Bima Vistaar priced at Rs 1,500: Life, health, property insurance bundled in one product | Know full features and benefits
The Insurance Regulatory and Development Authority of India (IRDAI) has reportedly fixed the pricing of ‘Bima Vistaar’ – a single insurance product that covers life, health, accidental damage and property. This all-in-one insurance product, designed for people living in rural areas of the country, is priced at Rs 1,500 per policy, various media reports suggest. These reports have cited industry officials who attended a two-day programme called ‘Bima Manthan’ held on April 25-26 in Hyderabad.

Insurers receptive to covering chronic ailments, declare PEDs honestly
The Insurance Regulatory and Development Authority of India (Irdai) recently issued the Irdai (Insurance Products) Regulations, 2024. This notification introduces several customer-friendly measures, including reducing the maximum waiting period for pre-existing diseases (PEDs), a shorter duration for conditions to qualify as PEDs, and a decreased moratorium period.

FinMin notifies LIC’s 17% wage revision for over 1.10 lakh employees
The Finance Ministry has notified the wage revision of LIC employees with effect from August 1, 2022, bringing relief to over 1.1 lakh employees of the Corporation. The move would lead to 17 per cent annual increase in wage bill for LIC.  This wage revision could see an annual implication of around ₹4,000 crore, taking LIC’s overall wage bill per year to about ₹29,000 crore.

How much Cash Value for Life Insurance? The debate continues
Recently, the Insurance Regulatory and Development Authority of India (IRDA) declared that they won’t be changing the rules about surrender value for life insurance policies in the country. This decision came after some uncertainty when IRDA was thinking about increasing surrender values back in March.

New York Life Insurance to buy 49 per cent stake in two commercial projects of Max Estates
New York Life invests Rs 388 cr in Max Estates SPVs
The Financial Express

Bajaj Allianz launches insurance for HNIs

Bajaj Allianz General Insurance will also offer protection that aligns with the HNI and UHNIs' financial and lifestyle preferences. It has created a segmented category for niche customers that addresses their unique needs with a curated selection of personalized insurance offerings, to safeguard their lifestyles. Tapan Singhel, managing director and CEO, BajajAllianz General Insurance, said the company understood their customers' sophisticated asset portfolios, financial planning, and distinct lifestyles demanded insurance offerings that transcended conventional norms and Prive is tailored to meet the needs of this exclusive clientele. "Prive is not just another insurance program. We recognizethat individuals of this strata expect nothing but the absolute best in products and services. With Prive, we aspire to be the go-to insurer," Singhel said. 

Star Health & Allied Insurance Q4 Results Live : profit rise by 39.84% YOY
Star Health & Allied Insurance Q4 Results Live : Star Health & Allied Insurance declared their Q4 results on 30 Apr, 2024. The topline increased by 17.14% & the profit increased by 39.84% YoY.

Pension plan for unorganised sector sees only 5 mn subscribers in 5 years
This has raised questions on the viability and effectiveness of the scheme in providing social security to millions of unorganised sector workers.

Most foreign fund houses miss India growth train
When Invesco decided to sell 60% stake to the Hinduja group earlier this month, it didn’t surprise anyone. That’s because only a handful of foreign fund houses have been able to grow in the country even though the Indian mutual fund industry has already topped Rs 50 trillion (Rs 54 trillion in FY24).

Editorial. MF KYC compliance could have been better handled
The revised know-your-customer (KYC) norms have unleashed a chaotic situation in the mutual fund industry. A large section of investors has been barred from initiating new investments or redeeming old ones from April 1, 2024. The genesis seems to have been SEBI’s circular issued in August 2023, which had stipulated that the KYC process for investors transacting in markets should be based on both proof of identity and proof of address for which the official requirement was the client’s Aadhaar-linked PAN with updated email addresses and mobile numbers.

IL&FS MF pays Rs 600 crore to debt infra investors; makes timely redemption
The debt scheme IL&FS Infrastructure Debt Fund Series 1C was redeemed on due date on April 30, making it a timely redemption, according to a statement issued by IL&FS Group.
 

Why I-Sec investors are miffed at mutual funds
 

SEBI makes nomination optional for joint mutual fund portfolios
Capital markets regulator SEBI on Wednesday made the nomination optional for jointly-held mutual fund accounts in a bid to promote ease of doing business. Additionally, SEBI allowed fund houses to have a single fund manager to oversee commodity and foreign investments. This would reduce the cost of managing the fund. The regulator has set June 30, 2024, as the deadline for all existing individual mutual fund holders to nominate or opt out of nomination. If they fail to comply, their accounts will be frozen for withdrawals.

Former BharatPe COO Dhruv Dhanraj Bahl launches maiden VC fund Eternal Capital

The fund has received SEBI’s approval for a Category-I AIF in November 2023, and has already received commitments from marquee operators and entrepreneurs such as Suhail Sameer (ex-CEO, BharatPe), Deep Kalra (Founder, MakeMyTrip), Tarun Mathur (Co-founder, PolicyBazaar), Adarsh Menon (President, ZoomCar), Nalin Negi (CEO, BharatPe), and Saurabh Vashishtha, Kunal Suri and Amit Bagaria (Founders, SimSim), among other.

India in no 1 spot in terms of interest & capital: Niren Shah, MD & Head, Norwest India
Emphasising that the local arm of Norwest Venture Partners invested in India since 2005, Niren Shah, MD & Head of Norwest India, lays out how the fund will deploy $3 billion it has committed to the country.

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