businessfortnight

Mumbai : Life Insurance Corporation (LIC) has had a good run in the Gulf countries with its Bahrain-based arm, LIC International, that manages the GCC markets becoming the best among its eight international subsidiaries in terms of new business premium collection in 2015. Bahrain-headquartered LIC International is present in five Gulf Cooperation Council (GCC) countries of Bahrain, Dubai, Kuwait, Oman and Qatar. This subsidiary has contributed over 80 per cent of the corporation’s total overseas business in terms of new business in 2015. The corporation also has eight overseas subsidiaries – Britain, Fiji, Mauritius, Bahrain, Nepal, Sri Lanka, Kenya and Saudi Arabia. “New business premium of LIC International grew by a whopping 197 per cent at $121 million in 2015,” chief executive and managing director of LIC International Rajesh Kandwal told  PTI. “We sold 13,120 policies in 2015, which is a growth of over 16 per cent over previous year. In terms of the number of policies, we enjoy

The District Consumer Disputes Redressal Forum-III here directed Max Bupa Health Insurance Company Limited to return Rs.1,15,353 along with a compensation of Rs.50,000 to a customer for deficiency in service. The order based on a complaint from Syed Tajuddin Khandri, a resident of Gandhi Nagar, who wrote to the forum that the insurance company had refused the ‘cashless treatment’ facility for his wife in spite of having a valid policy effective from January 17, 2013, which was valid for a year. His spouse, Syed Khazima, was admitted for surgery at Aditya Hospital at Boggulkunta on November 27, 2013. Mr. Khadri in his petition wrote that in spite of raising a request to solve the matter in March 2015 by writing a letter to the company, the matter was not resolved. In its response, the Max Bupra Health Insurance Company Limited alleged that Ms. Khazima’s weight was ‘misrepresented’ as 73 kilograms when the policy was taken, whereas her weight was over 100 kg for the last three to four