INSURANCE


An official spokesman said under the Rashtriya Swasthya Bima Yojana scheme, a smart card-based cashless health insurance cover of Rs30,000 per annum will be provided to a family of five Chandigarh: The Haryana government has decided in principle to bring domestic workers under the ambit...

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Around 3.5 lakh persons were enrolled under the Swastha Bima Yojana scheme, which entitles beneficiaries to get reimbursement of Rs30,000 for medical treatment from empanelled hospitals Birbhum district has been awarded by the West Bengal government for its performance in Swastha Bima...

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The combined first year premium of the public and private sector insurers during April-May 2012stood at Rs12,428.83 crore, up from Rs12,253.44 crore during the same period a year ago, IRDA said First year premium of the life insurance companies rose by a marginal 1.4% year during the...

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Moneylife Digital Team 28 June 2012
Life Insurance Corporation of India (LIC) has launched its first online product, Jeevan Akshay VI, an immediate annuity product. This existing offline product is now being offered online. The product entitles one to annuity from the year after the purchase under any one of the chosen seven...

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Moneylife Digital Team 28 June 2012
IDBI Federal Life Insurance launched the online version of its existing product Termsurance Seniors Insurance Plan. It is a whole life insurance plan with no medical tests and guaranteed acceptance for people in the age group of 50-85 years. The minimum sum assured (SA) is only Rs2,338 and...

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Moneylife Digital Team 28 June 2012
LIC Jeevan Vaibhav is a non-unit linked (traditional) single-premium policy. It is designed as an investment-oriented policy with the insurance cover of only about double your premium. This is far below the requirement of SA to be 10 times the premium for tax benefits at entry or exit of the...

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Moneylife Digital Team 28 June 2012
IRDA has imposed a record penalty of Rs1.18 crore on ICICI Pru Life for several serious violations including an unbelievable 11346% deviation in commission payable to India Infoline Insurance services in 2010-11. There were violations regarding corporate agency guidelines, paying more than...

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Gaurang Damani, social activist and founder of the NGO Karmayogi Prathistan, tells Raj Pradhan   ML: What is your view on IRDA’s draft guidelines on health insurance? GD: I would like to thank the Bombay High Court, Union of India and IRDA. They have accepted 80%-90% of what I had...

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Moneylife Digital Team 28 June 2012
Are highest NAV products on the way out? Are highest NAV life insurance products being banned, as reported? It still seems to be in limbo. At a Moneylife Foundation event, J Hari Narayan, chairman IRDA told the media, “We have issued an exposure draft. We are considering prohibition of...

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Moneylife Digital Team 27 June 2012
BSLI Wealth Secure plan combines long-term savings and whole life cover in such a way that it allows customers to focus on their goals and maximise savings for their future   Mumbai: Private insurer Birla Sun Life has announced the launch of its new unit-linked whole life plan, BSLI...

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MDT/PTI 26 June 2012
With the R3 approval in place, Liberty Videocon GIC said it is now getting ready to file documents with the IRDA for approval of its proposed products   Mumbai: New entrant in the private space Liberty Videocon General Insurance Co on Tuesday said it received the final approval from...

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The product covers risks of pregnancy complications, child with congenital disorders, cancer in female organs and death of spouse besides death of the insured covered by regular ULIPs. Ensure that you know the fine prints before buying the product   HDFC Life has launched “Smart...

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Moneylife Digital Team 22 June 2012
The life insurance plan provides relatively lower premium rates for women and special rates for non-tobacco users, Reliance Life said in a statement   New Delhi: Reliance Life Insurance said it has launched an online plan -- Reliance Life Insurance eTerm -- with a maximum life cover...

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The IRDA initiative is welcome, but it will help only a subset of orphan policies. The customer with lapsed policies expecting new allotted agent may be in for a surprise   The Insurance Regulatory and Development Authority (IRDA) has recently issued guidelines on an orphan life...

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Moneylife Digital Team 16 June 2012
Weather Based Crop Insurance Scheme offers insurance cover to the farmers against losses caused by aberrant weather conditions during the crop cycle HDFC ERGO GIC Ltd has been allowed by Government of Maharashtra to implement pilot Weather Based Crop Insurance Scheme (WBCIS) for loanee...

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MDT/PTI 14 June 2012
The government extended benefits of Rashtriya Swasthya Bima Yojana scheme, which provides health insurance facilities to domestic workers   New Delhi: The Labour Ministry has extended benefits of a scheme to provide health insurance facilities to domestic workers, reports PTI.

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G Venkatesh 14 June 2012
Many of the buildings are uninsured despite it being mandatory norm to have fire insurance. What are the reasons? Despite mandatory norms for every building to have an insurance against fire, many buildings are uninsured. The 2011 tsunami in Japan is a grim reminder of the fact that...

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MDT/PTI 11 June 2012
The Aviva Health Secure plan provides the policyholder with a lump sum amount on diagnoses of any critical illness covered by the policy New Delhi: Private sector life insurance company Aviva launched online health plan called 'Health Secure', reports PTI. The plan provides the...

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Moneylife Digital Team 11 June 2012
While IRDA rules mandate that the policy document is required to be sent to the policyholder within two months there was a delay of more five months, which prompted the consumer forum to penalise the insurer   A Delhi consumer forum has held Apollo Munich Insurance Company guilty of...

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KN Murali, head of motor insurance, Bharti AXA General Insurance tells Raj Pradhan   ML: Third-party premium (TP) has not been raised enough to cover the losses. Will it put pressure on ‘own damage’ (OD) premium? KNM: We do not see any reason to push up the price on OD. For...

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