Top Indian Insurance Industry News & Updates - 06 March 2024,Wednesday

🏭 Industry

Insurance regulator IRDAI considers proposal to increase policy surrender charges
 
📝  Insurance firm, bank fined for denying claim
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🗎 Life Insurance

It’s time for Ulips to stop masquerading as mutual funds
Unit-linked insurance plans (Ulips) are a very important product for life insurance companies. As of March 2023, for every ₹100 of assets under management of these companies, a little over ₹11 came from Ulips. As of March 2022, this figure was close to ₹12. Ulips are basically investment plans that come with a dash of life insurance.
Kotak Life Insurance launches non-linked par product Kotak G.A.I.N
The minimum annual premium payable to avail the product is Rs 50,000. While taking the policy, the minimum age of the policyholder should be 90 days while the policy maturing age should be minimum 40 years and maximum 85 years.
How Ageas Federal Life Insurance MD & CEO stays mentally, physically fit

While there is no one right answer to these questions, the general consensus is that work and wellness have to go hand in hand. Incidents such as Zerodha Founder and Chief Executive Officer (CEO) Nithin Kamath suffering a stroke only reiterate this reality. 
📝  Here’s how you can now customise your income according to your life goals
📝  Latest claim settlement ratio of life insurance companies in India released in 2024
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🗎 General Insurance

The Smart Road Ahead: Connected cars and AI reshaping car insurance dynamicc
Our world is technologically much more advanced than before, and the automotive industry is undergoing a revolutionary transition with increasingly popular autonomous vehicles entering the market.
What's Tata AIG General Insurance MD & CEO Neelesh Garg's wellness mantra

While there is no one right answer to these questions, the general consensus is that work and wellness have to go hand in hand. Incidents such as Zerodha Founder and Chief Executive Officer (CEO) Nithin Kamath suffering a stroke only reiterate this reality.  
How Shriram General Insurance Co's MD & CEO stays mentally, physically fit

While there is no one right answer to these questions, the general consensus is that work and wellness have to go hand in hand. Incidents such as Zerodha Founder and Chief Executive Officer (CEO) Nithin Kamath suffering a stroke only reiterate this reality. 
Bajaj Allianz General Insurance MD & CEO on why he tries to smile a lot

While there is no one right answer to these questions, the general consensus is that work and wellness have to go hand in hand. Incidents such as Zerodha Founder and Chief Executive Officer (CEO) Nithin Kamath suffering a stroke only reiterate this reality. 
📝  Virat Kohli-backed Go Digit gets SEBI nod to launch IPO
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🗎 Health Insurance

Star Health’s total number of claims settled exceeds 1 crore mark
Chennai: Star Health and Allied Insurance Company Ltd. said though patients’ average length of stay in hospitals has come down since 2008, the average medical insurance claim size has grown four times.
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🗎 Mutual Funds / AMCs

No foreign trips, gifts to incentivize distributors, Amfi tells mutual funds
Mumbai: The Association of Mutual Funds in India (AMFI) on Tuesday warned mutual funds (MFs) not to offer foreign trips, gadgets or any incentive in kind to their distributors for achieving targets, reminding them that they are allowed to offer only trail commissions.
AMFI allows distributors to earn trail commission on switched AUM
In a best-practices circular released on Tuesday, the Association of Mutual Funds in (AMFI) India said distributors can now earn trail commission on assets under management (AUM) switched to them by investors. Previously, AMCs withheld this commission to discourage unhealthy competition among distributors. However, the industry body has stipulated a cooling-off period of six months.
📝  Investors too positive; one should recognise risk in this very big bull market: S Naren
📝  Bandhan Mutual Fund files draft document for healthcare index fund
📝  Axis Mutual Fund eyes Rs 100 crore from new debt fund
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🗎 Equities, Pvt. Equity / Hedge Funds

Kedaara Capital, Partners Group sell 12.6 pc stake in Aavas Financiers for Rs 1,369 crore
Kedaara Capital and Partners Group, promoters of Aavas Financiers, on Tuesday divested 12.6 per cent in the housing finance company for Rs 1,369 crore through open market transactions.
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🗎 Govt Securities / Bonds

After JP Morgan, Bloomberg index to include Indian bonds
Mumbai: Bloomberg on Tuesday said it will include India Fully Accessible Route (FAR) bonds in the Bloomberg Emerging Market (EM) Local Currency Government Index and related indices, to be phased in over a ten-month period, starting January 31, 2025. This comes about five months after JP Morgan had announced it would include India in its widely tracked emerging market debt.
Indians buy gold bonds worth a record ₹8,000 cr in February
Mumbai : Mumbai: Indian residents' appetite for gold bonds knows no bounds, despite the metal hitting record high prices this fiscal year, and stock markets trading at life highs.
📝  Indian G-secs in Bloomberg EM Index from 2025
📝  $5 billion boost! Bloomberg to add Indian bonds to EM indices from 2025
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