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New budget to impact sales of insurance companies
Due to increase in tax bracket, the number of tax-payers may decrease. increase. May lead to a decrease in number of free policies issued.
Birla Sun Life signs pact with Angel Broking
BSLI Company Ltd. has signed a distribution agreement with Angel Broking.
Reliance Life launches 'Reliance Secure Child Plan'
Reliance Life Insurance launched its new product, 'Reliance Secure Child Plan'.
Cholamandalam MS signs IndusInd Bank to sell insurance
Cholamandalam MS signs IndusInd Bank to sell insurance plan for them, IndusInd Bank is a part of Hinduja Group, they have 28 per cent of the stakes.
Max New York Life joins hand with APSCB
Max New York Life Insurance has join hands with Andhra Pradesh State Cooperative Bank (APSCB) for its bancassurance tie-up.
LIC new biz premium less than 50 per cent
LIC's earnings from the new premium business have dropped for the first time in September 2007 compared to the last years numbers.
Insurance agent malpractices to be made public
Insurance agent malpractices to be made public as per IRDA rules. Corrective steps taken after getting several complaints from the customers. The names of the errant agents to be published on the insurance websites of each insurance firm.
Future Group in insurance venture
Future group and Italian Assicurazioni Generali S.p.A comes together to start a life insurance venture and have received a liscence to conduct life and non-life insurance business in India.
United Bank customers can opt for TATA AIG plans
Tata AIG Life Insurance Company Ltd (Tata AIG Life) will offer the customers of United Bank of India (UBI) with its 'United Child Solutions'.
Max New York in pact with Anantapur district co-op bank
MNYL signed a bancassurance agreement with Anantapur District Cooperative Central Bank Ltd. All over India it is the 13th rural bancassurance Joint Venture (JV) and in Andhra Pradesh it is the 12th JV.
SBI and UTI MFs to manage post-office insurance funds
Government of India has appointed the public-sector mutual funds; UTI MF and SBI MF as fund managers for postal and rural life insurance entities. They will invest the fund available with these entities into the booming capital market.
Rural life insurance pays Rs.100 crore to ICICI Prudential
ICICI Prudential Life Insurance has earned more than Rs 100 crore businesses by selling more than 1 million policies, from its venture into rural markets.
Birla Sun Life raises capital
Birla Sun Life Insurance Company Ltd. had a capital base of Rs. 877 crore and increased it by Rs.123 crore. IRDA had levied certain norms for the solvency margin requirements.
MNYL perceives India as a potential market
MNYL perceives India as a potential market and India's demographics supports the growth strongly.
MNYL expansion plans
MNYL Insurance aims to increase its capital base by Rs.2, 600 crore. It will increase its branch network by 90 to 100 branches every year and would increase the agents force to 2, 00,000 in the coming 4 to 5 years.
BoI, Dai-ichi, UBI signs pact
The trio, Bank of India (BoI), a Japan-based Dai-ichi Mutual Life Insurance Company and Union Bank of India (UBI) have jointly come up with a life insurance company.
LIC to introduce girl child insurance scheme
Introducing an insurance scheme for a girl child is on LIC's agenda. It has already developed a similar product in Karnataka. It has initiated talks with several State Governments on introducing an insurance scheme for the girl child.
IRDA committee to examine insurance distribution networks
A committee has been constituted by IRDA to examine the functioning of the various distribution channels for life insurance products
General Insurance Corporation gets stakes in Kenyan firm
GIC obtains 'East African Reinsurance Company' based in Nairobi for which they have got the consent of the Kenyan regulator.
LIC to increase equity investment
Life insurance Corporation is all set to increase its investment in equity markets on the account of increased investment in ULIPs.
Foreign direct investment of $540 mn in insurance sector
$540 million of FDI has been pumped in Indian insurance sector for the period ending on March 31, 2007. As per the regulations, Foreign Direct investment in the insurance sector is capped at 26 per cent.
Credit card by LIC in next 7 months
LIC to launch its credit card in early 2008.
LIC declares high bonuses this fiscal
LIC declares higher bonuses for the current fiscal.
Kotak Life to enhance business in Kerala, new branches
Kotak Life Insurance will come up with two new branches in Kerala by the end of September 2007.
ICICI Pru, Dubai co. pact for NRI customers
ICICI Prudential Life's non resident Indian (NRI) customers will now be able to pay their premiums locally with the insurer tying up with Dubai-based UAE Exchange House for premium payments and such like.
Inadequate life insurance cover for majority Indian households
About 94% of indian households will not survive the first year if their household income were to stop.
LIC's bancassurance business growing steadily
Life Insurance Corporation of India (LIC) is growing its bancassurance business steadily.
Bharti AXA expands network in Kerala
Bharti AXA Life Insurance Company Ltd. opens third branch in Kerala. Plans to come up with 10 new branches in Kerala.
ICICI Pru Life's rural push - micro offices and biometric cards
ICICI Prudential Life Insurance plans to cater to the rural market using a mix of biometric smart cards and micro offices.
SBI Life to take advantage of parent bank network
SBI Life, the life insurance spin-off of the public sector banking giant, plans to step up its operations in rural and semi-urban areas by better utilizing the State Bank of India (SBI) branch network.