Life Insurance News

Central Bank of India Acquires Stake in Future Generali Insurance Firms

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Central Bank of India (CBol) has completed the acquisition of a 24.91% stake in Future Generali India Insurance Company Ltd (FGIICL) and a 25.18% stake in Future Generali India Life Insurance Company Ltd (FGILICL). The move was carried out under the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.

CBol's investment amounts to up to Rs. 451 crore in FGIICL and Rs. 57 crore in FGILICL, as per the bank's regulatory filing. This acquisition aligns CBol with other public sector banks-such as SBI, PNB, BoB, Canara Bank, Union Bank, and Bank of India-that already operate in the insurance space.

The bank secured the necessary approvals from the Competition Commission of India (CCI), Reserve Bank of India (RBI), and the Insurance Regulatory and Development Authority of India (IRDAI) to proceed with the acquisition, marking a strategic expansion into the insurance sector.

Insurers Ease Claims Process for Families of Plane Crash Victims

Life Insurance Corporation of India (LIC), Bajaj Allianz Life Insurance, and HDFC Life have announced special measures to fast-track claims for victims of the recent Air India plane crash in Ahmedabad.

LIC stated it will accept alternative proof of death-such as government or airline compensation records-in lieu of a formal death certificate. It also assured proactive outreach to claimants to ease their hardship.

Bajaj Allianz has set up a dedicated claims settlement desk and simplified documentation requirements. The insurer will begin processing claims based on certificates issued by hospitals or municipal bodies if a death certificate is unavailable. Nominees can reach out via toll-free number, email, or any of the insurer's 596 branches.