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News on Medial
Why has the sum assured under the IPL's insurance policy shot up this year?
Money Control
·
1y ago
Medial
The sum assured for insurance taken by the Indian Premier League (IPL) and its teams has been increasing due to various reasons such as risks and uncertainty during matches, player injuries, and other issues. Insurance is obtained for players, matches, and venues, with coverage including medical and general insurance for players and insurance for venues where matches are scheduled. The increase in the sum assured is attributed to greater awareness of the risks involved in the league, with teams opting for per-match insurance after facing challenges during the pandemic. Overall, insurance for the IPL falls under the general insurance category.
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Here's why LIC net profit fell 50% to Rs 7,925 crore in Q2 FY24
IndianStartupNews
·
1y ago
Medial
Insurance giant Life Insurance Corporation of India (LIC) reported a 50% drop in net profit for the second quarter of the financial year 2024, amounting to Rs 7,925 crore. The decline was attributed to a decrease in net premium income and a change in accounting policy. However, LIC saw a rise in income from investments and improvements in solvency margin and gross non-performing assets ratio. While LIC's group business performance showed mixed results, the chairman expressed optimism for future growth. Other leaders in the Indian insurance market include SBI Life, HDFC Life, and ICICI Prudential Life.
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IRDAI's higher surrender value proposal may again find stiff resistance from life insurers
Money Control
·
1y ago
Medial
The Insurance Regulatory and Development Authority of India (IRDAI) has proposed new rules that would offer higher surrender values (payouts on early exits) to policyholders. Currently, policyholders who decide to surrender their policy after paying the first premium forfeit the entire amount. Under the proposed rules, policyholders would be entitled to a special surrender value (SSV) from the first year. Life insurance companies are pushing back on the draft rules, arguing that the long-term nature of life insurance products should be preserved and that there are alternative remedies for policyholders with grievances.
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Why China’s going all in on gold and India isn’t, says financial adviser
Economic Times
·
1m ago
Medial
China is increasingly investing in gold as a strategy to reduce its reliance on the US dollar and enhance economic stability. This move includes policies like mandatory investments by insurance companies in physical gold and encouraging citizens to purchase more. In contrast, India holds significant household gold reserves but lacks a strategic national policy. This difference highlights China’s proactive approach versus India’s cultural focus on gold, limiting broader financial leverage and strategic utility.
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Go Digit FY24: PAT Jumps Over 5X To INR 182 Cr, GWP At INR 9,016 Cr
Inc42
·
1y ago
Medial
Go Digit, an Indian general insurance company, reported a 24.5% year-on-year increase in total gross written premium (GWP) to INR 9,016 Cr in FY24. Net earned premium for the fiscal year was INR 7,096 Cr, up from INR 5,164 Cr in FY23. The company's assets under management as of March 31, 2024, reached INR 15,764 Cr.
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How migrant labourers in Noida can get insurance payout of Rs 3000 if temperature rises
Economic Times
·
1m ago
Medial
Digit Insurance, along with K M Dastur Reinsurance Brokers and Jan Sahas Foundation, provides parametric insurance to migrant workers in Noida. This first-of-its-kind policy grants payouts up to ₹3,000 when temperatures surpass 42°C for five consecutive days, without needing damage evaluations. It also offers hospitalization coverage during heatwaves, crucial for daily wage workers vulnerable to thermal stress. This initiative, echoing a similar one by ICICI Lombard, helps mitigate heat-induced livelihood loss.
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’You will love this. Give it a try:’ Paytm CEO Vijay Shekhar Sharma on company’s new health insurance policy | Mint
Livemint
·
1y ago
Medial
Digital payments giant Paytm has introduced a new health insurance policy called "Paytm|Health Insurance," which differs from traditional plans by incorporating regular healthcare expenses. The policy offers coverage up to INR 3 lakh for individuals aged 18 to 35 years and includes benefits such as coverage for hospitalization costs, regular health check-ups, and consultations with doctors at any time of the day. Additionally, it covers expenses for medicines and lab tests, offers discounts on pharmacy purchases and diagnostic tests, and includes annual medical checkups. Paytm CEO Vijay Shekhar Sharma encourages users to try out the new policy.
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Markets stay strong despite conflict fears and IPO slowdown
Inshorts
·
3m ago
Medial
Indian markets show resilience amid conflict tensions, with Sensex and Nifty up 10% since April lows. FIIs' long-shot ratio hit a 7-month high, reflecting bullish sentiment. Yet IPOs are stalling, with $760 million in offerings delayed due to weak investor demand. Meanwhile, the rupee slipped slightly, and the dollar remains under pressure globally.
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Why constant job cuts could be the new normal for Big Tech
Business Insider
·
1y ago
Medial
Google is undergoing a wave of layoffs, following major cuts last year. Google CEO Sundar Pichai has stated that the cuts are being made to free up resources for new investments and to simplify execution. This trend of job cuts is not unique to Google, as other Big Tech companies like Amazon and Meta have also made significant cuts in recent times. This could become the new normal due to investors' increasing focus on profits rather than growth in the post-zero-interest-rate-policy era. Additionally, as Big Tech companies age, it becomes harder for them to generate new growth stories, making periodic layoffs more common.
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Air India crash could trigger $475 million in claims; insurance cover hiked weeks before
Economic Times
·
1m ago
Medial
The Air India Boeing 787-8 that crashed near Ahmedabad, killing 270, saw its insurance cover increased by ₹100 crore weeks before the incident. Total insurance claims could reach $475 million. Indian insurers will cover about ₹100–150 crore, with global reinsurers bearing most costs. The policy covers Air India’s fleet, worth ₹8,000–₹10,000 crore, with premiums at ₹250 crore. IRDAI has fast-tracked claims, with payments to victims' families under the Montreal Convention.
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FinMin releases Rs 66,745 cr loan to 28 states for capital investment in Apr-Jan
Money Control
·
1y ago
Medial
Between April 1, 2023, and February 1, 2024, a total of Rs 66,745.21 crore has been released to 28 states under the Scheme for 'Special Assistance to States for Investment'. The aim of this scheme is to provide financial support to boost capital expenditure by states. The assistance is in the form of a 50-year interest-free loan, with an overall sum of Rs 1.3 lakh crore allocated for the fiscal year 2023-24. The funds have been utilized for various capital investment projects in sectors such as health, education, infrastructure, and more.
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