Page 24 - Aathira Varier

GST cut on health insurance: Policyholders may use free-look period option

It allows customers to review and cancel the insurance policy within 30 days of its purchase

Bima Sugam to roll out in phases for insurers, intermediaries, customers

Bima Sugam India Federation said the digital insurance marketplace will launch in phases this year with pilot insurer integrations and gradual customer onboarding

Input tax credit removal blunts impact of GST waiver on insurance

While the GST exemption on health and life insurance premiums will lower costs for consumers, insurers will absorb some impact due to the removal of input tax credit (ITC)

GST cut likely to defer insurance buying till new rates kick in

Experts expect spike in health and life insurance sales post-September 22, 2025, after GST exemption on individual policies takes effect, but many customers are likely to defer purchases until then

Govt draft norms to ease compliance for foreign investment in insurance

The draft norms for foreign investment in insurance propose easing compliance by scrapping residency requirements for directors and KMPs while retaining key leadership conditions

Former DEA secy Ajay Seth takes charge as Irdai chairman for 3-year tenure

Ajay Seth, a 1987-batch IAS officer and former DEA secretary, has taken charge as chairman of Irdai nearly a month after his appointment for a three-year tenure by the government

No insurer can ignore bancassurance channel, says India First Life MD

Will have 96 branches & 10,000 agents by year end, says Rushabh Gandhi

Outward remittances under LRS stay flat at $6.9 billion in Q1 FY26

According to RBI data, the amount remitted under LRS was up 0.5 per cent year-on-year (Y-o-Y) from $6.88 billion recorded in Q1 FY25

Top four life insurance companies covered 14 mn fewer lives in FY25

Data from insurers' annual reports show ICICI Prudential Life Insurance covered 91.74 million lives in FY25, down from 96.61 million in FY24

Muted response from large lenders hinders ULI scale up, say bankers

Bankers say Unified Lending Interface growth remains muted as large lenders stick to legacy rails and land record digitisation lags

Proper data integration required to boost MSME lending, say bankers

Bankers highlighted the need for consent-based APIs and structured data to improve MSME lending, addressing working capital, technology, and credit guarantee challenges

GST rate rationalisation likely to drive growth in life and health policies

GST reduction is expected to enhance affordability and boost life and health insurance sales, especially among price-sensitive segments, though concerns over ITC impact persist

15K hospitals to suspend cashless services for Bajaj Allianz policyholders

Hospital body issues notice to Care Health Insurance; says low rates, heavy deductions behind move

Mumbai's richest Ganesh Mandal secures record ₹474 crore insurance cover

The mandal has also taken a public liability cover of ₹30 crore along with a ₹2 crore standard fire and special perils policy for furniture, fixtures, and other items

LIC launches nationwide campaign to revive lapsed insurance policies

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

More organisers opt for event insurance before major festive season

The Dahi Handi festival saw 160,000 participants insured for ₹10 lakh each, with the Maharashtra government bearing the cost for 150,000 Govindas

Insurers hopeful of reduction in GST on health and life premiums

Insurers hope for a reduction in GST on health and life insurance premiums, following PM Modi's announcement of GST relaxations, aiming to boost insurance penetration and make coverage more affordable

Life insurers bet on participating products to diversify portfolio mix

Many players in the industry have rebalanced their portfolios, shifting towards par products after a period of being ULIP-heavy and relying on non-par products to drive topline and margins

Muthoot Microfin targets ₹20,000 crore AUM by FY27: CEO Sadaf Sayeed

Muthoot Microfin plans to grow AUM from ₹12,253 cr to ₹20,000 cr by FY27, raising secured loan share to 35% through LAP, gold co-lending and individual lending products

Irdai asks insurers to complete QIS 2 under RBC framework by October 15

Irdai has directed insurers to conduct the Second Quantitative Impact Study using March 31, 2025 data and submit results under the Risk Based Capital framework by October 15