Life Insurance Corporation of India, the country's largest life insurance company, has received a cheque of Rs 22,23,18,500 crore from Rajasthan government for covering 22,23,815 people. These are the below poverty line (BPL) families in Rajasthan.This coverage is being given by the Janashree Bima Yojana (JBY).
LIC's JBY provides insurance cover for death due to natural and accidental cause. It also provides cover for accident resulting into total or permanent disability. Besides, the scheme also provides scholarship of Rs 1,200 per annum without any extra cost for maximum two children
Tuesday, July 24, 2007
AVIVA and PML joins hand
Aviva Life Insurance and region based financial services providers Paul Merchants Ltd (PML) have entered into a tie- up through which Aviva plans to increase the insurance penetration in the NRI markets. Aviva plans to sell its products like Life Long, Save Guard, Life Saver plus and pension plus to PML customers. Aviva is looking forward to using Paul Merchants’ network of over 100 branches and more than 10,000 sub-agents in India. PML will sell Aviva's products initially in Punjab, Haryana, UP and Delhi through about 50 outlets.
Yash Jagdhari, regional director (North), Bancassurance and Business Partnerships, Aviva has said that the company has entered into a referral arrangement with Paul Merchants and their products would be sold to their customers by our advisors pan India. Aviva will also be initiating this business plan in Punjab, Haryana, Delhi and Uttar Pradesh at present. And gradually the company will expand in the markets of South and East India.
The company reportedly has a strong presence in Punjab through their bancassurance tie-ups and direct sales force. Mr. Jagdhari has hinted long term and aggressive plan for Aviva India and tie-up with Paul Merchants, which would enable them to expand their reach to the NRI customers.
source:insuremagic.com
Yash Jagdhari, regional director (North), Bancassurance and Business Partnerships, Aviva has said that the company has entered into a referral arrangement with Paul Merchants and their products would be sold to their customers by our advisors pan India. Aviva will also be initiating this business plan in Punjab, Haryana, Delhi and Uttar Pradesh at present. And gradually the company will expand in the markets of South and East India.
The company reportedly has a strong presence in Punjab through their bancassurance tie-ups and direct sales force. Mr. Jagdhari has hinted long term and aggressive plan for Aviva India and tie-up with Paul Merchants, which would enable them to expand their reach to the NRI customers.
source:insuremagic.com
Monday, July 23, 2007
Insurance cos set to get more financial leeway
The Insurance Regulatory Development Authority (IRDA) is set to allow insurance companies to invest in a few more financial instruments including derivatives.The proposed move will enhance returns for policy holders.
Currently, insurance companies are allowed to invest in around 58 financial instruments. A broadbasing of the categories of investments to include derivativesis now on the cards. “For policy holders, the move will mean higher yields with better risk management”, said S V Mony, secretary general, Life Insurance Council.
IRDA had proposed delinking the norms governing investment of assets by insurance companies from the main Insurance Act and bringing it under IRDA regulations.
The regulator plans to make a few changes which do not need an amendment to the main Act. One such change includes adding a few more instruments to the investment category known as “other than approved securities, said C S Rao, chairman IRDA
Source: The Economic Times
Currently, insurance companies are allowed to invest in around 58 financial instruments. A broadbasing of the categories of investments to include derivativesis now on the cards. “For policy holders, the move will mean higher yields with better risk management”, said S V Mony, secretary general, Life Insurance Council.
IRDA had proposed delinking the norms governing investment of assets by insurance companies from the main Insurance Act and bringing it under IRDA regulations.
The regulator plans to make a few changes which do not need an amendment to the main Act. One such change includes adding a few more instruments to the investment category known as “other than approved securities, said C S Rao, chairman IRDA
Source: The Economic Times
Sunday, July 22, 2007
QBE AND RAJAN RAHEJA IN JV FOR GENERAL INS
21/July/2007
The QBE Insurance Group, Australian major -- has entered India's growing general insurance market by signing a joint venture agreement with diversified conglomerate Rajan Raheja Group.
According to sources, QBE will invest around seven million dollars initially for a 26 per cent stake in the JV, to operate in the Indian general insurance business.
A managing director will also be nominated by QBE and provide technical expertise. It has the option to increase its equity to 50 per cent ,if the Indian legislation permits so.
Frank O’Halloran, the QBE CEO has said that the group is excited about the opportunity to work in India 's rapidly growing general insurance market. He also expressed his delight on his partnership with the Rajan Raheja Group, which has extensive interests in India and a track record of successful joint ventures with foreign partners.
Subject to IRDA approval, the joint venture company expects to begin trading in early 2008
The QBE Insurance Group, Australian major -- has entered India's growing general insurance market by signing a joint venture agreement with diversified conglomerate Rajan Raheja Group.
According to sources, QBE will invest around seven million dollars initially for a 26 per cent stake in the JV, to operate in the Indian general insurance business.
A managing director will also be nominated by QBE and provide technical expertise. It has the option to increase its equity to 50 per cent ,if the Indian legislation permits so.
Frank O’Halloran, the QBE CEO has said that the group is excited about the opportunity to work in India 's rapidly growing general insurance market. He also expressed his delight on his partnership with the Rajan Raheja Group, which has extensive interests in India and a track record of successful joint ventures with foreign partners.
Subject to IRDA approval, the joint venture company expects to begin trading in early 2008
Saturday, July 21, 2007
3 entities proposed for pension fund managers
New Delhi, June 20 The committee formed by the Pension Fund Regulatory and Development Authority (PFRDA) has recommended the names of three public sector financial institutions as managers of pension funds under the New Pension Scheme (NPS).
Based on the overall evaluation, including technical and commercial parameters, the committee has found State Bank of India, UTI Asset Management Company Private Ltd and Life Insurance Corporation of India as the three best value bidders.
The three entities will now have to set up separate companies and the whole process of managing pension funds could start in the next four to six months.
IDBI Capital Market Services Ltd was the other company that was short-listed and had given the request for proposal (RFP) after seven companies had originally evinced interest when the PFRDA had called for applications for the role of pension fund managers.
“The report of the committee is under consideration by the PFRDA. The process of contract negotiations will begin shortly and we are hoping that the negotiations would be finalised by August 31,” Ms Meena Chaturvedi, Executive Director, PFRDA, told Business Line.
She, however, refused to give specific details on the recommendations of the committee.
“Since the report was submitted only on Thursday, it is too early to comment on the contents as we are still going through the document. But the committee was entrusted with the responsibility of evaluation of the proposals received from the eligible entities and to short-list the three best value bidders in terms of requirements (technical & commercial) of RFP and we are sure they have selected the best,” she added. Pension scheme
As per estimates, about five-lakh Central and state government employees have joined the scheme since it came into being on January 1, 2004, leading to accumulation of around Rs 1,700-crore pension fund corpus.
Under the NPS, employees have to contribute 10 per cent of their basic salary and dearness allowance, with a matching contribution from their employer.
This contributory system is in contrast to the earlier system, in which employees used to get defined returns.
The sponsors will have to offer alternative products to employees including risk-free options under which all funds would be invested in government securities, and share-market linked products with variable returns as well.
Meanwhile, the contract between PFRDA and National Securities Depository Limited (NSDL) is under finalisation and the work relating to CRA (central record keeping agency) activities will commence as soon as NSDL obtains the approval of SEBI to undertake this work.
source :Business Line
Based on the overall evaluation, including technical and commercial parameters, the committee has found State Bank of India, UTI Asset Management Company Private Ltd and Life Insurance Corporation of India as the three best value bidders.
The three entities will now have to set up separate companies and the whole process of managing pension funds could start in the next four to six months.
IDBI Capital Market Services Ltd was the other company that was short-listed and had given the request for proposal (RFP) after seven companies had originally evinced interest when the PFRDA had called for applications for the role of pension fund managers.
“The report of the committee is under consideration by the PFRDA. The process of contract negotiations will begin shortly and we are hoping that the negotiations would be finalised by August 31,” Ms Meena Chaturvedi, Executive Director, PFRDA, told Business Line.
She, however, refused to give specific details on the recommendations of the committee.
“Since the report was submitted only on Thursday, it is too early to comment on the contents as we are still going through the document. But the committee was entrusted with the responsibility of evaluation of the proposals received from the eligible entities and to short-list the three best value bidders in terms of requirements (technical & commercial) of RFP and we are sure they have selected the best,” she added. Pension scheme
As per estimates, about five-lakh Central and state government employees have joined the scheme since it came into being on January 1, 2004, leading to accumulation of around Rs 1,700-crore pension fund corpus.
Under the NPS, employees have to contribute 10 per cent of their basic salary and dearness allowance, with a matching contribution from their employer.
This contributory system is in contrast to the earlier system, in which employees used to get defined returns.
The sponsors will have to offer alternative products to employees including risk-free options under which all funds would be invested in government securities, and share-market linked products with variable returns as well.
Meanwhile, the contract between PFRDA and National Securities Depository Limited (NSDL) is under finalisation and the work relating to CRA (central record keeping agency) activities will commence as soon as NSDL obtains the approval of SEBI to undertake this work.
source :Business Line
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