Insurance Newsletter - Dec 30, 2013 to Jan 03, 2014

India Infoline News Service | Mumbai |

The regulator is required to collect service tax from its insurance companies, brokers and agents, said an IRDA notification.

Top Stories

IRDA to charge service tax to players
The Insurance and Regulatory Development Authority (IRDA) will charge service tax from insurance companies, brokers and agents on providing services such registration and renewal.

The regulator is required to collect service tax from its insurance companies, brokers and agents, said an IRDA notification.

Service receivers are required to add service tax component, as applicable, to the fee while making remittances to the authority from January 1, it added... Read more

IRDA to launch pilot project to sell small policies via e-Seva
The Insurance Regulatory and Development Authority (IRDA) on Friday said that it will soon launch a pilot project involving all insurers to sell small premium insurance products essentially targeting rural and small income household needs.

IRDA chairman TS Vijayan said that these would be sold through e-Seva in Andhra Pradesh and similar customer service centres elsewhere in the country. The pilot project is expected to be launched in the next three months... Read more

IRDA to bring Common Service Centres to sell policies
The Insurance Regulatory and Development Authority (IRDA) Chairman TS Vijayan said that the regulator is bringing in Common Service Centres (CSCs) as insurance brokers to sell policies in rural areas.

CSCs offers web-enabled e-governance services in rural areas. In six months time, CSCs may come in full-fledged manner, Vijayan said.

Mr Vijayan was speaking at an interactive session organised by the Federation of Andhra Pradesh Chambers of Commerce and Industry (FAPCCI)... Read more

Domestic News

There would not be shortage of new products from 2014: IRDA
Insurance Regulatory and Development Authority (IRDA) Chairman TS Vijayan said that there would not be shortage of new products from 2014 as the regulator had approved around 500 of them.

Mr Vijayan was speaking at an interactive session organised by the Federation of Andhra Pradesh Chambers of Commerce and Industry (FAPCCI) on Friday... Read more

LIC outperforms private life insurers in most parameters
Life Insurance Corporation of India has outperform private life insurance companies in most parameters used for measuring consumer friendliness.

LIC had fewer lapses, higher claim settlement and no penalties from the Insurance Regulatory and Development Authority (IRDA).

The claim settlement ratio of LIC was better than that of private life insurers. Its settlement ratio increased to 97.73% in FY13 from 97.42% in the previous year. And the percentage of rejections was only 1.12% compared to 1.30% earlier... Read more


LIC launches Single Premium Endowment Plan

Life Insurance Corporation of India on Wednesday launched LIC’s Single Premium Endowment Plan. This is a with profit non-linked savings cum protection plan, where premium is paid in lump sum at the outset of the policy. The policyholder is entitled to full risk coverage for the term of the policy. At the end of the policy term Sum Assured along with Simple Reversionary Bonus and Final Additional Bonus (if any) is payable.

The policy can be taken for age 90days to 65 years for maximum of 25 years term. Minimum Sum Assured is Rs 50,000 and in multiples of Rs. 5,000. It also takes care of liquidity through its loan facility... Read more

Bajaj Allianz to introduce over 10 products in FY14
Bajaj Allianz General Insurance is expected to close the current fiscal with around Rs. 600 crore profit and a premium income of over Rs 4,700 crore, according to a media report.

The Pune-based company expects to grow above the industry average by around 4% in 2014, the report added.

Private general insurer had reported premium income of Rs 4,000 crore in the last fiscal... Read more

Learning

Readymade pension plans vs customised plans
The existing pension plans / retirement plans in India are from the insurance companies. They are available in the form of traditional products or in the form of ULIPs (unit linked insurance plans)... Read more

International News

Tenet Sompo Insurance rating unaffected by merger with Nipponkoa Singapore Branch
Standard & Poor's Ratings Services said that its rating on Tenet Sompo Insurance Pte. Ltd. (local currency A/Stable/--) is not affected by the company's merger with the Singapore branch of Japan-based NIPPONKOA Insurance Co. Ltd.

The merger reinforces our view that the company is highly strategic to the NKSJ group (core operating entities rated A+/Stable/--), although it does not significantly change the company's competitive position in Singapore... Read more

New Year's Resolution: Five tips to cut your insurance costs
Trimming ongoing expenses is a popular New Year's resolution for many people. While there are smart ways to save on homeowners and auto insurance, making the wrong choices can result in being dangerously underinsured, according to the Insurance Information Institute... Read more

 

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