Insurance

IRDAI has found that Birla Sun Life Insurance had incentivized unauthorized agents through gifts and foreign trips.

ICICI Lombard estimates that the total premium collection in health insurance segment is likely to touch Rs. 60,000 crore by 2020.

While LIC is allowed to provide a discount up to 8% in issuing new insurance policies, public sector general insurers can offer up to 10% discount on premiums paid online.

Under this scheme, the company is providing benefits of critical illness cover, accidental insurance and cash back on certain conditions.

This grace period is offered to policies whose due dates fall between November 8 and December 31.

Insurers will no longer be required to put warnings of spurious calls in advertisements in electronic media.

Aditya Birla Financial Services and MMI Holdings launch a health insurance business called Aditya Birla Health Insurance.

The growth was largely on account of LIC which contributed over Rs. 62,000 crore to the overall industry’s new business premium collection.

So far, sales representatives who are appointed by agents were allowed to distribute health insurance, crop and other non-life products only.

IRDAI has asked Shriram Life Insurance to pay the penalty amount within 15 days.

In the first half of current financial year i.e. HFY 2015-16, 30 new entities have received licenses from IRDAI to float Insurance Marketing Firm (IMF), taking the total count of such players to 44.

IRDA has mandated policyholders to have e-insurance account with effect from October 1.

Apart from execution charges, PFRDA has allowed retirement advisers to charge an advisory fee of 0.02% of AUM subject to minimum of Rs.100 and maximum of Rs. 1,000.