IRDA cautions public against fake calls
IRDA (Insurance Regulatory and Development Authority) has cautioned the public against falling prey to spurious calls being made in the name of regulator to sell policies.
"The IRDA does not involve directly or through any representative in sale of any kind of insurance or financial products," the regulator said in a public notice on 4 September.
IRDA has asked the public to remain alert and not to fall prey to frauds or scams perpetrated by miscreants who impersonate to be employees or officers of IRDA or other insurance companies.
"If any member of the public notices such instances, he or she may lodge a police complaint giving full details, along with the details of the caller and telephone number from which the call was received, in the local police station," the Irda said.
Swiss Re named as insurance sector leader for 8th time
Swiss Re has been named as the insurance industry sector leader in the Dow Jones Sustainability Indices for 2014. This is the eighth time since 2004 that Swiss Re has led the insurance sector in these rankings. The award highlights Swiss Re's long-term commitment to sustainable business and the efforts to continuously and progressively embed sustainability into key business processes and operations.
David Cole, Swiss Re's Group Chief Financial Officer, says: "For over a decade Swiss Re has been at the top of this important measure of sustainable business. We achieved this long-running success because we build sustainability into our approach to managing our company on both the asset and liability side. We approach sustainability in a way that can be measured and which can be made a part of our value proposition to clients and investors."... Read moreHYPERLINK "https://www.indiainfoline.com/article/news-top-story/swiss-re-named-as-insurance-sector-leader-for-8th-time-114091100107_1.html"
Reliance Life launches Fixed Savings Traditional Plan
Reliance Life Insurance Company (RLIC), part of Reliance Capital Ltd, launched Reliance Fixed Savings, a unique endowment insurance plan that secures future through with fixed returns.
Reliance Fixed Savings is a non-linked, non-participating and non-variable endowment insurance plan that helps a policyholder create a corpus for securing future goals through systematic savings over a period of time.
The new insurance plan offers guaranteed benefits, including fixed regular additions that accrue every year. The plan also offers an additional lump sum at maturity along with a life cover to protect the family of the insured.
Reliance Fixed Savings has been designed to provide risk-averse customers the core value of long-term savings and protection. The uniqueness of the plan lies in fixed regular additions that will be rewarded to policyholders throughout the policy tenure, in addition to the life cover. Customers can stop worrying about their long term goals, knowing exactly what they will get in the future, said Mr. Anup Rau, CEO, Reliance Life Insurance... Read more
Edelweiss Tokio Life launches Online Crowd Funding Initiative
Edelweiss Tokio Life Insurance (ETLI) crowd funding to help build infrastructure for Mary Kom’s boxing academy in Manipur. The Edelweiss Group has been closely associated with Mary Kom and has supported champions like her in their quest for Olympic success through its philanthropic arm - Edelgive.
The objective for ETLI to initiate this arises from the need to build more champions for Mary Kom and support infrastructural developments for such athletes. Also in a way it will bring about awareness and visibility for sports other than the popular ones. Though the current objective of this crowd funding initiative is to build infrastructure for Mary Kom’s Boxing Academy, going forward, ETLI could look at covering more sports and helping support champions in all forms of sports... Read more
ICRA: Pickup in economic recovery to aid growth of Insurance Industry
The Indian Life Insurance Industry has been facing a challenging time over the past few years on account of major regulatory changes and amidst a backdrop of a challenging operating environment. Following the decline in new business in the last two fiscals, the industry reported total new business premium (NBP) of Rs. 1.20 trillion in FY 2014, a growth of 12% over the previous year. The improvement in NBP was lead by a 22% YoY growth in the single premium business.
In FY2014, new business premium for private sector players fell by 4% YoY while for LIC it grew by 18% YoY. Towards the growth outlook, Mr Karthik Srinivasan, Sr. VP, Co Head Financial Sector Ratings, ICRA Ltd said: We believe that the key structural drivers namely an underpenetrated market, favourable demographics, high savings rate coupled with better policy holder friendly products and an expected recovery in the economy provide impetus to the Industry. At the industry level, we expect a growth of around 10% on an APE basis in FY15 and 12-15% over the next few years as the operating environment improves... Read more
Banks to take action against guarantors of wilful defaulters: RBI
The Reserve Bank of India (RBI) on Tuesday allowed banks to take action against guarantors on a loan, even without exhausting the remedies against the principal debtor, in case of a wilful default.
While dealing with wilful default of a single borrowing company in a Group, the banks /FIs should consider the track record of the individual company, with reference to its repayment performance to its lenders, the RBI said in a notification on Tuesday.
However, in cases where guarantees furnished by the companies within the Group on behalf of the wilfully defaulting units are not honoured when invoked by the banks /FIs, such Group companies should also be reckoned as wilful defaulters.
RBI directive to banks on KYC norms for medium & low risk customers
The Reserve Bank of India has asked banks and all India financial institutions to undertake client due diligence measures while commencing an account-based relationship. Such measures include identifying and verifying the customer and beneficial owner on the basis of reliable and independent information and data or documentation.
Apply client due diligence measures to existing clients at an interval of two/eight/ten years in respect of high/medium/low risk clients respectively, the RBI said in a notification on Tuesday.
Carry out ongoing due diligence of existing clients in order to ensure that their transactions are consistent with the banks knowledge of the client, his business and risk profile and where necessary, the source of funds, it added.
Five ways to save money by being disciplined
On the way to attaining financial goals most people stumble on the problem of saving regularly or sticking to their budgets or personal financial plans. At times people go overboard with their savings to such an extent that they seclude themselves from the privilege of enjoying normal lives, which ultimately results in demotivation to save. Savings should not be forced, rather the whole task could become more simple if a disciplined approach is adopted and here are the five ways that could help take things easy.
Banks allow the option of automatic debits or transfers, which could be utilized to transfer a specified amount each month automatically to a separate savings account. Thus, post the transfer all that is left in hand is disposable income and should be freely consumed by a person as savings part are already taken care of... Read more