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Life Insurance Premium to Cost More
Life Insurance Premium to Cost More after Finance Minister Pranab Mukherjee said in his 2011-12 Budget speech

The government today proposed to increase the service tax on life insurance policies to 1.5 per cent from 1 per cent, a move that would increase the premium cost for policyholders.

″It is being provided that tax shall be charged in the portion of the premium... the composition rate is also being increased from 1 per cent to 1.5 per cent,″ Finance Minister Pranab Mukherjee said in his 2011-12 Budget speech.

In case of traditional endowment plans, the service tax rate has been increased from 1.03 per cent to 1.545 per cent.

  
Read More -->
Source : http://www.custbase.com
More News Headline
  LIC Snaps Up Nearly 75% New Biz In Q1 (2010-07-29)
He Grip Of Insurance Giant Life Insurance Corporation's (LIC) On The Market Only Got Cemented This Quarter Further With The State-run Behemoth Cornering Nearly Three-fourths Of The New Premiums In The First Quarter With Rs 18,740-crore Business   Read More -->
  Ulip-holders To Pay Rs 6,000 On Exit : IRDA (2010-07-29)
Insurance Regulator Irda Said Ulip-holders Will Have To Pay Up To Rs 6,000 If They Want To Discontinue A Policy Within The First Four Years.   Read More -->
  Life Insurance Policy Selection ... (2010-07-29)
Many People See Life Insurance As A Means To Use Tax Concessions. Whilst The Tax Deductibility Of Premiums Is A Nice Bonus From Taking An Insurance Policy, It Certainly Isn’t The Primary Reason For Insurance. World-wide, Life Insurance Takes Up A Sizable Chunk Of Household Income, Even When There Are No Tax Breaks.

Insurance Policies Are Designed To Meet The Various Financial Needs That People Have. Just As Different Types Of Shoes Meet The Various Needs We Have (For Example: Slippers Keep Your Feet Warm And Boots Protect Your Feet From Rough Ground And Dirt).   Read More -->
  RBI Guv To Be Vice-chief Of Joint Mkt Regulator IRDA - SEBI (2010-07-29)
The Government Today Introduced A Bill In The Lok Sabha That Provides For A Joint Mechanism Headed By The Finance Minister To Resolve Differences Among The Financial Regulators - SEBI, IRDA, RBI And PFRDA.   Read More -->
  Govt Moves To Bypass Sebi On Ulips (2010-07-29)
Indian Government On Tuesday Introduced A Bill In Parliament To Allow Insurers To Sell Unit-linked Insurance Plans (ULIPs), Without Seeking The Capital Markets Regulator's Approval.   Read More -->
  Avoid Future Financial Crisis: FM To Insurers (2010-07-29)
Finance Minister Pranab Mukherjee Asked Insurance Companies To Create A Mechanism So As To Avoid Future Financial Crises, As The Recent Global Financial Meltdown Was Caused By The Complexity Of Various Financial Products.   Read More -->
  Agent's May Lose Licence For Mis-selling :IRDA Proposal (2010-07-29)
With Many Life Insurers Not Able To Retain Customers Due To Mis-selling, The Regulator IRDA Has Proposed That Licence Of An Agent Be Cancelled If 50 Per Cent Of The Policies Sold By Him/her Are Not Renewed Annually.   Read More -->
  L&T General Insurance To Start Operations Soon (2010-07-29)
L&T General Insurance, The Wholly Owned Subsidiary Of Engineering Major Larsen & Toubro Limited (L&T), On Monday Said It Would Start Operations Within Six To Ten Weeks. The Company Recently Received A R3 (the Final Licence) From The Insurance Regulator.
To Start With, The Company Has Infused A Paid-up Capital Of Rs 175 Crore. Of This, Rs 100 Crore Is The Minimum Capital Required To Set Up A General Insurance Business.   Read More -->
  Life Insurance Business Zooms In Q1 (2010-07-29)
The Life Insurance Industry Has Gained From The Uncertainty Over Regulation Of Unit-linked Insurance Plans (Ulips), The Investment-cum-insurance Products, During The First Quarter Of The Financial Year.

According To Data By The Insurance Regulatory And Development Authority (Irda), The New Business Premium Income Of Life Insurance Companies Went Up By 77 Per Cent In The First Quarter. Income From Selling New Policies Went Up To Rs 25,522 Crore As Against Rs 14,456 Crore In The Corresponding Period Last Year.   Read More -->
  Reliance Life To Hire 3000 Managers This Year (2010-07-21)
As Part Of Its Expansion Plan, Anil Ambani Group’s Life Insurance Venture Reliance Life Will Add 3,000 Sales Managers To Its Payroll This Fiscal, Besides Hiring Another 150,000 Insurance Agents. “We Are Raising The Headcount By 20 Per Cent In The Current Financial Year. We Have Already Hired 2,000 Sales Managers In The First Three Months Of 2010-11, And Will Add Another 1,000 In The Coming Months.   Read More -->
  HDFC Bank Set For Rural Push (2010-07-12)
The Country’s Second Largest Private Sector Lender, HDFC Bank, Plans To Capitalise On Its Acquisition Of Centurion Bank Of Punjab And Deepen Its Presence In Rural India.   Read More -->
  Puri Temple Administration To Insure Rath Yatra (2010-07-12)
Pilgrims Visiting Puri During The Famed Ratra Yatra Festival Will Have Their Lives Insured Against Accidental Death And Amputation Of Legs And Hands.
The Jagannath Temple Administration Of Puri Has Tied Up With Oriental Insurance Corporation To Insure The Lives Of The Devotees During The Sacred Festival Which Falls On July 13   Read More -->
  Minimum Sum Assured For Age At Entry Of 45 Years And Above (2010-07-09)
Single Premium (SP) Contracts: 110 Percent Of Single Premium
Regular Premium (RP) Including Limited Premium Paying (LPP) Contracts: 7 Times The Annualized Premiums Or (0.25 X T X Annualized Premium) Whichever Is Higher. At No Time The Death Benefit Shall Be Less Than 105 Percent Of The Total Premiums (including Top-ups) Paid.   Read More -->
  Minimum Sum Assured For Age At Entry Of Below 45 Years (2010-07-09)
Single Premium (SP) Contracts: 125 Percent Of Single Premium.
Regular Premium (RP) Including Limited Premium Paying (LPP) Contracts: 10 Times The Annualized Premiums Or (0.5 X T X Annualized Premium) Whichever Is Higher. At No Time The Death Benefit Shall Be Less Than 105 Percent Of The Total Premiums (including Top-ups) Paid.   Read More -->
  Minimum Annual Health Cover For Age At Entry Of 45 Years And Above (2010-07-09)
Regular Premium (RP) Contracts: 5times The Annualized Premiums Or Rs. 75,000 Per Annum Whichever Is Higher.
At No Time The Annual Health Cover Shall Be Less Than 105 Percent Of The Total Premiums Paid   Read More -->
  Minimum Annual Health Cover For Age At Entry Of Below 45 Years (2010-07-09)
Regular Premium (RP) Contracts: 5 Times The Annualized Premiums Or Rs. 100,000 Per Annum Whichever Is Higher,
At No Time The Annual Health Cover Shall Be Less Than 105 Percent Of The Total Premiums Paid.   Read More -->
  ULIP DISCONTINUANCE OF CHARGES : IRDA (2010-07-09)
IRDA Has Also Addressed The Issue Of Discontinuance Of Charges For Surrender Of ULIPs. The IRDA (Treatment Of Discontinued Linked Insurance Policies) Regulations Brought Out By IRDA In This Regard Ensure That Policyholders Do Not Get Overcharged When They Wish To Discontinue Their Policies For Any Emergency Cash Requirement. The Regulations Stipulate That An Insurer Shall Recover Only The Incurred Acquisition Costs In The Event Of Discontinuance Of Policy And That These Charges Are Not Excessive. The Discontinuance Charges Have Been Capped Both As Percentage Of Fund Value And Premium And Also In Absolute Value. The Regulations Also Clearly Define The Grace Period For Different Modes Of Premium Payment. Upon Discontinuance Of A Policy, A Policyholder Shall Be Entitled To Exercise An Option Of Either Reviving The Policy Or Completely Withdrawing From The Policy Without Any Risk Cover. Further, The Regulations Also Enable IRDA To Order Refund Of Discontinuance Charges In Case They Are Found Excessive On Enquiry.
These Regulations Are Applicable To All New ULIP Products Approved By IRDA After These Regulations Are Notified.   Read More -->
  MINIMUM GUARANTEED RETURN FOR PENSION PRODUCTS : IRDA (2010-07-09)
As Regards Pension Products, All ULIP Pension/annuity Products Shall Offer A Minimum Guaranteed Return Of 4.5% Per Annum Or As Specified By IRDA From Time To Time. This Will Protect The Life Time Savings For The Pensioners, From Any Adverse Fluctuations At The Time Of Maturity.   Read More -->
  ULIP Lock In Period Increased To Five Years : IRDA (2010-07-09)
IRDA Has Increased The Lock-in Period For All Unit Linked Products From Three Years To Five Years, Including Top-up Premiums, Thereby Making Them Long Term Financial Instruments Which Basically Provide Risk Protection.   Read More -->
  Insurance Distribution Channel Related Changes (2010-07-09)
  • 1. IRDA Has Amended The IRDA (Insurance Advertisements And Disclosure) Regulations To Remove Any Scope For The Involvement Of Unlicensed Personnel/entities In The Sale Of Insurance Products.
  • 2. IRDA Has Amended The IRDA ( Licensing Of Corporate Agents) Regulations To Further Tighten The Code Of Conduct Of Corporate Agents To Ensure That The Prospect Does Not Deal With Any Unlicensed Person. The Regulations Have Also Been Amended To Ensure That There Is No Scope For Any Kind Of Remuneration Other Than Commission Where Sale Has Been Effected. This Measure Will Reduce The Expenses Of The Insurer, Thereby Lowering Premiums To Be Paid By The Policyholder.
  • 3. Regulations For Referrals: IRDA Has Also Addressed The Issue Of Referrals By Bringing Out Separate Regulations Leaving No Scope For Misuse Of The System. Companies Which Wish To Share Their Database Of Customers With Insurers Would Need To Get Approval From IRDA After Having Conformed To The Requirements As Laid Down In The Regulations. Further, There Are Restrictions On The Business Activities Of The Referral Company To Ensure That There Is No Misuse Of The System. For Instance, The Referral Company Shall Not Be In Any Business Of Extending Loans And Advances Or Accepting Deposits Etc Though There Are Exceptions Such As For Regional Rural Banks, Co-operative Banks Etc. The Regulations Cast Obligations On The Referral Company As Well As The Insurer Including Submission Of Data As And When Called For By The Authority.
  •    Read More -->
      Look At Other Options For Pension Needs!!! (2010-07-09)
    Irda’s New Guidelines For Pension Plans Guarantee Returns, But The Rate Is Too Low To Beat Inflation
    Those Buying Pension Plans From Insurance Companies May Soon Find The Returns Are Too Low. The Minimum Guaranteed Return — 4.5 Per Cent (subject To Change) — Is Unlikely To Beat Inflation. This Is Not Comforting For Someone Looking At Building A Retirement Corpus Through A Pension Plan.   Read More -->
      180 Days Grace Period For Premium Default (2010-07-09)
    Insurers Say To Give Policy-holders Sufficient Time To Pay Their Premiums, A Grace Period Of 15-30 Days May Result In Unintended Discontinuances, Which Can Hurt Their Profitability. Since Charges Could Be Levied Until The Expiry Of The Grace Period, Insurers Said They Would Cease If The Policyholder Chose To Discontinue The Policy. So, This Proposal Should Not Result In Excessive Charges. The Life Insurance Industry Will Propose Extension Of The Grace Period To 180 Days From The Due Date.   Read More -->
      Rel Life Plans To Double Market Share In 3 Years (2010-07-09)
    Reliance Life Insurance Company (RLIC) Plans To Double Its Market Share In The Entire Life Insurance Business To 10 Per Cent From The Current 5.5 Per Cent In The Next Three Years, RLIC President And Executive Director Malay Ghosh Said Here Today   Read More -->
      An ETF Or ULIP Fund? (2010-07-09)
    Wouldn't It Be A Dream-come-true If Your Fund Manager Had A Formula To Beat Markets Consistently? Motilal Oswal Asset Management Company's (AMC's) First Offering Plans To Achieve Just That.
    Just Like An Index Fund, The New Scheme – Most Shares M50 – Will Imitate An Index In Terms Of The Shares Being Held. That Is, The Scheme Will Ape The National Stock Exchange's S&P CNX Nifty By Holding Scrips That Comprise The Index.   Read More -->
      LIC To Close Market Plus-1 Today (2010-07-09)
    State-owned Life Insurance Corporation (LIC) Of India Will Close One Of Its Most Attractive Unit-linked Pension Plans- Market Plus-1 In Its Present Form From June 30 This Year.   Read More -->
      LIC Along With Others Get Nod For Tax-free Infra Bonds (2010-07-09)
    Investment Up To Rs 20,000 Eligible For Tax Break
    The Government Today Allowed Life Insurance Corporation Of India (LIC) And A Few Other Finance Companies To Issue Tax-free Infrastructure Bonds. An Investment Up To Rs 20,000 In These Bonds Will Qualify For Income Tax Deduction.   Read More -->
    Previous Month News
      Health Plus Life Combo Product (2010-06-29)
    In December, The Regulator Allowed Companies To Offer “Health Plus Life Combo Product” — A Policy That Will Provide Life Cover Along With Health Insurance. For This, Life And Non-life Insurance Companies Need To Enter Into Agreements To Offer The Health-cum-life Cover.   Read More
      Future Generali To Launch Health Plus Term Life Insurance (2010-06-29)
    Following Insurance Regulatory Development Authority′s Move To Allow Insurance Companies To Offer ″Health Plus Life″ Products, Future Generali India Life Insurance, The Insurance Joint Venture Between Future Group And Generali Of Italy, Is Planning To Launch A Combo Plan In The Next Two Months.   Read More
      Insurance : Medical Benefit (2010-06-28)
    What Will Make A Difference Is That All Ulips, Other Than Pension Plans, Will Now Need To Provide Either A Medical Or Death Benefit. The Death Benefit Has To Be 10 Times The Annual Premium As Cover For Policyholders Under The Age Of 45 And Seven Times For Those Over 45. The Death Benefit Will At No Time Be Less Than 105 Per Cent Of Premium, Including Top-ups. This Is Double The Five-time Annual Premium Stipulated Earlier. Even Top-up Premiums Will Get Insurance Cover.
    The Medical Cover Per Annum Has To Be A Minimum Of Five Times The Annual Premium, Or Rs 1 Lakh, Whichever Is Higher, For Someone Below 45 Years Of Age. For Policyholders Above 45, It Has To Be A Minimum Of Five Times The Annual Premium Or Rs 75,000, Whichever Is Higher. For People With Dependents, The Need For Cover Will Be Much Higher. So, One Will Need To Purchase A Separate Health Insurance Policy Despite This.   Read More
      Insurance : Guaranteed, But Low Returns On Pension Plans (2010-06-28)
    A Pension/annuity Plan Will Offer Guaranteed Annual Returns Of 4.5 Per Cent — Just 1 Per Cent More Than The Savings Deposit Rate Of 3.5 Per Cent. This Rate Could Change At A Later Date. Also, Partial Withdrawals From Pension Plans Will Not Be Allowed During The Accumulation Phase. At Maturity, One-third Of The Amount Will Be Commuted. The Rest Will Have To Be Used To Purchase An Annuity. The Same Will Be Applicable In Case A Policy Is Surrendered. Though The Rate Of Return Specified In Pension Plans Is Low, Banning Of Partial Withdrawal Is A Positive Move Because Buyers Of Pension Plans Need To Look At Long-term Planning.
    It Is Not Yet Clear Whether The Guaranteed 4.5 Per Cent Is Simple Interest Or Compounded. However, Financial Planners Feel The Rate Of Return Is Low, Given That A Five-year Reserve Bank Of India Bond Or Six-year National Savings Certificate Offers Eight Per Cent .   Read More
      IRDA Tightens Norms To Make Ulips Investor-friendly (2010-06-28)
    After Winning The Turf War With The Markets Regulator Sebi Over Control Over Ulips, The Insurance Watchdog IRDA On Monday Tightened The Norms For These Schemes By Raising The Lock-in Period And Raising The Insurance Cover On Them.
    The Lock-in Period For All Unit-linked Products (Ulips) Has Been Increased From Three Years To Five Years, Including The Top-up Premiums, Thereby Making Them Long-term Financial Instruments Which Basically Provide Risk Protection, IRDA Said In The Guidance Note, Released On Monday.   Read More
      Choice Of Ulip Fund Can Make A Lot Of Difference (2010-06-21)
    Best Plans In Life Remain Plans If They Are Not Executed Properly. Every Dream Requires A Plan And Every Plan Requires An Execution. To Ensure That You Achieve All Your Financial Goals, Let Us Start At Ground Zero And Lay A Solid Foundation For Your Financial Health.   Read More
      High Claims From Naxal-prone Areas Make Insurers Bleed (2010-06-21)
    The Idea To Cover Police Officials Working In These Areas Was Floated During A Recent Meeting Of General Insurers In New Delhi.   Read More
      IRDA Will Regulate Ulips : Govt (2010-06-21)
    Putting An End To The Turf War Between The Insurance And Securities Market Regulator, The Centre Has Issued An Ordinance That Brings All Insurance Products Including Unit-linked Insurance Policies (Ulips) Under The Purview Of The Insurance Regulatory And Development Authority (IRDA).   Read More
      Private Insurance Firms Have More Death Claims Than LIC: FM (2010-06-21)
    Private Sector Insurance Companies Have More Than Three Times The Outstanding Number Of Death Claims On Individual Insurance Policies Compared To State-owned Life Insurance Corporation Of India (LIC), Finance Minister Pranab Mukherjee Told The Rajya Sabha On Tuesday   Read More
      Insurers Play Safe On Dalal Street (2010-06-21)
    Choosing To Play Safe, Given The Volatility In The Equity Markets, Life Insurance Companies Increased Their Net Investment In Stocks By Just 10.52 Per Cent To Rs 61,125 Crore During The Last Financial Year.   Read More
      Insurance Firms To Meet Finmin On Ulip Issue (2010-06-21)
    Although The Uncertainty Over Regulation Of The Unit-Linked Insurance Products (Ulips) Has Been Settled, Investors In These Schemes Are Now Faced With The Possibility Of Getting Taxed At The Time Of Withdrawing Funds And Industry Players Will Soon Meet The Finance Ministry Officials To Address The Issue.   Read More
      Risk Cover To Double On Ulips (2010-06-21)
    While Deciding The Battle Over Regulating Unit-linked Insurance Plans (Ulips) In Favour Of The Insurance Regulatory And Development Authority (Irda), The Union Finance Ministry Has Asked For Some Changes In The Investment-cum-insurance Products, Including A Life Cover Of 10 Times.   Read More
      LIC Plans To Enter Reverse Mortgage Space (2010-06-18)
    LIC Plans To Enter Reverse Mortgage Space   Read More
      Reliance Life Introduces Mobile-based Services (2010-06-18)
    Reliance Life Insurance Company Ltd (RLIC) On Monday Announced The Launch Of A Mobile-based Insurance Initiative - ‘Mobinsure’ - A Mobile Portal Offering A Comprehensive Range Of Insurance Related Services On Mobile Phones.
    This Service Would Make It Easier For Its Policyholders To Track Their Policies And Premiums, Do Fund Switches, Pay Insurance Premium And Resolve Policy-related Queries Instantly Using Their Web-enabled Mobile Handsets. It Would Be Available On Both CDMA And GSM Platforms.   Read More
      IRDA Selects Sparsh BPO To Provide Call Centre Services (2010-06-18)
    Insurance Regulator IRDA Today Said It Has Selected Sparsh BPO Services For Providing Call Centre Services To Handle Grievances Of Customers. "Based On Detailed Scrutiny Of The Commercial Proposals Submitted By The Shortlisted BPO Firms... Sparsh BPO Services Ltd Has Been Selected As An Implementing Agency For Setting Up Of IRDA Grievance Call Centre," IRDA Said In A Statement. Earlier, IRDA Had Shortlisted Three Entities For The Grievance Call Centre -- Sparsh BPO, Mahindra Satyam And Vcustomer.    Read More
      Wipro To Develop Grievances Redressal System For Irda (2010-06-18)
    Wipro To Develop Grievances Redressal System For Irda. Insurance Regulator Irda Today Said IT Major Wipro Will Develop A System To Address The Grievances Of Insurance Customers.   Read More
      Foreign Firms May Have To Cut Stake In Insurance JVs (2010-06-17)
    Foreign Partners May Have To Dilute Their Stake In Insurance Joint Ventures (JVs) On Listing To Abide By The Government Diktat That All Listed Companies Must Have 25 Per Cent Public Shareholding. “We Want Indian Promoters To Have A Minimum 51 Per Cent Stake In Insurance Companies. It Is For The Government To Decide On Disinvestment And Take A Call On Raising The Foreign Direct Investment (FDI) Limit To 49 Per Cent. Foreign Partners Will Have To Reduce Their Stake If The Government Sticks To The 25 Per Cent Public Shareholding Norm,” Said A Senior Official With The Insurance Regulatory And Development Authority (Irda).   Read More
      Steer Towards An Insurance Bonus (2010-06-17)
    For Every Year Of No Claim, The Car Owner Gets Discount On Next Year’s Premium Till It Reaches 50 Per Cent Of The First Premium. If You Thought A Good Conduct Certificate Was Earned Only In School, Think Again! As A Vehicle Owner, You Are Rewarded For Good Conduct Too. Ever Heard Of The No Claim Bonus (NCB)? As The Name Suggests, An NCB Is An Incentive To Vehicle Owners In The Form Of Discounted Premiums Upon Renewal Of The Insurance. So, If You Have Not Made Any Claims For A Whole Year, Your Premium While Renewing Your Vehicle Insurance For The Subsequent Year Reduces.   Read More
      The Company Plan To Rope In Private Equity Partners And Local Partners To Expand In Other Countries  (2010-06-17)
    The General Insurance Council Will Meet The Central Board Of Direct Taxes (CBDT) Officials On June 23 To Seek A Withdrawal Of A Proposed Capital Gains Tax In The Direct Tax Code, Released On Tuesday. The Revised Draft Has Proposed Capital Gain Tax On Income From Equity Investment Of Non-life Insurance Companies. If The Proposal Is Implemented In The Current Form, It Will Result In Around 20-25 Per Cent Reduction In Profit After Tax (PAT) Of Non-life Insurance Companies   Read More
      Shriram Group To Foray Into General Insurance (2010-06-17)
    Shriram Group, A Chennai-based Diversified Group, Is Planning To Start General Insurance Operations In South-Asian Countries. The Group Said It Would Rope In Private Equity And Local Partners, In Each Country For The Proposed Foray. The Group Has A Life And Non-life Insurance Companies Each, Along With A South African Partner, In India. Shriram Group Chairman And Founder R Thyagarajan Said, “We Will Take General Insurance To Asian Regions. The Company Will Be Operational In Philippines By End Of This Year And Will Also Foray Into Indonesia. We Plan To Pump In Around Rs 100 Crore In These Two Countries”.   Read More
      Insurers Premium Increase By 12% (2010-06-17)
    In What Would Result In Improving Persistency Levels In The Life Insurance Industry, The Renewal Premium Increased By 12.63 Per Cent To Rs 1,51,812 Crore In 2009-10 Against Rs 1,34,704 Crore Collected During 2008-09. According To The Data Released By The Life Insurance Council, The Representative Body Of Life Insurance Companies, The Total Premium Went Up By 18 Per Cent During The Last Financial Year To Rs 2,61,025 Crore. New Business Premium Income Rose By 25 Per Cent To Rs 1,09,213 Crore From Rs 87,006 Crore In 2008-09.   Read More
      Allow Insurance, Pension Funds In Debt Market (2010-06-17)
    To Provide A Push To Infrastructure Development, A Committee Under Housing Development Finance Corporation Chairman Deepak Parekh Has Suggested Amending The Rules To Allow All Insurance And Pension Funds To Invest In The Debt Market. It Has Endorsed The Earlier Idea Of The Planning Commission To Form A Rs 50,000-crore Debt Fund To Finance Infrastructure. It Says This Should Be The Initial Corpus, And Pension And Insurance Funds, Among Others, Should Be Tapped For This. This Would, It Has Noted, Require A Change Of Rules By The Securities And Exchange Board Of India (Sebi), Pension Fund Regulatory And Development Authority And The Reserve Bank Of India.   Read More
      Endowment And Money-back Policies — Could Soon Be Flooded With Options (2010-06-17)
    Insurance Companies, Which Have Been Unable To Launch New Investment-cum-insurance Plans, Better Known As Unit-linked Insurance Plans, Following The Turf War Between The Securities And Exchange Board Of India And The Insurance Regulatory Development Authority, Are Launching A Number Of Traditional Products To Attract Customers.   Read More
      Irda Bans 4,261 Corporate Agents (2010-06-17)
    The Insurance Regulatory & Development Authority (Irda) Has Banned Over 4,261 Corporate Agents Out Of The Total 7,000 In The Country. The Regulator Said Because These Agents Failed To Renew Their Licences They Are Not Authorised To Sell Policies From March 31, 2010. The Regulator Cautioned Insurance Companies And The General Public From Dealing With These Agents Or Getting Business Through Them   Read More
      LIC To Invest Rs 2 Lakh Cr In 2010-11 (2010-06-17)
    Life Insurance Corporation Of India (LIC) Is Looking To Invest Up To Rs 2 Lakh Crore In Various Asset Classes, Including Equity And Debt Markets, During The Current Financial Year.   Read More
      Don't Tax Ulips At Withdrawal, Insurers To Tell Government (2010-06-17)
    Also Wants The EEE Model To Be Applied To Pure Insurance Products. Life Insurance Council, The Representative Body For Life Insurance Companies In India, Will Push For Changes In The Proposal To Treat Unit-linked Insurance Policies (Ulips) On Exempt-exempt-tax (EET) Basis Under The Direct Tax Code.   Read More
      Irda May Cap Charges During Ulip Term (2010-06-17)
    There Is Good News For Investors Looking At Unit-linked Insurance Plans (Ulips). The Insurance Regulatory & Development Authority (Irda) Is Likely To Put A Ceiling On Charges Even During The Middle Of An Ulip Policy Term.   Read More
      Stock Market Investments May Be Subject To Tax Risk. (2010-06-17)
    Stock Market Investments May Be Subject To Tax Risk. The Securities And Exchange Board Of India (Sebi) Has Mandated That Mutual Fund Houses Should Always Put This Advertisement — ″Mutual Funds Are Subject To Market Risk. Please Read The Offer Document Carefully Before Investing.″    Read More
      All Bank FDs May Come Under Tax Net (2010-06-17)
    All Bank FDs May Come Under Tax Net Individuals Could Soon Lose Tax Benefits Available On Fixed Deposits (FDs) With An Over Five-year Term Once The Direct Taxes Code (DTC) Comes Into Force From April 2011.   Read More
      Prevention Of Money Laundering (2010-06-07)
    The Prevention Of Money Laundering (Maintenance Of Records Of The Nature And Value Of Transactions, The Procedure And Manner Of Maintaining And Time For Furnishing Information And Verification And Maintenance Of Records Of The Identity Of The Clients Of The Banking Companies, Financial Institutions And Intermediaries) Amendment Rules, 2010 (the Rules)   Read More
      New Agency Licensing Portal  (2010-06-07)
    He New Agency Portal Has Come Into Operation From On 5th January, 2010. In Connection With The Operation Of The Said Portal, The Following Clarifications/instructions Are Issued By This Authority For Compliance. 1: Insurer Must Ensure That The CIE Of The Corporate Agent Is Issued A Certificate Entitling Him To Solicit Business On Behalf Of The Corporate Agent.   Read More
      After A Year Of Consolidation, Life Insurers Get A Glimpse Of Profit (2010-06-07)
    After Reeling Under Losses For Almost A Decade, Life Insurance Companies Are Now Turning The Tide. Four Life Insurers Have, So Far, Posted Profit, While Three Of Them Have Brought Down Their Losses.   Read More
      Confusion Over Top-up Ulips (2010-06-07)
    Policyholders Of Unit-linked Insurance Plans (Ulips) With A Top-up Option Might Find The Going Tough In The Next Few Months. Reason: Insurers Are Confused About The Recent Guidelines Issued By The Insurance Regulatory And Development Authority (Irda). Apart From Directing Companies To Provide A Sum Assured For Retirement Products, An Irda Circular Has Mandated A Cover For Top-up Premiums, Too.   Read More
      Irda Tightens Norms For Referral Agencies (2010-06-07)
    To Regulate Non-banking Entities Acting As Referral Agents In The Life Insurance Space, The Insurance Regulatory And Development Authority (Irda) Has Capped The Referral Fee Paid To This Channel.   Read More
      Irda To Cap Surrender Charges On Ulips, Standardise Terms (2010-06-07)
    In What Would Make Unit-linked Insurance Plans (Ulips) More Investor-friendly, The Insurance Regulatory And Development Authority (Irda) On Tuesday Proposed To Cap Surrender Charges And Standardise The Revival Period For Polices That Had Lapsed.   Read More
      Tweak Commission Structure: Irda (2010-06-07)
    In What May Lead To Lesser Front-loading Of Insurance Policies, The Insurance Regulatory And Development Authority (Irda) Plans To Spread The Commission Over The Tenure Of The Policy   Read More
      Aegon Religare Life To Expand Distribution (2010-06-07)
    Aegon Religare Life Insurance (ARLI) On Monday Announced Plans To Improve The Topline For The Current Fiscal By Expanding Its Distribution Network. The Focus Of The Company Would Be On Increasing The Branch Network, Hiring More Life Advisers And Relationship Managers And Increasing The Footprint Of Third-party Distribution By Acquiring A Bank Partner.   Read More
      Car Insurance Gets Costlier On Rising Collisions (2010-06-07)
    Buyers And Existing Owners Of Cars Could Be In For A Shock. Reason: Premiums Of Motor Insurance, Both Renewals And New Cars, Are Going To Rise By 10-25 Per Cent. Some Companies Have Already Raised Their Rates.   Read More
      Irda To Regulate Telemarketing Of Insurance (2010-06-07)
    The Insurance Regulatory And Development Authority (Irda) Has Now Proposed To Streamline The Promotion Of Insurance Products Through Distance Sales Channels, Such As The Telephone And The Internet.   Read More
      Income From Insurance Premium May Cross Rs 850 Cr: ECGC (2010-06-07)
    State-run Export Credit Guarantee Corporation Of India (ECGC) Today Said Its Income From Insurance Premium Is Expected To Jump By Over Rs 100 Crore This Fiscal To Rs 850 Crore, As More And More Exporters Are Facing Payment Defaults   Read More
      Willis India Under Irda Scrutiny Before Renewal Of Licence (2010-06-07)
    The Indian Arm Of The World’s Third-largest Reinsurance Broker, Willis, Is Under The Insurance Regulator’s Scanner In Two Cases, Resulting In A Delay In Renewing Of Its Licence   Read More
      Insurers Divided On Irda's Proposed Regulations On Referrals (2010-06-07)
    The Insurance Regulator’s Recent Proposal To Tighten Guidelines For Referral Agencies Has Created Turmoil In The Industry.   Read More
      Insurers Push Pension Products This Month... (2010-06-07)
    Anticipating A Fall In Sales Of Pension Products After New Guidelines Kick In From July, Life Insurance Companies Are Making A Strong Pitch To Sell These This Month.   Read More
    Archive News Related to Insurance
      Private Insuers Complete 10 Years (2010-12-28)
    Many Private Insuers Complete 10 Years   Read More -->
      SHCIL Rolls Out ‘New Pension System' (2010-08-31)
    Stock Holding Corporation Of India, A Leading Financial Services Company, Has Been Appointed As ‘Points Of Presence' (POP) For ‘New Pension System' (NPS) By ‘Pension Fund Regulatory And Development Authority' (PFRDA). SHCIL's Designated Branches Will Offer The Full Spectrum Of NPS Services To All Citizens.   Read More -->
      Regulators To Help Improve Disclosures, Profitability And Ensure Consumer Protection (2010-11-09)
    India's Growing Consumer Class, Rising Insurance Awareness And Increasing Domestic Savings And Investments Are Among The Most Critical Factors That Have Positively Driven The Market Penetration Of The Insurance Products Among Its Consumer Segments.   Read More -->
      IDBI Fortis Life Insurance Is Now IDBI Federal Life Insurance (2010-08-31)
    IDBI Fortis Life Insurance Company, In Association With Federal Bank, Has Changed Its Name To IDBI Federal Life Insurance Company, In Association With Ageas. The Company Has Completed All Legal Formalities For Change Of Name And Has Already Obtained The Approval Of The Registrar Of Companies And Insurance Regulatory And Development Authority (IRDA).   Read More -->
      New Ulip Norms Will Boost Customer Confidence: FM (2010-09-02)
    Finance Minister Pranab Mukherjee Today Said The New Guidelines For Unit-linked Insurance Products (Ulips) Will Boost Investor Confidence And Draw More Customers To Such Schemes.   Read More -->
      ING Life Launches A New ULIP – ING Prospering Life (2010-12-28)
    ING Life India, In Its 10th Year Of Operations, Today Launched A Versatile New Unit Linked Insurance Product, Which Meets The Wealth Accumulation And Protection Needs Of Customer.   Read More -->
      AvivaIndia Launches 2 New Life Insurance Plans (2011-01-20)
    Aviva Dhan Varsha And Aviva Life Shield Platinum Life Insurance Plan   Read More -->
      LIC Gets RBI Nod To Issue Pre-paid Cards To Clients (2010-11-09)
    In A Move That Will Create A New Business Opportunity For India’s Largest Insurer, The Life Insurance Corporation Of India’s Card Division Has Received Permission To Issue Pre-paid Cards Into Which Policy Benefits Will Be Credited.   Read More -->
      Motor Third Party Liability Cover To Commercial Vehicles - Good News (2010-12-21)
    IRDA Has Set Up A Committee On Commercial Motor Third Party Liability Cover.    Read More -->
      ING Life Launches A New Guaranteed NAV ULIP - ING Market Shield (2010-12-28)
    ING Life India, In Its 10th Year Of Operations, Today Launched A New Unique Unit Linked Insurance Product, Which Provide The Customer The Opportunity To Participate In The Equity Market While Protecting Investments From Its Downside. The New ULIP, ING Market Shield Comes With Unique Benefits, Allowing Customers To Maximize Their Returns And Have Adequate Protection.   Read More -->
      L&T Registered As General Insurance  (2010-08-22)
    L&T General Insurance Company Limited, A General Insurance Company Promoted By Larsen & Toubro, India Has Been Registered As A General Insurer Under Section 3 Of The Insurance Act, 1938 With The Authority.   Read More -->
      Aegon Religare Life Insurance Is Expecting Its Online Sales To Contribute 10 Per Cent Of Its Total S (2010-11-12)
    Aegon Religare Life Insurance Is Expecting Its Online Sales To Contribute 10 Per Cent Of Its Total Sales In The Next 12 Months   Read More -->
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