Insurance

LIC emerges as most profitable life insurer. ICICI Prudential slips to second position after two years of domination.

Non-life insurers registered 7% growth in new business premium collection in April-May 2014 compared to 20% growth in the corresponding period last year.

Experts expect growth in other key sectors like manufacturing, infrastructure and increase in limit of section 80 C to give a fillip to insurance industry.

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.