Bima Sugam is expected to usher in greater simplicity, security, transparency, trigger innovation, and level the playing field for all players. It is expected to do for insurance what UPI has done for payments
Guaranteed, tax-free maturity proceeds may sound inviting but low rate of return is a dampener for Jeevan Azad, as is the case with most non-participating, guaranteed endowment plans
Philanthropy has emerged as a new-age life goal, with more and more Indians wanting to give back to society and create a social impact, says the survey
The Budget 2023 announcement to make changes to tax exemption policy on life insurance will likely have a 10-12 percent impact on the top-line products of HDFC Life and a five percent impact on the bottom-line products if nothing is done to mitigate the change, said Vibha Padalkar, MD and CEO, HDFC Life Insurance.
Union Budget 2023: The finance minister pushed the new income tax regime that does away with exemptions on investments. She also announced curbs on exemptions involving high-value insurance policies
Changes introduced by the regulator will allow insurance companies to be more flexible in terms of offering products to customers
The fifth edition of the India Protection Quotient Survey by Max Life Insurance covered 4,610 respondents across the offline and digital categories. On a scale of 0 to 100, the degree to which Indians feel protected from future uncertainties has increased four points from 2020 to 43 now.
Ahead of the budget, insurance companies also want finance minister Nirmala Sitharaman to accept their demand to exempt the principal component of annuities, or pension income from tax
The segment has the potential to grow into a $25 billion market in the next five years, on the back of COVID-led rise in awareness, product innovation and rising disposable income, the investment banking major’s research predicts
The Insurance Regulatory and Development Authority of India chief urges more conglomerates to enter the insurance space, and companies to bolster their grievance redressal mechanisms
The Insurance Regulatory and Development Authority of India (IRDAI) went on overdrive this year to facilitate ease of doing business, LIC went public, life insurance companies sold guaranteed return products on the back of higher interest rates while health insurers rolled out wellness and OPD benefits.
The company is confident about margin expansion on a standalone basis at HDFC Life and the acquired business of Exide Life, says Shah. Shah is skeptical about the benefits corporate agents and distributors can derive from the tie-ups with nine life insurers, instead of the earlier three.
Buying a term life insurance policy is the decision of a lifetime. So, it’s important that the amount arrived at is correct. Human life value (HLV) is one of the methods of computing the right cover amount.
IRDAI has further asked life insurers to assess their capital situation.
On an annualised premium equivalent basis, LIC reported a 30% YoY increase in business for November 2022. However, much of this growth comes from the group insurance segment as LIC’s retail market share is on a downhill
The regulatory changes proposed by IRDAI will give a further boost to growth and also improve penetration, says actuarial firm Milliman India has said
NRIs must compare various available term insurance policies, their features, available riders, and claim settlement ratios online before buying a comprehensive insurance plan.
Last month, the insurance regulator allowed private equity funds to invest directly into insurance companies, non-promoters to hold up to a 25 percent stake, and eased solvency ratios for products.
IRDAI has allowed higher agent commissions within the overall expense cap, modifying its August 2022 proposal to drastically cut commissions. Under the new proposal, commissions may not come down, but one can save on premiums by buying policies directly from insurers.
The new EoM rules, and the bunch of relaxations on capital and distribution tie-ups that IRDA has announced, should explain the surge in the shares of listed life insurers.
The insurance regulator said the amendments will promote ease of doing business and simplify the process of setting up an insurance in India.
Insurance benefits could be differentiated on the basis of designation, salary, family size, or a combination of these factors.
LIC is serious about getting its growth mojo back and the 2.8-percentage-point market share gain during the quarter is a good start. But the big question is whether this is enough for investors who picked up its stock at the IPO to finally get any bang for their buck