IRDAI issues new rules for ULIP and non-linked products

Insurance Regulatory and Development Authority (IRDAI) on Monday issued new rules for life insurance products, including ULIP and non-linked products. As per the new rules, the minimum death benefit in non-linked policy has been decreased from 10 times to 7 times. In non-linked policy, the customer will get a fixed amount if the customer surrenders the policy after two years….

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FDI Hike in Insurance Likely to Take 6-8 Months to Be Finalised

The hike in the foreign direct investment (FDI) in the insurance sector is likely to take six to eight months to be finalised. While the quantum of the increase has not yet been disclosed, it is likely that it could be raised to 74 percent matching the cap in the banking sector. The FDI limit is presently 49 percent, but in…

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Budget 2019

Budget 2019: FM proposes 100% FDI for insurance intermediaries; hike in insurance FDI also on anvil

FDI in the insurance limit is capped at 49 percent at present Finance Minister Nirmala Sitharaman has proposed a 100 percent foreign direct investment (FDI) in the insurance intermediaries in the Union Budget 2019. The FDI limit is set at 49 percent currently. Sitharaman also said that the government was also looking into the possibility of hiking the FDI limit in the…

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Allahabad Bank might partially exit insurance venture Universal Sompo

Allahabad Bank might partially exit Universal Sompo General Insurance Company, a joint venture (JV) between public sector banks, Allahabad Bank and Indian Overseas Bank (IOB), along with Karnataka Bank, Dabur Investment Corporation, and Sompo Japan Nipponkoa Insurance (a wholly owned subsidiary of Japan’s Sompo Holdings). Earlier, the bank was also vetting the option of a full exit from the insurance venture. Also, Allahabad Bank is…

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HDFC To Buy 51.2% Stake In Apollo Munich Health Insurance

Post the deal, Apollo Munich is proposed to be merged with HDFC ERGO General Insurance Company Housing Development Finance Corp Ltd (HDFC) on Wednesday said it will buy a 51.2 percent stake in Apollo Hospital Group’s joint venture, Apollo Munich Health Insurance Company for Rs. 1,347 crore. German reinsurance company Munich Re, which formed the joint venture with Chennai-based Apollo Hospitals, will…

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