Insurance

At a national conference on Financial Inclusion organised by Associated Chambers of Commerce and Industry of India (Assocham) in association with Ernst and Young, yesterday, the idea of an ‘everything product’ to take care of multi risks for rural public was floated.

Also, in order to ensure adequate cover, the regulator has ordered that death benefits should be linked to premiums paid.

Finance Minister rolls back proposal to hike tax to 18.5% from 12.5%, leaves new tax deduction norms on policies unchanged.

Life Insurance companies letting unproductive agents go

Many advisors plan to use the regulator’s information portal to boost awareness among policyholders.

A few players feel agents might lose touch with customers due to the online interface. Smaller insurers are worried about the additional costs involved in holding policies in an electronic form.

Public sector firms clocked 21% growth at Rs 34,113 crore, while private players reported 25% leap in premium over the previous fiscal with Rs 24,230 crore in gross collections.

The proposal aims to eliminate irregularities in sales. But a few industry experts say that actual implementation of this proposal may be difficult.

IRDA wants to reduce the cost of policy buyers. The move may complicate things further for insurance agents.

Changes in ULIP regulations impact LIC and private players; industry hopeful of recovery.

Advisors feel collecting details from clients could be a cumbersome task.

This is the second largest foreign investment in India’s insurance industry, as US partner exits to focus on domestic business

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In his address to the IRDA board of directors, the Finance Minister had plenty of advice for the regulator and industry to grow the business.

Life insurance industry head honchos feel that the ministry must review the tax norms announced in the budget.