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The number of insurance claims related to treatment for COVID-19 rose to 40 per cent of the total health insurance claims in September, according to an analysis. Based on its analysis of industry data, insurance aggregator Policybazaar.com said “most people filing the claim for COVID-19 treatment are senior citizens of age group 60 years and more, followed by people in the age bracket of 41-45 years”. In September, the insurance aggregator said COVID-19-related claims accounted for 40 per cent of the total health insurance claims. It has been steadily increasing from 8 per cent in May. In July and August, it stood at 23 per cent and 34 per cent, respectively. Overall, coronavirus cases have been on the rise, especially in few states. The recovery rate is also high. During the April-September period, COVID-19 claims accounted for 26 per cent of the overall health claims pie while the non-COVID-19 claims stood at 74 per cent. Other claims were mainly related to cardiovascular and respira

OFFERS LIFE COVER AND VARIOUS DEATH BENEFIT PAYOUT OPTIONS PROVIDES ENHANCED PROTECTION WITH HOSPIALISATION, ACCIDENTAL DEATH & PREMIUM WAIVER BENEFITS ALLOWS POLICY HOLDERS INCREASE SUM ASSURED ON IMPORTANT MILESTONES – MARRIAGE, HOUSE PURCHASE & CHILD BIRTH SHARPENS FOCUS ON PURE PROTECTION BUSINESS TO BOOST GROWTH MUMBAI: Bharti AXA Life Insurance, a joint venture between Bharti Enterprises, one of India’s leading business groups, and AXA, one of the world’s largest insurance companies, today announced the launch of its new protection solution – Bharti AXA Life Premier Protect Plan – that offerslifecover and variousdeath benefit payout options. Bharti AXA Life Premier Protect Plan is a pure risk premium life insurance scheme which provides the policyholder with financial protection and security for his/her family’s financial future at an affordable premium. “As a customer-centric organization, we designed this innovative insurance solution to give our customers optimal benef

The Reserve Bank of India has appealed to the country’s top court to let banks classify loans as nonperforming, saying a ban imposed to help borrowers in the COVID-19 pandemic could greatly harm the nation’s financial system. The central bank, in a filing to the Supreme Court late on Friday, warned that failure to immediately lift an interim stay on banks classifying any loan as a non-performing asset (NPA) would also undermine the central bank’s regulatory mandate. The court granted the stay last month, responding to a plea filed by an optician, later joined by a wide range of borrowers whose income or revenue was hit by the COVID-19 pandemic. The court is set to rule on the matter on Tuesday. The ruling could have far-reaching consequences not only for millions of borrowers, but also for banks and the country, as state-run banks dominate the sector. To help borrowers weather pandemic-related stress, the RBI has let banks offer a moratorium on loan payments for up to six months and pe

Equity mutual funds witnessed an outflow of ₹ 734 crore in September, making it the third consecutive monthly withdrawal, mainly due to pull-out from multi-cap space. Besides, investors pulled out over ₹ 51,900 crore from debt mutual funds (MFs) last month compared to ₹ 3,907 crore in August, data from the Association of Mutual Funds in India showed on Thursday. Overall, the mutual fund industry witnessed a net outflow of a little over ₹ 52,000 crore across all segments during the period under review, as against ₹ 14,553 crore in August. This outflow could be attributed to withdrawals from liquid, equity and hybrid schemes. As per the data, the outflow from equity and equity-linked open-ended schemes was at ₹ 734.40 crore in September, compared to ₹ 4,000 crore in August and ₹ 2,480 crore in July. Equity MFs saw their first outflow in over four years in July on profit-booking. Equity schemes attracted ₹ 240.55 crore in June, ₹ 5,256 crore in May, ₹ 6,213 crore in April, ₹ 11,723 crore

Life Insurance Corporation (LIC)’s New Jeevan Anand plan comes with a dual benefit of protection and savings. The plan pays the surviving policyholder a lumpsum amount at the end of its term, or pays the nominee in case of death of the policyholder, according to LIVE’s website – www.licindia.in. LIC is the country’s largest life insurance company with provides a range of products, including life insurance plans, pension plans, unit plans, endowment plans and money-back plans. Age Requirement The minimum age for buying the LIC New Jeevan Anand policy is 18 years, and the maximum age is 50 years, according to the LIC website. Term The policy comes with a minimum term of 15 years, and a maximum of 35 years. Sum Assured Any individual can buy LIC New Jeevan Anand policy for a minimum basic sum assured of ₹ 1 lakh. There is no maximum limit for the sum assured. Benefits The policyholder gets basic sum assured, along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any,

The Insurance Regulatory and Development Authority of India (IRDAI) has now allowed general and standalone health insurers to offer the Arogya Sanjeevani Policy as a group insurance product. Once insurance companies launch this policy as a group cover, organisations may soon be able to buy this cover for their employees. Among other things, the Arogya Sanjeevani Policy also covers the treatment cost of Covid-19.

Life Insurance Corporation (LIC), the country's largest life insurance company, which offers insurance policies like term insurance plans, endowment plans and money back plans also offer pension plans. LIC's Jeevan Shanti Policy plan is one of the pension plans being offered by the state-run insurance corporation. LIC Jeevan Shanti policy is a single premium plan wherein the policyholder has an option to choose an immediate or deferred annuity or pension, LIC said on its website www.licindia.in. LIC Jeevan Shanti policy can be taken on own life or as joint life with grandparent, parent, children, grandchildren, spouse or siblings, LIC added. Below are the pension options being offered by LIC under Jeevan Shanti Pension Plan: Option A: Immediate annuity for life Option B: Immediate annuity with guaranteed period of 5 years and life thereafter Option C: Immediate annuity with guaranteed period of 10 years and life thereafter Option D: Immediate annuity with guaranteed period of 1

Cyril Amarchand Mangaldas acted as the legal counsel to Bharti AXA General Insurance Company Limited (Bharti AXA) and Bharti General Ventures Private Limited (Bharti General) on the de-merger of Bharti AXA’s general insurance business with ICICI Lombard General Insurance Limited (ICICI Lombard). The General Corporate, Competition Law practices, assisted by the Artificial Intelligence team, of Cyril Amarchand Mangaldas, advised on the Transaction. The Transaction team was led by Shishir Vayttaden, Partner; and Dhruv Singhal, Partner; with support from Sonakshi Arora, Senior Associate; and Swapna Satapathy, Associate. Indranath Bishnu, Partner; with support from Pranjita Burman, Principal Associate; assisted on the insurance law aspects of the Transaction. Avaantika Kakkar, Partner & Head – Competition; and Vijay Pratap Singh Chauhan, Partner; assisted on the competition law aspects of the Transaction. Komal Gupta, Head – Artificial Intelligence & Innovation; with support from Lv

The Delhi High Court has expressed concern over the sudden “steep” increase in the premium of insurance policies by government companies for lawyers and said this would completely defeat the purpose of the Chief Minister's Advocates' Welfare Scheme. The court perused a status report filed by the Delhi government, which showed that after the opening of the financial bids for the policies, the insurance companies have substantially increased the amount of premium and reneged on their earlier quotations given in November and December last year. The court, in an order passed on Friday, noted that the premium, which the insurance companies are now demanding, has been increased by two-and-a-half times for both the group insurance and mediclaim policies. “This court is of the opinion that this sudden increase in the premium within a matter of eight months is very steep. The Chief Minister's Advocates' Welfare Scheme would be completely defeated at this rate,” Justice Prathiba

A life insurance policy is an essential tool that helps you protect your loved ones financially. However, it can sometimes be confusing to choose a suitable policy. Two of the most common plans are traditional and term life insurance poli cies . A traditional policy offers the financial cover for the policyholder’s entire lifetime. If you are asking what is term plan , it is a life policy that stays active for a fixed period as per your choice. Both plans have their advantages. Here,we will help you understand the differences between the two life insurance policies and choose the right one. Term insurance vs . traditional life insurance Below is a list of features found in both life policies and how they differ: 1. Death benefit The death benefit is the financial cover that the insurer offers in case of an unfortunate event leading to the policyholder’s absence. Both the policies provide a death benefit, but term insurance offers a more extensive cover compared to a traditiona

ICICI Lombard General Insurance Co. Ltd. and Bharti AXA General Insurance Co. Ltd., on Saturday, announced that they will combine their insurance businesses through a share swap deal, which once consummated will create the country's third largest general insurance entity. Mint on 11 August had reported that ICICI Lombard General Insurance, India’s largest private non-life insurer, is in advanced talks to acquire Bharti AXA General Insurance and merge the insurance assets of the two companies. Following board meetings on Friday, a scheme of arrangement with Bharti AXA General Insurance Company was approved. Under the scheme of arrangement, ICICI Lombard would be acquiring Bharti AXA General Insurance. Based on the share exchange ratio recommended by independent valuers, shareholders of Bharti AXA will receive two shares of ICICI Lombard for every 115 shares of Bharti AXA. At present, promoter ICICI Bank Ltd holds is 51.89% stake in ICICI Lombard, while the rest is with the public. A

Covers personal accident insurance Can be gifted to anyone Premiums valued at 501, 1001, 2001 Hyderabad, August 2020: SBI General Insurance, one of the leading general insurance companies in India, today announced the launch of first-of-its-kind offering, ‘ Shagun – Gift an Insurance”, a unique gift of Personal Accident policy . This product was filed by SBI General under Insurance Regulatory and Development Authority’s (IRDAI) Sandbox regulations. The key differentiating feature of the policy is that it can be gifted to anyone you want , which means it is not necessary for the policy buyer to be related to the insured. Shagun covers personal accident insurance which provides complete financial protection to the insured person against uncertainties such as accidental death and partial or total disabilities, and permanent as well as temporary disabilities resulting from an accident. On the launch of the product, Mr. PC Kandpal, MD and CEO, SBI General Insurance said, “Shagun is a un

· Bharti AXA Life to offer insurance products, including protection, health, savings and investment plans, through SBM Bank India’s network MUMBAI/NEW DELHI: August, 2020: Bharti AXA Life Insurance, a joint venture between Bharti Enterprises, one of India’s leading business groups, and AXA, one of the world’s largest insurance companies, today announced its bancassurance partnership with SBM Bank India, one of the youngest new age banks in the country, for distribution of life insurance products through latter’s network. Under this agreement, Bharti AXA Life Insurance will offer its comprehensive suite of life insurance products, including protection, health, savings and investment plans, to the esteemed customers of SBM Private Wealth, the retail banking arm of SBM Bank India that aims to provide a powerfully exclusive gateway to finest opportunities and privileges. Commenting on the strategic alliance, Parag Raja, Managing Director and Chief Executive Officer , Bharti AXA Life I

Mumbai, August,2020: Universal Sompo General Insurance Company Ltd, a joint venture between Indian Bank, Indian Overseas Bank, Karnataka Bank, Dabur Investment Corp and Sompo Japan Insurance Inc, on 15th August 2020 announced its alliance with BSE Ebix Insurance Broking Private Limited (BSE Ebix), a joint venture between BSE (Bombay Stock Exchange), the first stock exchange of Asia and Ebix Fincorp Exchange Pte Ltd to sell General Insurance products using strong distribution network of BSE Ebix in a completely digitized environment. The partnership has been initiated with the offering of Universal Sompo’s recently launched Corona Kavach cover which is a short-term policy to cover COVID-19 related hospitalization expenses through certified Point of Sales Persons (PoSPs) of BSE Ebix. Presently BSE Ebix has more than 7,200 registered PoSPs, and is growing daily. Due to the spike in the number of COVID-19 cases, Insurance Regulator IRDAI had asked insurers to design specialized products c

Revenue remains stable QoQ and grew by 5.3% YoY, EBITDA up by 64.7% QoQ and 4 times YoY, PBT up by 5 times YoY OnMobile Global Limited (“OnMobile”) today announced the results for 1 st Quarter FY21 ended June 30, 2020. Cost optimization and lower spend resulted in Earnings Before Interest, Tax and Depreciation (EBITDA) growing from INR 12.0 crores in Q4 to INR 19.8 crores in Q1, witnessing a growth of 64.7% QoQ and 4 times YoY. Q1 FY21 Highlights: · Acquired 25% equity stake in AI powered visual retention leader Rob0. This investment reaffirms the importance of OnMobile's strategy to become a leader in mobile gaming market. · Revenue remains stable QoQ and grew by 5.3% YoY, despite Covid-19 outbreak impacting global economy. · Our rationalization efforts continue to yield savings with a 6.3% reduction QoQ in manpower costs with an exit headcount of 697. · EBITDA grew by 64.7% QoQ and 4 times YoY, to INR 19.8 crores with the margin of 14.0% in

Provides unlimited sum insured under ‘ReAssure’ benefit. Customers can claim for any illness or any family member covered during a policy year, as many number of times as they want. A single claim under ReAssure benefit will be payable up to the base sum insured amount and the benefit gets triggered with the first claim itself. A truly 100% cashless product with option of ‘Safeguard Benefit’ which covers PPE kits, gloves, and other non-payable items. Gives multiple financial benefit s – up to 30% discount on renewal premium under ‘Live Healthy’ benefit just by taking steps, 5% discount for doctors, 10% discount if two or more members are covered under an individual policy, 7.5% discount on the premium of second policy year for a 2-year policy term is opted and additional 15% discount on third year’s premium for a 3-year policy term Under Booster Benefit, the sum insured gets doubled in just two claim free years. Comes with only 15 days initial waiting period for COVID -19 related ho

Hyderabad/New Delhi, August 2020: Airtel Payments Bank today announced that it will offer Shop Insurance exclusively for its Retailers and Merchants. Offered in partnership with Bharti AXA General Insurance, the Smart Plan Shop Package policy provides financial protection in case of damage to assets inside the shop due to fire and allied perils, burglary, etc. as covered in the product A large number of Bank's Retailers and Merchants are small and medium-size shop owners who are totally dependent on their shops for the livelihood. Any major accident due to fire, or burglary can lead to a big financial loss. The shop insurance policy would provide financial protection against these losses. Airtel Payments Bank’s partners can easily purchase this policy within minutes through a fast, simple, and paperless process using the retailer and merchant app offered by the Bank. It also offers protection against personal accident to the policyholder. In the event of an accident leading to perm

Reduced waiting period and Cashless claims for Home Treatment Facility to be launched soon Corona Kavach, Active Dayz@Home and other services launched With the onset of COVID-19, it has become imperative to realise the importance of health & wellness, alongside having a comprehensive health insu rance policy. Keeping this in mind, Aditya Birla Health Insurance (ABHICL), the health insurance arm of Aditya Birla Capital Limited, has introduced an array of services and product solutions that will enable customers to take care of their health in such difficult times. ABHICL is planning to reduce the Initial waiting period from 30 to 15 days for all the policyholders for COVID-19 related Inpatient Hospitalization claims. This offering will be launched for policyholders shortly. Another new key offering that will be introduced is the extension of the Home Treatment Facility to policyholders, otherwise requiring hospitalization and where policyholder have been advised Home Treatment by t

The multinational conglomerate, Bajaj Group will complete a century of its significant existence in the coming few years with its legacy. It was after 11 years in auto finance market, that Bajaj Finance Limited chose to launch its IPO and was listed in the market. The NBFC dealing with Consumer Finance, Small and Medium Enterprises and Commercial Lending, and Wealth Management is growing brick and brick in both online and offline, is now one of the largest NBFC in India. As on 31 st March, 20, BFL has a standalone AUM of Rs 116,102 crore and CRAR of 25.01%, makes it one of most capitalised NBFC. Consistently, BFL has been generating growth in AUM and has average of 44% over a decade and average EPS of 51%. This speaks about its intensity and ability. Bajaj Finance has shown tremendous growth in the last 5 years and FY2020 to record a growth in terms of New Loans, AUM, PAT, et al. However, the first quarter of FY21 showed the obvious profit downfall due to the Covid pandemic and conseq

Mumbai, July, 2020: The Covid-19 pandemic has caused ambiguity and disruption in customer services across the world and has changed the life of people in unthinkable ways. In these unforeseen circumstances, Universal Sompo General Insurance, as a customer-first organisation has launched Artificial Intelligence (AI) powered virtual agents for its motor claims services. Universal Sompo's AI-powered virtual agents will use conversational AI to automate the routine conversations traditionally handled by live agents. The First Notice of Loss (FNOL), which is the first step in claims processing, is usually a call center-based service which requires extensive questions and data gathering. Customers who have had a motor accident and are wanting to register a quick claim are usually under stress and look for convenient ways to report the claim without having to wait in call queues. Offloading routine calls from customer service representatives to AI-powered virtual agents will create a far