Max Life embedded value at Rs 5,363 crore as of September 30

Max India Thursday said embedded value (EV) for its life insurance business, Max Life, was at Rs 5,363 crore as of September 30.

LIC employees agree for 15% salary hike, 5-day week
LIC employees agree for 15% salary hike, 5-day week

The management of Life Insurance Corporation (LIC) and the unions representing around 1 lakh employees of the insurance behemoth have agreed on a 15 percent wage hike, which will be effective from August, 2012.

Insurance Companies Planning To Tie Up With Payment Banks To Increase Insurance Penetration

To increase Insurance penetration in India Insurance companies are eyeing to tie up with RBI authorised payment banks.

United India eyes Rs 11,800 cr premium in 2015-16

Riding on the growth of motor and health insurance segments, public sector United India Insurance has set a target of clocking a total premium of Rs 11,800 crore during the current financial year.?

Insurance FDI: Indian promoters to decide on directors, CEO
Insurance FDI: Indian promoters to decide on directors, CEO

With 49 percent FDI being allowed in insurance sector, regulator IRDAI Monday said Indian promoters will have control over appointment of majority of directors and that of key management persons, including CEOs.

IRDAI issues guidelines on FDI in insurance firms

Total foreign investment, both direct and indirect, in Indian insurance companies cannot exceed the limit of 49 percent, regulator IRDAI said Monday.

Insurance brokers Aon to exit Indian market
Insurance brokers Aon to exit Indian market

Aon, one of the world's largest insurance brokers, has decided to exit from the Indian market due to regulatory issues.

IRDAI to issue corporate governance norms this month

Insurance Regulatory and Development Authority of India (IRDAI) will issue corporate governance norms this month to address issues such as management control of insurance companies among other things

Air India gets 20% discount on annual insurance premium

Debt-ridden Air India has got a 20 percent discount on insurance premium while renewing its annual policy starting October, a senior official said Thursday.

Investment products should have no upfront commissions: Panel

A government appointed panel has suggested complete phase out of upfront commissions on investment products like insurance, mutual funds and pensions.

Payments banks may ring in better days for insurers, MFs

Insurers and fund houses see payments banks (PBs) as a boon for the sector as opportunities of cross-sell would help deepen their reach in rural areas.

LIC eyes increasing market share in policies, first premium

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.

SBI hopes to sell stakes in insurance units by year end

State-run State Bank of India Tuesday said the valuation process for the stake sale in its insurance units has begun and the transaction is likely to be completed by the end of the year.

PF settlement timeline revised from 30 to 20 days

The timeline for settlement of Provident Fund, pension and insurance claims have revised from 30 days to 20 days. As a result, the claimants would now get speedier service in July.

IRDAI slaps Rs 85 lakh on Reliance Life for violating norms

Insurance sector regulator IRDAI has slapped a penalty of Rs 85 lakh on Reliance Life for violation of various norms, including outsourcing guidelines.

IRDAI asks life insurers to avoid delay in pension payment

Insurance watchdog IRDAI has issued directive to life insurers to streamline process to ensure timely payment of pension to policyholders who have bought such products from them.

Exor strikes $6.9 bn deal to buy PartnerRe

Italian-based investment company Exor, controlled by the Agnelli family, said Monday it had struck a $6.9 billion (6.3 billion euro) deal to buy reinsurer PartnerRe.

New health cover for bank employees to be ready by month-end

All state-run general insurers are likely to issue a master mediclaim policy for bank employees through Indian Banks Association (IBA) by this month end.

Life insurance market clocks 20% growth in first quarter

After witnessing de-growth since 2010, the life insurance industry rebounded in the first quarter of the fiscal recording a robust 20 percent growth in new premium income.