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.

Changing nominee in life insurance policies to cost Rs 100 now

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'

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.

New disclosure norms expose insurers' policy-retention claims

Barring a few, such as ICICI Prudential, Reliance Life and Kotak Life, most of the life insurance companies have disclosed lower 'persistency ratios' for the first quarter of the current fiscal ended June 30, as also for the full financial year ended March 31, 2015.

'75% of insurance sales to be online by 2020'

As many as three-fourths of insurance policies sold by 2020 will be influenced by digital channels, says a report by global management consulting firm Boston Consulting Group and Google India.

Insurance regulator seeks expert to streamline processes

Insurance sector regulator IRDA is seeking an information technology consultant to help it to streamline processes and lower the cost of compliance.

3 out of 4 insurance policies to be sold online by 2020: Study

As many as three out of every four insurance policies will be sold online by 2020, says a Google study.

IRDA sets up 9-member panel to review FSLRC recommendations

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

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

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

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

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'

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

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

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

Insurance industry poised for growth: Report

Even as the insurance sector has witnessed a decline due to regulatory changes, industry leaders are optimistic about scope for growth.

Insurance industry need to innovate, simplify products: Study

India's insurance industry needs to innovate, simplify products and build trust amongst the customers through effective distribution claims management in order to ensure growth in the sector, a study said Sunday.

Insurance Ombudsmen may look into mis-selling of policy

In order to promote investor protection, the government is considering to expand the ambit of the insurance Ombudsmen scheme by bringing under its jurisdiction the mis-selling of insurance products.

Urban Indians have low awareness for insurance products: Survey

Urban Indians are not very aware about insurance products and their investment planning is not aligned with their current needs, according to a survey by private insurer HDFC Life.

Insurance policies may soon be available in demat form

After shares and mutual funds, its now the turn of insurance policies to be digitised, with insurance regulator IRDA expected to give the nod for making policies available in demat form.