Aegon Life Insurance, a digital life insurance company, has announced the transfer of the shareholdings of Aegon India Holding and Bennett, Coleman & Company (BCCL) to Bandhan Financial Holdings.
India can accommodate 80-100 insurance companies, according to PNB MetLife chief distribution officer Sameer Bansal.
Almost 78% of the elderly population in India live without a pension and less than 20% of the elderly population is covered by any health insurance, according to a report released by the government's public-policy think tank NITI Aayog.
The IRDAI is considering the introduction of collaterals in the Indian insurance industry, specifically for reinsurance transactions with Cross Border Reinsurers (CBRs).
The IRDAI says that increases in unclaimed amounts with insurers are a regulatory concern. To address the issue, the regulator has amended the "Master Circular on Unclaimed Amounts of Policyholders".
Life insurers have asked Insurance Regulatory and Development Authority of India (IRDAI) to charge surrender value on the accumulated policy value of customers instead of having the threshold value as an absolute amount, sources said recently.
The IRDAI has granted in-principle approval to Policybazaar Insurance Brokers to upgrade its direct insurance broking licence (serving both life and general insurance) to a composite insurance broking licence.
The Life Insurance Corporation of India (LIC) has launched Amritbaal, a traditional endowment policy - non-linked, non-participating - aimed at parents who are looking to build a higher education for their children over the long term.
Three-quarters of urban residents in India have embraced life insurance products, showcasing significant progress in urban India's financial landscape, according to a report on financial preparedness.
The insurance regulator yesterday issued an exposure draft of the proposed IRDAI (Protection of Policyholders' Interests and Allied Matters of Insurers) Regulations, 2024 which consolidates and will supersede eight existing regulations.