Alok Srivastava committee to formulate insurance cover for advocates

The Government of India (GoI) has constituted a 5-member committee to examine the issues related to framing of a proper, structured scheme for providing insurance cover to advocates and suggest modalities for its implementation. The committee, under the chairmanship of Legal Affairs Secretary Alok Srivastava, will recommend a comprehensive insurance scheme for the welfare of ..

Category: Government Schemes Current Affairs

Topics: Economy • Finance • Health insurance • Insurance • Insurance industry • Money • Types of insurance • Vehicle insurance

LIC launches a new micro insurance plan “Micro Bachat”

Life Insurance Corporation (LIC) has recently launched a new micro insurance plan ‘Micro Bachat’. It is a regular premium, non-linked, participating endowment micro insurance plan, which offers a combination of protection and savings. For the first time, a micro insurance plan has been launched providing coverage up to Rs 2 lakh. This plan provides financial ..

Topics: Economy • Finance • Insurance • Insurance industry • Life Insurance • Life Insurance Corporation • Types of insurance

Pravin Kutumbe head of IRDAI committee to identify Systemically Important Insurers (SII)

Insurance regulator IRDAI has constituted a committee that will not only facilitate in identifying the Systemically Important Insurers (SIIs), but also recommend enhanced supervision measures for them. The committee headed by IRDAI member (finance and investment) Pravin Kutumbe will submit its report within six months. The committee would study the methodology followed by International Association ..

Topics: Economy • Finance • Financial regulation • IAIS • Insurance • Insurance industry • International Association of Insurance Supervisors • Money • Systemic risk • Systemically important financial institution

Kerala government launchs ‘Gau Samridhi Plus scheme’ for dairy farmers

Kerala Chief Minister Pinarayi Vijayan has recently launched the ‘Gau Samridhi Plus scheme’ or ‘Cow Samridhi Plus Scheme’ to offer insurance coverage to dairy farmers in Kerala. The government subsidized scheme will give insurance coverage to dairy farmers at low premium rates. The farmers belonging to the general category will receive 50% subsidy on premiums ..

Category: Government Schemes Current Affairs

Topics: Insurance • Insurance industry

Claim Ratio under National Health Protection Mission

Claim ratio is calculated as the total value of all claims paid by the company divided by the total amount of premium collected in a financial year. A claim ratio of 75-90 is usually thought to be an indicator of a robust claim settlement system by an insurer. National health protection mission and claim ratio ..

Topics: Economy • Finance • Insurance • Insurance industry • Life Insurance • Loss ratio • Service industries • Types of insurance