Bajaj Allianz Life has launched the country's first term insurance product designed for Type 2 diabetics and pre-diabetic individuals. The plan is targeted at a segment that ends up being underinsured as they are denied cover at standard rates for health reasons.
The IRDAI is looking to launch a bundled product that will provide life, health, casualty, and property coverage in a single insurance policy at an affordable price, the chairman of the regulatory agency, Mr Debasish Panda, said.
GIC Re's financial results are summarised below:
Life insurance companies in India are looking at new avenues and strategies to counter the impact of the removal of tax exemptions for non-unit-linked insurance policies with premium of over INR500,000 ($6,040) that was given effect in the 2023 Budget.
The IRDAI is working to implement, by 1 August, two high-tech projects - Health Claims Exchange and Bima Sugam - to deepen insurance penetration and simplify claims procedures.
The IRDAI is working on proposals to amend insurance legislation that would provide for rationalised capital requirements, composite registration, one-time registration of intermediaries, value-added services by insurers, and the sale of other financial products by insurers, according to Mr Debasish Panda, IRDAI chairman.
The Directorate General of GST Intelligence (DGGI) has widened its investigations of insurance companies for alleged GST violations to 10 more insurers, taking the total number of insurers covered by the probe to 30.
Insurance regulator IRDAI has relaxed norms for surety bonds with the goal of growing the surety insurance market by increasing the availability of such products.
The insurance regulator IRDAI has set up a 12-member task force to ease the Know Your Customer (KYC) process for insurers using Aadhaar, the 12-digit identification number for individuals.
ICICI Prudential Life Insurance has launched a new debt fund. Called ICICI Pru Constant Maturity Fund, it is available with the insurer's Unit-linked insurance plans (Ulips). The fund carries a lock-in of five years.