Friday, June 1, 2012
Life Insurance Premium of Private Insurers comes down by 16% during April 2012
Figures released by IRDA for the month of April 2012 are disappointing as new premium by Private Life Insurers has come down to Rs 1125 crores ( Vs Rs 1345 crores in April 2011). This is 16% lower. Considering inflation in the country @ 10% we find that performance is really disappointing. Let us hope for some corrective steps. - these are needed.
Thursday, March 29, 2012
In a recent case in New Delhi Police has arrested seven persons including:
1 Delhi university graduate.
2 employees of ICICI bank
1 LIC agent
+ 3 others
This group have been taking loans from banks by pledging forged LIC policies.
The mod us operandi of the gang was to procure blank LIC policies and after filling the same with fake details, submit it to the ICICI bank to procure loan. So far they had been able to procure loans worth Rs. 2.7 crore and had invested the money in shares and properties.
“the kingpin of the gang is one Ajit Pundhir ,who is a freelance agent for ICICI bank. He came in touch with Ram Niwas and Prem Prakash who used to work in the " Loan Against Securities Division of ICICI bank at Videocon Tower,New Delhi and were responsible for verifying original documents submitted to the bank of obtaining such loans”
The question before us is -Why ICICI Bank did not check the premium receipts for premium paid by the insured?