The Insurance Regulatory and Development Authority (IRDA) estimates that the total life policies in force as of end of March â€˜11 is about 25.32 crores. It means that majority of our population has no insurance cover of any kind. A significant section of this population base in vulnerable and there is a need to take life insurance services to them. Read more
Buying insurance policies could become more attractive from next fiscal, with the government poring over various options to boost the sector, which has been trailing other financial services like banking. Read more
The government is planning to merge two centrally-sponsored life insurance schemes â€” Janashree Bima Yojana (JBY) and Aam Aadmi Bima Yojana (AABY) â€” in a bid to streamline expenditure and effectively allocate resources to ensure better delivery of the schemes.
A Cabinet note on the merged scheme, to be called Aam Aadmi Janashree Bima Yojana, has already been circulated among the concerned departments last month, official sources said. Read more
Life Insurance Corporation of India during the last financial year has paid more than Rs. 403.91 crores by way of claims to families below poverty line during last financial year under two insurance schemes Janashree Bima Yojana (JBY) and Aam Admi Bima Yojana (AABY). Read more