Insurance Policies

Policybazaar data shows a structural shift in India's health insurance market, with Tier 2, Tier 3 and rural regions accounting for most new policies in FY26

Insurance broker Policybazaar on Wednesday said its offline business in West Bengal was growing at 60 per cent and made up nearly 30 per cent of its total policy sales in the state. The company, which has a presence in at least 80 cities, opened 15 offices and point-of-sale outlets across the country last fiscal, an official said. "Offline sales are picking up fast for Policybazaar, and already account for about one-third of our business in Bengal. The growth will be around 60 per cent, and we expect to maintain the traction," said Gaurav Surana, Deputy Vice President (East) Life Insurance at Policybazaar. West Bengal has emerged as a key market for term insurance, contributing 26 per cent of the overall policy count in FY'25, he said. He said that the GST waiver on insurance will further boost growth. Surana said educated and salaried customers form the bulk of insurance buyers in West Bengal. "Graduates and above make up 80.1 per cent of policyholders in Bengal, higher than the

Policyholders may delay their insurance purchases using the free look period option to benefit from the nil GST on premiums, effective from September 22

LIC has launched a campaign from August 18 to October 17 to revive lapsed individual policies, offering up to 30 per cent concession on late fees with caps based on premium size

May get boost from enhanced margins, better op efficiencies

Life insurance policy sales dropped 10.11% YoY in Q1FY26 to 4.8 million, with muted demand and new surrender value norms contributing to the decline

The State Commission noted it could not be inferred from the medical certificate that these ailments were present when the policyholder purchased the policies

Marine and aviation insurance premiums may rise if India-Pakistan tensions escalate, with reinsurers likely to revise exclusions and reassess cyber risk exposure

Irdai's new accounting norms for premium reporting has resulted in insurers revising commissions on multi-year health policies

It allows policyholders to block funds in bank accounts via UPI, ensuring a smoother transaction process without immediate debits

Considering the low penetration in the country, experts believe additional funding could provide vital support for the segment

A district-level consumer disputes commission in Kerala has ordered Life Insurance Corporation (LIC), India's largest insurer, to pay Rs 50 lakh in compensation to the family of a policy premium payer who succumbed to COVID-19, citing the insurer's technical lapse. The commission fined LIC Rs 50 lakh for violating its own guidelines, which require policy issuance within 15 days of receiving premium payment. In this case, LIC received over Rs 20 lakh as premium, but refunded it only after nine months. The Kottayam District Consumer Disputes Redressal Commission further observed that LIC failed to inform the applicant about the temporary suspension of life insurance policies for non-resident Indians during the COVID-19 pandemic, prior to his demise. This omission denied him the chance to secure alternative coverage, constituting a grave service lapse, it said. According to an official release here, Jemon, a London-based expatriate, had purchased a Jeevan Umang life insurance policy f

ECGC has an impressive track record of adopting innovative insurance policies to aid and assist Indian exporters in enhancing their export performance

LIC's Jeevan Shanti is an annuity plan that offers deferred annuity options, available through a one-time lump sum payment

Professional Indemnity Insurance safeguards professionals and businesses from financial liabilities arising from errors or omissions in their services

Switch credit card if changes in reward structure do not align with your needs

Insurance industry leaders believed that higher surrender values could lead to the premature exit of policyholders from long-term insurance policies

By purchasing policies in the name of family members, you can maximise tax benefits

Mohanty called for a framework facilitating regular interaction among regulators

This comes in the backdrop of the Irdai's observation that policyholders often find it difficult to understand the terms and conditions in insurance policy contracts