New Delhi: All health insurance companies will now have to provide health insurance to citizens upto the age of 65 and settle all claims within a month. According to the new regulations by the Insurance Regulatory and Development Authority (IRDA), there will be no exit age for policy renewals and all policies will allow for treatment across India. Also, life insurers can offer products with a four-year term while non-life...
07:18 AM, Jun 01, 2012
PUDUKOTTAI: A tipplers movement has rushed in where many political parties are fearing to tread: the electoral arena for the June 12 Pudukottai by-elections. Naming its president Chella Pandiyan as the candidate, the Liquor Imbibers Awareness Revolutionary Movement has started a spirited campaign through pamphlets, listing its demands that include appointment of a qualified medical practitioner at TASMAC outlets to recommend the appropriate alcohol intake quantity for customers, based on...
09:47 AM, May 17, 2012
New Delhi: The cabinet has put on hold a proposal pending for years to raise the limit on foreign direct investment in insurance firms, possibly until after the 2014 elections, dashing the hopes of foreign insurers to spread their wings in a promising emerging market. Domestic and foreign insurers, which have invested billions of dollars in India over the last decade, have been lobbying the government for years to raise...
01:10 AM, May 12, 2012
New Delhi: The government on Thursday postponed a decision on retaining the Foreign Direct Investment (FDI) ceiling in insurance at 26 per cent as suggested by the Standing Committee on Finance. "The consideration of the item has been postponed because 26 per cent foreign investment is already permitted," Finance Minister Pranab Mukherjee told reporters after the meeting of the Union Cabinet. The Union Cabinet was expected to take a decision...
08:49 PM, May 10, 2012
New Delhi: Global agency Moody's on Monday said it is reviewing rating of state-owned LIC for a possible downgrade over its huge exposure to government bonds. "Moody's has placed the insurance financial strength rating of Life Insurance Corporation of India (LIC) (Baa2/stable) under review for possible downgrade," Moody's Investors Service said in a statement. It said that the credit quality of financial institutions, with high levels of domestic sovereign debt...
02:30 AM, May 01, 2012
Kolkata: A senior citizen Manik Dabriwal wants tax laws to be amended so that citizens above the age of 60 years can claim deductions on the medical insurance premium paid by dependents. Manik, a 70-year-old businessman, spends his days catching up on the news that is something he didn't have time for when he was young. In his twilight years, Manik hopes to reap the benefit of his age, as...
08:48 AM, Mar 13, 2012
New Delhi: India's export guarantee agency has not stopped giving insurance cover to shipments to Iran and has only tightened criteria as part of a more cautious approach, official sources said on Friday, as western sanctions make trade with Tehran tougher. The sanctions imposed by the United States and European Union to deter Tehran from pursuing its nuclear programme are playing havoc with Iran's ability to pay for its imports,...
02:31 AM, Feb 25, 2012
San Diego: A stunned Brandt Snedeker experienced a roller-coaster ride of emotions on his way to an unexpected playoff victory over fellow American Kyle Stanley in the Farmers Insurance Open at Torrey Pines on Sunday. Just over an hour after believing he had secured second place in the PGA Tour event, Snedeker took advantage of a last-hole blunder by Stanley in regulation to triumph for a third time on the...
10:33 AM, Jan 30, 2012
San Diego: Kyle Stanley overpowered Torrey Pines and opened a five-shot lead in the Farmers Insurance Open on Saturday. About the only regret for Stanley was missing a 4-foot birdie putt on the 18th hole that would have broken the 54-hole tournament record set by Tiger Woods in 1998, before Rees Jones beefed up the South Course for the 2008 US Open. Stanley still managed a 4-under 68, a spot...
01:43 PM, Jan 29, 2012
San Diego, California: Arjun Atwal, playing on the tough South Course at Torrey Pines, had a nightmarish round with a card of five-over 77 that left him well outside the cut after the second round of the Farmers Insurance at Torrey Pines on Friday. Atwal's good work of five-under 67 was all undone with a round that had seven bogeys and just two birdies, and he finished the two rounds...
01:41 PM, Jan 28, 2012
Mumbai: Having moved into his "dream house", ace cricketer Sachin Tendulkar has now secured his five-story Bandra residence with a staggering Rs 100 crore insurance cover, one of the biggest insurance deals by an individual. The cricket icon has bought the insurance from a consortium of general insurers, according to industry sources. "A consortium of general insurance companies has given an insurance cover for the cricketer's home in Bandra for...
06:56 PM, Dec 29, 2011
New Delhi: In an another instance which may stall reforms, a Parliament panel has rejected the government proposal to hike the FDI cap in the insurance sector to 49 per cent, saying this may not have the desired effect and could expose the economy to global vulnerability. The Standing Committee on Finance in its report on the Insurance Laws (Amendment) Bill, 2008, said the proposal to increase the FDI cap...
05:56 PM, Dec 13, 2011
New Delhi: After the fiasco on retail FDI, the UPA government is facing failure in another key reform it has long contemplated - hiking FDI cap in insurance from 26 per cent now to 49 per cent to give Indian insurance firms an avenue to raise much-needed growth capital. The Parliamentary Standing Committee has rejected the government's proposal to raise FDI in the Insurance sector. The government is likely to...
06:55 AM, Dec 09, 2011
Mumbai: Reliance Industries has mutually agreed to end negotiations with Bharti Enterprises to buy its stakes in two insurance joint ventures with France's AXA, the two companies said on Friday. Reliance said the negotiations to acquire Bharti's 74 per cent stakes in the life insurance and general insurance joint ventures were terminated as it was "unable to reach agreement on the long-term vision and joint governance of the ventures" with...
09:08 PM, Nov 25, 2011
Is health insurance good for your health? One way to answer this would be to randomise people into a group that receives insurance and another that doesnt, and see which group is healthier over time. The only such study was done back in the 1970s by the RAND Corporation in the US. Participants were randomised into a number of insurance schemes that had zero to 95 per cent co-payments on...
12:56 PM, Oct 04, 2011
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