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    • Government looking to merge state-owned general insurers

      The government is in talks to merge three general insurance companies into one as it did for life insurance companies – creating LIC. While creating a single state-run general insurance company will increase its value on stock markets, jobs are likely to get cut. Post the proposed merger, the value of the merged general insurance company is estimated at Rs.2.5 lakh crore. Currently, the collective employee strength of the three companies – New India Assurance, National Insurance, and United India Assurance, is 59,000. Nearly 20-30% of the total number is likely to be reduced after the merger through mechanisms such as the voluntary retirement scheme.

      During the Union Budget FY 2018-19, the Finance Minister had stated the possibility of merging National Insurance, United India Assurance, and Oriental Insurance and eventually being listed. As per the plans proposed, if the said merger is completed, the company will further be merged with New India Assurance. The idea to merge the non-life insurance companies is to create a larger and a sustainable state-owned general insurance company.

      17 June 2019

    • DHFL Pramerica opts for Amazon for cloud services

      DHFL Pramerica Life Insurance has decided to go with Amazon as their cloud provider. Amazon Web Services (AWS) will help DHFL help enable digital transformation for their customers. The insurer will move 70 terabytes worth of its applications data to AWS. The applications data include policy generation, agent management, customer engagement, etc. DHFL was previously using multiple managed data centers before the association with AWS. By opting for cloud services, the insurer will cut down almost 15% of its expenses in the next 12 months.

      This move will also help DHFL develop customized offerings and faster turnaround times to customers. The insurance provider aims to leverage AWS cloud to enhance their leadership in the insurance industry.

      14 June 2019

    • Approvals for re-filed policies to be given after appointment of Member-Life

      All approvals for re-filed policies in the life insurance sector will be provided only after the Member-Life is appointed to the Insurance Regulatory and Development Authority of India (IRDAI). The new regulations for the sector have been finalised but the refiling process is yet to gain speed. The Member-Life is responsible for creating regulations and approving products in the life insurance sector. As per reports, the appointment is soon to be finalised as it is in the very last stage. Nilesh Sathe, former Member-Life retired in the month of May. It is said that two senior executives of LIC are being considered for the post.

      The appointment, like all other appointments in the IRDAI, will be made by the Appointments Committee of the Cabinet (ACC), chaired by the Prime Minister. After the appointment, the new set of regulations as well as products will soon be made available. The appointment couldn’t be made sooner because of the delay caused by elections and the formation of the new government. The new regulations proposed by the IRDAI has mostly been accepted by insurers. The said regulations will be finalised soon after going through the necessary steps.

      12 June 2019

    • Edelweiss Tokio Life Insurance offering term cover for cancer

      Private life insurance provider, Edelweiss Tokio Life Insurance has recently launched a new product which offers cover for cancer and heart diseases. The product is called ‘health shield’. The insurance scheme will offer a term-trigger benefit. Through this benefit the insurer will be offering a term cover in case of detection of a major form of cancer.

      In India, Edelweiss Tokio Life Insurance is the first insurance provider which is providing this feature. The product will not only cover cancer but also 17 different cardiac conditions. On the basis of the customer’s need, he or she can select an option to cover only cancer, only heart diseases, or both of them. The term-trigger benefit will be offered as an option under the variant of the plan that offers cancer coverage. If the policyholder has availed this benefit, the insurer will provide a term cover to him or her along with the lump sum pay out.

      10 June 2019

    • Importance of Effective Management of Life Insurance Policies

      The upcoming budget is expected to provide a timeline for the merger of the 3 general insurance PSUs which has been long overdue. This will help in speeding up the process which was introduced first in the budget of 2018.

      In its status of implementation, the interim budget had said that the merger of the 3 companies namely National Insurance Co. Ltd., Oriental Insurance Co. Ltd., and United India Insurance Co. Ltd. is expected to be completed by 2019-20. Reportedly, Ernst & Young has been appointed to advise the proceedings of the merger. However, no major advancement has taken place yet.

      7 June 2019

    • Paytm might acquire Coverfox for S120 million

      Digital insurance marketplace Coverfox might be acquired by Paytm in the coming months. The deal has been estimated to be around $100 million to $120 million. Reportedly, Paytm has been in talks with the Mumbai-based insurance marketplace. If the deal gets a form, it will be the biggest acquisition made by Paytm.

      At present, Paytm is trying to get into the financial services sector. The digital payments company is making its way into the segment through Paytm Money, a subsidiary of Paytm. The deal will also make Paytm a direct competitor for PolicyBazaar which is one of the leading online insurance marketplaces in India. The proposal for the acquisition might, however, be opposed by SoftBank which owns an important stake in PolicyBazaar.

      04 June 2019

    • General Insurance Council Witnessed Appointment of New Head

      General Insurance Council is the official, legitimate representative body of the general insurance industry in India. This insurance industry comprises of 1.7 lakh-crore insurance providers and operators providing insurance policies to millions of Indians on a regular basis. The announcement came shortly after the new Union Minister took charge in his office recently. In Mumbai, interactions were held on 29 May 2019 in order to determine the chief of the newly established General Insurance Council, also known as GI Council. The Government of India had initially sent out 14 applications for the post of the General Insurance Council. Out of these 14 applicants, 5 were shortlisted while only 4 out of those 5 actually made it to the interview/interaction. A source recently said ‘The insurance professionals who appeared for the interaction include MN Sharma (former CMD, United India Insurance), John Pulinthanam (General Manager & Director, National Insurance Company), Balwant Singh (former GM & Director, Oriental Insurance Company), CR Vijayan, (former GM & Director, GIC Re), and the candidate who didn’t turn up for the interaction was Deepak Sood (former CEO, Future Generali India Life Insurance)’. Moreover, the General Council and Life Insurance Council have also decided to cap the age of retirement of secretary general at 65.

      01 June 2019

    • Industry experts discuss the future of life insurance

      Mint held an insurance conclave where they discussed the future of the life insurance industry in the next 20 years. The panel members included experts from the industry such as executives from LIC, ICICI Prudential, Max Life, India First, and HDFC Life. Experts discussed an array of issues and visions for the life insurance sector. They said that companies should once again be allowed to sell health indemnity products besides benefit products. Since the focus of the life insurance business is to protect lives, insurers will not compete with each other to offer better returns. New segments will emerge with this idea.

      31 May 2019

    • LIC-owned IDBI Bank to sell mutual fund business

      IDBI Bank Ltd. has recently announced that they have started the process which involves the selling of mutual funds. A senior official of the bank has said that the bank has appointed ICICI Securities Ltd. to advise IDBI Asset Management Ltd. And IDBI MF Trustee Co. Ltd. which is the sales force of the mutual fund business.

      In addition to the mutual fund business, the bank is also looking forward to selling its stakes in IDBI Federal Life Insurance Co. Ltd. IDBI is the holder of 48% stake while the Federal Bank and Ageas own 26% each. It should be noted that the non-performing assets (NPAs) of the bank has improved and come down to 29.67% from 31.78% in the July-September period.

      29 May 2019

    • Details about LIC's Jeevan Umang policy

      LIC's Jeevan Umang policy is a whole life plan that provides both income and protection to the policyholders. The policy provides maturity benefits at the end of the survival period and a lump sum benefits in cases of death of the policyholder in the policy term. Any individual below the age of 55 years can apply for this policy with a minimum sum assured of Rs.2 lakh.

      LIC Jeevan Umang offers 4 different policy terms of 15 years, 20 years, 25 years, and 30 years. The survival benefit of this policy will be paid at the end of the premium paying period at an interest rate of 8%. If the policyholder survives till the maturity of the policy, a lump sum amount with basic sum assured and bonuses will be paid to him/her. If the policyholder dies within the policy term, a death benefit equal to 10 times the annualised or sum assured on maturity will be paid to the nominee. The plan also offers additional benefits like accidental benefit rider, critical illness benefit rider, new term insurance rider, etc.

      27 May 2019

    • After LIC tie-up, IDBI Bank collects Rs.160 crore insurance premium

      IDBI Bank managed to collect Rs.160 crore as insurance premium in March 2019. This is after the company struck a partnership with Life Insurance Corporation of India. IDBI Bank has announced that the corporate agents of LIC can sell products across all the 1,800 branches of the bank spread across the country. Life Insurance Corporation of India is the major shareholder and owns 51 percent of IDBI Bank when it comes to its banking entity. The deal between the two parties was completed in the month of January 2019. IDBI Bank sole 26,116 policies in March 2019. The bank said that the diverse product portfolio of LIC will help the bank to target all of their customers with a high net-worth who are living in the urban and metro areas. The company is also looking to focus semi-rural and semi urban areas. In a statement released by the Life Insurance Corporation of India has sold policies worth Rs.30.2 crore. IDBI Bank has also launched retail loan products that will be made available specifically for the LIC customers. These products will be providing discounts in the personal loan, auto loan, home loans, and education loan.

      23 May 2019

    • Managing Partner programme implemented by Edelweiss Tokio to help new entrepreneurs

      Edelweiss Tokio has designed an all new model called the Managing Partner programme. This program has been designed keeping in mind the vision of the government to make India one of the biggest entrepreneurial hub. The main purpose of this plan is to support all the dream of the Development Managers (DMs). Development Managers are a vital part of an insurance agency. This workforce is responsible for managing and hiring Personal Finance Advisors. These people are commonly called agents. The company is hopeful that this plan will give the much-needed push to all the entrepreneurs out there and help progress their careers forward. Capital and infrastructure are two of the main challenges one will have to face at the time of setting an enterprise. The Managing Partner programme has gotten rid of all the limitations one will face and has ensured that it will provide the support needed for the development managers. Apart from this programme, the company is planning to hire 40 new Development Managers in Telengana and Andhra Pradesh in order to improve the reach of the agency in that region. The company is planning to hire 700 more Development Managers across the 121 spread across the country.

      22 May 2019

    • Recruitment for Apprentice Development Officer posts at LIC has started

      The Life Corporation of India (LIC) had issued a notification on 20 May 2019 for LIC Apprentice Development Officer (ADO) Recruitment 2019. The notification has been issued for all Eight Zones. The online application process has begun for the posts as well. According to the notification, LIC is accepting applications for the 8581 ADO posts that are available under the Western Zonal Offices, West Bengal.

      According to the notification that has been issued, the online process to submit the application will be available from 20 May 2019 until 9 June 2019. Individuals must have completed at least a Bachelor’s Degree from an accredited university in India in order to apply for the posts. The candidate must be within the ages of 21 years and 30 years, respectively, and preference will be given to candidates with at least 2 years of experience in the life insurance industry. The procedure to hire candidates will be via a two-phase examination followed by an interview. The tentative dates for the preliminary examination are from 6 July 2019 to 13 July 2019 and for the main examination is from 10 August 2019.

      21 May 2019

    • Reliance Capital’s 43% Acquired by Nippon Life

      Nippon Life Insurance, one of the popular and reputable life insurance providers operating in India, recently acquired an added 43% interest of its partner Reliance Capital, according to media sources. As a result of the news, the shares of Reliance Nippon Life Asset Management and Reliance Capital grew by 4%. Reliance Nippon Life Insurance Company has a wide range of products for its customers – ranging from life and investment products to pension plans and child plans. Customers looking for comprehensive life insurance solutions must turn to Nippon Life Insurance in order to receive the best financial product and services.

      17 May 2019

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    Customer Reviews

    • LIC Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have purchased Jeevan anand policy for my life insurance through life insurance corporation of India, the agent had clearly explain me about the plan benefits and policy coverage , they have given me hard copy as well, the premium amount i use to pay on half yearly basis.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jun 24, 2019
    • LIC
      LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have taken Life Insurance policy through LIC agent .This name of this policy was Jeevan Saral and it is a Maturity benefit policy and the tenure is for 25 years .The premium is paid on quarterly basis and paying the premium on online .The premium amount was Rs.4100 ,There was no issues faced while submitting the documents .This policy is still active.
      Was this review helpful? 0
      , pune
      Reviewed on Jun 24, 2019
    • Bajaj Allianz Life Life Insurance
      "Good Investment"
      0.5 5.0/5 "Blown Away!"
      I am very delight Bajaj Allianz Life insurance, I make the premium of Rs. 15,000 for per annum it has tenure period of ten years. After maturity I get the sum assured around Rs. 2 lakhs and also they are providing financial security for unforeseen events.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 24, 2019
    • LIC Life Insurance
      "Very Good market policy"
      0.5 4.0/5 "Great!"
      Its 20 years plan which i taken from Life Insurance Corporation of India. Settlement is on proper timely basis. We get the returns on time and there is no customer harassment. I took the Jeevan saral policy in 2009. My friend is working as a LIC agent and he suggested me to take the Jeevan Saral Policy.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 24, 2019
    • LIC Life Insurance
      "Very Good Government company"
      0.5 5.0/5 "Blown Away!"
      In the year of 2005, i have taken the money back policy. I have been paying the premium of RS. 899 every quarter. I make the online payment. I have received the cash back to my account twice and i'm happy about the returns. I have gone through with my friends who recommended me about the LIC.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 24, 2019
    • LIC Life Insurance
      "Good insurer"
      0.5 4.0/5 "Great!"
      I have taken a life insurance in LIC. The policy is for 18 years. Now I am paying premium in the monthly package.2 policies are remaining in maturity for above 2-3 years. While getting a policy my agent has given an information about the policy details. Through a salary account they debit an amount for the payment.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 24, 2019
    • LIC Life Insurance
      "LIC policy is always super"
      0.5 5.0/5 "Blown Away!"
      Since its a traditional company, i have chosen the LIC. The claim experience would be best. I have taken a money back policy three times. I am paying the premium amount of Rs. 400. I have got the policy 10 years back. Two times, the money has credited to my account and I'm satisfied with the returns.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 24, 2019
    • SBI Life Life Insurance
      "Good policy to take"
      0.5 5.0/5 "Blown Away!"
      Bought my insurance policy from SBI LIFE. The policy used to cover for next 26 years. I am paying the premium amount of Rs. 1.25 lakhs. This is a single premium policy. This is tax covered policy. Response is fine. I never had any issues from this policy.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 24, 2019
    • HDFC Life Life Insurance
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I am satisfied with HDFC Banking service so I took a life insurance with HDFC Life. The policy coverage is 6L but need to increase more. I am paying yearly premium through online and its very easy for me. I did the policy in 20years and need to pay till the age of 45. I got the insurance paper online and also through courier.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 24, 2019
    • LIC Life Insurance
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I have purchased JEEVAN ANAND and using from last 10yrs, maturity is for long term of 22yrs, coverage for self and spouse. The premium paying for annual once. The life coverage is applicable after the maturity. The reason for getting the policy it is a traditional and security purpose.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 23, 2019
    • LIC Life Insurance
      "Medium"
      0.5 5.0/5 "Blown Away!"
      I have taken a life insurance in LIC before 6 months back. The policy is for 20 years. I am paying premium in the monthly package. While getting a policy my agent has given an information about the policy details. They use to detect in a salary account for the payment
      Was this review helpful? 0
      , raichur
      Reviewed on Jun 23, 2019
    • LIC Life Insurance
      "Good insurer"
      0.5 4.0/5 "Great!"
      I have taken a life insurance in LIC 15 years back. The policy is for 20 years. I am paying premium in the yearly package. While getting a policy my agent has given an information about the policy details and provided documents as well. I use to payments through an online.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 23, 2019
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