January - Febuary 2011
Issue 03
News Letter
Issued by Insurance Foundation of India
 
  Insurance Foundation of India (IFI) is set up under Trust Registration Act. 1882 of Government of India and is a non profit making organization.  
 
MARKET DEVELOPMENT
 
PSU insurer’s cashless norms to cover four more cities (Source: Financial Chronicle, 20.2.2011)

Come April 1, 2011 and health insurance policy holders of the four PSU insurers in cities like Hyderabad and Kolkata will have to check if hospitals would continue to offer cashless facilities for treatment.........
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Royal Sundaram, Reliance General to re-apply for merger (Source: Business Standard, 18.2.2011)

In light of the proposed merger and acquisition (M&A) guidelines for non-life insurance firms, general insurers Royal Sundaram and Reliance General, which had applied for a merger in July 2010 and were awaiting the regulator’s clearance, will have to file their application afresh..............
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Health insurance premium doubles to `7800 crore in FY’10 (Source: Economic Times, 15.2.2011)

Boosted by rising number of customers, premium collection by health insurance firms almost doubled to `7803 crore in the last fiscal year-on-year, as per the data released by Insurance Information Bureau (IIB)..........
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Health insurance portability to usher competition, benefit customers (Source: Economic Times, 14.2.2011)

Health insurance portability, whereby one can switch service providers without compromising on policy terms, will increase competition helping customers get well-priced and more quality services, feel experts....
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PNB to decide on fresh foray into insurance business in two months (Source: Economic Times, 23.1.2011)

Punjab National Bank is likely to take a decision on a fresh foray into the insurance business by March-end, after its earlier attempt to enter the sector in tandem with US-based Principal fell through........
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Government plans insurance cover for HIV infected (Source: Indian Express, 21.1.2011)

India is set to have the first, government-run policy to provide health and life insurance covers for People Living with HIV (PLHIV)....
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IOC fire to hit ICICI Lombard, GIC (Source: Business Standard, 20.1.2011)

ICICI Lombard, along with national reinsurer General Insurance Corporation of India (GIC), is likely to take a hit over the fire that recently broke at the Indian Oil Corporation’s (IOC’s) oil storage depot in Taloja at Navi Mumbai...........
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Hike FDI cap in insurance to 49%:CII (Source: Financial Chronicle, 17.1.2011)

Confederation of Indian Industry (CII) has pitched for expeditious enactment of Insurance Bill to hike the FDI in private insurance companies to 49 per cent, from the current 26 per cent, to raise the penetration level, particularly in the rural market. Insurance penetration in rural and social sectors is marked by high risk and hence requires more dynamic and efficient risk management systems, CII said in a statement....
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LIFE INSURANCE
 
Insurance cover for army personal increased (Source: Economic Times, 20.2.2011)

Extending a better life insurance cover for its personnel, Indian Army has increased the Army Group Insurance Fund (AGIF) by `10 lakh and `5 lakh for its 35000 officers and over one million jawans respectively.........
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Policy lapse likely to cost life insurance agent their licence (Source: Economic Times, 14.2.2011)

Thousands of life insurance agents face the risk of losing their licences, if half their policies sold lapse within three years, according to a new regulatory norm. It will also cut a substantial source of non-operating income for life insurance companies.........
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IPO guidelines for life insurers to be ready this fiscal:IRDA (Source: Economic Times, 21.1.2011)

IRDA has said the guidelines for public float of life insurance companies will be ready this fiscal, while the non-life may take more time.........
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  Regulatory Rulings  
 
IRDA extends guidelines for agents to general insurers
(Source: Financial Chronicle, 15.2.2011)

IRDA has extended the guidelines for individual agents of life insurance companies to non-life insurers as well..........
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IRDA uses 15% of allocated ad spend (Source: Business Standard, 23.1.2011)

IRDA has so far spent `2.3 crore, or 15 per cent, of the `15 crore budgetary provision for public awareness and advertising between December 2009 and March 2011..........
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  Bimacartoons for You  
 
Insurance Foundation of India (IFI) is set up under Trust Registration Act. 1882 of Government of India and is a non profit making organization. The main objective of IFI is to promote awareness of insurance in India among the masses through education and publishing of books in Hindi, regional, and vernacular languages. .........
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  Announcements  
 
‘Project Report Awards - 2011’-
Insurance Foundation of India (IFI) aims to encourage students to undertake Insurance Industry oriented projects through this competition. This is facilitated with a view to broaden the analytical knowledge of students aiming for a successful career in Financial Services /Insurance industry......
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  Benefits to Our Members  
  • An opportunity to attend short term training programme in various parts of India
  • Support to spread and start insurance education in your community/state through colleges and schools
  • Insurance material to educate your family and communityabout insurance/risk management
  • Attend programme/workshops in India/abroad as part of IFI delegation
  • Get Health Insurance Policy with better terms and that too at an attractive premium
  • Get Overseas Travel Insurance Policy with better terms and that too at an attractive premium
  • Avail advice from our Claims Department on logging of claims, taking up the claim matter with Insurance Ombudsman, Consumer Forum
  • IFI is a corporate member of Indigo Airlines , a no frills airlines. Employees/members are eligible for benefits like no cancellation charge, snacke are provided free of cost. You can save your money.
 
  Membership  
  Membership Form: Download Membership Form  
  Membership Details: View membership Details  
  If you would like to include any document in this section, please contact us.

 
 
 
     
  Resources  
  Useful Website: Health Insurance India  
  Great website with all details you wished to know about health insurance in India. http://www.healthinsuranceindia.org.

 
 
 
     
 
  Feedback and suggestions are welcomed. Please send mail to: vp@ifingo.org

Insurance Foundation of India (IFI) is set up under Trust Registration Act. 1882 of Government of India and is a non profit making organization. The main objective of IFI is to promote awareness of insurance in India among the masses through education and publishing of books in Hindi, regional, and vernacular languages.

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Phone : +91 11 46581577 | Email : vp@ifingo.org | Website : www.ifingo.org