Insurance Newsletter – August 01 to 06, 2016

Health InsurancePFRDA to soon allow subscribers to invest up to 75% in equity

Pension fund regulator PFRDA will launch two new schemes with aggressive and conservative options of investing up to 75% of funds in equity by subscribers in a months’ time, according to a leading daily newspaper.

The overall return on investment for PFRDA was 11.5%. The rate of return for non-government subscribers is slightly higher at 13% compared to 9.5% of government employees subscribing to the scheme. Government employees have the option to investment up to 15% of Read more

Domestic News

Apollo Munich Health Insurance to infuse Rs.50 cr capital for business expansion

Apollo Munich Health Insurance is planning to infuse Rs.50 crore capital during the last quarter of the current fiscal to expand business, according to reports. Currently, its paid-up capital stands at Rs.357 crore. The company aims at the Gross Written Premium (GWP) of Rs.1,300 crore by the end of March 2017. Once this is achieved, the company will Read more

Centre extends deadline for crop insurance to Aug 10

The Centre extended deadline for submitting crop insurance proposals under the PMFBY and weather-based crop insurance scheme (WBCIS) in the ongoing kharif season till August 10, according to reports.

The cut-off date was July 31 earlier. But the state governments sought extension citing delay in notifying the new scheme Pradhan Mantri Fasal Bima Yojana (PMFBY).

Under the PMFBY launched this year, farmers’ premium has been kept lower between 1.5-2% for foodgrains and oilseed Read more

Future Generali India Insurance expands micro insurance portfolio with the launch of ‘Sukshma Hospicash’

Future Generali India Insurance Company Limited (FGII), a joint venture between Future Group the game changers in Retail Trade in India and Generali a 184 years old global insurance group featuring among the world’s 50 largest companies, today launched ‘Sukshma Hospicash’, a micro-insurance cover specifically designed to take care of the incidental expenses in case of hospitalization.

The policy will be available both for group and retail customers. This is a package policy aimed towards providing financial security to the economically vulnerable population of India.

The product will be available through the company’s tie-ups with banks, MFIs, NGOs and through individual agents in rural areas.

Speaking on the launch, K.G. Krishnamoorthy Rao, MD and CEO, Future Generali India Insurance Company Limited said Read more

Group Personal Accident Insurance for small tea growers gets positive response

The Group Personal Accident Insurance Scheme for small tea growers introduced by Tea Board has got positive response among the small tea growers of Assam and other northeastern states, West Bengal, Tamil Nadu, Kerala, Himachal Pradesh and many other regions of India, reports a leading daily newspaper.

Tea garden workers throughout India within the age group of 18 to 70 years, and falling under the ambit of small tea growers are eligible for the Scheme.

The sum insured per person is Rs.2 lakh and the cover will be effective for a period of one year, Read more

Canara HSBC Oriental Bank of Commerce LI launches iNVESTSHIELD Plan

Canara HSBC Oriental Bank of Commerce Life Insurance has launched a new linked insurance product ‘INVESTSHIELD’ that designed to protect and meet an individual’s present and future financial needs.

INVESTSHIELD is an exclusive online Linked plan designed for customers who are looking for a hassle free experience and convenience of buying online.

It’s a feature rich product with the USP being the ‘Premium Funding’ option whereby in the event of the life insured’s death in addition to the immediate benefit payout (higher of Sum Assured or 105% premium paid), the Insurance Company funds the remaining premiums for the remaining policy term  and the fund value is also paid on maturity. Read more

New health insurance plan introduced for Uttarakhand residents

All families residing in Uttarakhand can avail re-launched health insurance scheme of the state government Mukhyamantri Swasthya Bima Yojana (MSBY) from August 1, reports a leading financial newspaper.

The families would be entitled to a health cover with a sum insured of Rs.50,000 and a critical illness cover of Rs.1,25,000 respectively, on a family floater basis for the policy period of one year starting from August 1, 2016.

This would, however, exclude nuclear families of and dependents of government servants, pensioners and income tax payers.Read more

Railway insurance exclude terror attacks on station premises

While the Indian government has declared railway insurance coverage of Rs.10 lakh at 92 paise that will insure travelers against accidents during their train journey, there are several exclusions that they need to be aware of, reports a financial newspaper.

For instance, travelers will not be covered for any terror attack or accident on the railway station nor will they be compensated if they board the train without a confirmed ticket.

Their coverage will start with the departure of train from the originating station to Read more

Insurance offer breaks nuclear jam

State-run Nuclear Power Corporation of India Limited (NPCIL), which will build a 1400MW nuclear power plant at Gorakhpur in Haryana, is asking domestic equipment suppliers to buy a new insurance product, whose proceeds will create a corpus nuclear liability pool to compensate victims if there are mishaps, according to reports.

The lack of such a corpus was holding back both domestic and foreign suppliers from investing Read more

Curated from Insurance Newsletter – August 01 to 06, 2016

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