering arm Indian Railway Catering and Tourism Corporation (IRCTC) met officials of non-life insurers to work out the modalities of cover for passengers, according to a leading financial newspaper. Insurance would be optional for passengers. Customers can avail of insurance while booking rail tickets online on the IRCTC platform. Those who book tickets offline, however, would not get the option. Read more

Star Health and Allied Insurance launches insurance for children with autism
Star Health and Allied Insurance has launched a policy for children with autism spectrum disorder (ASD). As part of the rollout, Star Health has covered 241 children from Chennai-based NGO, Sankalp, under this insurance, reports a daily newspaper. The children will be insured by Star’s Group health insurance for an individual sum insured of Rs one lakh for the period April 1, 2016 to March 31, 2017. The policy covers general medical and surgical therapies that require admission to a hospital. Read more

Health insurance, a mandatory safety net for your aging parents
The rising medical care costs are increasingly prompting insurers to levy more restrictions on eligibility of parents (translating to senior citizens) in group medical schemes. As a result, purchasing an individual standalone cover for your aged parents provides a more comprehensive and viable cover plan and is a better way to plan your finances. Such a plan would not only ease the strain on your employer-provided group scheme (which is by now covering your young family and your parents), but also ensure realization of better benefits if taken early enough. Here’s how you can get a satisfactory health cover for your ageing parents. Read more
 

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