insurance

Insurance Regulator, Insurance Regulatory and Development Authority (IRDA) now allowed a policyholder to exit from health insurance with a cover for three years or more within 15 days, which is known as free-look period.

The policyholder can exit or surrender the policy if he is not satisfied with the terms and conditions of the agreement. The regular has mentioned the aforesaid in a circular sent to all insurance companies.

Industry sales grew by 2% YoY (-4% in June, -10% in May), the first time in nine months. This was driven mainly by the 21% YoY growth shown by the state-owned LIC. Private player sales also showed a slowdown in sales contraction (-11% YoY for July
vs -13% for June and -29% for May).

Read morePrivate companies sales decline and fall

Private sector life insurance major Tata AIG Life Insurance Company has tied up with Citibank in order to offer its customers payment of renewal premiums through the NEFT mode.

This is first life insurance company in India that would offer its customers options to pay renewal premiums through the net banking facility directly from their bank account held with any NEFT-enabled bank branch in India. The facility will enable faster realisation of funds than the other conventional modes of premium payment.

Read moreTata AIG Life – Renewal premium payments through net banking

Bajaj Allianz Life Insurance Company has recorded a fall of 30% in fresh premium collection in first quarter of FY 2009-10.

The insurer’s new premium collection stood at Rs 577.66 core at the end of the June quarter, as against Rs 829.24 crore in corresponding period of the last year.

Overall, 21 private sector life insurers have collected first premium of Rs 5,427.67 crore in the first quarter of FY’10 against Rs

Read moreBajaj Allianz’s premium collection drops 30% in June quarter