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SBI Life, a subsidiary of country’s biggest lender State Bank of India (SBI), has said it is not a merger between the two companies but only a transfer of the policyholder related assets and liabilities of Sahara Life Insurance.
On Friday regulator Irdai directed SBI Life Insurance to takeover the policy liabilities of around two lakh policies along with assets of stressed Sahara India Life Insurance Co Ltd (SILIC).
The decision was taken at the meeting of the Insurance Regulatory and Development Authority of India (Irdai) in view of deteriorating financial health of the SILIC.
Following the Irdai order, SBI Life assured two lakh policyholders of “high levels” of service and commitment as is accorded to our customers.
“We have started and we are expeditiously working on the process of integrating all these policyholders in our systems. While the full integration may take some time, we request these policyholders to reach out to us on our helpline number 1800 267 9090 or email us at saharalife@sbilife.co.in,” it said
SBI Life will shortly reach out to these policyholders and intimate them about various touch points and manner of servicing for a smooth transition, it said.
Sahara Life Insurance was also not allowed to underwrite new business. Thereafter, further directions were issued to the insurer to meet the regulatory requirements.
“Despite being provided ample opportunities and sufficient time to ensure compliances, SILIC has failed to comply with directions of the authority and take any affirmative steps to protect the interests of its policyholders,” the regulator had said.
Further, the policy data of SILIC reveals that the company’s portfolio is showing run-off trend. The financial position has been deteriorating with rising losses and higher percentage of claims to total premium.
“If the trend is allowed to continue, the situation will worsen and lead to erosion of capital and SILIC may not be able to discharge its liabilities towards policyholders, thereby endangering the interest of its policyholders,” Irdai had said.
It said the action against SILIC has been taken after due consideration of all the facts and circumstances.
The authority added in its meeting held on June 2, 2023 that the action was warranted to protect the interest of the policyholders of SILIC.
Further, Irdai said it will continue to monitor the situation and also issue necessary directions as required in the interest of the policyholders of SILIC.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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Finance minister Nirmala Sitharaman on Tuesday said three social security schemes, including PMJJBY and PMSBY, aim to provide essential financial services to citizens especially underprivileged and safeguard them against unforeseen risks, losses, and financial uncertainties.
Three social security (Jan Suraksha) schemes — Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Atal Pension Yojana (APY) — were launched on May 9, 2015.
The three schemes are dedicated to the welfare of the citizens, recognising the need for securing human life from unforeseen eventualisation and financial uncertainties.
In order to ensure that the people from the unorganised section of the country are financially secure, the government launched two insurance schemes — PMJJBY and PMSBY; and also introduced APY to cover the exigencies in the old age.
Speaking on the 8th anniversary of Jan Suraksha schemes, the finance minister said, these schemes aim to provide essential financial services to individuals from underprivileged backgrounds, thereby reducing their financial vulnerability.
Citing data on the three schemes, Sitharaman said that 16.2 crore, 34.2 crore and 5.2 crore enrolments have been done under PMJJBY, PMSBY and APY, respectively, till April 26 2023.
On PMJJBY scheme, the finance minister said that it has provided crucial support to 6.64 lakh families who have received claims for Rs 13,290 crore.
Under the PMSBY scheme, Sitharaman said that more than 1.15 lakh families have received claims for Rs 2,302 crore. For both PMJJBY and PMSBY schemes, simplification of the claim process has resulted in speedier settlement of claims.
“It is encouraging to see that these schemes are being implemented through a targeted approach to maximise their reach. Under the leadership of our Prime Minister, Narendra Modi, our government is steadfastly dedicated to ensuring that the advantages of these social security schemes reach every eligible individual across the nation,” she said.
On the occasion, minister of state for finance Bhagwat K Karad said the government has adopted a targeted approach for covering people in the rural areas and campaigns are being organised throughout the country at each Gram Panchayat for providing coverage to eligible beneficiaries under the scheme.
PMJJBY offers life insurance cover of Rs 2 lakh, in case of death due to any reason, to people in the age group of 18-50 years having a bank or post office account, who give consent to join or enable auto-debit of premium.
On the other hand, PMSBY offers insurance cover of Rs 2 lakh for accidental death or total permanent disability and Rs 1 lakh for partial permanent disability to people in the age group of 18-70 years with a bank or post office account, who give consent to join or enable auto-debit of premium.
Last year, the finance ministry revised rates from Rs 330 to Rs 436 under PMJJBY and from Rs 12 to Rs 20 for PMSBY, effective June 1, 2022. The revision was being undertaken because of the long-standing adverse claims experience by the schemes and to make them economically viable.
Atal Pension Yojana (APY) is a pension scheme open to all bank account holders in the age group of 18 to 40 years who are not income tax payers and the contributions differ, based on the pension amount chosen.
Subscribers would receive the guaranteed minimum monthly pension of Rs 1,000 or Rs 2,000 or Rs 3,000 or Rs 4,000 or Rs 5,000 after the age of 60 years, based on the contributions made by the subscriber after joining the scheme.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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If you’re looking for a way to Save,invest your money, then a New LIC Policy,Plans may be the right choice for you For checking Policy status. Our videos will give you all the information you need to understand Best LIC Policies like LIC Jeevan Labh ,LIC kanyadan Policy ,LIC Jeevan anand ,Best LIC policy and LIC jeevan Shanti pension Plan for your needs For Wedding,Anniversary,Birthday, based on your investment objectives and budget!
In this shorts LIC policy video, we’ll tell about LIC Jeevan Umang Plan 945 ,LIC Policy in hindi , show you how to invest in a LIC Jeevan Labh 936 plan. We’ll also provide a quick overview of the different types of New LIC policy studies,
If you’re looking for a way to Save,invest your money, then a New LIC Policy,Plans may be the right choice for you For checking Policy status. Our videos will give you all the information you need to understand Best LIC Policies like LIC Jeevan Labh ,LIC kanyadan Policy ,LIC Jeevan anand ,Best LIC policy and LIC jeevan Shanti pension Plan for your needs For Wedding,Anniversary,Birthday, based on your investment objectives and budget!
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