Pure risk premium product “Saral Jeevan Bima” life policy offer mandatory for all the life insurance companies

The insurance regulator IRDAI has come out with a standard individual term life insurance product, to be known as “Saral Jeevan Bima”. The policy shall be mandatorily offered by all the life insurance companies from January 1, 2021, onwards. In this respect, all life insurers have to file the product with the insurer latest by…

Latest IDRAI guidelines on both Individual and Group health insurance policies

The Insurance Regulatory and Development Authority of India (IRDAI) has issued guidelines to all General and Health Insurers offering indemnity based Health Insurance products of both Individual and Group (excluding PA and Domestic / Overseas Travel). These provisions and guidelines were issued by IRDAI under the provisions of Section 34(1) of the Insurance Act, 1938…

LIC launches ‘Pradhan Mantri Vaya Vandana Yojana (Modified- 2020) Scheme.

Pursuant to Finance Ministry modified the PM Vaya Vandana Yojana (PMVVY) pension scheme for senior citizens, Life Insurance Corporation of India (LIC) has launched the non-linked, non-participating, pension plan subsidized by the Centre. The scheme will provide an assured rate of return of 7.40% per annum. This plan will be available for sale commencing from…

Franklin fallout: RBI Announces ₹ 50,000 crore Special Liquidity Facility for Mutual Funds (SLF-MF)

Today (April 27, 2020) Reserve Bank of India announced ₹50,000 crores of special liquidity facility for mutual funds. This was in view of liquidity constraints faced by the Mutual Funds intensified in the wake of large redemptions and high exposure to low-rated illiquid debt securities. The move follows in a bid to support mutual funds…