Insurance Newsletter - May 26 to 30, 2014

India Infoline News Service | Mumbai |

The life insurance industry of India will soon witness robust growth, feels Amitabh Tapadar, Chief Marketing Officer, Tata AIA Life Insurance Company Ltd

Top Stories

FM to consider insurance funding without raising FDI cap
Financial Services Secretary GS Sandhu said that the government is considering options through private insurers can be allowed to raise more funds without increasing FDI (foreign direct investment) in the sector to 49%, according to a media report. Sandhu met Finance Minister Arun Jaitley on Thursday to discuss issues related to the banking and insurance sector. Sandhu said one option could be to raise the FDI limit in various insurance segments in a phased manner. The ruling Bharatiya Janata Party is opposed to raising the FDI cap in the insurance sector from 26% to 49%.

Life insurance industry will soon witness robust growth: Tata AIA Life
The life insurance industry of India will soon witness robust growth, feels Amitabh Tapadar, Chief Marketing Officer, Tata AIA Life Insurance Company Ltd. According to an industry estimate, by the year 2020 more than 100 million people will be added to India’s working force. The total size of working populations in India, which stood at 521 million in 2011, is estimated to grow to 627 million by 2020. Life expectancy, which stood at 67 years between the years 2006-10, will reach to 70 years in between 2016-20... Read more

Special Stories

PFRDA unveils draft new regulations for pension sector
The Pension Fund Regulatory and Development Authority (PFRDA) has introduced a set of regulations that could help in institution building, developing market infrastructure and enhance customer protection in the pension sector. The PFRDA board approved the drafts of five regulations, including those governing points of presence (POP), aggregators, grievance redress, subscribers' education and protection fund, and pension fund advisory committee. These regulations will be finalised after a detailed discussion with stakeholders... Read more

Domestic News

Mumbai has highest number of critical illness insurance policies
Mumbai has the highest number of insurance policies which cover critical illnesses including ailments related to tobacco consumption, according to ICICI Lombard Tobacco Consumption Habits 2014 survey. The survey said that two-thirds of the respondents have a health insurance policy in Mumbai. Over 41% of the respondents in Mumbai have increased cigarette consumption in the last 2-3 years whereas only 14% have decreased consumption. When compared to other cities, Mumbai has highest number of insurance policies which cover critical illnesses including ailments related to tobacco consumption... Read more

PNB MetLife launches new term insurance plan
PNB MetLife India Insurance on Thursday launched a term insurance plan designed to ensure a guaranteed monthly income for up to 20 years to the family of a customer upon his death. The Met Family Income Protector Plus plan allows one to choose between a lumpsum payout or monthly income in case of the death of the customer, the insurer said in a statement. The customer can also opt for the return of premium at the end of the policy term. This option ensures that the customer gets covered during the policy term and gets back 110% of the premium paid, it said.

AEGON Religare Life Insurance presents an online game
The pioneers in online insurance, AEGON Religare Life Insurance (ARLI) bring you an online game, ‘Kochadaiiyaan’s Reign of Arrows’, based on the animated Tamil movie, starring the Superstar Rajnikanth. This game is a third-person, action arcade archery game, which is replicated from the movie’s theme. The game has been developed by Hungama Digital Media Entertainment Pvt. Ltd. and can be downloaded from any device on the Android, iOS or Windows platform or through Facebook, without any charge. It went live on March 19, 2014 and is listed as one of the top five new apps on the Google Play Store... Read more

Reliance Life new business rises 40% at Rs. 1,934 cr in FY14
Reliance Life Insurance said the company has recorded a 40 per cent surge in its new business premium income in the financial year ended March 31, 2014. Helped by a significant increase in individual insurance segment, Reliance Life saw its new business premium collection rising to Rs 1,934 crore during by the end of 2013-14, from Rs 1,377 crore in the year-ago period. For the entire life insurance industry, the new business premium income grew by 11.6 per cent to Rs 1.20 lakh crore for the year ended March 2014 from Rs 1.07 crore in the year-ago period, according to the Insurance Regulatory and Development Authority data... Read more

Max India Q4 net profit up 84% at Rs 52.5 cr
Max India on Wednesday posted 84 per cent increase in profit after tax at Rs 52.5 crore for the fourth quarter ended March 31, 2014. The company had posted a net profit of Rs 28.5 crore in the same period of previous fiscal. Revenues of the company grew by 52 per cent to Rs 3,740 crore for the fourth quarter, compared to Rs 2,468 crore in the same period of previous fiscal, Max India said in a statement... Read more

Genpact ranked a “Leader” in Retail Banking and Capital Markets
Genpact Limited, a global leader in transforming and running business processes and operations, has been positioned as a “leader” in both retail banking BPO and capital BPO overall market segments in NelsonHall’s two recent NEAT evaluations. NelsonHall’s vendor evaluation and assessment tool “NEAT” score is based on a combination of analyst assessments of a vendor’s “ability to deliver immediate client benefits” and feedback from clients on levels of partnership and “ability to meet future client requirements.” NEAT is a method by which strategic sourcing managers can evaluate outsourcing vendors and is part of NelsonHall's Speed-to-Source initiative... Read more

Tech Mahindra teams up with Premium Credit
Tech Mahindra Ltd a specialist provider of connected solutions, announced that Premium Credit Limited, the No.1 Insurance Premium Finance Company in the UK and Ireland, has selected it to deliver front and back office application services. Tech Mahindra will provide operational support and maintenance services, as well as development and implementation. It was selected because of its domain expertise in the insurance and financial services, and a strong local footprint... Read more

 

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