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Insurance regulator, the Insurance Regulatory and Development Authority of India (Irdai), on Monday pitched standard guidelines for travel insurance with the objective of ensuring uniformity and definition about coverage, exclusions and terms of coverage for domestic as well as international travel. The new guidelines hope to make travel insurance popular with travellers. The guidance will make available a standard travel insurance product with common coverage and policy wordings across the industry, Irdai said while issuing an exposure draft on “Guidelines on Standard Travel Insurance Policy.” The exposure draft, on which the Irdai has solicited comments from the stakeholders by January 6, 2021, includes standard terms and conditions, customer information sheet and use and file format. The draft spells out the coverage and exclusions under domestic and overseas travel insurance. The insurance company will pay as compensation to the legal heirs/nominee the amount stated as sum insured

The government is planning to form a working group to explore the possibilities of linking Indian hospitals, wellness centres and Ayurveda clinics with foreign insurance firms to boost medical tourism in the country, Tourism Minister Prahlad Patel has said. He said the aim is to ensure that foreign nationals seeking medical treatment in India can arrive in the country with their own insurance, which would be recognised by all health centres here. “We will form a working group to explore the possibilities to enrol foreign insurance firms with Indian health centres so that people can use these for treatment here. So, when they arrive, they have their insurance in place. This will be especially helpful for those arriving from Iraq or Southeast Asian countries,” the minister told PTI in an interview. Officials also said the ministry has recommended that foreign tourists visiting India may be offered attractively priced COVID-19 insurance covers as part of the ministry’s plans to revive the

RBL Bank and ICICI Prudential Life Insurance entered into a bancassurance partnership on Wednesday, December 9, to offer a slew of life insurance products to customers. This alliance will enable more than 8.7 million customers of RBL Bank to access and easily purchase the customer-centric protection and long-term savings products of the firm, in order to gain financial security for themselves and their families. RBL Bank will distribute ICICI Prudential Life Insurance’s protection and savings products through its 398 bank branches spread across 28 states, besides its internet and mobile banking touch-points. Through the partnership, the entire bouquet of ICICI Prudential Life’s insurance plans on the protection and savings platform will be available for purchase to customers of the bank. ICICI Prudential Life Insurance’s protection products provide a strong foundation for a financial plan and the diversified range of long-term savings products are likely help the bank’s customers achie

Life Insurance Corporation (LIC) of India, which offers various insurance plans like endowment plans, money back plans, term insurance plans, also offers pension plans. LIC Pradhan Mantri Vaya Vandana Yojana is one such pension plan being offered by the country’s largest life insurance company. The government has modified rate of pension for Pradhan Mantri Vaya Vandana Yojana and extended the period of sale of this plan for a further period of three years from financial year 2020-21 till March 31, 2023. As per the terms and conditions under this plan, guaranteed rates of pension for policies sold during a year will be reviewed and decided at the beginning of each year by the Ministry of Finance. For the first financial year upto March 31, 2021, the scheme will provide an assured pension of 7.40 per cent per annum payable monthly, LIC said on its website. LIC’s Pradhan Mantri Vaya Vandana Yojana provides immediate pension for senior citizens of 60 years and above. It can be purchased by

Atal Pension Yojana (APY) is a government-run pension scheme focused on unorganised sector workers which enables subscribers to earn a fixed monthly pension to the tune of ₹ 1,000-5,000 upon attaining retirement. The Atal Pension scheme is available at India Post branches supporting core-banking solutions. The scheme is available to those between 18 and 40 years of age at the time of subscription. A pre-defined amount is deducted from the bank account of a subscriber as contribution to the retirement corpus under the Atal Pension scheme. The amount of contribution varies depending upon factors such as the subscriber’s age and the choice of monthly pension. Eligibility: Workers in the age group of 18-40 years can enroll in the Atal Pension scheme. The applicant needs to have a savings account, in a bank or a post office. Each subscriber can only have one Atal Pension account.   Pension Amount: Currently, the Atal Pension Scheme provides five fixed monthly pension options: ₹ 1,000, ₹ 2,0

The Insurance Regulatory and Development Authority of India (IRDAI) has come out with a clarification that insurers were permitted to change the base premium up to +/- 5 per cent of originally approved premium rates, in order to comply with the guidelines on standardization of exclusions as a one time measure for seamless transition of existing products to ensure viability and sustainability, According to IRDAI, as on September 30, 2020, out of 388 products, premiums were increased by general and health insurers up to 5 per cent of the then prevailing rates only in case of 55 products. Further, the insurance regulatory authority has cleared revision in premium beyond 5 per cent in respect of only five health insurance products of general / health insurers during the year up to November 30, 2020 as part of the periodical modification of their respective products, based on the incurred claims experience.

Public Provident Fund — also known as PPF — is a popular investment scheme which offers an investment avenue with decent returns coupled with income tax benefits. PPF account holders can invest a maximum of ₹ 1.5 lakh each financial year. Also, they need to deposit a minimum of ₹ 500 in a financial year to keep the account active. A PPF account comes with a maturity period for 15 years, which means your investment is locked in for this period. Deposits can be made in lump sum or in 12 instalments. PPF deposits qualify for deduction from taxable income under Section 80C of the Income Tax Act. In terms of income tax implications, PPF qualifies for the EEE (exempt, exempt, exempt) tax category, which means an investor is not liable to pay tax at all three levels – investment, earning and withdrawal. 1. The rate of interest for PPF is determined by the central government on quarterly basis. At present it is 7.10 per cent per annum. 2. Partial withdrawal from PPF account is allowed every ye

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

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,

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

Aegon Life Insurance, pioneer of digital insurance in India, today announced the appointment of Sunita Rath as Chief People Officer (CPO) to lead the company’s human resource and talent management function and to drive organizational leadership and culture, effective February 07, 2020. In the new role, Rath will oversee strategy and processes related to building and retaining talent, including reskilling and multiskilling of employees. She will be reporting to Vineet Arora, MD and CEO, Aegon Life Insurance. Commenting on the appointment, Vineet Arora said, “We are pleased to welcome Sunita Rath to our Aegon Life family. As we move forward on our digital journey, her experience will be of great help in accelerating our transformation.  Insurance is a people’s business, thus, all the value we create for our clients comes from having the most skilled and engaged talent. Sunita has over 25 years of experience in developing talent, designing and delivering modern HR strategies globally. I

The first phase saw the short-listing of 8 start-ups from over 100 participants The second phase launched to scout for start-ups across 4 use cases Mumbai, December 4, 2019: HDFC Life, one of Indias leading private life insurance companies has been at the forefront when it comes to technology. In June 2019, HDFC Life tied-up with IvyCamp to launch an initiative called Futurance. It is a corporate engagement program that aims to identify and onboard innovative startups that can co-create targeted solutions and build next-gen capabilities for HDFC Life. Post the successful conclusion of Phase 1, HDFC Life and IvyCamp have now announced the opening of the second phase of the Futurance program to scout for startups to deliver innovations across the following use cases: MedTech: Non-invasive health monitoring and diagnostic solutions for assessing current and predicting future medical conditions Behavioral Sciences: Behavioral science tools & techniques for higher employee and customer

November 22, 2019: HDFC Life, one of India’s leading life insurers, has been an innovator when it comes to life insurance products and services. Through its offerings, HDFC Life has not only managed to simplify life insurance but also made the customer journey easier thereby providing them with a superior experience. HDFC Life, today, announced the launch of Video Life Certificate facility for its corporate and retail Annuity customers. This is an industry-first initiative and aims to offer greater convenience to customers. A life certificate is a critical document that needs to be submitted by annuitants to continue receiving their Annuity, without interruption. The life certificate needs to be submitted at specified time intervals. Furthermore, this document requires verification from a bank or a medical practitioner. This process could be cumbersome for customers, particularly, senior citizens. HDFC Lifes Video Life Certificate enables customers to submit life certificate online, i

Jaipur, July 02, 2019 :  Airtel Payments Bank, India’s first payments bank, has partnered with Bharti AXA Life Insurance to offer the Bharti AXA Life POS Saral Jeevan Bima Yojana through its extensive network of banking points across the country. Bharti AXA Life POS (Point of Sale) Saral Jeevan Bima Yojana is a pure life term insurance plan which is aimed at the underinsured and uninsured segments in India. Any individual between the ages of 18 and 55 can enrol for this product without the need to undergo a medical examination. The consumers are offered the option to choose a policy cover of either 3 lakh or 5 lakh at affordable premiums. The consumers also get the flexibility of choosing their preferred policy term, premium payment mode, and additional benefits such as pay-out of double the sum assured in case of death due to an accident. All Airtel Payments Bank savings bank account customers can purchase Bharti AXA Life POS Saral Jeevan Bima Yojana through a quick, simple, secure

MUMBAI/NEW DELHI: June 03, 2019: 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 said its new business premium posted 25 per cent growth at Rs911 crore in the financial year 2018-19 against Rs731crore in the corresponding previous fiscal period. The annualized new business premium increased 31 per cent to Rs640 crore in the financial year ended March 31, 2019, from Rs489 crore in 2017-18. The company registered 22 per cent growth in its renewal premium to Rs1,164crore in 2018-19 fiscal, as compared to Rs954 crore in 2017-18. The total premium rose 23 per cent to Rs2,076 crore in the financial year 2018-19 from Rs1,684crore in the corresponding fiscal a year ago. Bharti axa life insurance new business income rises 25% at rs 911 crore in fy 2018-19 ‘’We have performed well on all key business parameters in the financial year 2018-19. The overall growth was driven

MUMBAI: May 22, 2019: 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, has been conferred with the ‘Claims Excellence Award’ by the Federation of Indian Chambers of Commerce and Industry (FICCI). FICCI, the largest and oldest apex business organization in India, honored Bharti AXA Life Insurance with the prestigious recognition for its customer-friendly claims services, including dedicated claims handler and one of the best claim settlement ratios, in the life insurance sector during its 20 th Annual Insurance Conference- FINCON 2019*–recently here. Bharti axa life insurance winsficci claims excellence award ‘’The FICCI Claims Excellence Award is arecognition about our pledge to provide protection againstthe uncertainties of life and timely support to customers and their families in every possible manner in the hour of need. We have successfully maintained an improve

National, April , 2019 :Max Bupa, one of India’s leading standalone health insurance players, and HDFC Bank, one of India’s leading private sector banks, today announced the launch of ‘digital first’ propositions for the bank’s 40+ million customers, spread across its 5,000+ branches. Max Bupa is committed to provide the best bespoke and comprehensive health insurance solutions and services to HDFC Bank’s customers through a slew of digital touch points like AnyTimeHealth (ATH) machines, deep integration with HDFC Bank Net banking and digital seller apps like InstaInsure.   As part of the corporate agency arrangement with HDFC Bank, Max Bupa provides comprehensive and customisable product variants to the bank’s customers, through multiple digital touch points.The product offerings include Max Bupa’scomplete range of indemnity plans including Heartbeat, Health Companion, GoActive and Health Recharge . HDFC Bank and Max Bupalaunch Any Time Health Machines to distribute health insurance

New Delhi, 22 February 2019:   MobiKwik , India’s largest digital financial services platform, today announced the launch of digital life insurance on its app to its users. MobiKwik in association with ICICI Prudential Life Insurance Company has rolled out first-of-its-kind group micro insurance product. The offering begins with a life cover of Rs. 1 lakh available for a monthly premium as low as Rs. 20/-. This is the second big announcement by MobiKwik in the digital insurance space, post the launch of accidental insurance in November 2018. MobiKwik offers Instant Life Insurance for Rs 20 on its App  The users have an option to choose from three sum assured policies: Rs 1 lakh, 1.5 lakhs and 2 lakhs, available against monthly premiums of Rs 20/-, 30/- and 40/- respectively. Life insurance can be digitally purchased on the MobiKwik app, via a paperless, 2-step process that takes 10 seconds and the policy is issued instantly. MobiKwik will be extending its base of insurance providers i

Life Insurance is not about investing your money to earn a return on it, it’s about financial protection for your loved ones. And the most efficient way to do that is through a term insurance policy. This policy does not invest your money which means you pay only for insurance and after the policy term ends you don’t get any money back. But on death during the policy term, it pays a huge corpus to the nominees that can help them tide over any financial crunch and ensure their live are not thrown out of whack. A term plan is the only kind of life policy you need to have because it gives you a large cover for low cost. Read here to know more about term plans. However keep in mind that buying a term plan also needs due diligence at your end when filling up the insurance policy form called as the proposal form. Read here to understand what determines your experience of buying a term insurance policy: Click here for enlarge Further, there are many types of term plan to choose from and y

Mumbai:  Smruti Valegaonkar, 25, Mumbai-based senior architect and product designer at MuseLab Design Engine, has a life insurance cover. “My parents bought it when I was a child,” said Valegaonkar, who has an endowment life insurance plan. The nominee of her insurance plan is her younger brother. “If she does not have dependence requirement, Valegaonkar can continue with the same plan,” said Suresh Sadagopan, founder of Ladder7 Financial Advisories. However, Valegaonkar wants to buy a separate life cover next year. Unlike Valegaonkar, Bhavika Maniar, 30, operations manager at Indiabulls Asset Management Co. Pvt. Ltd, does not have a life insurance cover. “This is the right time to buy because I have a stable monthly income now,” said Maniar. If you are in your 20s and 30s and, like Valegaonkar and Maniar, are considering buying a life insurance policy, here is what you should know: Do you need a life insurance policy? Life insurance is an instrument that gives protection to your depe