11/1/2016

Budget2016:Governmenttopay8.33%tonewemployeesforfirstthreeyearsTheEconomicTimes

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Budget2016:Governmenttopay8.33%
tonewemployeesforfirstthreeyears
ECONOMICTIMES.COM | Updated:Feb29,2016,02.38PMIST

NEWDELHI:InBudget2016,government
proposestopay8.33percentforallnew
employeesforfirstthreeyearsofemployment.

Fromtheemployeesbasicsalary,12

AtotalofRs1,000crorehasbeenallocated
towardsit.Theschemewillbeapplicableto
thosewithsalaryuptoRs15,000permonth.
Themoveisexpectedtohelpeasethe
employer'sburdentosomeextent.

percentofitgoestowardshisEPF
accountwhiletheemployeralso

Fromtheemployee'sbasicsalary,12percent
ofitgoestowardshisEPFaccountwhilethe
employeralsocontributesanequalamount.

contributesanequalamount.

However,notallamountofemployer'scontributionmovesintoemployee'sEPF
butonly3.67percentisdivertedintoit.Thebalancei.e.8.33percentof
employer'smonthlycontributionmovesintoemployee'spensionscheme(EPS).
FromSeptember1,2014,EPSisonlyforthosenewmembersearningless
thanRs15,000.
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Budget2016:Governmentto
pay8.33%tonewemployees
forfirstthreeyears

11

11

Taxproposalstoproviderelieftosmalltaxpayersthroughrebates:FM
ToknowwhatyouwillgetfromEPS,heretheformula:

Comments

(PensionableSalary*serviceperiod)/70.
ThepensionablesalaryiscappedatRs15,000andserviceperiodat35years.
Thus,maximumwouldbeRs7,500permonthpension.Formostwhoare
contributingbeforeSeptember1,2014,itwillmuchlessasearlierpensionable
salarywascappedatRs6,500.
GovernmenthadrecentlymadethefollowingamendmentstotheEPS,1995:
WageceilingforcontributionstoEPS,1995hadbeenenhancedfromRs.6,500
http://economictimes.indiatimes.com/wealth/personalfinancenews/budget2016governmenttopay833tonewemployeesforfirstthreeyears/articl

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11/1/2016

Budget2016:Governmenttopay8.33%tonewemployeesforfirstthreeyearsTheEconomicTimes

to15,000/permonth.
Determinationofpensionbasedonaverageof60months'salarypriortoexit
insteadof12months'salaryearlier.
Optionforcontributingonsalaryexceedingthewageceilinghasbeendeleted.
Thosememberswhowerecontributingonsalaryexceedingthewageceiling
arerequiredtopreferfreshoptionandcontribute1.16percentofwages
exceedingwageceilinginlieuoftheGovernment'scontribution.

EPFOtopay8.8%interestto
"inoperative"accounts:Govtto
issuenotificationsoon
MetlifelookstoexitIndia
insuranceventure

READMORE: EPS|employee|Budget2016|ArunJaitley

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EPFOtopay8.8%interestto"inoperative"
accounts:Govttoissuenotificationsoon
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Notificationsoononinterestto
inoperativePFaccounts
PTI | Oct31,2016,09.08PMIST

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11/1/2016

Budget2016:Governmenttopay8.33%tonewemployeesforfirstthreeyearsTheEconomicTimes
PTI | Oct31,2016,09.08PMIST

HYDERABAD:Thegovernmentisallsetto
issueanotificationauthorisingretirementfund
bodyEPFOtopay8.8percentinterestto
"inoperative"accounts,UnionLabourMinister
BandaruDattatreyasaidtoday.

Theinoperativeemployeeprovident

21
Comments

fundaccountsarenotbeingpaid

"Theinoperative(EmployeeProvidentFund)
accountsarenotbeingpaidinterestsince2011.
AspertheinstructionsgiventhePrimeMinister
NarendraModiandFinanceMinisterArun

interestsince2011.

Jaitley,wedecidedtostartpayinginterestto
thoseaccountstomakethemoperative,"Dattatreyasaid.
"Ihavealreadysignedthefileconcerned.Notificationwillbeissuedsoon.We
willpay8.8percentinterestonthoseaccounts.About9.70croreworkersor
employeeswillbenefitfromthisnotification.ThisisaDiwaligiftforthepeople.
Wewillissuenotificationwithinaweek,"hetoldPTI.
TheministerfurthersaidthatofficialshaveidentifiedthataboutRs42,000crore
isnowlyingin"inoperativeaccounts"acrossthecountry.

EPFOtopay8.8%interestto
"inoperative"accounts:Govtto
issuenotificationsoon
MetlifelookstoexitIndia
insuranceventure

RBIissueswarningaboutRs
500andRs1,000counterfeit
notes
Alternativeinvestmentreturns
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endingOctober28,2016

"PeoplecanparktheirfundsinEPFaslongtheywant.Sincetheinoperative
accountsaregettinginterest,peoplemaynotliketowithdraw.Itisasafe

EPFOjoinsCSCnetwork
pensionerscannowsubmit
digitallifecertificatesviaCSC
networkingpoints

investmentalso.Ifnottoday,tomorrowwewillhavetopaytotheclaimant.So
thereisnothingcalledunclaimed,"aseniorofficialoftheministryhadearlier

Centreokays2%hikein
dearnessallowance

said.
IncaseofEPF,ifthereisnocontributionpaidduringthelast36months,then
thataccountisclassifiedas"inoperative",theofficialadded.

Einsuranceisfacing
challengeswithitsformat:
TarunChugh,PNBMetLife

"Weareintheprocessofidentifyingmultipleaccountsheldbyindividuals.
Oncethatiscompletedwewillstartdistributingtheinteresttothoseaccounts,"
Home

Dattatreyasaid.

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OnstructuringtheEmployeesProvidentFundOrganisation,hesaidasthe
governmentisonthetasktoincreasesocialsecurityschemetoallthesectors,
thereisanecessitytoincreasetheEPFOnetworkalso.
"Thecurrentzonalsystemwillbefurtherenhancedsothatthereachishigh.
Thereisachancethateverystatewillgetazonaloffice,"hesaid.

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Budget2016:Governmentto
pay8.33%tonewemployees
forfirstthreeyears

Accordingtohim,therewillbeareviewmeetingonEPFOtomorrowwhichwill
discussindetailontheissue.
READMORE: interest|inoperative(EmployeeProvidentFund|EPFO|EPF|contribution

11

11
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Comments(21)

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Budget2016:Governmenttopay8.33%tonewemployeesforfirstthreeyearsTheEconomicTimes

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EPFOtopay8.8%interestto
"inoperative"accounts:Govtto
issuenotificationsoon

enteryouremail

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NEXTSTORY

MetlifelookstoexitIndiainsurance
venture
ByShilpySinha,ETBureau | Updated:Oct31,2016,12.52AMIST

MUMBAI:USinsurerMetlifeIncplanstoexitits

Centreokays2%hikein
dearnessallowance

Einsuranceisfacing
challengeswithitsformat:
TarunChugh,PNBMetLife

Indiainsuranceventuretoconcentrateonits
homemarketwherechallengesaremounting.
TheIndianventurehasgrownsignificantlyin
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becamea30%stakeholderin2013.

6
Comments

MetlifesIndiaunithadsharecapitalof

ButtheUScompanyisamongthefew

Rs2,128croreattheendofMarch.

overseasinvestorsthatdidnttakeadvantageof

theriseinthelimitonforeignholdingin
insuranceto49%from26%,ashiftthathassparkedconsolidationinthe
industry.PNBMetlifeisvaluedataboutRs6,500crore,saidtwopeopleaware

MoreFromPersonalFinance
News
Budget2016:Governmentto
pay8.33%tonewemployees
forfirstthreeyears

ofthedevelopment,withanembeddedvalueofRs2,100crore.
Metlifeisplanningtosellits(26%)stakeintheIndianlifeinsuranceventure,
saidoneofthem.Discussionshavebegunwithglobalinvestmentbanks.
Metlifeislookingtogloballyrestructureitsbusinesses.
11

AMetlifeIncspokespersonsaid,Asamatterofpolicy,wedonotcommenton
marketspeculation.Indiaisahighpotentialmarketandwearepleasedtosee

11
Comments

howitisdeveloping.Itsnotclearwhetherotherinvestorswilllooktoexit.They
includetheMPallonjigroup,whichhasa17.15%stake,ElproInternational
(12.75%),IGE(8%)andJ&KBank(5.08%).ChintalapatiHoldingsexitedin
2013bysellingitsstaketoPNB,whichhasalockinoffiveyearsortilla
premiumincomeofRs5,500croreisgenerated,whicheverisearlier.PNBhas
sofargeneratedaboutRs1,600croreofpremiumincome.
MetlifesseniormanagementvisitedIndiarecentlyandtheyhavedecidedto
exitthismarketowingtothepoorperformanceoftheJV,saidthesecond
person.Theyhavehiredaninvestmentbankandarereassessingthemarket.
MetlifesIndiaunithadsharecapitalofRs2,128croreattheendofMarch.

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Budget2016:Governmenttopay8.33%tonewemployeesforfirstthreeyearsTheEconomicTimes

MetlifesIndiaunithadsharecapitalofRs2,128croreattheendofMarch.
Embeddedvalueisequivalenttothesharecapital,whichishalfofwhatis

requiredforapossiblelisting,saidoneofthepersonscitedabove,thusruling
outthatavenue.Embeddedvalueisthepresentvalueoffutureprofits.
VenturehasAssetsUnderManagementofRs14,158crore
ThecompanyhasassetsundermanagementofRs14,158crore.Its13th
monthpersistencyis70%.Thecompanyiswellcapitalisedwiththesolvency
marginat212%.AftertheentryofPNB,thecompany'smarketshareroseto
4%from1.5%.Thecompanyispresentin7,000locations,includingPNB
branches.Itisthesecondlargestpublicsectorpromotedlifeinsuranceafter
StateBankofIndialedSBILife.Bankledinsurancecompanieshavebeen
performingbetterthanothersduetolowercostofdistribution.
Theriseinthecaponoverseasinvestmenthassparkedconsolidationinthe
insuranceindustry,whichfaceschallengesinslowinggrowthandregulatory
intervention.HDFCLifeandMaxLifeareintheprocessofmerging,whilethe
largestprivatesectorlifeinsurancecompanyICICIPrudentialLifelistedits
sharesinSeptember.

EPFOtopay8.8%interestto
"inoperative"accounts:Govtto
issuenotificationsoon
MetlifelookstoexitIndia
insuranceventure

RBIissueswarningaboutRs
500andRs1,000counterfeit
notes
Alternativeinvestmentreturns
monitor:Forweekending
October26,2016
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endingOctober28,2016

Shareholdershavebeenreassessingstrategiesduetolowmargins.New
businessmarginsforIndianinsurersareat817%comparedwith1550%for
regionalpeers,aCreditSuissereporthassaid.Salesofunitlinkedinsurance
planshaverevivedwiththeuptickinthestockmarkets.PNBMetlifehadseen
18%growthinnewbusinessincome,nextonlytoKotakLifeandSBILife.
Growthinnewbusinessincomehaspickedupto1315%inrecentmonths.In
thelastfinancialyear,newbusinessincomerose15%forprivatesector

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companies.
READMORE: US|speculation|Shares|regional|premium|people|Mumbai

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Budget2016:Governmenttopay8.33%tonewemployeesforfirstthreeyearsTheEconomicTimes

6importantchanges
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Top Mutual Funds

EQUITY

DEBT

Top ULIPs
HYBRID

Top ETFs

COMMODITIES

SCHEMENAME

RATING

EPFOtopay8.8%interestto
"inoperative"accounts:Govtto
issuenotificationsoon

Top Listed Bonds

MetlifelookstoexitIndia
insuranceventure

ALL

1M
(%)

3M
(%)

6M
(%)

1YR
(%)

3YRS
(%)

BirlaSLFrontlineEquityDirectG

1.14

2.67

15.75

15.31

20.97

SBIBluechipG

0.81

1.82

13.64

14.62

22.87

BirlaSLFrontlineEquityG

1.07

2.45

15.22

14.18

19.89

Topratedfundssortedon1yearreturn.
Returnslessthen1yearareabsoluteandabove1yearareannualised.

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RBIissueswarningaboutRs500and
Rs1,000counterfeitnotes

RBIissueswarningaboutRs
500andRs1,000counterfeit
notes
Alternativeinvestmentreturns
monitor:Forweekending
October26,2016
Whatwearereading:Forweek
endingOctober28,2016

EPFOjoinsCSCnetwork
pensionerscannowsubmit
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Centreokays2%hikein
dearnessallowance

ETBureau | Oct31,2016,06.30AMIST

Inarecentannouncement,RBIhasurgedthe
publictoexaminecurrencynotesofhigher

Einsuranceisfacing
challengeswithitsformat:
TarunChugh,PNBMetLife

denominationbeforeacceptingthem.Thisisa
resultofconcernsregardingasurgeinthe
circulationoffakeRs500andRs1,000notes.
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TheRBIhasalsoappealedto

elementsareputtingintocirculationfakeIndian

authorities,requestingtheir

currencynotesofhigherdenominationsinthe

cooperationineffortstocheckthe

courseofnormaltransactions,taking

circulationofcounterfeitnotes.

advantageofthegullibleandunsuspecting
natureofsomemembersofthepublic,the

centralbanksaid.Itaddedthatpeopleshouldsubjectthesecurrencynotesto

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Budget2016:Governmentto
pay8.33%tonewemployees
forfirstthreeyears

carefulscrutinywhentheyreceivetheminatransaction.
Currencynotesofhigherdenominationhavevarioussecurityfeaturestoensure
thatcounterfeitnotesareeasytospot.Thesefeatures,aslistedontheRBI
website,includeaMahatmaGandhiwatermark,alatentimageofthenotes
denominationvalueandopticallyvariableink.Membersofthepublicare
11

11

requestedtomakeitahabitoflookingatthenotesbeforeacceptingtheminthe
usualcourseofdailytransactions,andhelparrestthecounterfeitingofIndian
banknotes,theReserveBankstated.

Comments

Asidefromissuingastatementaddressedtothepublic,theRBIhasalso
appealedtoauthorities,requestingtheircooperationineffortstocheckthe
circulationofcounterfeitnotes.
READMORE: RBI|FakeNotes|Fakecurrency|Counterfeitnotes

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Budget2016:Governmenttopay8.33%tonewemployeesforfirstthreeyearsTheEconomicTimes

endingOctober26,2016

EPFOtopay8.8%interestto
"inoperative"accounts:Govtto
issuenotificationsoon
MetlifelookstoexitIndia
insuranceventure

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Budget2016:Governmentto
pay8.33%tonewemployees
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Alternativeinvestmentreturnsmonitor:
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Thescopeandattractivenessofalternative
investmentsisincreasing.Heresaweekly
11

trackerofreturnsfromsuchinvestments.But
dontcomparethesewithreturnsfrom

11

traditionalinvestmentssincetheproportionand

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purposeofalternativeinvestmentsisvastly
different.
KrugerrandCoinindexrepresents

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denominationofa22caratgold

DiamondIndex

bullioncoinweighingonetroyounce
thatislistedontheJohannesburg
StockExchange.

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Budget2016:Governmenttopay8.33%tonewemployeesforfirstthreeyearsTheEconomicTimes

EPFOtopay8.8%interestto
"inoperative"accounts:Govtto
issuenotificationsoon
MetlifelookstoexitIndia
insuranceventure

OverallDiamondIndexisbasedonactualtransactionsfrom20differentmarket
playersandreflectspricemovementsintheglobaldiamondmarket.Theindex
isupdateddaily.

RBIissueswarningaboutRs
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PreciousMetalsIndex

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Budget2016:Governmentto
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11

11
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TheLivexFineWine50Indextracksdailypricemovementofthemostheavily
tradedcommoditiesinthewinemarket.Itincludesonlythe10mostrecent
vintagesandisupdateddaily.
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Budget2016:Governmenttopay8.33%tonewemployeesforfirstthreeyearsTheEconomicTimes

CoinIndex

EPFOtopay8.8%interestto
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issuenotificationsoon
MetlifelookstoexitIndia
insuranceventure

RBIissueswarningaboutRs
500andRs1,000counterfeit
notes
Alternativeinvestmentreturns
monitor:Forweekending
October26,2016

TheKrugerrandCoinindexrepresentsthedenominationofa22caratgold
bullioncoinweighingonetroyouncethatislistedfortradingonthe
JohannesburgStockExchange.

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endingOctober28,2016

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Whatwearereading:ForweekendingOctober28,
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Tax Save Invest Insure Spend Borrow Earn Plan RealEstate MutualFunds

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Budget2016:Governmentto
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Budget2016:Governmenttopay8.33%tonewemployeesforfirstthreeyearsTheEconomicTimes

6importantchanges
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healthinsurancerules

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EPFOtopay8.8%interestto
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issuenotificationsoon
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insuranceventure

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Whatwearereading:Forweekending
October28,2016
Oct28,2016,04.40PMIST

AtETWealth,weknowthatyourtimeis

RBIissueswarningaboutRs
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Alternativeinvestmentreturns
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Whatwearereading:Forweek
endingOctober28,2016

precious.Thereisinformationoverloadfor
investorsandnotallofitwouldbeusefuland
helpfulindecisionmaking.And,it'strueeven
forus.
So,alongwiththeETWealth'sdailydoseof
articlesonpersonalfinance,wewillhelpbring

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toyournoticesometrulyinterestingarticles/blogs/videosintherealmof
personalfinancefromacrosstheglobe.Theseareinterestingpieceswehave
readovertheweekandfound.

Einsuranceisfacing
challengeswithitsformat:
TarunChugh,PNBMetLife

HowManagingYourFinancesIsLikeLosingWeight
Fatteningyourwalletisalotlikeshrinkingyourwaistline.

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7QuestionsYouNeedtoAnswerBeforeYouRetire

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situation.Herearesomeimportantquestionsyoumustanswerbeforeyou
retire.
Allassetshavetheirtimeon'investmentclock'TrevorGreetham
Judgement,experienceandacarefuleyeontheinvestmentclockareallkey
elementsoftheinvestmentstrategy

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Budget2016:Governmentto
pay8.33%tonewemployees
forfirstthreeyears

5MoneyLessonsYouLearntAsAKidThatCanStillBeUsed
Youdon'trealisebutyoulearnsomeofthebestlessonsoflifeduringyour
childhood.Yourparentsteachyou,amongotherthings,somemoneylessons.
Givingyou,forexample,aweeklyallowancetomanageyoursmallexpenses.
Theyencourageyoutosaveafewbucksandmakesomecontributiontoyour
11

piggybankonceinamonth.

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Whatnottodowhenyou'rebroke

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"I'mbroke,"isacommonstatement.Mostofyoursalaryendsupservicingdebt
andyouhaveverylittleleftoverforyourself.Maybeyourbusinessisgoing
throughchallenges.Maybeyoulostyourjoborallyoursavings.It'slikea
brokennesscloudisconstantlyhangingoveryourheadandyoucannotseea
wayout.Hereareafewtipsonhowwecanhandlethiskindof'broke'better.
READMORE: week|personalfinance|investors|globe|ETWealth

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11/1/2016

Budget2016:Governmenttopay8.33%tonewemployeesforfirstthreeyearsTheEconomicTimes

EPFOjoinsCSCnetworkpensionerscannow
submitdigitallifecertificatesviaCSCnetworking
points

EPFOtopay8.8%interestto
"inoperative"accounts:Govtto
issuenotificationsoon
MetlifelookstoexitIndia
insuranceventure

RBIissueswarningaboutRs
500andRs1,000counterfeit
notes

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UNICEF:2bnkidsbreathe
toxicairworldwide,1/3from
northernIndia

PostDiwali,here'showto
undoallthedamagedone
toyourskin

Swimtobeslim:Diveyour
waytofitness

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Allaboutcriticalillnessplans
andhowtochooseone

7mythsassociatedwithlife
insuranceyoushould
debunk

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mutualfunds

Einsuranceisfacing
challengeswithitsformat:
TarunChugh,PNBMetLife

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ByYogimaSethSharma ,ETBureau | Updated:Oct27,2016,04.18PMIST

Inyetanotherinitiativetoenhanceconvenience
toitssubscribers,theEmployeesProvident

Budget2016:Governmentto
pay8.33%tonewemployees
forfirstthreeyears

FundOrganisation(EPFO)hasjoinedthe
networkofCommonServicesCenters(CSC)
followingwhichEPFOpensionerscansubmit
theirdigitallifecertificatesviaJeevanPramaan

2
Comments

TheMoUbetweenEPFOandCSCe

Patraprogrammethroughalargenumberof
CSCnetworkingpoints.

GovernanceServicesIndiaLtdis

11

11
Comments

initiallyforfiveyears.

"Amemorandumofunderstanding(MoU)has
beensignedbetweenEPFOandCSCe

GovernanceServicesIndiaLimited(CSCSPV).TheMoUisinitiallyforaperiod
offiveyears,"labourministrysaidinastatement.
Themovewillalsohelppensionerslivinginremoteareasastheycannow
avoidcostandinconvenienceoftravellingdowntotheEPFofficesortheir
banksforfilingpaperbasedlifecertificate.
"Innearfuture,itisalsoplannedtoenablevariousotheronlineservicesnamely
aadhaarseedingwithUniversalAccountNumber(UAN),eKYCoperated
uploadandupdatefacility,UANcardrelatedservicesandonlineclaimrelated
services,"itsaid.

http://economictimes.indiatimes.com/wealth/personalfinancenews/budget2016governmenttopay833tonewemployeesforfirstthreeyears/articl 11/16

11/1/2016

Budget2016:Governmenttopay8.33%tonewemployeesforfirstthreeyearsTheEconomicTimes

CommonServicesCenters(CSC)networkisoneofthelargestgovernment
approvedonlineservicedeliverychannelintheworld.CSCarebroadband
enabledruralservicedeliverypointsestablishedbyDistricteGovernance
Societies(DeGSs),selectedbythestategovernmentsforaggregatingcontent
andofferingrelevantgovernmenttocustomers(G2C),businesstocustomers
(B2C),businesstobusiness(B2B)andotherservices.
READMORE: UAN|MoU|KYC|EPFO|CSC

EPFOtopay8.8%interestto
"inoperative"accounts:Govtto
issuenotificationsoon
MetlifelookstoexitIndia
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RBIissueswarningaboutRs
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Latenoonparties:Birthdays
happenoverhightea,now

Beinghonest:SalmanKhan
feelshisproductionhouse
supportshim

Einsuranceisfacing
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This'Cyrus'hasaspecial
reasonforlikingRatanTata

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Nowstartinvestingin
mutualfundswithin2mins
onmobilewithETMONEY

DoBigStories:Mobilitya
goodmedicineforSir
GangaRamHospital'sOPD

Nomoreexcuses,tolivethe
smartlife!

Budget2016:Governmentto
pay8.33%tonewemployees
forfirstthreeyears

6importantchanges
broughtaboutbynew
healthinsurancerules

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Centreokays2%hikeindearness
allowance
ECONOMICTIMES.COM | Updated:Oct27,2016,02.24PMIST

NEWDELHI:Diwalicameearlyfor50lakh
centralemployeesand58lakhpensionersafter
theCentreonThursdaycleared2%dearness
allowance(DA)hiketobeeffectivefrom1July
2016
http://economictimes.indiatimes.com/wealth/personalfinancenews/budget2016governmenttopay833tonewemployeesforfirstthreeyears/artic

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11/1/2016

Budget2016:Governmenttopay8.33%tonewemployeesforfirstthreeyearsTheEconomicTimes

Dearnessallowanceanddearnessreliefis
Dearnessallowanceanddearness

33

reliefisprovidedtoemployeesand

Comments

pensionerstolessentheimpactof
priceriseontheirearnings.

providedtoemployeesandpensionersto
lessentheimpactofpriceriseontheirearnings.
Earlierthisyear,thegovernmenthiked
dearnessallowanceby6%to125%ofthe
basicpay.

TheDAwaslatermergedintothebasicpayfollowingimplementationof7th
PayCommissionaward.
ThecentralgovernmentemployeeunionswantthattheDAshouldbeincreased
by3%andnot2%whichisbeingconsideredbytheCentre.
"The12monthaverageofConsumerPriceIndexforIndustrialWorkersfrom1
July2015to30June2016,worksouttobe2.92%.Thereforetheunionshad
pressedfor3%DA.Wearenotsatisfiedwiththis,"presidentofconfederationof
centralgovernmentemployeesKKNKuttysaid.
Aspertheagreedformula,governmentincreasesDAonthebasisof12month
averageoftheretailinflationanddoesnotconsiderthepriceriseratebeyond
decimalpointfordecidingtherateofdearnessallowance.
READMORE: Inflation|dearnessallowance|DAhike|consumerpriceindex|7thPayCommission

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RBIissueswarningaboutRs
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notes
Alternativeinvestmentreturns
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Whatwearereading:Forweek
endingOctober28,2016

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EPFOtopay8.8%interestto
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FromtheYadavstothe
Singhanias,alookatfather
sonduosthatfellsour

SaniaManjrekartweetfeud:
KapilDev,Bhupathiweighin

Budget2016:Governmentto
pay8.33%tonewemployees
forfirstthreeyears

Dieselgettingabadname:
Luxeautocosintroduce
petrolvariantsofexisting
models

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Allaboutcriticalillnessplans
andhowtochooseone

7mythsassociatedwithlife
insuranceyoushould
debunk

MFqueries:Howtoinvestin
mutualfunds

NEXTSTORY

Einsuranceisfacingchallengeswith
itsformat:TarunChugh,PNBMetLife

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13/16

11/1/2016

Budget2016:Governmenttopay8.33%tonewemployeesforfirstthreeyearsTheEconomicTimes

itsformat:TarunChugh,PNBMetLife
BySunilDhawan,ECONOMICTIMES.COM | Updated:Oct27,2016,01.58PMIST

Whatisthestatusofeinsurance?Isit
pickingupandarethereanychallenges?
Einsuranceisastepintherightdirectionby
theregulator(InsuranceRegulatoryand
DevelopmentAuthorityofIndiaorIRDAI).The

TarunChugh,MD&CEO,PNB

3
Comments

MetLife,feelstheindustryhas
changedsignificantlyovertheyears
andnoweveryaspectofthebusiness
isbeingviewedfromthecustomer's
lens.

recentlyissuedguidelinesarealsohelpingto
buildtractiontowardsthesame.Atthisstage,
thekeychallengeiswiththeformat.The
currentformatneedstoenablecustomersto
makepolicylevelchangeslikenominee
additionorchange,requestoptionssuchas
fundswitch,etc.Currently,thecustomerscan

EPFOtopay8.8%interestto
"inoperative"accounts:Govtto
issuenotificationsoon
MetlifelookstoexitIndia
insuranceventure

RBIissueswarningaboutRs
500andRs1,000counterfeit
notes

onlyviewpolicydetailsandupdatecontact
details.Asanindustry,weallneedtocometogetherandbuildawareness
amongthemassesabouteinsurance.

Alternativeinvestmentreturns
monitor:Forweekending
October26,2016

Theinsurersarestillfocusedonthesavingspartofinsurance.Thishas

Whatwearereading:Forweek
endingOctober28,2016

ledtolowprotectionlevels.Whatneedstobedone?
Therehasbeenalotofworkandeffortbytheregulatorandtheindustryto
sensitisecustomersabouttheprotectionaspectofinsurance.Theregulations
alsoensurethatforcustomerstoavailtaxbenefits,thesumassuredorlife
coverhastobeatleast10timestheannualpremium.Wepromoteneedbased
sellingandencourageoursalesforcetoensurethatthecustomerhasatleast
onepuretermplaninhisfinancialportfolio.Inaddition,wehavebeen
conductinginsuranceawarenessworkshopsinruralIndiatoeducatepeople
abouttheimportanceoffinancialprotectionthroughinsurance.
Theindustry,itseems,iswillingforanopenbancassurancearchitecture.

EPFOjoinsCSCnetwork
pensionerscannowsubmit
digitallifecertificatesviaCSC
networkingpoints
Centreokays2%hikein
dearnessallowance

Einsuranceisfacing
challengeswithitsformat:
TarunChugh,PNBMetLife

Manybanksarenowwillingtosellpoliciesofmultipleinsurers.Howdo
youviewit?
Eachbankhasadifferentlevelofmaturityoncrosssellingthirdpartysolutions
Home

toitscustomers.Therefore,thisregulationtoallowthebankstochoosetheir
Tax Save Invest Insure Spend Borrow Earn Plan RealEstate MutualFunds
'openarchitecture'modelisastepintherightdirection.Wewouldalsobe

Wealth

exploringtieupstoincreaseourdistributionfootprint.
Fromacustomer'spointofview,howistheroleofinformation
technologyintheinsuranceindustryevolving?Arecompaniesdoing
enoughonthetechnologyfrontotherthanbasichygieneservices?
Aproductbecomesrelevanttoacustomerinthreecircumstances:
a.Thereisaneedforit.

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Budget2016:Governmentto
pay8.33%tonewemployees
forfirstthreeyears

b.Itisaccessibletotheconsumerswherehewantsitandwhenhewantsit.
c.Heisservicedwherehewantsandwhenhewants.Thesolutionforthisis
goingdigital.Technologyisbridgingthegapbetweentheconsumersandthe
insurancecompanies.
11

Digitalplatformcanaddressseveralpainpointsexperiencedbythedistributors
andcustomersalike:

11

*Thesellers'inabilitytoprovidesimpleproductsoraplatformforcomparisons.
*Needanalysisandinstantobjectionhandling.

Comments

*CumbersomeonboardingprocessandTATs(turnaroundtime)forpolicy
issuance.
*Issueslinkedtoservicingonlinefeedbackplatform,360degreeCRM
experience,inabilityofdistributionpartnerstoservicecustomers,etc.
Theinsurancecompanieshavetraversedalongdistancetowardsdigital
transformation.
Arethereanyradicalchangesthatthelifeinsuranceindustryneedsinits
16thyearofopeninguptoprivateplayers?
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11/1/2016

Budget2016:Governmenttopay8.33%tonewemployeesforfirstthreeyearsTheEconomicTimes

Theindustryhaschangedsignificantlyovertheyears.Noweveryaspectofthe
businessisbeingviewedfromthecustomer'slens.Whetheritsproducts,
distributionchannels,orservicing,allhavealignedtothecustomer's
requirement.
AsIsaidearlier,weneedtobewherethecustomerisandinhiscomfortzone.
Thedigitaleconomyisheretostay.Thisiswhatisgoingtodriveradical
changesintheinsuranceindustry.Innovationintheproductspacehasalimited
shelflifeandalmostallinsurancecompanieshaveasimilarportfoliowithsome
variations.Frommessengerbots,artificialintelligence,bigdataanalyticsto
understandingthecustomersbetter,wewillseealotofinnovationhere.

EPFOtopay8.8%interestto
"inoperative"accounts:Govtto
issuenotificationsoon
MetlifelookstoexitIndia
insuranceventure

RBIissueswarningaboutRs
500andRs1,000counterfeit
notes

READMORE: Players|IRDAI|industry|Format|

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EPFOtopay8.8%interestto
"inoperative"accounts:Govtto
issuenotificationsoon
MetlifelookstoexitIndia
insuranceventure

RBIissueswarningaboutRs
500andRs1,000counterfeit
notes
Alternativeinvestmentreturns
monitor:Forweekending
October26,2016
Whatwearereading:Forweek
endingOctober28,2016

EPFOjoinsCSCnetwork
pensionerscannowsubmit
digitallifecertificatesviaCSC
networkingpoints
Centreokays2%hikein
dearnessallowance

Einsuranceisfacing
challengeswithitsformat:
TarunChugh,PNBMetLife

Home

Wealth

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Budget2016:Governmentto
pay8.33%tonewemployees
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