Personal Finance

Regulator Irdai on Monday permitted life and general insurers to conduct KYC of prospective customers through Video Based Identification Process (VBIP), a move that will help company officials to complete mandatory requirement online during the pandemic.

The objective of the VIBP, Insurance Regulatory and Development Authority of India (Irdai) said, is to leverage various electronic platforms to simplify know your customer (KYC) process and make it customer-friendly.

Insurers may undertake live VBIP by developing an application, which will facilitate the KYC process either online or face-to-face in-person verification through video, the regulator said.

“This may be used for establishment/continuation/verification of an account based relationship or for any other services with an individual customer/beneficiary, as the case may be, after obtaining his/her informed consent…,” Irdai said in a circular.

It further said all accounts opened or any service

First things first, what is a loan restructuring scheme?

It is a process used by companies and individuals facing financial distress or on the brink of insolvency to lower and renegotiate their debts and restore liquidity so that companies can continue their business, while individuals get on with their lives. Basically, loans are restrutured to avoid the risk of default on existing debt.

The debt restructuring process involves a reduction of the interest rates on loans or an extension of its repayment tenure, or both. These steps improve a company’s chances of paying back the dues. Well, it is a win-win for both parties because the business avoids bankruptcy, and the bankers typically receive more than they would have, had the company been forced into liquidation.

Now, on August 6, in view of the Covid-19 pandemic and the resultant stress in the system, the Reserve Bank

The disruption caused by the coronavirus’ spread and the pandemic-induced lockdown resulted in the life insurance industry losing around four million policies and premiums of around Rs 45,000 crore, said Raj Kumar, managing director of Life Insurance Corporation (LIC).

Speaking at an event organised by the Merchants’ Chamber of Commerce and Industry on post-Covid challenges and opportunities for the industry, Kumar said: “The industry as a whole lost four million policies and around Rs 15,000 crore of new business premium. Since the lockdown happened, people were saving money for necessities. So, around Rs 30,000 crore of renewal premium did not materialise.”

Traditionally, the second fortnight of March is the most productive period, as it accounts for around 15-18 per cent of the entire business. The industry reported a contraction in new business premiums for four straight months from March.

But

It’s now been several months since companies first implemented their COVID-19 crisis response initiatives. Although in many parts of the world the virus continues to present serious health and economic challenges, company leaders must balance such urgencies with the need to take a longer-term view of their company’s prospects. To better understand this dynamic, PwC recently conducted a CEO Panel Survey^PDF, asking nearly 700 CEOs how their company’s business model will change after the pandemic. Their responses spoke volumes about how the future of work is likely to evolve.

As the leaders of small private firms and US$1 billion-plus public companies, representing a diverse cross section of industries, countries, and regions, these CEOs make the decisions that will redefine how and where work gets done — with implications for untold numbers of employees. The survey revealed that CEOs’ plans focus on three key areas: to become more digital

Regulator Irdai is mulling over a plan to allow the tenure extension of COVID-19 specific insurance products as the vaccine for the disease is seemingly away by some more time, its chairman Subhash C Khuntia said on Thursday.

Besides, the insurance sector watchdog is also working towards facilitating a standard product for coronavirus, which will be easy to understand by policyholders and will not require “voluminous policy documents”.

“With regard to extending the tenure of the COVID-19 related products, we are hoping that the vaccine would not be delayed for too long. But now that it appears that it will take some more time, we will take decision about extending the tenure of the policy at an appropriate time,” Khuntia said while addressing the CII Insurance and Pensions Summit webcast.

Corona Kavach, which was launched on July 10 and

Using a beer can, a measuring tape, spray cans full of starter fluid, and Styrofoam mannequin heads, the YouTube personality Uncle Rob made a popular video illustrating the power of face masks to stop aerosol spray at various distances.

The video is my hands-down favorite among the wide range of messaging tools individuals and organizations have used to persuade people to take steps to reduce risks to themselves and others amid COVID-19. A close second would be the widely shared “Stay Home, Save Lives” memes that my fellow Chicagoans made using a cardboard cutout of our mayor with a stern look on her face. Both use creativity and a generous dose of humor.

More pedestrian but equally important examples are the graphics showing how (and how not) to wear a mask, and color-coded maps of states showing progress controlling the disease. The World Health Organization produced a series of