LIC sells shares worth Rs 8,800 cr in 17 Sensex companies

State-run insurance giant LIC has lowered its exposure in 17 blue-chip firms, with sale of shares worth an estimated amount of over Rs 8,800 crore, in the quarter ended March 31, 2013. Life Insurance Corporation of India's holding increased in nine Sensex companies during the January-March 2013 quarter, showed an analysis of the shareholding pattern of Sensex constituents.   http://www.myallagents.com/LIC-sells-shares-worth-Rs-8800-cr-in-17-Sensex-companies/details.html

I-Life Secure Online Plan Launched By Aviva India

Mr. Rishi Piparaiya, Director – Marketing and Banassurance at Aviva India announced the launch of on-line life insurance plan i-life secure. This plan provides for guaranteed income for 15 years post death of the life insured. Adding to the above, he said that this plan ensures that the family of the deceased and their needs are protected, whether it is the child’s school fees, EMI for housing loan or protection of the family by way of regular income.   http://www.myallagents.com/ILife-Secure-Online-Plan-Launched-By-Aviva-India/details.html

I need Health coverage that starts before January 2014

You can buy individual insurance that starts before January 1, 2014. We can help you find your options. But some rights and benefits won’t apply yet.
Having health insurance is important

Having health insurance is important to your health and financial security. If you don’t have coverage now and need it before Marketplace coverage begins, you have several options. You can buy directly from an insurance company, with the assistance of a broker or agent, or using an online service.
http://www.myallagents.com/I-need-Health-coverage-that-starts-before-January-2014/details.html

Declined risk pool could be on its way out

General insurance companies have asked the Insurance Regulatory and Development Authority (Irda) to dismantle the “declined risk pool” in third-party (TP) insurance of commercial vehicles. Irda dismantled the TP motor pool in December 2011 and decided to form a declined pool, effective April 1, 2012. The move let insurers price vehicles based on claims.  http://www.myallagents.com/Declined-risk-pool-could-be-on-its-way-out/details.html

Policyholders will be able to get details of unclaimed insurance online

Insurance customers and their nominees don't have to suffer inordinate delays in claim settlement anymore. A new circular from Insurance Regulatory and Development Authority (Irda) is going to change the current opaque scenario from April 1.  "While unclaimed amount is not uncommon in insurance sector, a steep increase in unclaimed amount is a cause of concern," the regulator said in the circular that put out the figures of unclaimed insurance proceeds in the public domain for the first time. The unclaimed amount swelled from Rs3,037 crore in 2011-12 to Rs4,865 crore in 2012-13 — an increase of over 60 per cent. The unclaimed money is the result of insurance proceeds that have failed to reach policyholders or their nominees in time for various reasons. Needless to say, it completely defeats the entire purpose of buying an insurance cover.

http://www.myallagents.com/Policyholders-will-be-able-to-get-details-of-unclaimed-insurance-online/details.html 

LIC buys Rs 4,300-crore debt from bond auctions of seven states

MUMBAI: State-run Life Insurance Corporation of India (LIC) has bought debt worth about Rs 4,300 crore in state bond auctions conducted by the Reserve Bank of India (RBI), starting the fiscal with its first big-ticket investment after clocking nearly 10 per cent growth in premium collection last year.

The country's biggest insurer bought about four-fifths of the total notified amount in the auction conducted on Wednesday. State development loans (SDL) are the bonds issued by different state governments and sold through a process of RBI auction. 

.http://www.myallagents.com/LIC-buys-Rs-4300crore-debt-from-bond-auctions-of-seven-states/details.html 

Readers' Corner: Bhargav Dasgupta

You can port the policy from floater to individual plan for each of your family members, though a family floater has advantages such as being cost-effective, cover for entire family and so on. If you do wish to port to individual plans, you need to check with the specific insurance company regarding the sum insured for each member and other policy terms. Specifically, you need to know the minimum entry age allowed for your children to avail individual policies. If one/both of your children do not meet the minimum entry age criteria, you will need to continue with your existing family floater plan covering the child(ren), with at least one adult being the primary policy member. 
http://www.myallagents.com/Readers-Corner-Bhargav-Dasgupta/details.html

Edelweiss Tokio Life Insurance launches new traditional plan

Edelweiss Tokio Life Insurance has launched a non-participating, non-linked life insurance plan which offers a combination of savings and protection, called Edelweiss Tokio Life - Wealth Builder. The plan guarantees all the benefits right at the beginning of the policy.

The minimum entry age for the plan is 91 days and the maximum maturity age is 70 years. The policy term ranges between 10 and 30 years with the option of paying premiums in monthly, semi annually or annual installments. In addition, the plan offers tax benefits under section 80 C and section 10(10D) of Income Tax Act, 1961. 

http://www.myallagents.com/Edelweiss-Tokio-Life-Insurance-launches-new-traditional-plan/details.html 

AXA Assistance, iJet foray into Indian risk management market

NEW DELHI: Risk management solutions provider AXA Assistance and iJet International have announced their foray into India and are aiming to provide solutions to about 10 domestic firms this year in sectors such as IT.  The two global companies are targeting Indian corporate houses which send employees abroad and hire expats.  "Our aim this year is to tie up with at least 10 such companies," AXA Assistance Director Pradeep Bery told a new agency.  Both the firms have partnered to deliver combined security and medical response solutions in India.  "We have come together to provide comprehensive, integrated security and medial response solutions to corporates, expatriates and even students going abroad for education," Bery said.  However, he did not disclose the revenue sharing mechanism between the firms.   http://www.myallagents.com/AXA-Assistance-iJet-foray-into-Indian-risk-management-market/details.html

In one sentence, purchasing insurance online is convenient, fast and usually cost you lesser. The insurers know the potential of this distribution channel and therefore have the entire product range-from life to health, motor and travel-available on the net for you. With click of a mouse you can buy any policy from any corner of the world at any point of time.  Buying Benefits: The distribution efficiency also leads to cost efficiency. Since the customer buys directly from the insurer, the distributor's margin (or commissions) is saved. Also, the entire process is carried in the virtual world and is paperless, reducing the costs further. These savings are usually shared with the customer in the form of lower premiums.   http://www.myallagents.com/Advantages-of-online-insurance/details.html

LIC of India buys 85.46 lakh shares of Axis Bank

On March 21, 2014 Citigroup Global Markets Mauritius Private Limited bought 38,23,250 shares of  Axis Bank  at Rs 1,316.13 on the BSE and Goldman Sachs Singapore Pte bought 23,50,000 shares at Rs 1,323.57. Also, Life Insurance Corporation of India bought 40,54,842 shares at Rs 1,313.25 and 44,91,667 shares at Rs 1,313.25 on the BSE. However, Unit Trust Of India D.R.F. sold 1,28,90,859 shares at Rs 1,316.27 and UTI I A/C D.R.F. sold 1,44,15,666 shares at Rs 1,315.51 on 
 http://www.myallagents.com/LIC-of-India-buys-8546-lakh-shares-of-Axis-Bank/details.html  

LIC seen selling banks, IT shares: Dealers

Life Insurance Corp was spotted selling IT and bank shares after a recent rally, said four dealers at brokerages that handle trades on behalf of India's largest state-run insurer. 

"LIC has been a consistent seller of Indian shares during this rally, and the pace would increase only till elections," one of the dealers said. 

LIC officials were not immediately reachable for comments. 

NSE's banking sub-index gains 0.5 per cent while IT sub-index falls 0.7 per cent at 0828 GMT. 

Source: The Economic Times 

http://www.myallagents.com/LIC-seen-selling-banks-IT-shares-Dealers/details.html  

All insurers may offer digitised policies from July

All life insurance companies may be required to offer insurance policies in a digitised format from July onwards. In a recent meeting with the insurance industry, sources said that Insurance Regulatory and Development Authority (Irda) had asked companies to tie-up with all insurance repositories. At present, several insurers like Life Insurance Corporation of India (LIC ) do not offer the facility of electronic policy since they have not tied-up with any repository. 
http://www.myallagents.com/All-insurers-may-offer-digitised-policies-from-July/details.html 

LIC close to seizing Unitech's Noida land

NEW DELHI: Life Insurance Corporation of India (LIC) has taken "notional possession" of a slice of real estate major Unitech's 350-acre land parcel in Noida after the company failed to repay a part of its nearly Rs 150-crore loan from the country's largest insurer.
In a 'Notional Possession Notice' issued, LIC cautioned the public against dealing with the land parcels in sectors 96, 97 and 98 in Noida, which is prime property along the expressway that connects the Delhi suburb with Greater Noida. Bankers said "notional possession" is a step short of taking physical control of an asset, although the property remains under the company's charge. The property can be handed back to the company once the accounts are settled. 
.http://www.myallagents.com/LIC-close-to-seizing-Unitechs-Noida-land/details.html

New bank licences in a few weeks: RBI Governor Raghuram Rajan

NEW DELHI: India will hand out licences for setting up new banks in a few weeks after a go-ahead from the Election Commission, Reserve Bank Governor Raghuram Rajan said on Friday. 

"Yes, we will ask EC to make sure, because it's an important issue. The process has taken place last year. In that sense, it's nothing new. But certainly we would want them (EC) to be okay," Rajan said at a press conference, which he addressed jointly with Finance Minister P Chidambaram, after a meeting of the central bank's board in New Delhi.  

http://www.myallagents.com/New-bank-licences-in-a-few-weeks-RBI-Governor-Raghuram-Rajan/details.html 

Do not delay filing an insurance claim

Getting insurance companies to pay claims is the hard part at times. Though the claims ratio of most insurance companies is 94-98 per cent, claimants often have to run pillar to post to get these. There are various reasons due to which claims can be rejected. Among these is a delay on the part of theclaimant. Under the Limitation Act, a claimant has to tell the company about the death in three years. The company can refuse to pay the claim if told beyond this period. But, in case of genuine reasons, the company has to pay.  http://www.myallagents.com/Do-not-delay-filing-an-insurance-claim/details.html

Primer: All you wanted to know about e-insurance accounts

IRDA wants all its customers to move to a paperless world. The introduction of insurance repository system (IRS) is one such part of this initiative. An account called e-insuranceaccount will be available for all customers who hold insurance policies. This is similar to demat account which was introduced for eliminating physical storage of stocks or mutual funds.  http://www.myallagents.com/Primer-All-you-wanted-to-know-about-einsurance-accounts/details.html