PFRDA looking to introduce minimum assured return product: Chairman
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Last Updated: Mar 12, 2021, 07:18 PM IST
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Synopsis
The Pension Fund Regulatory and Development Authority (PFRDA) is working on plans to introduce innovative retirement benefit products, such as one providing minimum assured return, to attract more subscribers, its Chairman Supratim Bandyopadhyay said.
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The Pension Fund Regulatory and Development Authority (PFRDA) is working on plans to introduce innovative retirement benefit products, such as one providing minimum assured return, to attract more subscribers, its Chairman Supratim Bandyopadhyay said. Apart from NPS and Atal Pension Yojana (APY), we propose to have some innovative products to attract more and more customers. The first product that we are targeting is a product which will have a minimum assured return, Bandyopadhyay said. He was speaking at a virtual actuarial conclave organised by the Institute of Actuaries of India.
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Synopsis
At least five private insurers – Tata AIA, Aegon Life, Max Life, PNB Metlife and IndiaFirst Life – have already filed for new term products with the insurance regulator at increased prices for the new fiscal year. Other life insurers may soon follow.
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Increased comorbidity risks due to the pandemic and the adverse loss experiences of global reinsurers are set to weigh on how life covers are priced.
Insuring life is set to get more expensive and harder in the fiscal year starting April. Increased comorbidity risks due to the pandemic and the adverse loss experiences of global reinsurers are set to weigh on how life covers are priced.
IAI in talks with FinMin to set up actuary dept - The Hindu BusinessLine thehindubusinessline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindubusinessline.com Daily Mail and Mail on Sunday newspapers.
Only 458 insurance actuaries in India, need at least 1,200: IRDA Chief
Actuaries play a big role in pricing the products in such a way that it provides protection to public at large and takes care of solvency of the insurance company
Aprajita Sharma March 10, 2021 | Updated 16:09 IST
The number of full-fledged insurance actuaries in India grew by just 19 in 2020 compared to the last year. There are only 458 actuaries compared to 439 in 2019, says IRDA Chief Subhash C. Khuntia as he sheds light on the growing requirement of them not just in the insurance industry but also in banking and other financial fields. At present we only have 458 full-fledged actuaries, 165 associates and 7,500 student members. These figures need to go up considering the number of insurance companies and the size of insurance business, which is 1.7 per cent of the global industry, says Khuntia.