Insurance Related Current Affairs (June to November 2019)

June 2019:
 Zest Money, partnered with Digit Insurance to offer EMI insurance to the company’ s five million customers.
 Health insurance provider Max Bupa partners with fintech platform MobiKwik to promote bite sized group health
insurance products for MobiKwik‟s 107 million customers across the country.
 Government reduced the Employees State Insurance (ESI) contribution rate to 4% from 6.5%.This will benefit 36
million workers and 1.28 million employers and will lead to an estimated annual saving of around Rs 5,000 crore
for firms. The reduced rates will be effective from July 1,2019. The Central government through the Ministry of
Labour & Employment decides the rate of contribution under the Employees' State Insurance Act 1948 (the ESI
Act).
 Ministry of Agriculture and Farmers Welfare announced that farmers in the country are expected to contribute Rs
100 per month under the Pradhan Mantri (PM) Kisan Pension Yojana. It seeks to provide a minimum monthly
pension of Rs 3,000 on the attainment of 60 years of age. The central government will also contribute an equal
amount to the pension fund. Pension Fund will be managed by the Life Insurance Corporation (LIC). It will be
responsible for the pension payout.
 Max Life Insurance Company launched a unique proprietary tool named 'My Protection Quotient' (MyPQ) to
ensure financial protection in the country. It had earlier launched 'India Protection Quotient' survey in association
with Kantar IMRB to understand where India stands with regards to life and term insurance ownership. It also has
dedicated 6th of every month as ‘Protection day’ and MyPQ was launched on Second protection day.
 Industrial Development Bank of India (IDBI) Bank and Max Bupa, a Standalone Health Insurer(SAHI) signed a
Bancassurance corporate agency agreement. For the first time, IDBI Bank became an on-boarded corporate agent
for Max Bupa under open architecture. It will also install ‘Infinity’, a proprietary digital platform. Through this,
the customers of IDBI Bank can purchase the product of their choice instantly and access their policy documents
at the bank branch.
 The Insurance Regulatory and Development Authority of India (IRDAI) hiked the Third Party (TP) motor
insurance premium for small and medium private cars by 12-12.5% for 2019-20. The rates are applicable from
June 16, 2019. TP premium for two-wheelers and heavy vehicles was also increased. These powers which are
provided to IRDAI are mentioned under Section 14 (2) (i) of the IRDA Act, 1999.
 Industrial Development Bank of India (IDBI) has signed a bancassurance agreement with Tata AIG General
Insurance Company Ltd to provide Tata AIG’s suite of P&C (Property and Casualty (insurance) products to its
customers. This tie-up comes after IDBI Bank and Max Bupa Signed Bancassurance Corporate Agency
Agreement.
 Max Life Insurance Company Limited, one of the country's leading life insurance companies, launched
customizable 'Max Life Smart Term Plan'. It will offer customers the flexibility to customize their own protection
solution through the selection from a wide range of benefits and features. It offers seven types of death benefits to
customers to choose for their protection needs.
 Mobi Kwik, a mobile payments service provider, partnered with health insurer Max Bupa to launch “shampoo-
sachet” concept in the insurance sector. It will offer mini medical insurance products with premiums as low as Rs
20. Max Bupa and MobiKwik launched a HospiCash plan which has an annual premium of Rs 135.

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 Insurance Related Current Affairs (June to November 2019)

 West Bengal Government launched a crop insurance scheme, Bangla Shashya Bima (BSB) for the 2019 'Kharif'
season to protect farmers from losses due to natural disasters and provide a steady income in case of unstable
market prices. The scheme was launched in collaboration with Agriculture Insurance Company of India (AIC).

July 2019:
 Airtel Payments Bank has partnered with Bharti AXA Life Insurance to offer a life term insurance plan. The bank
will offer the plan through its extensive network of banking points across the country.
 ICICI Bank has tied up with NBFC IndoStar Capital for vehicle financing for small and medium fleet owners to
buy new as well as old commercial vehicles.
 Life Insurance Corporation of India has agreed to offer Rs 1.25 trillion Line of Credit by 2024, to fund highway
projects under Bharatmala project
 The first live payments bank in the country, Airtel Payments Bank has partnered with Bharti AXA Life Insurance
to offer Bharti AXA Life POS (Point of Sale) Saral Jeevan Bima Yojana, a pure life term insurance plan up to Rs
5 lakh which is aimed at the under-insured and uninsured segments in India. The customers are offered the option
of life cover between 3-5 lakh and it will soon be extended up to Rs 25 lakh.
 The State Government of Uttar Pradesh (UP) has become number one in implementation of ambitious central
government scheme Pradhanamntri Suraksha Beema Yojna. Totally 1.95 crores people have been given insurance
cover under the scheme till 31 march 2019 in the state. The state implemented this scheme starting from January
2018.

August 2019:
 Public sector Bank, Indian Bank signed a Memorandum of Understanding (MoU) with Tata AIG General
Insurance. The MoU offers the latter’s diverse range of general insurance policies benefiting the bank’s customers
by way of protection, wealth creation and savings.
 Acko General Insurance, an insurtech company, has partnered with Zest Money. This partnership will help Zest
Money customers cover their monthly EMI payments during times of crisis.
 Indian Bank has entered into a corporate agency agreement with Cholamandalam MS General Insurance
Company Ltd.
 Jeevan Amar is a non-linked,non-participating life term insurance plan offering great flexibility to policyholders
in comparison to other insurance plans by the Life Insurance Corporation of India (LIC). The policyholder cannot
claim the money on maturity but will be obtained as a death claim in case of demise of the person.
 A private life insurer Edelweiss Tokio Life Insurance tied up with MobiKwik to offer mobile-based group
insurance solutions for the customers of MobiKwik. It will provide life insurance in the variants of Rs 1 lakh, Rs
3 lakh, and Rs 5 lakh through MobiKwik’s wallet app and website.
 Siddhartha Mohanty (Odisha) has assumed charge as MD (Managing Director) & CEO (Chief Executive Officer)
of LIC Housing Finance (Life Insurance Corporation HFL) one of the largest housing finance companies in India.
He replaces Shri Vinay Shah.
 MSCI Inc ( Morgan Stanley Capital International), One of the world’s biggest index compilers, has added HDFC
Life Insurance Company Ltd. to its Global Standard Index and removed Union Bank of India(UBI) from its India
Small cap Index. The changes in the MSCI Index will be implemented as of the closing hours of August 27, 2019.
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 Insurance Related Current Affairs (June to November 2019)

 Indian Bank Managing Director and CEO (Chief Executive Officer), Padmaja Chunduru and
 Cholamandalam MS (Chola MS) General Insurance Company, Managing Director, SS Gopalarathnam, have
signed a corporate agency agreement where the Chola MS will deliver a wide range of insurance policies to the
Indian bank customers.
 Budget hotel chain Oyo Hotels and Homes have partnered with ACKO General Insurance to provide a
complimentary insurance cover up to Rs 10 lakh for protection against accidental death, baggage damage,
accidental medical expenses amongst other benefits like OPD (Outpatient Department)treatment, etc during their
stay.
 The 3rd -largest of the private-sector lender, Axis Bank has signed a bancassurance agreement with stand alone
health insurer, Aditya Birla Health Insurance Co Ltd (ABHICL) to provide Aditya Birla’s suite of insurance
products to its customers. Aditya Birla’s products will now be available in Axis Bank customer base across its
4,094 branches and digital channels.
 Insure tech company Acko General Insurance, has partnered with ZestMoney to offer credit card insurance to its
(ZestMoney) customers. Acko which offers personalized underwriting, micro insurance products, and automated
micro claims process, will offer credit insurance to Zest Money customers who are provided with instant
financing and the option of paying through EMIs(Equated Monthly Installments) even if they don’t own a credit
card.
 A renowned life Insurance company, Bharti AXA Life Insurance on its 13th Foundation Day, has partnered with
a non-profit organization in India, Akshaya Patra Foundation to support and contribute to the mid-day meal drive
for government-run school children across India. Bharti AXA Life has urged its over 5,500 employees to donate a
day’s salary to Akshaya Patra to counter classroom hunger.
 Karur Vysya Bank(KVB), one of the oldest banks in India has signed a bancassurance agreement with General
insurance company, Digit Insurance to provide Digit Insurance’s suite of products to its SMEs(Small and
medium-sized enterprises) customers.
 Indian Bank signed a Memorandum of Understanding (MoU) with Tata AIG General Insurance to offer Tata AIG
General Insurance’s diverse range of general insurance policies to the bank’s customers. Tata AIG General
Insurance will work with the Indian bank for sales training, product support and ensuring smooth operational
processes.
 An autonomous body tasked with regulating insurance and re-insurance industries, IRDAI (Insurance Regulatory
and Development Authority of India) has set up a single point contact for its regulatory sandbox (RS) initiative.
The Fintech entities can seek permission to experiment with innovative products for the growth of the sector.

September 2019:
 The Department of Financial Services has approved the Rs 12,000 crore capital infusion plan in the 3 state-run
general insurance companies: National Insurance, Oriental Insurance and United India Insurance.
 Ministry of Commerce & Industry through Export Credit Guarantee Corporation has introduced a new Export
Credit Insurance Scheme called NIRVIK. The Niryat Rin Vikash Yojana has been launched to enhance loan
availability to exporters and to ease the lending process. Under the new scheme NIRVIK, up to 90 per cent of the
principal amount and interest will be covered through insurance.

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 Insurance Related Current Affairs (June to November 2019)

 Employees' State Insurance Corporation (ESIC) signed Memorandum of Agreement (MoA) with State Bank of
India for direct transfer of benefits electronically into bank accounts of all stakeholders.
 The Rajasthan state government has launched a new health insurance scheme called Ayushman Bharat-Mahatma
Gandhi Rajasthan Swasthya Bima Yojna (AB-MGRSBY) by integrating the Bhamashah Health Insurance
Scheme(BSBY) of the State Government and Ayushman Bharat Pradhan Mantri Jan Arogya Yojna Scheme(AB-
PMJAY) of the Central Government.
 The insurance regulator IRDAI (Insurance Regulatory and Development Authority of India) has set up a 9-
member panel headed by New India Assurance Company Ltd (NIACL) Chief Managing Director (CMD) Atul
Sahai, in order to review its three-year old guidelines (set up in 2016) on trade credit insurance due to the
changing market requirements.
 The Industrial Development Bank of India (IDBI Bank) and Life Insurance Corporation of India Credit Cards
Services (LIC CSL), a wholly-owned subsidiary of LIC, will launch a co-branded credit card. It will be marketed
to customers, agents, and employees of the corporation and its subsidiaries.
 A state-owned bank, Indian Bank has signed a bancassurance agreement with a standalone health insurance
player, Max Bupa to provide Max bupa’s suite of health insurance products to its customers. The product
portfolio comprises Max Bupa’s both retail & group health insurance products besides Indemnity and Fixed
Benefit products.
 An Indian global telecommunications services company, Bharti Airtel has tied up with Bharti AXA Life
Insurance to offer prepaid plan for its users along with insurance protection plan. Airtel has brought a special
prepaid plan of Rs 599, in which customers will get 2GB (gigabyte) data per day, unlimited calling and 100 SMS
(Short Message Service) per day on any network, as well as a life insurance cover of Rs 4 lakh from Bharti AXA
Life Insurance.
 Repco Home Finance Ltd (RHFL ),an Indian banking and financial services company has signed corporate
agency agreement with SBI (State Bank of India) Life Insurance, a leading life insurance company in India to
provide SBI Life’s range of products to its customers. Through this partnership, SBI Life Insurance will reach
more new customers across geographies to meet their diverse insurance needs.
 India's first Payments Bank, the Airtel Payments Bank has joined hands with India's leading private sector general
insurance company, HDFC ERGO General Insurance Company to offer unique Mosquito Diseases Protection
Policy (MDPP) to protect against mosquito-borne diseases. This partnership aims to contribute to the financial
inclusion of the country through the strong distribution network of Airtel Payments Bank and strong innovation of
HDFC ERGO (Housing Development Finance Corporation Ltd).
 PNB MetLife India Insurance Co. Ltd, one of the leading life insurance companies in India has joined hands with
Religare Health Insurance to bundle and sell the live covers of Religare comprising health, death and illness. The
policy package will be offered from mid December 2019. With this integration, the customer of PNB MetLife
will get this in a single policy.
 Indian life insurance provider, Aegon Life Insurance has signed a Corporate Agency Agreement with Paytm, an
Indian e-commerce payment system to offer comprehensive life insurance products. As per this agreement, Paytm
will distribute Aegon Life products to its customers. The product portfolio comprises existing and co-created
tailor-made propositions.

October 2019:
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 Insurance Related Current Affairs (June to November 2019)

 Life Insurance Council has decided to launch the Indian life insurance industry’s first joint mass media campaign
with the slogan ‘Sabse Pehle Life Insurance’.
 The Insurance Regulatory and Development Authority of India has imposed penalties of Rs 1.01 crore on
Cholamandalam MS GIC for violations observed during an inspection.
 Indian life insurance provider, Star Health Insurance has joined hands with Paytm, an Indian e- commerce
payment system to offer comprehensive life insurance products. As per this partnership, Paytm will distribute Star
Health Insurance products to its customers.
 The Insurance Regulatory and Development Authority of India (IRDAI) has constituted a 12- member working
group (WG) chaired by T.L. Alamelu to review the product structure of title insurance, which covers any loss
caused due to a defect in the ‘title’ of the property arising out of third-party challenges. WG will submit its report
in 12 weeks’ time from the date of the order.
 The largest Japanese life insurance company, Nippon Life Insurance has renamed Reliance Nippon Life Asset
Management (RNAM) as Nippon India Mutual Fund (NIMF) after acquiring 75 % stake in RNAM from Reliance
Capital for around Rs 6,000 crore.
 Life Insurance Council has decided to launch the Indian life insurance industry’s first joint mass media campaign
with the slogan ‘Sabse Pehle Life Insurance’ (first thing is life insurance) within a month whose total cost will be
around Rs 100 crore. For this purpose, Life Insurance Corporation (LIC) of India will provide Rs 40 crore. It will
be a joint effort of 24 Indian life insurance companies.
 The Insurance Regulatory and Development Authority of India (IRDAI) has constituted 9-member panel headed
by TR Alamelu, member (Non- life) to have a look at the set of regulations, circulars and guidelines on
Reinsurance, Foreign Reinsurance Branches and Lloyd’s India & would suggest amendments to reinsurance,
investment, foreign reinsurance branches(FRBs) and Lloyd’s India regulations in the next two months.
 Bajaj Allianz Life Insurance launched a first-of-its-kind video calling service within the life insurance industry
called i-SERV to enhance the customer experience and provide resolutions to the queries of its customers. This
service is available to customers across 125 Bajaj Allianz Life branches in 112 cities.
 In order to promote innovative ideas to foster growth in the insurance sector, an autonomous body tasked with
regulating insurance industries in India. IRDAI (Insurance Regulatory and Development Authority of India), has
formed an 8-member panel headed by the International Institute of Information Technology (Bangalore) Director
S Sadagopan to evaluate applications filed under the Regulatory Sandbox (RS). The Committee will have a term
of one year & meet whenever required.
 Bombay Stock Exchange (BSE) ,Asia's first stock exchange and its joint venture (JV) partner Ebix, US (United
States) based insurance exchange, has received in-principle approval from insurance regulator IRDAI (Insurance
Regulatory and Development Authority of India) to act as a direct insurance broker under the IRDAI (Insurers
Brokers) Regulations, 2018. The JV, named as BSE- Ebix Insurance Broking Pvt Ltd.

November 2019:
 Bajaj Allianz General Insurance has introduced new mobile app called ‘Farmitra’ for the ease of farmers. This
app intends to help the farmers needs and address their worries. It also resolves with relevant information, which
they can use in optimizing their farming practices. It was the first mobile app that cater to the specific needs of
farmers and resolve the day to day farming needs.

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 Insurance Related Current Affairs (June to November 2019)

 The Board of Directors of Cholamandalam Investment and Finance Company Ltd (CIFCL) have accepted the
appointment of Arun Alagappan as the Managing Director for a period of 5 years. He has been the Executive
Director of this company from August 19, 2017.
 ICICI Lombard has been partnering with Fino Payments Bank to offer non-life insurance solutions to its
customers. As part of this association, ICICI Lombard has introduced several innovative insurance solutions that
complement Fina’s technology-enabled platforms and harness its customer reach.
 IRDAI (Insurance Regulatory and Development Authority of India ), an autonomous, statutory body tasked with
regulating insurance and re-insurance, has barred Anil Ambani’s company Reliance Health Insurance Ltd
(RHICL) from selling new insurance policies due its poor financial condition and only they can provide service to
old policies.
 ICICI (Industrial Credit and Investment Corporation of India) Lombard has announced its partnership with Fino
Payments Bank to offer several sachet based insurance products to its customers. Some of the offerings include
Hospicash which provides customers the solution to cover loss of their income. This product will specially benefit
migrant workers, when they are hospitalized.
 India First Life Insurance, a leading life insurance company in India has partnered with Spice Money, a tech-led
financial services provider, for distribution and marketing of ‘insurance khata’, a micro-insurance plan aims at the
informal sector & agricultural labourers with seasonal incomes. Under this partnership, Spice Money will work
for India First Life &market of ‘insurance khata’ products to its customers base of over three lakh in semi-urban
and rural India.

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