March - April 2011
Issue 04
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
 
COMPANY HEALTH COVER TO PINCH MORE (Source: Business Standard, 16.4.2011)

While renewing group health policies, an increasing number of companies are opting for co-payment. This means a part of the claim amount has to be paid by the employees............Read more
 
INSURERS PILOT PLAN FOR FASTER SETTLEMENT OF MOTOR CLAIMS (Source: Business Line, 15.4.2011)

Four public sector insurance companies have come together to form a committee for out-of-court settlement of cases. It is a pilot project, and the four public players involved are............Read more
 
NEW NORMS ON DISTANCE MARKETING WILL INCREASE INSURERS’ COSTS (Source: Business Line, 14.4.2011)

The life and non-life insurers will have to incur additional expenses to implement the new guidelines on distance marketing of insurance products released by IRDA. There is also............Read more
 
GIC SETS STRINGENT RULES FOR STATE-OWNED GENERAL INSURERS (Source: Business Standard, 12.4.2011)

At a time when the government-owned general insurance companies are reeling under heavy underwriting losses, the General Insurance Corporation (GIC), fearing higher claims............Read more
 
CHANGING BUSINESS PREMISES WITHOUT INSURER’S NOD KILLS POLICY (Source: Express, 12.4.2011)

Insurance firms are not liable to pay damages for losses incurred in a business venture if the business premise has been changed without the insurance firm’s prior written consent, the............Read more
 
IRDA LIKELY TO TRIM M & A NORMS FOR GENERAL INSURANCE FIRMS (Source: Business Standard, 25.3.2011)

Following feedback from insurers, IRDA is likely to tone down the requirements for mergers and amalgamation as envisaged in the draft guidelines released in February............Read more
 
ROYAL SUNDARAM ALLIANCE INSURANCE TO INFUSE `65 CRORE (Source: Economic Times, 25.3.2011)

Royal Sundaram Alliance Insurance will inject `65 crore into the company, taking the total paid up capital and premium of the company to `275 crore. The capital infusion would be co............Read more
 
CORPORATES SHARE RISING HEALTH PREMIUM WITH EMPLOYEES (Source: Financial Express, 25.3.2011)

As the group health insurance costs for India Inc. have shot up Significantly, by around 25% in 2010, health insurers are making all-out efforts to reduce the costs through new measures............Read more
 
BHARTI AXA TO CUT EXPOSURE TO MOTOR, HEALTH INSURANCE (Source: Financial Chronicle, 24.3.2011)

Bharti AXA General Insurance, bleeding badly like many Indian general insurers, plans to bring down its exposure to motor insurance and health insurance as part of a three-pronged............Read more
 
INSURERS SEEK IRDA CLARITY ON HEALTH PLAN PORTABILITY (Source: Financial Chronicle, 23.3.2011)

General Insurance Council has approached IRDA to seek clarity about certain clauses such as pre-existing diseases and no-claim bonus related to health insurance portability............Read more
 
BHARTI AXA LAUNCHES POLICY FOR CRITICAL ILLNESSES (Source: Financial Chronicle, 23.3.2011)

Bharti AXA General Insurance has announced the launch of Smarthealth Critical Illness’ policy that promises to reduce dent in middle class pocket and cover up for income............Read more
 
LIFE INSURANCE
 
PRIVATE LIFE INSURERS LOSE MARKET SHARE (Source: Economic Times Wealth May 2011)

The regulations announced by Irda in September 2010seem to have hit the private sector life insurers. Some of the well-known private sector life insurance companies, such as Bajaj Allianz,............Read more
 
LIFE INSURANCE PREMIUM MAY COME DOWN SOON (Source: Financial Chronicle, 13.4.2011)

Life insurance premium to be paid by young people and those between 50-60 years could fall soon as IRDA is about to approve the new mortality table that will show higher life expectancy............Read more
 
ULIP BIZ DOWN BY 15% IN FY11 (Source: Business Standard, 11.4.2011)

Amid a row between SEBI and IRDA over control of unit linked insurance products (ULIP), the ULIP business declined by 15%............Read more
 
SINGLE PREMIUM PLANS DRIVE PRIVATE LIFE INSURANCE’ GROWTH (Source: Financial Chronicle, 23.3.2011)

Private life insurance companies have garnered more new policy premium, or first year premium, from individuals by selling single premium policies over the past six months............Read more
 
INDIAN BANK BRACES FOR LIFE INSURANCE FORAY (Source: Financial Chronicle, 23.3.2011)

Indian Bank has formally initiated its foray into the life insurance business with the invitation of request for proposal (RFP) from consultants to help its foray into the sector............Read more

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  Regulatory Rulings  
 
IRDA INCREASES PREMIUM RATES FOR THIRD-PARTY MOTOR INSURANCE
(Source: Business Standard, 16.4.2011)

IRDA raised the premium rates for third-party motor insurance policies by 10-65 per cent across different categories of vehicles and ownerships. IRDA also specified third-party motor premiums would be revised annually, based on inflation and claim experience. While third-party premiums............Read more

 
 
Third-party insurance to rise by 65% (Source: Economic Times - Wealth April 2011)

Owning a vehicle would now pinch your pockets even more, with third party motor insurance premiums set to rise by up to 65% for two-wheelers, private cars and heavy load carriers from 25 April............ Read more

 
 
Repository is coming – April 2011 (Source: Economic Times - Wealth April 2011)

The repository will give a unique number to every individual and all his policies will come under that account. It will hold all types of policies, including life, health, motor and group covers. The data............ Read more

 
  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. ......... Read more

 
  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...... Read more

 
  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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