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
Mumbai: Ending months of indecision, the government is set to appoint a full-time chairman for life insurance giant LIC in the next ten days, a top Finance Ministry official has said. "I say it will be very shortly, that could be a week or ten days," Financial Services Secretary DK Mittal told a select group of reporters here over the weekend. Mittal blamed the delay on the long process to...
04:47 PM, Sep 18, 2011
It is nearly five times the 52 crore rupees insurance cover last year for the ten day long festival. ...
12:36 AM, Sep 01, 2011
London: Insurance firms in Britain have said the riots in London may cost them around 200 million pounds. Thousands of home-owners and companies were expected to seek damages from the riots. Insurance firms, however, said they expect to recover their costs from the Police Compensation Scheme, it was reported. The Association of British Insurers chief for general insurance, Nick Starling said, "Insurers are working as quickly as they can to...
05:40 PM, Aug 10, 2011
Carlsbad, USA: Fourth seeds Sania Mirza and Elena Vesnina's campaign ended in the doubles event of the Mercury Insurance Open following a right-hand injury to the Russian. Up against Elena Bovina of Russia and Jie Zheng of China, the Indo-Russian pair were trailing 2-5 in the opening set when they decided to opt out of the contest. Sania is already out of the singles event after losing the first round...
03:02 PM, Aug 04, 2011
New York/Tokyo: One of Sony Corp's insurers has asked a court to declare that it does not have to pay to defend the media and electronics conglomerate from mounting legal claims related to a massive data breach earlier this year. The dispute comes as demand soars for "cyberinsurance," with companies seeking to protect themselves against customer claims and associated costs for data and identity theft. How to write such policies...
12:38 PM, Jul 22, 2011
New Delhi: After nearly five years of its association, Bharti group on Friday exited from its financial services joint ventures with French firm AXA and sold its entire 74 per cent stake in both general and life insurance businesses to Mukesh Ambani-led RIL for an undisclosed amount. "The decision is in line with Bharti's strategy of focusing its energies and financial resources in businesses where it is making a deeper...
09:02 PM, Jun 10, 2011
Mumbai: From June 1, 2011 LIC of India is launching a New Non-Linked Health Insurance Plan "Jeevan Arogya". The plan offers comprehensive hospitalization benefits for the whole family of the Principal Insured. A unique feature of this plan is that it also offers to cover the Parents in-law of the Principal Insured besides spouse, minor children and parents. There is a provision for inducting additional members or removal of existing...
11:35 AM, Jun 01, 2011
Mumbai: In the largest such deal in Indian insurance space, the Reliance Anil Dhirubhai Ambani Group on Monday said it has roped in Nippon, the sixth largest in the business globally, for a 26 per cent stake in a group company for $680 million. "Nippon Life Insurance will invest an aggregate value of Rs.3,062 crore ($680 million) to acquire a 26-per cent strategic stake in Reliance Life Insurance," the Anil...
02:53 PM, Mar 14, 2011
New Delhi: The all-India Life Insurance Corporation (LIC) entrance exam paper for the 375 posts of assistant administrative officer was allegedly leaked. The police got a tip off on Saturday night and had the examination paper in their possession. The Delhi crime branch has the exam paper in its possession. Raids were carried out at the two centres in Janakpuri and Andrews Ganj. "The question papers have been leaked. We...
10:13 AM, Feb 27, 2011
