Private Insurer Aviva Life Insurance has launched its online term plan Aviva i-Life, with a minimum cover for Rs 25 lakh with no upper limit. Aviva i-Life is the term plan, which can be purchased only online. Salient features of i-life term plan 1. The minimum sum assured … [Read more...] about Aviva Life launches online term plan Aviva i-Life
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Edelweiss Tokio Life Insurance gets R3 approval from IRDA
Edelweiss Tokio Life Insurance Company Limited got its final stage R3 (Certificate of Registration) clearance from the Insurance Regulatory & Development Authority (IRDA) in order to operate in the Life Insurance space. Earlier, the Insurance Regulatory & Development … [Read more...] about Edelweiss Tokio Life Insurance gets R3 approval from IRDA
Private life insurers have lost market share in FY2010-11
Life Insurance Industry growth has registered an increase of 15% in new premium income to Rs.125, 826 crore in 2010-11. The total premium for the entire private sector life insurance industry is pegged at Rs.39,381 crore in 2010-11. Private life Insurers registered a … [Read more...] about Private life insurers have lost market share in FY2010-11
Private life insurance sector saw a decline of four per cent in first year premium income in FY 2010-11
As per Analysis of IRDA First Year Premium Income Report on the private life insurance sector saw a decline of four per cent to Rs 30,451 crore during the FY 2010-11. As many as 10 companies, of the total 22 private players accounting for 36.8 per cent of the total life … [Read more...] about Private life insurance sector saw a decline of four per cent in first year premium income in FY 2010-11
Canara HSBC Oriental Bank of Commerce Life Insurance launches Insure Smart
Canara HSBC Oriental Bank of Commerce Life Insurance has launches Insure Smart Plan - A unit-linked insurance plan. Insure Smart Plan provides the option of NAV guarantee fund. Key features of Canara HSBC Oriental Bank of Commerce Life Insurance Insure Smart Plan are - NAV … [Read more...] about Canara HSBC Oriental Bank of Commerce Life Insurance launches Insure Smart
Future Generali launches – Future Generali Wealth Protect
Future Generali India Life Insurance Company has launched a flexible Unit Linked Insurance Plan - Future Generali Wealth Protect. Enhanced protection can be availed through opting for Riders - Accidental Death Benefit, Accidental Total and Permanent Disability Benefit, … [Read more...] about Future Generali launches – Future Generali Wealth Protect
Third party motor insurance premium rates will increase (upto 68%) from 25th April’2011
Insurance Regulatory and Development Authority (IRDA) released the new premium rate structure for third party motor insurance. The new rates that will be effective from April 25 are expected to impact the commercial transporters more than private individuals. The third party … [Read more...] about Third party motor insurance premium rates will increase (upto 68%) from 25th April’2011
IRDA issues new guidelines on telemarketing and distance mode marketing
IRDA has issued the new guidelines on telemarketing and distance mode marketing, which will come into force from 1st October, 2011. Guidelines on Training of tele-callers and Authorized Verifiers 1. Every tele-caller shall be trained at an institute accredited for … [Read more...] about IRDA issues new guidelines on telemarketing and distance mode marketing
Magma HDI General Insurance received the first phase of licence from IRDA to enter the general insurance business
Kolkata-based non-banking financial company, Magma Fincorp, has received the first phase of licence from the IRDA, the insurance regulator, to enter the general insurance space through Magma HDI General Insurance. The company had applied for a licence in March 2010 to enter the … [Read more...] about Magma HDI General Insurance received the first phase of licence from IRDA to enter the general insurance business
Relaxation in Agency norms for standalone Health Insurer’s Agents
IRDA (vide letter dated 28th November, 2006; link) allowed Star Health and Allied Insurance Company to avail the services of general insurance agents of other companies. Now this special dispensation is extended to all the Standalone Health Insurance Companies and will be valid … [Read more...] about Relaxation in Agency norms for standalone Health Insurer’s Agents