The Insurance Regulatory and Development Authority (Irda) hoped that the global financial crisis would not affect Indian insurance firms. The Indian insurance firms are well capitalized and there’s no need of to revise solvency margins. 

The regulatory board is expected to implement the risk-based solvency norms by the end of this financial year. IRDA member, R Kannan said that there is no need to fear from global financial crisis and solvency margin is adequate to operate in India. He said that the margins of Indian private firms are more than their liabilities.

New Delhi: In a significant move, the central government on Tuesday announced to extend the Rashtriya Swasthya Bima Yojana (RSBY) to construction and building workers. The move is expected to benefit nearly 2.6 crore people of the country.

Speaking to media persons here on Tuesday, Oscar Fernandes, Minister of State for Labour and Employment, said, “The benefits under the Rashtriya Swasthya Bima Yojana are being extended to construction and building workers.” 

A branch of the Anil Dhirubhai AmbaniGroup, Reliance Capital (R-Capital), is, now, eying on the insurance business. It is planning to invest Rs 2,000 crore in insurance businesses in the next three years. The company would also enter in the banking, home loans and consumer finance businesses as disclosed by the chairman of group, Mr Anil Amban, in a meeting between company officials and shareholders.

R-Capital Chairman, Anil Ambani told the shareholders that the group is working on many plans for next three years. The company would increase its distribution network from 4,000 to 20,000 cities across the country. The company also intends to venture into non-banking financial companies (NBFCs). It would start two separate companies for housing and consumer finance.

Anil Ambani owned Reliance Capital has made announcement that the company envisages to pump Rs 2,000 crore in its insurance business segment in the coming three to five years.

While addressing the Annual General Meeting of Reliance Capital, Mr Anil Ambani, the company's Chairman remarked that it would spend Rs 2,000 crore in its insurance business, taking the total investment to Rs 4,000 crore over the next 3-5 fiscals.

Private sector based Reliance Capital is one of leading financial service conglomerate of the country.

According to the sources, through the proposed investment, the company's employee base would also be bolstered to about one lakh from the present 30,000

The staff of software giant Infosys Technologies, can now enjoy new group insurance policy by LIC. The infosys technology is the second-largest IT/ITES exporter of India with the employee strength of 97,000. All employees of the company would be covered under Rs 24,000 crore insurance policies by LIC. This is the largest ever group insurance by any organisation in India.  

The next of kin of Infosys employer is eligible to get Rs 20 lakh to Rs 80 lakh in the event of death of the employee. There is also a provision of an accident cover of Rs 10 lakh in the policy.

Cleartrip, one of the leading domestic travel portals, has teamed up with Tata AIG General Insurance Company Limited to offer domestic travel insurance solutions 'TravInsure' to its customers.

The latest launched policy will cover Cleartrip travelers against the flight delays, medical expenses incurred while traveling, lost baggage, flight cancellations due to sickness, injury or death.

The policy can be purchased online for just Rs 129 per round trip, which will cover damages ranging from Rs 1500 to Rs 7,50,000.