Information Relating to Private Insurance (LIEF)

Do you know about private insurance? Here we describe some most important information relating to private insurance. So, let’s start:

Bank of Punjab (BoP), announced its tie-up with the state-owned life insurance major LICI for distributing the letter’s insurance products. The Indian Cricket Board will launch a unique insurance policy offered by LICI for its players wherein their returns would rise by 43 percent annually compared to an existing benevolent fund.

All the life insurance companies in India have decided to jointly work out a standardized individual pension product. The N.K. Shink committee which was appointed by the IRDA has submitted it report on the same.

Vijaya Bank, Punjab National Bank (PNB), the Principal Financial Group of the US and a leading tire company have signed a memorandum of understanding (MoU) and have applied to IRDA fo a license of a life insurance venture.

Information relating to private insurance

Private insurance players are targeting Non-resident Indians (NRIs) as the premiums coming from this segment of society are huge. Birla Sun Life Insurance Company and SBI Life Insurance are coming up with special insurance-cum-investment products targeted at NRIs.

LIC is toying with the idea of launching a credit-cum-debit card in a tie-up with one of the largest financial companies-capital one financial of the US, a fortune 500 company with a customer base of 46.4 million.

The Supreme court has ruled that an insurance company which has issued a Third Party(TP) liability policy has to pay compensation to the victims of a road accident even if the driver of the vehicle which meets with an accident had a fake driving license.

LIC is looking at extending insurance cover to HIV-infected women under the Jeevan Bharati plan. The life insurance company will need national level data on AIDS/HIV infection and relevant statistical information to take any decision on extending insurance cover to women affected by this disease.

IRDA has granted in-principle permission to the Sahara group to enter the life insurance business, subject to the latter fulfilling some regulatory requirements.

In the context of declining interest rates, senior citizens are awaiting the launch of LIC’s pension scheme, guaranteeing an annual return of 9%, in the form of the monthly pension scheme.

Reliance General Insurance has been slapped with a penalty of Rs. Two lakh by IRDA for failing to meet the insurance regulator’s rural business target for the fiscal 2001-02.

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