Shriram group is all set to launch general insurance venture in the Indian market, with a capital base of Rs 105 crore.
The group will enter into general insurance in association with Sanlam group of South Africa, which hold 26% stake in it. Sanlam group is also its joint venture partner in life insurance.
While, Shriram Financial Services and Holdings Private Ltd., an entity of the Shriram Group, will hold 74% stake in the joint venture.
Country’s leading private insurance company Bajaj Allianz Life Insurance, has finally launched its first family medical insurance product called "Family Carefirst" in the market.
Under the plan, the product would provide health insurance to the entire family of the customer including parents, in-laws, spouse and children all together in a single plan. The sum assured ranged from Rs One lakh to Rs Ten lakh.
Private Life insurer ICICI Prudential has entered into an agreement with Suvidha Infoserve Pvt. Ltd (SIPL) of Shapoorji Pallonji Group, to enable its customers pay their insurance premiums through Suvidha outlets.
Under the tie-up, the policyholders would make payments through their neighborhood Suvidha retail stores, which are ranging from kirana stores, mobile stores, medical stores, STD booths, cyber cafes and travel agencies.
The life insurance giant, Life Insurance Corporation has introduced its first health insurance product, which is set to change the market for such products.
The company (LIC) calls its ‘Health Plus Policy’ one of the most encompassing health plans in the market. LIC desires to earn Rs 7,500 crore premiums from its health policy in the recent fiscal (2008-09).
Tata AIG Life Insurance Company Limited (Tata AIG Life) has finally launched its unit-linked pension plan, InvestAssure Future. This is the first pure pension plan from Tata AIG Life’s portfolio.
Tata AIG Life is a joint venture company, formed by the Tata Group and American International Group, Inc. (AIG). The Tata Group holds 74 per cent stake in the insurance venture with AIG holding the balance 26 percent.
India’s Insurance giant Life Corporation of India (LIC) and Corporation Bank, a leading public sector bank, have launched Payment of LIC Premium through Mobile Phones for the debit card holders of Corporation Bank.
Canara HSBC Oriental Bank of Commerce Life Insurance Co Ltd has informed that it has got the license to operate in India. Three banking majors have joined hands to offer services in Insurance sector. Two major in Public Sector banks, Canara Bank and OBC, have joined hands with global banking and investment services major HSBC to offer innovative insurance products to Indian consumers.
Insurance Regulatory and Development Authority (IRDA) has approved the company to operate in Life Insurance sector in India.
