Page 17 - The Insurance Times July 2025

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Central Bank of India Acquires Stake in Future Bandhan Life Leverages
Generali Insurance Firms Regulatory Changes to

Central Bank of India (CBoI) has completed the acquisition of a 24.91% stake Reposition as Full-
in Future Generali India Insurance Company Ltd (FGIICL) and a 25.18% stake Spectrum Insurer
in Future Generali India Life Insurance Company Ltd (FGILICL). The move Bandhan Life Insurance is capitalising
was carried out under the IBBI (Insolvency Resolution Process for Corporate on recent regulatory reforms-such as
Persons) Regulations, 2016.
caps on management expenses and
CBoI's investment amounts to up to Rs. 451 crore in FGIICL and Rs. 57 crore rules for minimum surrender value-to
in FGILICL, as per the bank's regulatory filing. This acquisition aligns CBoI realign its business and stand on equal
with other public sector banks-such as SBI, PNB, BoB, Canara Bank, Union footing with industry peers. The
Bank, and Bank of India-that already operate in the insurance space. changes, which require all insurers to

The bank secured the necessary approvals from the Competition Commission revisit their product strategies,
of India (CCI), Reserve Bank of India (RBI), and the Insurance Regulatory coincide with Bandhan Life's fresh
and Development Authority of India (IRDAI) to proceed with the acquisition, strategic rollout, offering the insurer a
marking a strategic expansion into the insurance sector. chance to enhance operational
efficiency.

Insurers Ease Claims Bajaj Allianz has set up a dedicated Satishwar B, MD & CEO of Bandhan
claims settlement desk and simplified Life, noted that the timing of the
Process for Families of documentation requirements. The reforms supports the company's
Plane Crash Victims insurer will begin processing claims broader transformation. Following its
based on certificates issued by acquisition by Bandhan Financial
Life Insurance Corporation of India hospitals or municipal bodies if a death Holdings, the insurer has rebranded
(LIC), Bajaj Allianz Life Insurance, and from Aegon Life and repositioned itself
certificate is unavailable. Nominees
HDFC Life have announced special as a full-spectrum player offering
can reach out via toll-free number,
measures to fast-track claims for participating, non-participating, ULIPs,
email, or any of the insurer's 596
victims of the recent Air India plane and pension products.
branches.
crash in Ahmedabad.
HDFC Life has also eased procedures, The company is focusing on tier-2 and
LIC stated it will accept alternative allowing claims to be initiated with tier-3 markets, leveraging Bandhan
proof of death-such as government or official proof of death from local Bank's deep rural presence. It has also
airline compensation records-in lieu of authorities without insisting on a adopted a fully digital underwriting
a formal death certificate. It also formal certificate. These measures aim model, which simplifies insurance
assured proactive outreach to to support grieving families through access for self-employed individuals-an
claimants to ease their hardship. expedited insurance support. often underserved customer segment

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