Kotak Mahindra GI 70% Stake Bought by Zurich Insurance
Zurich Insurance Company Ltd., a leading global insurer, has received approval from the Competition Commission of India (CCI) to acquire up to 70% stake in Kotak Mahindra General Insurance Company Ltd. (Kotak Mahindra GI), a subsidiary of Kotak Mahindra Bank Ltd. The deal is expected to be completed by June 30, 2024. Background of Kotak […]
LIC Launches Unit Linked Policy: Index Plus
Life Insurance Corporation of India (LIC), the largest life insurer in the country, has launched a new product called LIC Index Plus, a unit linked, regular premium, individual life insurance plan. The product is available for purchase from February 6, 2024, as per a BSE notification by LIC on February 5. LIC’s Index Plus is […]
First Time Ever: LIC Crosses Rs 1,000 Mark
Life Insurance Corporation (LIC), India’s largest life insurer and public sector undertaking (PSU), has achieved a historic milestone by crossing the Rs 1,000 per share mark for the first time on Monday, February 5, 2024. The stock hit an all-time high of Rs 1,028 per share, registering a gain of 8.8% in the current trading […]
IRDAI Requires AYUSH Coverage in Health Insurance from April 1
The Insurance Regulatory and Development Authority of India (IRDAI) has issued a circular on January 31, 2024, directing all general and health insurers to provide coverage for AYUSH treatments in their health insurance policies. AYUSH stands for Ayurveda, Yoga, Naturopathy, Unani, Siddha, and Homeopathy, which are alternative systems of medicine that have gained popularity in […]
Ayushman Bharat to Cover ASHA, Anganwadi Workers: FM
In a major announcement in the interim budget 2024, Finance Minister Nirmala Sitharaman said that the Ayushman Bharat scheme, which provides health insurance to the poor and vulnerable, will be extended to all ASHA and Anganwadi workers and helpers. This will benefit about 30 lakh frontline health workers who are involved in delivering essential services […]
Sun Life’s GenAI: Emerging Tech for Excellence
Sun Life, a global leader in life insurance and asset management, is leveraging generative artificial intelligence (GenAI) to drive client excellence and innovation. GenAI is a branch of AI that can create new content, such as text, images, or code, based on existing data or parameters. Sun Life has been experimenting with several GenAI projects […]
RBI Approves LIC’s Strategic Investment in HDFC
The Reserve Bank of India (RBI) has given its approval to the Life Insurance Corporation of India (LIC) to acquire up to 9.99% stake in HDFC Bank, one of the leading private sector banks in India. This strategic investment will strengthen the partnership between the two financial giants and create value for their customers and […]
General Insurance Council’s Campaign for Cashless Hospitalisation
The General Insurance Council, the representative body of non-life and health insurance companies in India, has launched a campaign called ‘Cashless Everywhere’ on January 24, 2024. The campaign aims to provide cashless hospitalisation to policyholders even in non-empanelled hospitals across the country. This is expected to ease the financial burden of policyholders, increase their choice […]
Pension Authorities to Ensure 100% Digital Life Certificate Submission
The Department of Pension & Pensioners’ Welfare has launched a nationwide Digital Life Certificate (DLC) Campaign 2.0 from 1st to 30th November, 2023, to facilitate the submission of Jeevan Pramaan by Central Government pensioners. The campaign aims to enhance the ease of living for pensioners and reduce their hardships in obtaining the life certificate. What […]
SBI Life Debuts Term Plans with Life Protection, Premium Returns
SBI Life Insurance has launched two new term plans that offer life protection and premium returns. These plans are Saral Swadhan Supreme and Smart Swadhan Supreme. They are designed to cater to the evolving needs of customers who want to secure their financial future and fulfil their commitments. The new term plans provide a lump […]