LIC eyes increasing market share in policies, first premium

Last Updated: Wednesday, August 19, 2015, 22:07

Life Insurance Corporation (LIC) has set a target to achieve 85 percent of its market share in terms of policies and 80 percent in terms of first premium by the end of the current fiscal.

Federal Bank signs pact with LIC for PMJJBY

Last Updated: Friday, May 8, 2015, 18:40

The insurance scheme provides for a life cover of Rs 2 lakh at an annual premium of Rs 330.

Changing nominee in life insurance policies to cost Rs 100 now

Last Updated: Friday, April 3, 2015, 18:31

Cancellation or change in nomination in insurance policies now comes at a cost as regulator IRDAI has allowed life insurers to charge up to Rs 100 for any such modification.

'Penalty of up to Rs 25 cr for mis-selling insurance policies'

Last Updated: Friday, March 13, 2015, 22:24

The amended insurance law provides for a penalty of up to Rs 25 crore for mis-selling or misrepresentation of policies by agents or insurance companies to customers.

IRDA sets up 9-member panel to review FSLRC recommendations

Last Updated: Sunday, February 2, 2014, 12:29

The committee will also examine the extant legislative and regulatory framework in compliance 14 non-legislative recommendations (NLRs), IRDA said in an order.

Irda imposed Rs 5-cr fine on 12 insurance cos in FY13

Last Updated: Sunday, January 12, 2014, 13:22

HDFC Life paid a fine of Rs 1.47 crore, while ICICI Prudential Life had to shell out Rs 1.18 crore for failure to comply with various provisions of the Insurance Act 1938.

Life insurers line up 500 schemes for launch next year

Last Updated: Sunday, December 29, 2013, 19:50

As many as 500 new insurance schemes are all set to hit the market in the next couple of months, following the approval of industry regulator IRDA as part of its new guidelines applicable from January 1, 2014.

IRDA to bring CSCs for selling simple policies in rural areas

Last Updated: Friday, December 27, 2013, 20:26

The Insurance Regulatory and Development Authority (IRDA) is roping in Common Service Centres as a platform for insurers to sell simple policies in rural areas.

HC notice to 25 insurance cos on PIL asking pre-packaged rates

Last Updated: Tuesday, October 22, 2013, 19:42

The Bombay High Court Tuesday issued notices to 25 non-life insurance companies on a PIL seeking pre-packaged compensation for 42 ailments, covered under medical insurance policies, on the basis of sum insured and on the type of the hospital.

'IRDA should look at making digitisation of policy compulsory'

Last Updated: Monday, September 16, 2013, 13:20

The Insurance Regulatory and Development Authority (IRDA) said the insurance repository system set up by the regulator will be the first of its kind in the world.

Life insurance policies on a decline in last 3 years: Govt

Last Updated: Tuesday, April 23, 2013, 17:41

The number of life insurance policies has witnessed a decline in the last three years due to fall in sales in the unit-linked insurance segment and general market conditions, Parliament was informed.

IRDA to develop mechanism for faster approval of policies

Last Updated: Wednesday, September 26, 2012, 19:26

The insurance companies have been demanding from the Insurance Regulatory and Development Authority (IRDA) faster clearances of products filed with it.