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LIC gets RBI nod to issue pre-paid cards to clients
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. The RBI on Thursday said that banks may issue pre-paid instruments to LIC for credit of either one-time or periodic payments by the Corporation to its customers. Speaking to ET, SC Singh, chief executive, LIC Cards said that the Corporation has been eyeing pre-paid cards as a business opportunity. Besides saving the Corporation remittance cost, it would also enable it to acquire card customers. “There may be people who are more comfortable with using a pre-paid instrument. This will also aid financial inclusion as it will allow payment cards to be issued to those without bank accounts and who are not ‘cardable’ at present,” said Mr Singh. According to RBI, the pre-paid instruments can be loaded by the bank by debiting to LIC’s bank account and the maximum amount that can be loaded in a single card is Rs 50,000. LIC entered the credit card business in March 2009 by floating a wholly-owned subsidiary — LIC Card Services . The ‘LIC Cards’ are managed by Corporation Bank and the Visa is the payment service provider. “We entered the business when the credit card industry had turned cautious and have not been aggressive so far. But we will soon be entering the next phase when we will start growing the business,” said Mr Singh. Currently, LIC Cards offers Gold and Silver cards which are ‘life time’ free for those who apply before March 2011. Among financial institutions, LIC has perhaps the largest customer base with over 20 crore policyholders. A couple of years ago, the Corporation set out on a data mining programme, where it sought to consolidate policyholder information into a common folio.  
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Source : http://economictimes.indiatimes.com/
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  Private Insuers Complete 10 Years (2010-12-28)
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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 -->
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Unclaimed Amount Of Policy Holders Increase Year On Year.   Read More -->
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Previous Month News
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Universal Life Products Shall Be Known As Variable Insurance Products (VIP)and All VIP Shall Only Be Offered Under Non-unit Linked Platform And Shall Not Be Permitted On Unit Linked Platform.   Read More
  TATA AIG Fined Rs 5,00,000.00 (2010-11-26)
Expenses Of Management (EoM) For The Year 2008-09 Was 114.90% Which Is Beyond Permissible Limits Under Section 40B Of The Insurance Act, 1938   Read More
  Star Health Promoters To Dilute Stake (2010-11-13)
Star Health Promoters To Dilute Stake   Read More
  ULIPs To Charge For Fund Switching (2010-11-12)
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  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
  Karnataka Bank Eyes Rs 100 Cr In Life Cover Premiums (2010-11-12)
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  Policy Papers To Show Agency, Broker Details (2010-11-12)
The Life And Non-life Insurance Companies Will Now Have To Display The Agency Code, Name And Contact Details Prominently On The First Page Of The Policy Document.   Read More
  ING Life Launches Unique Child Product (2010-11-11)
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  Insurance Scheme For The Poor, Rashtriya Swasthya Bima Yojana (RSBY) : Govt (2010-11-09)
The Union Cabinet Will Consider Including The Country’s Four Million-plus Domestic Workers Into Its Flagship Insurance Scheme For The Poor, Rashtriya Swasthya Bima Yojana (RSBY), After Adding Street Vendors To The Eligible Categories Last Week   Read More
  HDFC Standard Life Hopes To Break-even In FY12 (2010-11-09)
Insurer HDFC Standard Life Insurance Company Ltd Expects To Break-even In The 2011/12 Financial Year, Helped By An Increase In Premium Income And Reduction In Operating Costs   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
  You May Soon Be Able To Switch Health Insurers (2010-11-09)
One Of The Important Initiatives Of The Regulator Is The Proposed Portability Of Health Insurance. This Is To Ensure That A Customer Continues To Enjoy Benefits Under His Health Policy Even If He Wishes To Change His Insurance Provider For Genuine Reasons   Read More
  Irda Bans All Forms Of Credit Insurance By Non-life Cos (2010-11-09)
The Non-life Insurance Industry Has Been Barred From Selling Any Form Of Credit Insurance, Following State-owned Insurer Oriental Insurance Facing Claims Up To Rs 400 Crore On A Cover Granted To Paramount Airways. Companies That Provide This Cover Have Termed The Reaction Knee Jerk And Fear That It Will Have Repercussions On The Economy.   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
  Keep Watch For Fake Insurance Salesmen: IRDA (2010-11-09)
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  Mediclaim, Motor Insurance Portability Soon: Irda (2010-11-09)
Insurance Regulator Irda Today Said That Mediclaim Policy Holders, Who Are Not Satisfied With The Services, Will Soon Be Able To Switch Service Providers At The Same Premium.   Read More
  SBI Life Insurance Launches Ulip Product (2010-11-09)
SBI Life Insurance Today Said That It Has Launched A New Unit-linked Insurance Plan (Ulip) Called Saral Maha Anand.   Read More
  Reliance Life Launches Highest NAV Advantage Ulip Plan (2010-11-09)
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Archive News Related to Insurance
  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 -->
  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 -->
  Pre Recruitment Examination For Insurance Agents. (2010-08-22)
In Order To Streamline The Examination System Of Pre Recruitment Examination For Insurance Agents, The Authority Has Decided That Insurance Institute Of India And NSE-IT Shall Computerize All The Remaining Examination Centers In The Country By 31st March 2011. For This Purpose The Two Organizations I.e., III And NSE IT Shall Enter Into An Agreement Along With IRDA.   Read More -->
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ING Ace Life Is A Non-linked Non-participating Limited Premium Payment (3 Years) Endowment Plan That Provides Guaranteed Additions For The Entire Policy Term Of 10 Years.   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 -->
  ING Life Launches Capital Protection ULIP (2011-01-05)
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  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 -->
  Transparency Of The Insurance Advertisements (2010-08-22)
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  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 -->
  Surveyor - May 2011 Examination (2011-01-28)
Applicants Enrolled With Insurance Regulatory & Development Authority (IRDA) As Trainee Surveyors Upto June, 2010 Are Required To Submit Their Quarterly Training Reports With The Authority. Also Advised To Download The Application Form For Insurance Surveyors Examination And Submit The Same Along With The Requisite Fee.   Read More -->
  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 -->
  Challenges In Claims Management (2010-08-22)
Insurance Is A Business Of Credibility And Trust. Being An Intangible Service That Deals With Future Contingencies, It Is Also A Complex Subject Where Domain Knowledge Is Important. This Is Particularly So In Claims, As Many Claims Which Are Reported, Are Often Found To Be Unique Because Multiple Factors Combine To Play When An Unforeseen Event Takes Place.   Read More -->
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