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Reliance Life Insurance Company has been slapped with a fine of Rs. 10 lakhs by the insurance regulator in India, IRDA.

Reliance life insurance was hauled up for a variety of reasons but was fined only on 2 counts which include paying excessive referral fees and selling life insurance policies which have not been approved by IRDA. Reliance Life was fined Rs. 5 lakhs for each of these issues. [More]
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Highest NAV guaranteed products were the flavour of the season in the last couple of months – and it continues to be so. These products are Unit Linked Insurance Plans, also known as ULIPs, in which the insurance company guarantees the customer the highest NAV which the policy has achieved in the entire term of the insurance plan. [More]
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September 2010 was almost like a new era for life insurance business in India. The lucrative commissions which were being paid to life insurance middle men got reduced slightly. Ulips were made much more customer friendly and aligned more towards a life insurance product with increase coverage levels. The lock-in period was ULIP was also increased. [More]
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Mr TR Ramachandran, the CEO and Managing Director of Aviva India has announced that a further capital infusion of Rs. 116 crores into its life insurance business in India.

With this additional cash infusion the total paid up capital of the life insurer has gone up to 2004 crores. The move shows that the company is focussed on its long term strategy in India. The additional funds would be used to bolster its current business. [More]
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It is heartening to see new initiatives on the customer service side from life insurance companies. SBI Life Insurance Company launched an SMS based customer service initiative.

Any customer who has a problem with SBI Life can just send an SMS with text “SOLVE” to 56161 and they would get an immediate response from the company’s call centre in Mumbai. It is a great way to reach out to aggrieved customers – the greatness lies in the simplicity of the process. Anyone can do the same at any time and would be assured of a response. [More]
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ICICI Lombard General Insurance Company declared its financial results for the first half of the current financial year. The company showed strong growth in all its business lines except Marine Insurance where the premium collection has dropped and so has the profitability of the vertical. [More]
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Birla Sun Life Insurance Company has clocked a profit in the first half of the current financial year. This comes with a sharp increase in the premium collections of linked individual pension plans and other linked individual life insurance plans. Birla Sun Life has seen an increase in premium collected across all its business lines which has seen the company report a profit after tax of Rs. 29.26 crores in the first half of this financial year. [More]
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The Videocon Group is all set to enter the general insurance business in India. The company plans to setup the business in a joint venture with Liberty Mutual and is expected to complete this alliance soon.

The general insurance space in India currently has 24 players out which 22 of them cater to the retail consumers. Agricultural Insurance Company and Export Credit Guarantee Corporation are the 2 niche players catering to specific requirements. [More]
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ICICI Prudential Life Insurance Company announced its half yearly results for the first half of the current financial year 2010-2011. Overall the life insurance company has seen a decline in its losses from 105.1 crores in H1 2009-2010 to 101.1 crores in the first half of the current year. [More]
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Bharti Axa General Insurance Company is planning to infuse more funds into its operations over the next two years. The company plans to infuse an additional Rs. 200 crores over the next two years. The additional amount would come in the current ratio of shareholding pattern, which is 76% by Bharti Group and the remaining 24% by the Axa Group.

Bharti Axa General Insurance Company would infuse Rs. 60 crore this month. This will take the overall capital infusion into the insurance company to Rs. 460 crores. [More]
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