Hinduja Group seeks RBI nod on proposed corporate restructuring for RCap resolution
Mumbai: Hinduja Group’s IndusInd International Holdings (IIHL) has written to the Reserve Bank of India seeking its go-ahead for proposed changes in the corporate structure set up for the acquisition and resolution of Reliance Capital (RCap). The original resolution plan by IIHL, which was approved by the Mumbai bench of the NCLT in February 2024, had proposed two implementing entities — IIHL BFSI (India) Ltd and Aasia Enterprises LLP. Herein, RCap’s entire shareholding was to be transferred to IIHL BFSI (India) which was to be the holding company, and certain assets held by RCap were to be transferred to Aasia.

Good news for insurance agents! They can use this platform to track and receive commissions in real-time
For the first time in India, insurance Point of Sales Persons (PoSPs) will be able to see live brokerage against each quote option they generate and upon completing sale, they will receive their commission payment immediately.

Universal healthcare is a must for Viksit Bharat
Considering India is among the countries with the highest number of road accidents in the world, it’s welcome news that victims are on the Centre’s policy agenda for help. Too many lives are lost in such accidents. Prompt medical attention might have saved many of these lives. Those in dire need sometimes get turned away or face the danger of delayed treatment while hospitals figure out who will pick up their bills. Delays can harm even patients whose health is insured, as prior approvals for cashless procedures can take hours in a loop of claim checks. Given this backdrop, the government’s plan to facilitate cashless accident emergency care is thoughtful. On Monday, Mint reported that the ministry of road transport and highways has a scheme in the works that would provide up to ₹1.5 lakh of cashless treatment for every victim of a traffic mishap. This facility will be available to all without exception, regardless of whether they are covered by a health insurance policy or not, and will cover hospitalization for up to a week from the incident’s date at all facilities under the Ayushman Bharat plan. With payment assured, treatment refusals and delays should drop. The money so spent would be reimbursed through the Motor Vehicle Accident Fund, which was set up in January 2022 to compensate hit-and-run victims. The purpose of this fund will be enlarged accordingly.

IRDAI eyes sachetisation of insurance with Bima Vistaar plan

Insurance: Over 90% policyholders want companies to publish monthly claim settlement numbers on websites
Nearly 93 percent of general policy holders want each insurance company to publish the data of total claims received, rejected and approved. The surveyed policyholders want this data to be published every month on the websites of insurers, revealed LocalCircles survey findings.

Centre may push for 12% GST for health insurance; lower rate seen to widen cover
To make health insurance more affordable and attractive, the Centre may push for a lower GST tax rate to 12%, compared to 18% now, on health insurance premiums up to Rs 30,000.

Ready to conclude RCap deal post IRDAI approval: Ashok Hinduja

IIHL yet to get Irdai nod on RCAP deal, tied up Rs 7,500 cr from banks for acquisition: Ashok Hinduja

Hindujas eyes $50 billion BFSI valuation

Finance Ministry approves 17 per cent wage hike for LIC employees
 

Intense heat triggers rise in insurance claims for crop damage, cattle deaths

India needs to expand universal health coverage for rapidly ageing population, maintain growth: ADB report

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.

IRDAI nod likely soon for IIHL's buyout of Reliance Capital's three insurance arms

IRDAI May Raise Special Surrender Value

Pension plan for unorganised sector sees only 5 mn subscribers in 5 years
 

Reliance Capital lenders urge Hinduja Group arm to stick to resolution plan deadline
RCap lenders seek upfront Rs 9,650 crore cash payment at the earliest

Health secy Chandra urges states, UTs to link ABHA IDs with health portals
 

All in one insurance plan: IRDAI may price Bima Vistar at around ₹1,500 per individual
Hyderabad: The Insurance Regulatory and Development Authority of India (IRDAI) held deliberations on pricing and other modalities of the much awaited all in one affordable insurance product, Bima Vistar, with the captains of industry at the Two-day Bima Manthan concluded here on Friday. 

GCCs in BFSI industry anticipate muted CY 2024 hiring

The research further highlights a shift in hiring strategies among GCCs in the BFSI segment. Most employers are prioritising mid to senior-level professionals rather than early-career professionals. With attrition rates stabilising in the single digits, there is a collective focus on maintaining control over attrition levels.

Russia reinsurer backs firms to get India marine insurance permit

Regulatory Push: IRDAI’s two-day brainstorming session with insurers begins in Hyderabad
Hyderabad: The Insurance Regulatory and Development Authority of India (IRDAI) will be having brainstorming discussions with the captains of the insurance industry for two days from Thursday in Hyderabad. 

Russia reinsurer backs firms to get India marine insurance permit: Sources

Hinduja Group likely to seek extension from RBI on transfer of RCap to IIHL

Welcome changes in insurance regulations

A small step by IRDAI. A giant leap for senior citizens.
India’s insurance regulator – IRDAI- recently moved to do away with restrictions on purchase of health insurance by people above 65 years. The move has created quite a buzz.

IRDAI removes age limit of 65 years for individuals buying health insurance policies

As tensions mount in Red Sea, freight charges, insurance premiums may surge further