Page 4 - Life Insurance Today January 2018
P. 4
&
Contents Focus
5 5 5 5 5 The General insurance industry
Editorial 3 was nationalized in 1972 and 107
insurers were grouped and amal-
Has trust in Insurance companies reached a gamated into four Companies - National
peak under IRDAI's leadership?
- Jagendra Kumar 5 Insurance Co. Ltd., The New India Assur-
ance Co. Ltd., The Oriental Insurance
Co. Ltd. and United India Insurance Co.
Insurance Regulatory and Development Ltd. The GIC was incorporated in the
Authority of India (Protection of Policyholders’ year 1972 and the other four compa-
Interests) Regulations, 2017 12
nies became its subsidiaries. In Novem-
ber 2000, GIC was notified as the Indian
LIC’s Jeevan Shiromani 18 Reinsurer, and its supervisory role over
its subsidiaries was brought to an end.
Bal Nivesh One Time
from Reliance Nippon Life Insurance 22
18 18 18 18 18 LIC’s Jeevan Shiromani plan
New Family Income Builder offers a combination of pro-
from Aviva Life Insurance 23 tection and savings. This plan
is specially designed for High Net-
worth Individuals. This plan provides
Higher coverage, premiums to inflate crop financial support for the family in case
insurance subsidy 24 of unfortunate death of the policy-
holders during the policy term. Peri-
IRDAI Circular 25 odic payments shall also be made on
survival of the policyholder at speci-
fied durations during the policy term
LEGAL 29 and a lump sum payment to the sur-
viving policyholder at the time of
Statistics 32 maturity.
Important Insurance Contacts 35
36 2424 2424 24 The 2017-18 subsidy bill for
LIC News the states and the Centre due
to the Pradhan Mantri Fasal
Bima Yojna (PMFBY) is set to increase
Private Life News 38 10-15 per cent as the scheme enters
the second year. The farmers’ cover-
IRDAI News 40 age is expected to increase by 10-15
per cent. In several states, insurers
have raised premium quotations by
Glossary & Poll 42 five-seven per cent.
4 January 2018 Life Insurance Today
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