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Non-life insurers have requested IRDA (Insurance Regulatory and Development Authority) to relax the limit on their total expenses to expand their business operations, according to media reports. Read more
Syndicate Bank said that it plans to enter the insurance business. It has decided to form a joint venture with an insurance company to enter the life insurance business, according to media reports. However, no other details about the joint venture were provided by the bank. Read more
Mr. G Srinivasan, former Chairman cum Managing Director (CMD) of United India Insurance Company Ltd, will now take over as the CMD of New India Assurance. After the suspension of Mr. M Ramadoss in 2011, there was no chairman at New India Assurance for more than a year. Read more
Mr. Kharat takes over from the outgoing CMD G.Srinivasan who is now the CMD of New India Assurance, another public sector general insurance company. Read more
Do you know anybody who lost his mobile inside a cow or someone who baked her handset into a sponge cake? Read more
Despite a slowdown in the life insurance sector, sales of online term plans are booming. Nearly 55,750 term policies were sold in the past six months, an average of one policy in every five minutes. Whereas in 2011-12, nearly 49,500 plans were sold. Read more
The chief minister of Maharashtra Mr. Prithviraj Chavan recently said that the government is planning to introduce an insurance scheme for women folk artistes to bring them at par with their male counterparts.
Speaking at the inauguration of All India Women Folk Artistes convention in Mumbai, he said, “Women artistes have always been relegated to the background. The state government will try to accord appropriate status to the artistes.†Read more
Taking a leaf out of its Japanese partner Nippon Life’s book, private sector insurer Reliance Life has begun its post-sales service drive across the country and plans to cover over 10 lakh customers by March next.
Reliance Life Insurance Company (RLIC) has asked its 1.5 lakh representatives, including staff, advisors and channel partners to meet about ten per cent (over one million) of its existing customers by end of current fiscal to provide services beyond premium collection.
RLIC, part of Anil Ambani-led Reliance Group’s financial services arm Reliance Capital, has begun this drive under its ‘Reliance Life Plus Club’ initiative. Read more
Reliance Life Insurance Company (RLIC) introduced a distribution channel – Life Plaza – aimed at creating awareness about life insurance and said it plans to set up about 200 branches across the country by the end of the current financial year.
“The main objective of our new distribution format is to generate greater awareness about life insurance in and around different locations where these Life Plazas will operate and create a pull for life insurance products,” Malay Ghosh, President and Executive Director, Reliance Life Insurance, said.
RLIC targets to hire about 1,000 people under this new distribution format within this fiscal and would focus on Tier II, Tier III and Tier IV cities for recruitment and setting up of Life Plazas, he said. Read more