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As a special measure for flood victims in Uttarakhand, Life Insurance Corporation of India will waive the normal condition of seven-year waiting period for settlement of claims in case of missing persons.
Chidambaram said that in order to give thrust to investment in infrastructure sector and to attain GDP growth rate of 8%, there is an immense need for financial products such as IDFs, Takeout Finance and Credit Enhancement to fill the financial gap in the infrastructure sector.
The Life Insurance Corporation (LIC) of India will open 300 mini offices across the country by month-end, said Thomas Mathew T, the Chairman-in-charge, LIC, adding that the corporation was opening 10 mini offices a day.
In his Budget speech, Finance Minister P Chidambaram proposed liberalising the insurance distribution network by allowing banks to act as brokers. However, chief executives (CEs) in the insurance sector say it would take a long time before this is implemented. Read more
Finance minister P Chidambaram’s Budget proposal to allow business correspondents to sell micro-insurance products in rural India is well-intentioned, as it would get more uninsured people on board. Read more
India’s largest insurer Life Insurance Corporation of India (LIC) and four public sector general insurance companies will open around 1,800 branches by the end of the next financial year to cover all Indian villages with a population of over 10,000.
In a move that will boost sectors hobbled by lack of capital, the finance minister has indicated that the government is confident of getting the Insurance and Pension Bills passed in the ongoing Budget session of Parliament. Read more
In an interview Yateesh Srivastava, Chief Marketing Officer & Head – Talent, AEGON Religare Life Insurance discusses his outlook for the insurance industry and measures that the government can take to bring the industry back on track. Read more
Finance Minister P Chidambaram said banks would be allowed to act as insurance brokers to increase insurance penetration in the country despite concerns expressed recently by the banking regulator against such a move. Read more
Finance Minister P Chidambaram in the Budget said the Know Your Customer (KYC) norms of banks will be sufficient to acquire insurance policies. This will be applicable for both life and general insurance policies. Read more