NEW DELHI: Postmen and grameen dak sevaks might soon be able to sell insurance policies, with regulator Irdai issuing guidelines wherein such people have to be sponsored by the India Post Payments Bank (IPPB). The IPPB, which is a corporate agent, can seek permission from Irdai for sponsoring postmen and grameen dak sevaks of Department of Posts (DoP) to act as Point of Salesperson (PoS), Irdai said. ln case the authority grants permission, IPPB shall be responsible for all acts of omission and commission of the persons appointed as PoS, it added. The regulator said the DoP will have to identify postmen and grameen dak sevaks and furnish the list to it from time to time and IPPB may have tie-ups with as many number of insurers as allowed under the regulations. "These postmen and grameen dak sevaks will be operating largely in un-banked and under-banked geographical areas and can provide the last mile reach to sell insurance products in remote and rural areas," Irdai said. Bulk of … [Read more...] about Postmen, grameen dak sevaks may soon start selling insurance policies
1. A group insurance policy offers advantages of standardised coverage at very competitive premium rates as risk is spread over a larger number of people. 2. Groups can be employer-employee groups or non employer-employee groups such as holders of the same credit card, account holders of a bank or members of a social or cultural association. 3. Only one master policy is issued to the manager of the group and is in the name of the group. It could be for life insurance, medical insurance or general insurance. 4. Premium can be charged to the members or paid by the group. 5. The cover can cease if one leaves the group. (The content on this page is courtesy Centre for Investment Education and Learning (CIEL). Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.) … [Read more...] about What is group insurance policy?
KOLKATA: Aditya Birla Health Insurance Company is planning to spread footprint in 100 locations in next two years as it looks to exploit opportunities in the retail insurance space. "Health insurance is a very high growth sector, given the rising health cost. We are eyeing the retail sector for growth, said Mayank Bathwal, chief executive at the health insurance firm. The one-year-old health insurer is present in 34 cities now and about one-fifth of its business comes from retail at present. In the next five to six years, the company wants 75% of the business from retail segment, which is more remunerative. A 51:49 joint venture between South Africa's MMI Holdings Ltd and Aditya Birla Capital Ltd, its gross written premium so far stands at Rs 150 crore out of which Rs 96 crore has been mobilised this fiscal. Bathwal said the company has 6.5 lakh customers so far. It has five banks including HDFC Bank as bancassurance partners now while Bathwal said talks are on with more banks for … [Read more...] about Aditya Birla Health Insurance in expansion mode to grow retail
NEW DELHI: ICICI Lombard and Mobikwik Monday announced a partnership to offer cyber-insurance cover of Rs 50,000 to protect against online frauds. General insurer ICICI Lombard and digital financial services platform Mobikwik said the partnership aims to provide protection against unauthorised and fraudulent transactions online, across bank accounts, debit/credit cards and mobile wallets. The cyber-insurance can be availed digitally through an app at only Rs 99 per month and with a sum insured of Rs 50,000, said a release. MobiKwik users can avail the 'Commercial Cyber Insurance' policy underwritten by ICICI Lombard and enjoy the benefit of a stress-free and secured transaction for its users who opt for this cover, it added. "This relationship with MobiKwik further strengthens ICICI Lombard's endeavour to provide innovative and unique products against the new-age risks and cater to the needs of the customers of our business associates," Sanjeev Mantri, Executive Director, ICICI … [Read more...] about ICICI Lombard, MobiKwik join hands to provide cyber-insurance cover of Rs 50,000
HDFC Ergo today launched cyber insurance policy for individuals at premium of Rs 3 a day for sum assured of Rs 50,000 to cover against various cyber risks including unauthorized online transactions, phishing and email spoofing, e-extortion, identity theft, damage to e-reputation & cyber-bullying are covered in the policy. This policy has the option for comprehensive protection to individuals and their families against any cyber- attacks, cyber frauds or digital threats that could lead to a financial loss and or reputational loss. The sum assured for the cover ranges from Rs 50,000 to Rs 1 crore. A policy of Rs 50,000 will cost Rs 1,410 for a year and Rs 1 crore would Rs 25,198. The premium varies from 0.14% of the sum assured to 3% of the scum assured. “Today, India is the second largest online market, with a huge potential for exponential growth,” said Ritesh Kumar MD and CEO HDFC Ergo. “This great opportunity comes with the menace of cyber risks & frauds … [Read more...] about Now buy cyber insurance policy for Rs 3 a day