Insurance Newsletter - December 15 to 19, 2014

If you have dependents, then life insurance should form an integral part of your financial planning. However, choosing the appropriate policy with the right coverage is important to ensure that the very purpose of insurance is met.

Dec 20, 2014 10:12 IST India Infoline News Service

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Seven steps to get yourself the RIGHT insurance cover
If you have dependents, then life insurance should form an integral part of your financial planning. However, choosing the appropriate policy with the right coverage is important to ensure that the very purpose of insurance is met. Here is a step-by-step guide on getting insured the right way...Read More
 
Exide Life Insurance hopeful of Insurance Bill getting passed in Winter session
Exide Life Insurance has high expectations from the much awaited Insurance Bill which is likely to be passed in the current Winter Session of Parliament. In an interview to a television channel, Kshitij Jain,MD and CEO, Exide Life Insurance, said there is no real need for raising capital in the short term but admits that the caveats within the recommendations of the select committee have taken him by surprise. He feels the recommendations for increased FDI is intended  for raising additional capital rather than encouraging stake dilution by local promoters...Read More
 
Centre may take ordinance route to hike FDI limit in the insurance sector: Reports
The Centre reportedly said that it may take the ordinance route to hike the foreign direct investment (FDI) limit in the insurance sector to 49%.
 
“In case, the Insurance Bill is not passed in this session, the ordinance route can’t be ruled out,” government reported.
 
This move comes after the Rajya Sabha was adjourned without transacting any major business.  The Opposition demanded a statement from Prime Minister Narendra Modi on the religious conversion controversy.
 
Domestic News
 
2015 to be a promising year for General Insurance sector: ICICI Lombard
ICICI Lombard General Insurance, India’s largest private sector insurance company, has released the key trends for 2014 and its outlook for 2015 for the Health and Motor insurance segments. Commenting on the occasion, Sanjay Datta, Chief – Underwriting and Claims, ICICI Lombard General Insurance said: ‘As India’s largest private sector General insurance company, it is imperative for us at ICICI Lombard to lead the industry curve in terms of identifying consumer trends and introducing consumer centric products and services. As we look ahead, we see exciting times for the General insurance industry, driven by improving consumer demand, policy enablers and new initiatives by insurers.”...Read More
 
Majesco merge with Cover-All Technologies Inc
Majesco (formerly, MajescoMastek), the global provider of core insurance systems and services to approximately 100 insurance carriers worldwide, announced that it has entered into a definitive merger agreement with Cover-All Technologies Inc., an insurance software company based in Morristown, NJ, in a 100% stock-for-stock transaction, pursuant to which Cover-All’s stockholders and the holders of its options and restricted stock units, in the aggregate, will, upon the closing of the merger, receive 16.5% of the outstanding shares of common stock of the combined company, on a fully diluted basis...... Read More
 
Standard Life to increase stake in HDFC Life
Standard Life is planning to increase its stake in joint venture HDFC Standard Life Insurance Co to 33% after India amends its law increasing the limit of foreign investment in the insurance sector, according to reports. Report stated that the stake purchase will happen before HDFC Life lists its shares. Standard Life may have to invest Rs 1,250-1,400 crore for the additional 7% to increase its stake.
 
Asia ex-Japan's Life Insurance Investable Assets to hit US$2.4tn in 2015
Life insurers in Asia ex-Japan's largest markets will see their investable assets grow nearly 15% in 2015 to hit US$2.4 trillion, according to a new report by Cerulli Associates, Asian Insurance Industry: Rethinking Investment Strategies. "The 2015 growth will be slightly higher than the 13.7% year-on-year increase that we expect for the whole of 2014. From then on, year-over-year growth in the total life insurance investable assets of China, Taiwan, Korea, and Singapore will hover around 14% to settle at 13.7% in 2018...Read More
 
LIC presents a Dividend Cheque to the Union Finance Minister
S.K. Roy, Chairman, Life Insurance Corporation (LIC) of India presented a dividend cheque of rupees One Thousand Six Hundred Thirty Four Crore Eighty Nine Lakhs Fifty Seven Thousand and Six Hundred Two (Rs.1634, 89, 57, 602.00) to the Union Finance Minister Arun Jaitley in his office. Rajiv Mehrishi, Finance Secretary, Dr. Hasmukh Adhia, Secretary, Department of Financial Services, Ministry of Finance, Manak, V.K. Sharma and Ms. Usha Sangwan, all Managing Directors, LIC were also present on the occasion among others.
 
HDFC Life launches Sampoorn Samridhi Plus
HDFC Life, India’s leading long term private life insurance solutions provider announced the launch of Sampoorn Samridhi Plus, a traditional ‘with profit’ plan that offers lumpsum payment at the end of the policy term and provides an option to continue life cover for whole of life till 100 years of age. On the occasion of the launch Sanjay Tripathy, Senior EVP – Marketing, Product, Digital & Ecommerce, HDFC Life said, “Life insurance is often perceived to be just another investment option...Read More
 
Canada Pension Plan Investment Board invests in L&T IDPL
Larsen & Turbo Ltd and Canada Pension Plan Investment Board (CPPIB) have completed the definitive investment agreement entered into in June 2014. L&T and wholly owned subsidiary of CPPIB , for investment into L&T's subsidiary- L&T Infrastructure Development Projects Ltd (L&T IDPL).
 
Max Life Insurance ‘i-genius Young Singing Stars’ Grand Finale showcases brilliant talent
Max Life Insurance, one of the leading life insurers in India and leading music label Universal Music India, today concluded a spectacular ‘i-genius Young Singing Stars’ event in Mumbai.  The grand finale witnessed outstanding performances by the 10 finalists. The 10 were chosen from 1.26 lakhs participants.  The day turned out to be mesmerizing with a star studded jury including, Salim Merchant & Shraddha Sharma. The two winner’s Shrada Shreya, amongst the seniors & Shivam Ahuja amongst the juniors won an album contract whilst the 8 finalists won ‘single song’ contract with Universal Music Group...Read More

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