Page 16 - Insurance News

Upper limit for LIC's new endowment plan reduced to 50 years from 55 years

The revision is effective October 1, 2024, 'LIC New Endowment Plan-914' is a participating endowment plan that offers the dual benefit of protection-cum-savings plan

Life insurance firms report 14% growth in new biz premiums in September

In H1, new business premiums of life companies was up 19% YoY

Non-life premiums fall 6.5% in September as crop, auto segments drag

In H1, premiums of non-life insurers were up 7% Y-o-Y

LIC reduces 1st-year agent payout to 28% after surrender value revision

First insurer to change commission after revision in surrender value norms

Result preview: High Ulip share may weigh on life insurers' Q2 margins

Industry players had previously indicated that their margins will take a hit because of the revised norms

Surrender value norms: Life insurers begin rolling out revised bestsellers

Most major life insurance companies have products in excess of 30. It was becoming difficult for the companies to revise all their products, in accordance with regulations by the deadline

Insurance premium may rise as revised surrender value kicks in from Tue

A surrender value in insurance refers to the amount paid by the insurers to the policyholder upon terminating the policy before its maturity date

Bandhan Life partners with Bandhan bank to boost insurance business

Bandhan Life stated it has plans to rope in more banks on board in the near future to strengthen its bancassurance distribution channel

Life insurance firms to discuss norms on surrender value on Sept 27 meeting

The life insurance companies, through the council, had sought a three-month extension from Irdai on implementing the new norms

Average health insurance claims size rises 11.35% YoY in FY24: ACKO Report

According to the report, men on an average claimed Rs 77,543 while women claimed Rs 69,553 (without maternity)

Hacker uses Telegram chatbots to leak data of Indian insurer Star Health

The Star Health chatbots feature a welcome message stating they are "by xenZen" and have been operational since at least Aug. 6, said UK-based security researcher Jason Parker

Shriram Group to list general insurance arm first, both IPOs in two years

Shriram Group and South African financial services giant Sanlam jointly own Shriram Life Insurance and Shriram General Insurance

Irdai asks insurance companies to integrate IT systems with Digilocker

According to the circular, both life and general insurers are mandated to provide an essential summary of important information at different stages of the insurance contract

Star Health introduces braille insurance policy for visually impaired

The policy is designed to address the specific requirements of individuals with disabilities of 40% or more, including physical, sensory, or cognitive impairments

Mis-selling of life insurance policies at alarming level, says Irdai

According to Satyajit Tripathy, Member-Distribution of Irdai, life insurance grievances are often related to the product, while non-life grievances usually concern claim payments and exclusions

Govt looks to increase insurance cover under PMJJBY, PMSBY to Rs 5 lakh

Centre may increase cover from the current Rs 2 lakh to Rs 5 lakh under its flagship insurance schemes ahead of the high-stakes assembly elections in three states

Plan to diversify in India, abroad: GIC Re CMD Ramaswamy Narayanan

We plan to finish at around Rs 42,000-43,000 crore for FY25, up 15-16 per cent from last year at Rs 37,000 crore, driven by the health segment to a great extent, said GIC CMD Narayanan

UK insurer Aviva conspired to dodge India compensation & tax rules: DGGI

In an attempt to grow operations, Aviva's India business paid about $26 million between 2017 and 2023 to entities who purportedly provided marketing and training services

Insurers have festivities covered as India prepares for celebrations

Step up coverage and costs for organisers and participants as festival season begins

Pvt insurers ceded ground in rural areas in FY24; Tier-II,-III saw growth

LIC share of rural policies more than doubled; ULIPs witnessed increased demand in urban areas