""FLASH NEWS""

"" Listing of state general insurers may be staggered.""...""" New India Assurance launches “New India Premier Mediclaim Policy” with exclusive features and Sum Insured upto Rs. 1 crore""".... “The tentative decrease in D.A. Slabs is 9 for the months from February,2017 to April,2017 - The net number of slabs for Feb.,2017 stands at 469"".."" ALL MEMBERS OF NFGIE/GICEU: PL ENSURE PAYING LEVY ON WAGE REVISION IMMEDIATELY ON RECEIPT OF ARREARS TO THE RESPECTIVE STATE /REGIONAL UNITS TO STRENGTHEN FINANCIAL POSITION OF NFGIE AS WELL AS STATE UNITS OF GICEU""....."" WAGE ARREARS WILL BE PAID ON 05th FEB.,2016""...."" WAGE REVISION FILE WAS CLEARED BY FINANCE MINISTRY ON THURSDAY 14TH JAN.,2016 ONLY. EXPECTING NOTIFICATION AT ANY TIME. HOWEVER, ON TUESDAY 19TH JAN.2016 GIPSA GOVERNING BODY MEETING HELD AT 'GOA'. PAYMENT DATE MAY BE DECIDED BY GIPSA AUTHORITY.""..."" NEXT ROUND OF DISCUSSIONS WITH GIPSA ON 04TH, 5TH & 6TH nOV., 2015 AT HOTEL GOLCONDA,HYDERABAD- NFGIE SLOT FOR DISCUSSIONS ON WAGE REVISION WITH GIPSA AT 2 PM ON 04.11.2015""...""Received a call from Mr A K Singhal, Advisor, GIPSA to our National Federation General Secretary, Mr P S Bajpai regarding the next round of Wage Talks on 29th October 2015 (Thursday) at Mumbai. Detailed Circular follows.""..."" We have been informed by Mr. Vasant Khande,Mumbai that Mr. Ashish Shelar,MLA and BJP President of Mumbai is going to attend our NFGIE conference on 1st October,2015 in Chennai""...""Wage revision and Pension Option – Programme of Agitation::: 1. Lunch Hour demonstrations in all centres on 15th and 23rd September.2. Signature campaign (memorandum addressed to Finance Minister) to complete by 23rdSeptember.;3. No late sitting in offices and no work on Saturdays, Sundays and Holidays w.e.f. 23rd September, 2015;4. Joint Employees meetings in all offices to campaign;5. Perspective of strike actions in October ""......"23RD JULY IS NEW INDIA'S FOUNDATION DAY(23RD JULY, 1919). ON THIS HAPPY OCCASSION, LET ALL NEW INDIANS TO RE-DEDICATE THEMSELVES ONCE AGAIN TO BRING BACK IT'S GLORY AND TO RETAIN NO.1 POSITION WITH PROFITS




""NEW INDIA ASSURANCE BEATS COMPETITION, GETS $9.5 BILLION AIR INDIA DEAL. One of India’s biggest public sector general insurer, New India Assurance (NIA) led consortium of public sector insurance companies has been awarded the contract to insure Air India’s huge fleet of 126 aircrafts worth 9.5 billion dollars. The consortium outbid the tender submitted by private general insurance companies, for this contract floated by Air India. NIA will insure Air India for 9.5 billion insurance cover for a premium of $22.5 million, which would be a one of the biggest aircraft insurance deals in the whole of Southeast Asia. PSU insurers continue to insure Air India for 4th year in a row"".....""Thank u all for staging a successful DHARNA today (06.7.2015) all over India as part of JFTU programme. At Mumbai we met Chairman GIPSA who informed that ministry is insisting on wage settlement on bank line only. Still they are pursuing with the ministry for getting sanction for a better package for PSGI Companies citing various factors. Due to this GIPSA is delaying resumption of wage negotiation. More stringent TU action is needed by JFTU against Ministry of Finance stand. JFTU will decide its further programme....Than 'Q'...Sujit Bagchi,General Secretary, "NFGIE""...""


TOTAL WEB VIEWERS

Tuesday, May 1, 2012

FINANCE MINISTER Urges IRDA to incentivize insurance e-policies

DEAR READERS,


On Wednesday, 4th April, 2012, the Finance Minister Mr. Pranab Mukherjee had a discussion with the board of Insurance and Regulatory Development Authority (IRDA) on various issues like cutthroat competition among the insurers, mis-selling of policies and promotion of online policies. 


In the private sector, life insurance companies have started selling policies through the internet. A customer can purchase a pure online term insurance policy by visiting the respective insurer’s website and pay the premium through debit/credit card or net banking. This online distribution space which had only two players till 2010, now has close to ten private life insurers promoting their online insurance policies. 

The Finance minister urged the insurance regulator to identify ways to expand the reach of online policies with a special emphasis on targeting the youth of our country. He reiterated the concern of poor insurance penetration in our country and the challenge in replicating the massive agent network of LIC across all the other companies in the life insurance sector. Mr. Mukherjee said, “Can we think of a system where in the mass market /OTC vanilla products with low-ticket size are incentivised by having a second level of agents with lesser entry restrictions?” He opened up the room for discussing ways to reach semi-urban and rural areas and spreading insurance literacy and awareness. 

The Finance Minister was extremely happy with the efforts of IRDA to dematerialise insurance accounts and set up a grievance redressal body for customer queries and assistance. After tasting success with one or two online policies, many life insurance companies are in the process of developing online policies across other sub-products in life insurance such Term with Return of Premium (TROP), Pension, ULIPs and Child Plans. The premium rates of online term plans are as low as one-third of the term plans which are available through the branch networks and agents. This low pricing has increased the popularity of online term plans and increased the sales numbers in this category for insurers. Lets hope with the request of the Finance Minister and the efforts of life insurance companies, more online policies are available at lower cost to the Indian consumers. 

....EDITOR
Posted by at

No comments:

Post a Comment

Subscribe to: Post Comments (Atom)