Insurance Newsletter – June 28 to July 04, 2013

India Infoline News Service | Mumbai |

NA

Top Stories 

IRDA to cap annual sales by bank-promoted insurers

The Insurance Regulatory and Development Authority (IRDA) is working on guidelines to cap total annual sales by bank-promoted insurers, according to a media report. This means banks which opt to be insurance brokers cannot sell products from their own group companies beyond 25% of the total annual sales, the report added. Banks such as ICICI Bank, HDFC, SBI, IDBI Bank, Bank of Baroda have promoted insurance companies. Read more...

EPFO to launch online PF fund transfer soon

AirAsia plans to enter India's insurance market?

Learning

Top up plan: Enhance your medical cover at low-cost premium

Most people on an average buy health insurance cover between Rs. 1 lakh and Rs. 3 lakh. This amount may be sufficient for minor surgery. However with rising healthcare expenses, the above sum insured may not be sufficient. Many people are also concerned about the limited amount of sum insured—which their health insurance plans offer—since medical expenses have increased tremendously. At the same time, these expenses can neither be delayed and unavoidable. Read more...

Domestic News

Allahabad Bank, LIC sign MoU to enter micro insurance sector
Allahabad Bank has signed a memorandum of understanding with Life Insurance Corporation of India (LIC) to enter the micro insurance sector. The public sector bank will now be selling micro insurance products through its vast network of business correspondent agents (BCAs) deployed all over the country. As a beginner, Allahabad Bank would be selling three micro insurance products of LIC—Jeevan Madhur, Jeevan Mangal and Jeevan Deep.

Bharti AXA announces add-ons on car insurance

In line with its growth strategy, Bharti AXA General Insurance Co. Ltd announced the launch of unique add on bouquets with the standard motor insurance policy that aim to provide complete car and passenger protection for the customer. Read more...

India Inc seeks innovative staff healthcare options: Study

ICICI Lombard General Insurance Company Ltd. has unveiled its research on ‘Trends in Employee Benefit Programme – 2013’. The first of its kind research provides interesting insights into the healthcare covered subscribed to by companies across industries including IT, Manufacturing, Banking etc. It also delves into the challenges faced by decision makers, juxtaposed against the employees’ expectations. Read more...



ICICI Lombard unveils research on Employee Benefit Programme

ICICI Lombard General Insurance Company Ltd. has unveiled its research on ‘Trends in Employee Benefit Programme – 2013’. The first of its kind research provides interesting insights into the healthcare covered subscribed to by companies across industries including IT, Manufacturing, Banking etc. It also delves into the challenges faced by decision makers, juxtaposed against the employees’ expectations.  Read more...

United India Insurance pays Rs. 106cr dividend to gov for FY13

Milind Kharat, CMD, United India Insurance Company presented a Dividend cheque of Rs. 106cr for the year 2012-13 to the Hon. Union Finance Minister  P Chidambaram at New Delhi. Read more...

Route to prosperity has never been faster: India’s wealthy

EPFO to launch online PF fund transfer soon

New India Assurance pays Rs. 1.70bn dividend

TCS launches insurance app for smartphones

Tata Consultancy Services on Monday launched TCS Insurance QuickPass – an app that allows insured drivers to maintain a true “digital wallet” that includes a digital version of their insurance card and other critical policy and resource information on their smartphones. Read more...

International News

European consumers empowered by mobile banking: ING

More than a third (37%) of almost 12,000 internet users surveyed in 12 European countries are already using mobile banking – and many credit the technology with providing more control over their money. While being able to bank on the go is very popular, cash is still favoured for ultimate control of budgeting and spending. Social media is booming and is mostly used to get better insight into money matters and is set to grow as many young people expect to be able to make payments via social media, according to the ING report entitled Financial Empowerment in the Digital Age.
 

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