Insurance

The finance minister also increased limits on tax exemption, annual PPF ceiling and tax benefits under 80 C.

The new guideline provides flexibility to insurers to change up to 10% of the approved annuity rates without any approval from IRDA.

Standard Chartered Bank will distribute ICICI Prudential Life’s insurance products through its network of 99 branches across 42 cities.

The insurance regulator has decided to do away with offline examinations within a year.

Experts say that the proposed norms can deter unethical sales practices; however, it will be practically impossible for policyholders to replace their existing policy even if they were mis-sold.

IRDA launches online examination system which will help insurance brokers undergo the mandatory 50 hours training online.

Dematerialization of insurance policies was slow due to operational hurdles and lack of clarity in fee structure.

Motor and health insurance segment accounted for 67% market share in non-life business in FY 2013-14.

64% respondents said that they fear of claim rejection while applying for a health insurance policy.

The company saw a growth of 25% in its new business premium collection in FY 2013-14.

Growth was largely driven by LIC which collected Rs. 90,124 crore.

The move aims to minimize confusion in the minds of distributors as well as investors.

The insurance regulator has mandated a lock-in period of three years for executing a transfer of over 50% shares in any insurance broking firm.

New business premium collection in non-life business dips to 12 percent in FY 2013-14, the lowest in the last four years.

Fraud analytics system aims to reduce fraudulent claims by detecting it at an initial stage.