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The Insurance Regulatory and Development Authority (Irda) is working on guidelines to revamp micro-insurance products. Irda wants to increase the life cover offered in these policies and reduce the premium, an Irda official said.   Irda will also look at allowing insurers to look at different forms of distributions such as a banking correspondent-like model to increase the reach of...

Seven months after debuting in India, Warren Buffett's Berkshire Insurance is now spreading its wings in the country. The company plans to enter the life insurance space in India, by launching an online term cover.   Berkshire India, a joint venture between Nebraska-based Berkshire Hathaway and Allianz, would start life insurance operations as a corporate agent of Bajaj Allianz...

The district and sessions court on Wednesday sentenced a man to life imprisonment for hatching a plot in which his wife of 17 years was murdered in cold blood so that he can claim her insurance.   The accused, identified as Sunil (44) from Kalyani Pura region, worked as a ward boy at the JLN Hospital in Ajmer and was in heavy debt. To repay the loans, he had planned the murder of...

Aditya Birla Nuvo Ltd reported a net profit of Rs. 214 crore for the September quarter, double that of a year ago. However, adjusted for a one-time loss of Rs. 104 crore suffered by its securities units a year ago, net profit growth is a tepid 2.6%.   At the operating profit level, the 25% growth in the September quarter was less than the 45% seen in the three months ended June,...

Star Health Insurance has emerged as the lowest bidder in the Tamil Nadu health insurance scheme.   The company had initially quoted a premium of Rs 510 per family. This was reduced to Rs 508 after negotiations with the state government, according to an official close to the development.   Bids for the scheme were called for in July. The size of the  health insurance  contract...