Friday 24 April 2015

Domestic and foreign insurance companies have been allowed to set up IFSC

Domestic and foreign insurance companies have been allowed to set up IFSC Insurance Office in special economic zones (SEZs) if they meet certain conditions.

Regulator IRDAI's International Financial Service Centre Guidelines, 2015 state that all the Indian and foreign insurers who fulfil the conditions are eligible to set up IFSC Insurance Office (IIO) in special economic zones (SEZs).

They must obtain prior approval of Insurance Regulatory and Development Authority of India (IRDAI).

The firm must be in continuous operation for at least five years, and must have a satisfactory track record in respect of regulatory or supervisory compliance, say the guidelines.

A senior IRDAI official told PTI that as there are special provisions for conducting business in SEZ, the regulatory body felt the need for separate regulations.

For reinsurance business, the company should "demonstrate an assigned capital of Rs 10 crore which may be held in the form of Government Securities issued by the Govt of India or held as deposits with scheduled banks in India and shall be maintained at all times during the subsistence and validity of its registration under these guidelines".

In case of direct insurance, the Indian insurers (except a statutory body) may also establish an IIO to transact a specified direct insurance business in an SEZ.

DENABANK LIC on Monday signed MOU provide insurance cover to its savings account HOLDERS UNDER PMJJBY

Dena Bank, the state-run lender, on Monday signed agreement with LIC (Life Insurance Corporation) to provide insurance cover to its savings account holders under the Prime Minister's Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJBY) scheme.

Under the Memorandum of Understanding (MoU), LIC will give a life cover of Rs 2 lakh in case of death of the insured person at a nominal premium of Rs 330 per annum.

Account holders in the age group of 18 to 50 years can avail of the product.

People who join the scheme before completing 50 years can continue to have the risk of life cover up to the age of 55 years subject to payment of premium.

The scheme will come into effect from June 1, 2015.

The bank customers can join the scheme between June 1, 2015 to May 31, 2016.

It is a very important step towards meeting the government financial inclusion plan.

This will increase the insurance penetration, Dena Bank Chairman and Managing Director Ashwani Kumar told reporters after signing the MoU.

LIC Chairman S K Roy said, "This represents version two of financial inclusion of India. This will help in expanding the life insurance coverage through banking channel. We have already signed agreements with two banks for this product. We are in discussion with our other partner banks and will complete (the process) in 10 days", he said.

Dena bank will have separate branches for claim settlement. The bank currently has 1.2 crore savings accounts and is targeting to extend the life cover benefit to all the customers.

IRCTC is mulling to offer a new facility of baggage insurance for train passengers booking e-tickets

IRCTC is mulling to offer a new facility of baggage insurance for train passengers booking e-tickets on its website. Under this scheme, passengers can claim the insurance money in case of lost or theft of the baggage.

Valuable articles like laptop, mobile, etc will be covered as part of the travel insurance package.

Insurance premium will depend on the length of the journey and class of the journey. IRCTC has tied-up with New India Assurance for offering baggage insurance service to e-ticket customers.

Posted by Akanksha Jain, In News, By IRCTC,New India Assurance , With No Comments

Letter addressed to E.D.(Marketing),LIC by our Secretary General

Sunday 19 April 2015

10 Benefits of Aadhaar Card-most important uses

10 Benefits of Aadhaar Card, Most Important Uses

Posted 10 benefits of adhar card

Aadhaar program was launched in 2009 with a main objective to give universal identity to every resident Indian. However in the initial stages of enrolment people faced lot of difficulties such as technical snags, incorrect data displayed etc. and also the importance of Aadhaar card was unclear. But many of the issues were resolved and people can now get the card with much ease as its acceptance as a mandatory document for various initiatives has been officially made. In addition to this it will help in reducing the corruption since every individual carries only one unique number.

Benefits of Aadhaar Card

Listed below are the most important benefits of Aadhaar card and why it is must for every Indian moving forward…

Aadhaar based Direct Benefit Transfer (LPG Subsidy): The 12 digit individual identification number on Aadhar card is used to get LPG subsidy amount directly in the bank account. This DBTL scheme is named as PAHAL. To get this benefit you need to visit your area’s distributor and get Aadhar number and 17 digit LPG consumer number. Although now you can get direct benefit transfer by linking bank account to the LPG number. Read more about PAHAL scheme.
Jan Dhan Yojana: The guiness world record holder scheme Pradhan Mantri Jan Dhan Yojana (PMJDY) accepts Aadhaar card/number as the only document sufficient to open the bank account. Although you open PMJDY account after producing other documents as well. The benefits offered are RuPay card, free zero balance savings account, life and accident insurance and many others. Read more on how to open PMJDY account with no valid documents.
Passport in 10 days: This benefit of Aadhaar card will relieve you the most! If you have an Aadhaar card, you can get passport in just 10 days. Under this format, police verification will be done at a later date as opposed to the previous rule requiring police verification which used to be time consuming. Also under the new government’s rule, if you need a passport, Aadhaar number is compulsory.
Digital Locker: Government of India has launched digital locker (DigiLocker) system for everyone for storing all personal document on the government’s server. Andsign-up process for DigiLocker requires person to link his/her 12 digit Aadhaar card number. Check out benefits of DigiLocker.
Voter Card Linking: Starting 9th March 2015, Aadhaar card UIDAI number would be linked to the voter ID’s. This action is taken to eliminate bogus voters. Once
an Aadhaar number is linked, it would become impossible for an multiple voter ID card holder to make it’s illegal use, as registration requires voter card holder to
be physically present and produce Aadhaar card to the polling booth officer for linking.
Monthly Pension: All the pensioners from select states will now have to register their Aadhaar card number to their respective department in order to receive
monthly pension. This move was initiated as there have been fraudulent incidents as beneficiaries requesting pension were found to be fake.
Provident Fund: Similar to pension, provident fund money will be given to the account holder who’ve registered their Aadhaar number with employee provident
fund organization (EPFO).
Opening new bank account: Aadhaar letter provided by UIDAI is now acceptable by banks as a valid proof to open bank account. In fact, it can serve as an address proof as well provided address on Aadhaar card and address proof perfectly matches. i.e. no need to produce bunch of documents to the banks for opening the account.
Digital Life Certificate: Aadhaar linked digital life certificate is another initiative which was launched by Department of Electronics and IT. Named as
“Jeevan Praman for Pensioners”, this system will end the process where pensioner had to be physically present at Pension Disbursing Agency to avail pension.
Instead all the details of pensioner will be accessed digitally by the agency.
SEBI: It is now accepted as a proof of address by Securities and Exchange board of India for investing in stock market. Till now, it was used by SEBI as identity proof.

Considering the increasing acceptance of Aadhaar card it is must for everyone to get it issued. It is believed that the card will further be given more importance as more and more government schemes are being launched requiring it as a mandatory document.

(THANKS TO MR. VINAY MOHANTY).

(Posted by DIV.SECRETARY,LIAFI,COIMBATORE DIVISION ON 20/04/2015 AT 8.00AM))