INSURANCE AND PENSIONS

New Foray

MetLife ties up with retail chain to enter rural mkt

MetLife India, a subsidiary of the global insurance giant, on Monday entered into a strategic tie up with Viswas, a city based retail chain, to offer life insurance and other financial products in the rural areas. Given the huge size of rural market, MetLife envisions this association as an opportunity to further augment its rural presence.

Microinsurance for tsunami-hit Indian region

One of the world's largest private insurers-Germany's Allianz and aid agency CARE International plans to offer natural disaster and accident insurance in parts of India hit by the 2004 Boxing Day tsunami for under 10 euro cents (15 US cents) a month.

Insurance companies launches schemes for Kashmir

Ing Vysya life announced the launch of Unit linked retirement solution, ING Golden Life for Kashmir.

Birla Sun adds Rs 125 crore to paid-up capital.

This had been done to meet with the company's plans on capital expenditure to support the expansion of infrastructure and to conform to the solvency margin requirements as stipulated by IRDA.

Kotak Life plans a health product

Kotak Mahindra old mutual life insurance is planning to launch its standalone health insurance product in the first half of 2008-09. The health insurance will be in the form of ULIP and is likely to offer cashless transaction facility to the subscriber.

Insurance claim cannot be rejected on employer's default

A life insurance company cannot reject a claim filed by the family of a deceased, if his employer defaults in paying his policy's premium, the Maharashtra Consumer Commission has held.

Don't overcharge senior citizens, IRDA tells insurers

IRDA has asked public sector general insurers to ensure that the renewel premiums charged to senior citizens on mediclaim policies should not be " exorbitant"

Federal Bank and Birla Sun Life Tie Up

Federal bank and Birla Sun Life Asset Management company announced strategi partnership under which Birla Sun Life Mutual fund products would be distributed through bank's select branches.

Detarriff Era fails to help PSU general insurers

Of the premium accretion of Rs 1454 crore in the period, PSU insurers contributed Rs 354 crore. The bulk of the remainder - Rs 1046 crore was collected by the three private players ICICI Lombard, Reliance General and Bajaj Allianz General.