The statement came after some reports suggested that insurance behemoth LIC might expedite the process of merging LICHFL with its banking arm IDBI Bank. "There was absolutely no proposal to merge LICHFL with any other entity and all such rumours floating in the market are not based on facts," LIC said in a clarification.
The 35 insurers' gross premium collection stood at Rs 16,076.28 crore in the same month a year ago. Among these, the 25 general insurance providers had a collective premium of Rs 14,643.26 crore during the month, up 2.2 per cent from the same period of 2019, as per the Insurance Regulatory and Development Authority of India's (Irdai) data.
The new mobile application will enables LIC Housing Finance to reach a broader audience of customers it will also fasttrack the loan process by assessing the eligibility of each applicant online. It will reduce the lengthy paper-based loan application process.
"Hospitals keep on changing tariffs on a regular basis. There is no body to check that. The regulator does not allow insurance companies to raise premium every year though there is around 10-15 per cent inflation of hospital charges at present," Irdai member (non-life) T L Alamelu said.
Briefing reporters here, Union Minister Prakash Javadekar said the capital has been infused in the light of the critical financial position and breach of regulatory solvency requirements of the general insurers. The capital infusion in these companies comes ahead of their proposed merger by the end of March 2020.
In the new role, Rath will oversee strategy and processes related to building and retaining talent, including reskilling and mult-iskilling of employees. She will be reporting to Vineet Arora, CEO of Aegon Life Insurance.
"The company intends to recruit close to 346 employees and 2,058 distributors in the current year, and is hopeful of further increasing these numbers in the next two years," a Future Generali India Life Insurance spokesperson said. FGILI has been focusing on expansion of agency channels by ramping up the recruiting process of agents and opening new branches in India, she said.
In a written statement, Agriculture Minister Narendra Singh Tomar said the government had received some complaints against insurance firms about non-payment and delayed payment of claims during the implementation stage of the scheme.
The budget presented by Finance Minister Nirmala Sitharaman on Saturday has proposed to construct a medical college in every district, besides taking up other infrastructure developmental projects, said BJP MP Jayant Sinha. To a query on the fate of policy-holders, he said all of them will get every benefit assured in their policies.
The government has held several meetings with the insurance regulator, insurers and consultants on higher FDI in the sector. Many global insurers, such as Metlife and Generali, have not raised their stakes in Indian operations due to the clause that was introduced in 2015.
In a circular dated April January 24, 2020, the Insurance Regulatory and Development Authority of India (IRDAI) said insurers can offer the 'Arogya Sanjeevani Policy' - the standard health insurance policy before April 1, 2020.
Bogus claims are as old as the industry itself. Despite insurers’ best efforts, fraudsters have been mostly ahead of them. But with the rise in data analytics and rigorous checks, the industry at last appears to be close to eliminating such malpractices.
Fairfax Group-backed general insurance start-up Digit Insurance on Tuesday said it has received approval from the Insurance Regulatory and Development Authority of India (Irdai) to raise USD 84 million (about Rs 600 crore) from equity investors A91 Partners, Faering Capital and TVS Capital.