The product, named Saral Suraksha Bima, will have a maximum sum assured of Rs 1 crore and minimum Rs 2.5 lakh.
With inflation under control, the Monetary Policy Committee's (MPC's) job is to support growth because the economy had recovered well from the lows in the initial months of the pandemic, according to the panel's members, who met in the first week of this month. The minutes of the meeting show the Reserve Bank of India (RBI) governor in his statement said: "Given the sharp moderation in inflation along with a stable near-term outlook, monetary policy needs to continue with the accommodative stance to ensure that the recovery gains greater traction and becomes broad-based." Ashima Goyal, external member of the MPC, said: "The current macroeconomic configuration and its expected future evolution imply there is space for the MPC to continue to support the revival of the economy with inflation remaining in the target band."
While it took UPI three years to reach a billion transactions in a month, the next billion came in just a year. Digital payments, especially UPI, saw increased adoption in 2020 due to the Covid-19 pandemic.
These top two apps account for more than 78 per cent of the UPI market in terms of volume of transaction, and 86 per cent of the market by value of transactions in December.
Irdai had introduced two Covid specific products in the market - Corona Kavach and Corona Rakshak - that saw huge acceptance among the consumers as these products had lower premiums.
Surge in UPI transactions is because of an increased consumer interest in making bill payments and recharging mobile phones online, and purchase of non-essential goods on e-commerce platforms.
This will help expand the distribution channels, said Subhash Chandra Khuntia, chairman of the insurance regulatory and development authority of India.
In its EoI document, the bank had said it was open to converting into a small finance bank.
RuPay National Common Mobility Card's offline wallet can be used to make ticket payments in transit, including in metros, cabs, etc, enabling automatic, quick, cashless payments.
While the stress is lower than projections, it would be higher than what we saw last year because of the pandemic: Axis.
According to the data compiled by General Insurance Council, which is not publicly available, the insurers have settled 508,334 claims amounting to over Rs 4,800 crore.
'In FY21, as of October, LIC has booked a profit of Rs 18,800 crore through sale of equities.'
Under the co-lending model, banks have to take their share of the individual loans on a back-to-back basis on their books while NBFCs are required to retain a minimum of 20 per cent share of the individual loans on their books.
To add to the worry of the insurers, non-Covid claims, which were muted in the initial months of the pandemic, have also picked up pace and are more or less at pre-Covid levels.
In this month itself, UPI can hit 2 billion transactions and by March 2021, it should reach 2.15 billion transactions in a month.
The Saral Jeevan Bima product to be offered by all life insurance companies will be a non-linked non-participating individual pure-risk premium life insurance plan.
India saw growth of around 213 per cent in the number of real-time payments processed over the past year.
The insurance companies will use "green, orange, and red" colours to indicate the complexity of the products that are on offer.
However, the number of renewals has grown by only 0.4 per cent, which means only high value and ticket size renewals are coming.
As many as 121,739 claims settled by insurers so far, amounting to Rs 1,165.81 crore.
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