What private play changed in insurance in 2 decades
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Come 2020, she is selling lakhs of insurance policies at the tap of an app on mobile phones and all it takes is a few minutes to mail the policy document instead of weeks of wait for the policy to arrive by the unpredictable India Post to shove it to safety in the steel cupboard.
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With insurers such as ICICI Pru Life, HDFC Life, ICICI Lombard and GIC Re getting listed, investor interest is gathering momentum as well.
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About a quarter of a century ago when a budding finance executive at
Twenty years of private insurance: How the industry has shaped up
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Synopsis
Come 2020, she is selling lakhs of insurance policies at the tap of an app on mobile phones and all it takes is a few minutes to mail the policy document instead of weeks of wait for the policy to arrive by the unpredictable India Post to shove it to safety in the steel cupboard.
Agencies
With insurers such as ICICI Pru Life, HDFC Life, ICICI Lombard and GIC Re getting listed, investor interest is gathering momentum as well.
About a quarter of a century ago when a budding finance executive at
Launched by Prime Minister Narendra Modi for street vendors as they were among the hardest hit by the lockdown, the PMSVANidhi scheme of the Ministry of Housing and Urban Affairs entitles them to Rs 10,000 interest-free loan as working capital to restart their businesses. Government data show that around 46 per cent of the street vendors who have applied for the loan so far are fruit and vegetable sellers, while some 21 per cent sell fast food. Over 41 per cent are women.
Encouraged by the response to PMSVANidhi, the government has also launched its first-ever official socio-economic survey of vendors, to bring them under schemes such as the Pradhan Mantri Jeevan Jyoti Bima Yojana, Pradhan Mantri Suraksha Bima Yojana, Jan-Dhan Yojana, Building and Other Construction Workers Act, Pradhan Mantri Shram Yogi Maandhan Yojana, Pradhan Mantri Matri Vandana Yojana, and others.
Insurers seek up to 30% premium hike for Jan Suraksha policies from 2021
Insurers are worried about the rising claims expenses on these products and want the prices to be revised. The government’s term insurance scheme, with Rs 330 as premium, and its accident insurance scheme, with Rs 12 as premium, are the cheapest products available in the Indian market. Regular term plans of the same size (Rs 2 lakh cover) would cost up to Rs 900-1,000 per year while accident insurance covers would cost up to Rs 600-700 per annum. December 18, 2020 / 01:35 PM IST
Insurance companies have asked the Finance Ministry for an increase of at least 25-30 percent in the premium rates for the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY). This is amidst rising claims under the insurance policies.