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 ...

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...

Mumbai: In one of its biggest mid-level changes, Life Insurance Corporation (LIC) has shifted a majority of its 40 executive directors (EDs), apart from elevating 10 general managers as EDs. There are likely to be two more senior appointments at the state-run insurer as one of its three managing directors, SB Mainak, retired in February, while it has sought government permission to have a fourth MD, a decision on which is awaited. Mainak was looking after the investments vertical. One round of interviews for the MD’s post has already been conducted. Considering this, the company has retained two of its senior EDs — Sunita Sharma, chief executive and managing director of LICHFL, and Saroj Dikhale, CEO of LIC Nomura MF — in their existing positions. Company sources said the transfers were effected this Monday and the personnel will have to assume charge in May. Sharma, who is among the front-runners for the post of the third MD, will be completing her three-year tenure at LICHFL in Nove...

New Delhi, Delhi, India Max Life Insurance, one of India’s leading non-bank promoted private life insurers, a joint venture between Max Financial Services Ltd and Mitsui Sumitomo Insurance Co. Ltd, has been conferred with the prestigious Outlook Money Award 2015 in the category ‘Life Insurance Provider of the Year’. The award was given by Mr. N K Singh, Former Parliamentarian and Senior Bureaucrat, at a function held in Mumbai on 1st April 2016. The Outlook Money Awards are given to the best providers of financial products and services in the Country. The Award is given basis a comprehensive set of measures including business performance, customer satisfaction parameters and corporate governance. Acknowledging the Award, Mr. Rajesh Sud – Executive Vice Chairman and Managing Director, Max Life Insurance, said, “We are delighted and extremely proud to be conferred with the Outlook Money Award 2015 in the category ‘Life Insurance Provider of the Year. In our 15 year journey, we have foc...

India needs an “effective, inclusive and universal” crop insurance scheme to act as a safety net for farmers as frequency of extreme weather events due to climate change is likely to increase in the future, a green body said on Friday. Noting that the new crop insurance policy is a step in the right direction but needs improvements, Centre for Science and Environment (CSE) said that insurance unit is still not at individual farmer level which is a major problem in compensating losses of the individual farmers. The Union Cabinet chaired by Prime Minister Narendra Modi recently approved the new crop insurance scheme — Pradhan Mantri Fasal Bima Yojna (PMFBY). CSE said that the new scheme will replace two schemes – National Agricultural Insurance Scheme (NAIS) and the modified NAIS (MNAIS). “Frequency of extreme weather events and slow onset events such as droughts are likely to increase in the future due to climate change. India needs an effective, inclusive and universal insurance sche...

Faced with two consecutive drought years, the Centre on Wednesday cleared a crop insurance scheme under which farmers’ premium has been kept at a maximum of 2 per cent for foodgrains and oilseeds and up to 5 per cent for horticulture/cotton crops. To be rolled out from the kharif season this year, the much awaited scheme — Pradhan Mantri Fasal Bima Yojana — was cleared at the Cabinet meeting, headed by Prime Minister Narendra Modi. PMFBY will replace the existing two schemes National Agricultural Insurance Scheme as well as Modified NAIS which have had some inherent drawbacks. “The cabinet has cleared the Agriculture Ministry’s proposal on new crop insurance scheme,” sources said. It has approved farmers’ premium between 1.5 to 2 per cent for foodgrains and oilseeds crops, and up to 5 per cent for horticultural and cotton crops, they said. The farmers’ premium would be 1.5 per cent for rabi foodgrains and oilseeds crops, while 2 per cent for kharif foodgrains and oilseeds crops. For h...

India’s one of its kind Educational Program that prepares children on ‘Money and Savings’ Bangalore: IndiaExide Life Insurance Junior Finance Guru launched in Bangalore and Jaipur. Will be launched in 20 cities later in the year 2016.Specially designed study material will help students learn basic elements of money and savingsStudents get to compete amongst leading schools at City Level for the “Junior Finance Guru” titleRegistrations for the program are free and are currently open till 10th January 2016 – Visit juniorfinanceguru.com to register your child / students for the program today ?Exide Life Insurance, an established and profitable life insurance company announced launch of ‘Junior Finance Guru’. Being India’s one of its kind program, Junior Finance Guru emphasizes the importance of laying a strong foundation for children by familiarizing them on importance of good saving habits thereby helping them making an early start. The program in its initial phase will fo...