LIC eases claims settlement rules for Jammu and Kashmir flood victims

Source: ET

State-run insurer LIC has relaxed claim settlement procedure for those affected in floods in Jammu and Kashmir and a special help desk has been set up for expeditious claim processing.

LIC has extended concessions and relaxations to claimants with respect to settlement of death and disability benefit claims, the largest insurance company said in a statement.

"These concessions are in the nature of simplified death claim settlement, proof of death or missing, loss of policy document etc, similar to concessions and relaxations extended to the victims of floods and landslides in Uttarakhand in June 2013," it said.

In addition, for policyholders residing in the flood affected areas, LIC has extended waiver of interest on the overdue premium, it said.

LIC has set up special help desk at Srinagar divisional office and Northern zonal office at New Delhi to facilitate expeditious settlement of claims.

LIC investment to cross Rs 2.5 lakh crore in FY'15

Source: ET

Country's largest insurer LIC has lined up over Rs 55,000 crore for investment in the equity market in the current fiscal, a part of which will be used for picking up stakes in PSUs during the disinvestment process.

"We will invest a total of Rs 55,000 crore or even more in the equity market in the current fiscal," LIC Chairman SK Roy told PTI.

Asked how much LIC has been earmarked for the upcoming disinvestment, Roy said that Rs 55,000 crore "covers all" type of investments.

LIC had picked up stocks worth Rs 51,000 crore last fiscal and investments were made across sectors.

The public sector insurer has been a key investor in the disinvestment programme of the government.

The government recently gave go ahead to disinvestment of its part stakes in ONGC, CIL and NHPC, which together may earn Rs 43,000 crore to the exchequer. It is also planning to sell 5 per cent stake in SAIL and 10 per cent each in RINL and HAL in the current fiscal.

Roy also informed LIC investment in the bond market may touch Rs 2.5 lakh crore in the fiscal ending March 2015.

In the current fiscal, the life insurer has

LIC tops list of Million Dollar Round Table in 2014

Source : BusinessStandard

Life Insurance Corporation of India (LIC) has topped the company ranking list of the Million Dollar Round Table (MDRT) in 2014. LIC leads the company ranking list with 6730 MDRT members.

Founded in 1927, the Million Dollar Round Table (MDRT), The Premier Association of Financial Professionals, is an international, independent association of more than 42,000 of the world's leading life insurance and financial services professionals from more than 470 companies in 71 countries.

Apart from the basic membership, MDRT has two levels-- Court of Table (COT) and Top of Table (TOT). MDRT's Top of the Table is an exclusive forum for the world's most successful life insurance and financial services professionals.

It has now been decided by LIC to encourage more agents to join this esteemed group and aim to achieve 13000 members in this calendar year.

To become a member of MDRT in 2014, an agent is

Marketing, not FDI limit, important: Irda chairman

Source: BusinessStandard

Insurance Regulatory and Development Authority (Irda) chairman TS Vijayan on Wednesday said the percentage of foreign direct investment (FDI) in the insurance sector was not as much relevant in the Indian context as the marketing of the products and the need for professionals who could drive the industry on a higher growth trajectory.

“FDI in insurance is being debated much more prominently than the similar proposals in strategic sectors like defence as if bringing capital is going to solve all the problems faced by the industry,” Vijayan said at the convocation ceremony of the Institute of Insurance and Risk Management (IIRM) here.

The Irda chief’s comments come a day ahead of the meeting of select committee of Parliament on the Insurance Laws (Amendments) Bill, 2008, which seeks to raise the FDI limit in the sector to 49 per cent from the present 26 per cent.

On August 14, the Rajya Sabha adopted a resolution to send the Bill to the select committee after the Congress-led Opposition demanded for the same.

 “It is the purpose of capital that is important and not the capital itself. Some even hold the view that we don’t need capital at all. For instance, the Government of India gave Rs 5 crore capital to the Life Insurance Corporation for the purpose of collecting dividend,” he remarked.

However, he said the Indian insurance sector was