Hello friends ,Here are some important news points related to insurance Industry from January till date. These points will be useful for all upcoming Insurance exams including LIC AAO which is scheduled to take place in the month of March.
- Future Generali ties up with GIC housing finance.
- Future Generali India Life Insurance has partnered GIC Housing Finance Ltd to offer Group credit life insurance through one of its products – Future Generali Loan Suraksha Plan.
- MD and CEO of Future Generali India life Insurance – Munish Sharda
- Generali is an Italian insurance company, having business in India through a joint venture with Future Group under the brand name Future Generali Insurance
- LIC outscores private insurers in claim settlement
- Life Insurance Corporation of India (LIC) continues to maintain its lead in the life insurance industry with respect to claims settlement, according to Insurance Regulatory and Development Authority of India’s annual report
- Settlement ratio of LIC increases to 98.19% in 2014-15 (Previous year it was 98.14%)
- The claims settlement ratio for private life insurers in 2014-15 was 89.40 %
- Corporation bank inks pact with LIC in the field of Group credit linked Insurance plan. According to the MoU LIC will provide insurance cover to retail term loan of 4 lakh and above for a term of 5 to 35 years.
- Pradhan mantri Fasal Bima Yojna (PMFBY) Launched
- It is a Social security scheme
- premium to be paid for all Rabi crops is at 1.5%
- Premium to be paid for all kharif crops is at 2%
- Premium to be paid for all Horticulture crops is at 5%
- Rest of the premium will be paid by insurance companies along with center and state equal stake.
- will spend a corpus of about 8800Crore for this scheme.
- It will replace two crop insurance schemes namely National agriculture insurance scheme (NAIS) and Modified NAIS.
- IRDAI has received applications from 6 foreign reinsurance companies for opening Branches in India.
- Alice Vaidyan has been appointed as the Chairman and MD of General Insurance Corporation of India (GIC Re), The National Reinsurer.
- GIC Re is the 14th largest reinsurer globally and is presently the only reinsurance company in India.
- Uttar Pradesh government gives nod to “CM Kisan Avam sarvhit Bima Yojna”
- Landless Farmers will also be included in this scheme
- Farmers below 75000 Annual incomes will also be covered.
- Scheme will come into effect from 1st April 2016
- This scheme will replace state’s Krishak Bima Yojna scheme.
- German reinsurer Munich Re will buy an additional 27 per cent stake in India’s Apollo Munich Health Insurance Co. Ltd. from its joint venture partner Apollo Hospital Group India for Rs 164 Crore. With this Munich Re’s Holding in venture reaches 48.75 per cent.
- Apollo Munich heath Insurance Company ties up with Axis bank for policy distribution.
- LIC raises stakes in 3 Public sector Banks namely Bank of India, Corporation bank and State Bank of india.
- एलआईसी ने शुरु की एलआईसी ई सर्विसेज
- LIC ने अपनी बीमा रिपोजिटरी ‘एलआईसी ई-सर्विसेज’ शुरू की। एलआईसी ई सर्विसेज के जरिए उसके मौजूदा ग्राहक अपनी पॉलिसी का ब्यौरा ऑनलाइन देख सकते हैं। वे नई पालिसी आनलाइन खरीद भी सकेंगे।
- एलआईसी के चेयरमैन एस के राय ने बताया कि इस सेवा के जरिए पंजीबद्ध ग्राहक अपनी नीतियों, बोनस, लोन व दावों का ब्यौरा ऑनलाइन ले सकते हैं। इसके जरिए किसी भी पॉलिसी के लिए कभी भी कहीं से भी भुगतान के साथ साथ नयी पॉलिसी खरीदने भी सुविधा होगा।
- इस ऑनलाइन सुविधा की शुरुआत इरडा के चेयरमैन टी एस विजयन ने की
- LIC has pumped Rs 53,000 crore in stocks (equity purchases) in the current financial year till date. (Compared to Rs 39,000 crore a year ago).
- Profit-booking has been Rs 10,000 crore in this financial year till now.
- LIC has crossed Rs 1.5 lakh crore in government securities in this FY.
- Shriram Life Insurance has launched a non-linked non-participating endowment assurance plan – Assured Income Plus.
- IndiaFirst Life Insurance announced the launch of a penion plan named ‘The IndiaFirst Guaranteed Retirement Plan’. It is a non-linked, participating, endowment, deferred pension plan.
- Royal Sundaram General Insurance has launched ‘Lifeline’, A health insurance product to Standard Chartered Bank’s India customers through the bancassurance channel.
- IRDAI said the existing micro insurance products will continue to be on offer till March 31, 2016.
Earlier, As per Insurance Regulatory and Development Authority of India (Micro Insurance) Regulations, 2015, it was mandated that all existing micro insurance products that are not in compliance to these regulations shall be withdrawn with effect from January 1, 2016.
A micro-insurance policy is a general or life insurance policy with a sum assured of Rs 50,000 or less
- GIC Housing Finance acquires up to 16 per cent stake in LIC Nomura Mutual Fund Asset Management Company.
- Corporation Bank will acquire a four per cent stake in LIC Nomura Mutual Fund Asset Management Company.
- Private sector non-life insurance firm SBI General Insurance has appointed Pushan Mahapatra as its new managing director and chief executive officer.
- The government has again extended the last date for enrolment under the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) to May 31.
The deadline for enrolment under Pradhan Mantri Suraksha Bima Yojana (PMSBY) has also been extended, the government said in a notice on December 28.
Insurance schemes such as PMJJBY and PMSBY are aimed at bringing the unorganised sector and economically weaker population under social security net.
- LIC Launches its new policy “Jeevan Pragati”
- यह योजना पूरी अवधि में हर 5 साल बाद स्वता ही जोखिम सुरक्षा को बढ़ाती रहती है।
- यह पॉलिसी ऋण के रूप में किसी भी समय पैसो की जरूरत को पूरा करती है।
- पॉलिसी मृत्यु स्थिति में मृत्यु दर बीमा राशि साधारण बोनस तथा फ़ाइनल अतरिक्त बोनस सहित देय है।
- इस पॉलिसी को 12 से 45 वर्ष आयु के लोगों के लिए उपलब्ध है।
- Insurance giant Life Insurance Corporation of India (LIC) increased its stake in BATA India company via open market by 0.03%.
Source – The Hindu,Business Line ,Economic Times
Posted by - Nikhil yadav
Gurukul Academy 