LIC slashes 2.18% stake in Welspun
LIC has brought down its stake in Welspun Corporation to 5.54 percent by selling shares in the open market. According to a regulatory filing by Welspun Corp, LIC which held…
Add-ons barred on annual policies
IRDAI has directed general insurers to withdraw the automatic extension in period clause, which is offered as an add-on with annual policy covers by general insurers, as this violates the…
Life Insurance Companies want health cover to be reintroduced again
Life Insurance Council, will urge IRDAI to allow them to offer indemnity health cover again. The regulator had barred life insurance companies from offering indemnity health products from July 2016.…
Ayushman Bharat will not cover cataract operations, dialysis and normal deliveries
National Health Authority (NHA) is planning to remove procedures covered under existing national programmes from the list of packages approved for reimbursement under PMJAY. This means procedures like cataract surgeries;…
HARSHER PUNISHMENT FOR REGULATORY VIOLATIONS IS NOT ENOUGH
A well developed and evolved insurance sector is a boon for economic development of a country. It provides long-term funds for infrastructure development and concurrently strengthens the risk-taking ability of…
Bajaj Allianz Life Insurance to focus on living benefits instead of death benefits
Bajaj Allianz Life Insurance is working to provide differentiated products to customers and is focusing on living benefits rather than focusing on death benefits. “One big difference we made in…
IRDAI, NHA form working group to curb fraud in Ayushman Bharat scheme
IRDAI and the National Health Authority (NHA) have formed a working group on the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB-PMJAY). The joint working group, to be chaired by…
Penalty on LIC for negligence
LIC has been found guilty of deficiency in service by keeping the money of a consumer for five years without issuing a policy. In this case, Madhav Hari vs LIC,…
Merger of three PSU general insurers likely in FY20
The proposed merger of the three public sector general insurance companies is likely to take place in current fiscal, according to sources. “We will further bring down the losses before…
IDBI Bank, LIC plans future roadmap
IDBI Bank and LIC have constituted a joint task force to chart out a roadmap, both for the bank as also its associate companies, even as the bank is considering…