News Archives | Symbo Insurance

Government is in View of Permitting 100% FDI in Insurance Broking

The Indian government is thinking over to permit 100 per cent foreign direct investment (FDI) in insurance broking to further enhance the growth of the Indian insurance sector. As per the current foreign direct investment (FDI) policy, 49% of foreign investments are allowed in the insurance sector under automatic route. The broad insurance industry encircles …

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Health Insurance Plans to Cover Mental Illness

News / By Symbo Insurance

The Insurance Regulatory and Development Authority India (IRDAI) has ordered all the insurance companies to make provisions for including mental illnesses in their health insurance policies with an immediate effect. The circular was passed in accordance with the provisions of the Mental Health Care Act, 2017. As per Section 21 (4) of the said Act, …

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Insurance Cess a part of 19th January Fare Hike

News / By Symbo Insurance

A senior official of the State Transport Department of Tamilnadu said that the amount of Re 1 which had to be levied as an additional amount as insurance cess has already been done from January 20th as this was incorporated in the original fare hike and has no connection with the rollback. The State Government …

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Government to Merge the Three Insurance Giants

News / By Symbo Insurance

The Government has revealed plans to merge the three big public sector insurance companies, United India Insurance Company, National Insurance Company and Oriental Insurance Company. All these three companies are unlisted as of now, and when they are merged into one entity, it will become bigger than the country’s largest insurance company, New India Assurance …

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Insurance Cover for Autistic Children Launched by Star Health Insurance

News / By Symbo Insurance

Star Health, a standalone health insurer in India has launched a new plan, especially for autistic children. This kind of a plan is a new concept in the Indian market. Children, who have been diagnosed with Autism and are between the age of 3 and 25 will be covered for a sum assured of Rs. …

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ICICI Bank and Practo Partner for Out Patient Service

News / By Symbo Insurance

On Wednesday an announcement was made by ICICI Lombard about their partnership with Practo, a healthcare platform to offer insurance products to out-patients. As a result of this collaboration, a healthcare app called IL Take Care will be launched. The app will be of great help to the patients as it will help them order …

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Bank of Maharashtra and Reliance Insurance Join Hands to Improve Customer Base

News / By Symbo Insurance

Bank of Maharashtra, a public sector bank and a private insurer, Reliance Nippon Life Insurance Co have signed a bancassurance agreement a couple of days back. The whole motive behind this partnership is to improve the bank’s position when it comes to being one of the most preferred banks in the country. The deal will …

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Insurance Companies plead Government to reduce GST to 10-12% for the Sector

News / By Symbo Insurance

The state-sponsored insurance firm United India Insurance Company or UIC is planning for its IPO by September 2018. Before it reaches the deadline of going IPO, the insurer is exploring different ways to improve the solvency ratio as well as improve the balance sheet records. UIC expects to improve their solvency ratio to 1.8 by …

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Regulations on Reinsurance to Come Out by February End

Regulations on Reinsurance to be Declared by February End

News / By Symbo Insurance

T Vijayan, the Chairman of IRDAI said that the new regulations on reinsurance should come out by the end of February. These new regulations will determine the way the business will be done in the country and also the preference order. Vijayan spoke to the press at the FICCI Annual Insurance Summit, and he said …

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ICICI Lombard General Insurance Posts Positive Q3 Results at 5.2%

News / By Symbo Insurance

Insurance company ICICI Lombard General Insurance declared its Q3 results on Tuesday. With a profit of Rs.231.8 crores, the company posted a 5.2% rise in the past quarter. ICICI Lombard also witnessed a 17.8% year on year growth of direct premium, as the same rose to Rs.2494 in the quarter that ended on 21st December …

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Budget 2018: Insurance Sector Pleads Finance Minister to Relook the GST Rates

News / By Symbo Insurance

The Goods and Services Tax has successfully brought several types of tax under the same umbrella. As a result, several indirect taxes are now streamlined. The most ambitious tax reform of the country has been successful in not only bringing down the effective tax rates on a lot of good but also has managed to …

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Insurers Cannot Deny Renewal of Health Insurance without Aadhar Till March 31st

News / By Symbo Insurance

If your health insurance is due for renewal in the first quarter of 2018 and the insurers say it is mandatory to furnish the Aadhar number to continue, you have company. There have been a lot of instances where insurers have asked policyholders to produce their Aadhar numbers to renew their policies. However, the IRDAI …

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