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Not a merger with Sahara Life, just transfer of policyholders: SBI Life

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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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Delhi News

FinMin mulls changes in insurance laws to boost penetration: Report

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The ministry is contemplating changes in laws, including reduction in minimum capital requirement, with a view to increasing the penetration in the country.


penetration in India increased from 3.76 per cent in 2019-20 to 4.20 per cent in 2020-21, registering a growth of 11.70 per cent. Insurance penetration measured as the percentage of insurance premium to GDP witnessed handsome growth during the year, mainly due to the outbreak of COVID-19.


The ministry is doing a comprehensive review of the Insurance Act, 1938 and also looking at making relevant changes to help push growth of the sector, sources said, adding the process is at a preliminary stage.


One of the provisions being considered is lowering the minimum capital requirement of Rs 100 crore for setting up an insurance business, the sources said.


Easing capital requirement would allow entry of differentiated insurance companies like in the banking sector, which has categories like universal bank, small bank and payments bank.


With the ease of entry capital norms, sources said, there could be entry of companies focussed on micro insurance, agriculture insurance or insurance firms with regional approach.


So for them, the solvency margin requirement would also be different but without compromising on policyholders’ interest, the sources said.


Entry of more players would not only push penetration but result in greater job creation in the country.


Presently, there are 24 life insurance companies and 31 non-life or general insurance firms, including specialised players like the Agriculture Insurance Company of India Ltd and ECGC Limited.


Last year, the government brought an amendment in the Insurance Act to allow increasing foreign holding in insurers from 49 per cent to 74 per cent. Besides, Parliament passed the General Insurance Business (Nationalisation) Amendment Bill, 2021, allowing the central government to pare stake to less than 51 per cent of the equity capital in a specified insurer, paving the way for privatisation.


In 2015, the Insurance Act was amended for raising the foreign investment cap from 26 per cent to 49 per cent. All these amendments since privatisation of the insurance sector have led to exponential growth.


According to a study, India is likely to become the sixth largest insurance market in the world in the next 10 years, supported by regulatory push and rapid economic expansion.


Total insurance premiums in India will grow by an average 14 per cent per annum in nominal local currency terms over the next decade, making India the sixth largest in terms of total premium volume by 2032 from 10th largest in 2021.


Both life and non-life insurers collected a premium of Rs 8.2 lakh crore during 2020-21.

(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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Edelweiss General Insurance’s Group Health Policy includes LGBTQ+ community

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PRI ECO GEN NAT .MUMBAI DCM2 Edelweiss Edelweiss General Includes LGBTQIA+ Community for its Group Health Policy Mumbai, Maharashtra, India (NewsVoir) Digital insurer Edelweiss General (EGI) has announced that it has extended its Group Health policy to include members of the LGBTQIA+ community. EGI’s revamped group health policy now covers both LGBTQIA+ and unmarried partners (partners of same or other gender, who may be living in). The policy will also cover disabled children without any age limit and dependent children (with no disability) up to 30 years of age. EGI’s policy is a big step towards a more inclusive healthcare framework, given the fact that traditionally, group health policies only included the legally wedded spouse of individuals. Companies opting for EGI’s group health cover can now offer comprehensive cover customized for the needs of diverse employees. Commenting on this development, PoojaYadav, Chief Product Officer, Edelweiss General Insurance, said, As an organisation, we believe in diversity and inclusion. Access to good healthcare is every individual’s right. We are happy to extend our policy to include members of the LGBTQIA+ community and unmarried partners. We must keep pace with the evolving definition of family. We are positive that our small step will help slowly transform workplaces and help build a more welcoming work atmosphere for the LGBTQIA+ community. EGI’s group health insurance policy takes care of all hospitalisation expenses, pre and post hospitalisation expenses (30 and 60 days respectively), day care treatments, domiciliary hospitalisation and AYUSH treatments. Policy can be customised as per requirement of the customers. The policy also offers many other benefits including: 1. Premium payment on Instalment basis 2. Wide range of covers including Maternity cover, Personal accident cover options 3. Deductible or co-payment option against claims made during the Policy Period 4. Options for Room Rent capping, etc. About Edelweiss General Insurance Edelweiss General Insurance (EGI) is a full stack Insurtech and one of the fastest growing players in the Indian non-life Insurance market. It is a digital Insurer that aims to transform insurance making it easy, friendly and transparent. Its digital platform powers fantastic customer experience, innovative solutions and efficient service delivery. It started operations in 2018 and has won multiple awards at renowned industry forums for product innovation and its digital platform. It is India’s first cloud native insurer and the first insurer to launch an open API platform. It has 2 million active customers and a growing omni-channel distribution on digital rails. EGI has presence across key digital marketing places and partnerships with PolicyBazaar, Phonepe, Ola, ClearTrip, Dunzo, Intermiles, PayNearby, Instakart, Zopper, Riskcovry, Ashv Finance, Avanse Financial Services, Star Housing Finance, Mahindra, Tata, Jeep, Okinawa, Royal Enfield, etc. Consumer insight driven strategy coupled with technology-powered execution is what differentiates EGI in a competitive market. It aims to deliver innovative solutions to customers by leveraging data, analytics and proactive market sensing. For more information, please visitwww.edelweissinsurance.com. (Disclaimer: The above press release comes to you under an arrangement with Newsvoir and

(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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LIC Housing Finance hikes prime lending rate by 50 basis point to 8%

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LIC Housing increased its Prime by 50 basis points on Monday. With this the new interest rates on home loans will now start from 8 per cent as against 7.50 per cent earlier.


The new rates will be effective from Monday.


The move was inline with the central bank, which hiked repo rate by 50 basis points in the recent monetary policy to tame inflation that is hovering above the upper tolerance band for consecutive months.


“As expected, the RBI’s decision to hike the repo rate by 50 basis points on 5th August was well measured and abreast with the global economic trend. The hike in repo rate has caused some minimum fluctuation in the EMIs or the tenure on the home loans but demand for housing will remain robust. Hence, the interest rate hike of LIC HFL is in line with the market scenario,” said Y. Viswanatha Gowd, MD & CEO.


–IANS


msn/dpb

(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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