Insurance Products

Bima Sugam aims to transform insurance with a digital one-stop platform for buying, managing, and claiming policies, targeting "Insurance for All by 2047

If awareness remains low, frauds persist and genuine claims continue to be rejected, these initiatives will be successes only on paper, with negligible on-ground impact

Lenders may push borrowers into buying policies without disclosing tenure, premium, and alternative products

A Parliamentary Panel on Wednesday urged the government to put safeguard measures in place to counter concerns like profit repatriation while raising the foreign direct investment limit to 100 per cent in the insurance sector. The Standing Committee on Finance, in its report, said the downside of the FDI in India's insurance sector should be dealt with adequately and scrupulously. The Committee would like to emphasise the need for some safeguard measures to be in place to counter concerns like profit repatriation i.e. foreign investors sending earnings back to home countries rather than reinvesting in India; reduced decision-making power of domestic firms; job security concerns arising due to potential automation and cost-cutting measures; focus on high-margin policies, neglecting rural and financially weaker sections etc, it said. With regard to the integration of InsurTech (Insurance Technology) in the sector, the report said it has the potential to enhance efficiency, customer ..

The business correspondent channel is sought to be reworked with more offerings being hawked on it

Life insurers recorded a 14 per cent rise in underwriting new business with a premium collection of Rs 31,823 crore in July. The country's biggest insurer Life Insurance Corporation of India (LIC) saw a 19.78 per cent jump in its new business premium to Rs 18,431 crore from Rs 15,387 crore in July 2023. Data from the Life Insurance Council shows that its new business premium collection for the first four months of FY25 rose 26 per cent to Rs 75,872 crore from Rs 60,224 crore in the same period last year. New business premiums expanded from Rs 27,867 crore in July 2023 to Rs 31,823 crore in July 2024, with year-to-date collections growing even more from Rs 1,00,872 crore to Rs 1,21,549 crore this year, according to the council data. Driven by strong demand for enhanced insurance protection from individual consumers, new policy issuances too increased by 2.73 per cent on a year-on-year basis in July 2024, resulting in the addition of 23,88,720 new policies vis-a-vis 23,25,235 policie

According to the exchange filing, the product, which will be available from 22 January 2023, is a non-linked, non-participating, individual savings deferred annuity plan

In a bid to achieve 'Insurance For All by 2047', LIC will play a significant role and to meet that objective it is planning to launch a product especially designed for rural areas. "The focus would be how to cover maximum rural masses who actually need insurance. In coming days, rural share will also go up to our total business kitty," LIC Chairman Siddhartha Mohanty told PTI. He said to achieve the objective of 'Insurance For All by 2047', LIC will play a very significant role and in that direction the insurer has already started working. "I must thank the regulator. The regulator IRDAI has already proposed 'Bima Vistar', a composite product. The product will consist of life, health and property insurance," he said. To sell those products Bima Vahak would be engaged, he said, adding, it will be a women-centric distribution channel model. Prime Minister Narendra Modi has given a clarion call to make India a developed nation by 2047, when the country achieves 100 years of independe

The Centre is also trying to push banks towards adopting the e-bank guarantee framework, in a bid to eliminate cases of fraud guarantees

Banks have been advised to ensure '100 per cent' compliance of know your customer (KYC) guidelines while sourcing insurance business

Demand for health and motor insurance to continue though growth may dip, say experts

The obligatory cession was reduced from 5 per cent to 4 per cent for FY23. The impact of the reduction on GIC Re would be around Rs 2,000 crore

Currently, all life insurance products and riders require prior approval of the insurance regulator before launch

New online distribution models such as B2C, B2B and B2B2C are key drivers of growth, with B2C in particular, gaining significant opportunities.

The regulator has now asked for inputs from stakeholders on recommendations of the working group by May 31, 2021

It's a significant preparatory step for the initial public offering of the country's largest insurer

In 2018-19, banks received more than 12,000 mis-selling complaints; brokers close to 11,000. The number was even higher in FY18.

Firm says users don't need to upload documents before making a purchase and they can view their policy documents instantly

Renewal subject to insurer's underwriting policy, must be done before expiry of existing policy contract

The feature needs customer mandates for these recurring payments to be made. Mandates can be set up with a frequency of user's choice such as daily weekly, monthly or annually