Page 4 - Insurance News
Life insurers' new biz premiums fall 5.2% in Aug as LIC drags growth
New business premiums of life insurers fell 5.2% YoY in August to Rs 30,959 crore as LIC posted a sharp decline, while private insurers recorded double-digit growth
 "Life insurers' new biz premiums fall 5.2% in Aug as LIC drags growth")
Life insurance sector posts 6% rise in new business premiums in August
The council said the growth was supported by insurers' focus on expanding coverage among first-time buyers and strengthening distribution
 "Life insurance sector posts 6% rise in new business premiums in August")
More senior citizens opt to port health insurance policies: Experts
Innovation, digital ease driving the shift, say insurers
 "More senior citizens opt to port health insurance policies: Experts")
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
 "GST cut on health insurance: Policyholders may use free-look period option")
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
 "Bima Sugam to roll out in phases for insurers, intermediaries, customers")
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
Insurance product for rural India to be launched this year: Industry body
Bima Vistaar, an insurance product covering life, health and property for rural people, is likely to be launched by December 2025, an industry organisation said on Wednesday.
 "Insurance product for rural India to be launched this year: Industry body")
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
 "Govt draft norms to ease compliance for foreign investment in insurance")
New Irdai chairman Ajay Seth urges insurers to innovate using DPI framework
Ajay Seth, the new Irdai chairman, has urged insurers to experiment and innovate using digital public infrastructure rails to drive affordable and tailored insurance products
 "New Irdai chairman Ajay Seth urges insurers to innovate using DPI framework")
Bima Sugam Phase I likely to launch in December after slight delay
Bima Sugam, the Irdai-backed digital insurance marketplace, is expected to launch Phase I in December with e-KYC and initial products, sources said, after missing earlier timelines
AHPI withdraws advisory to halt cashless services for Bajaj Allianz clients
Last week, AHPI had directed member hospitals to suspend cashless services for Bajaj Allianz policyholders from September 1, citing unresolved disputes over tariffs with hospitals
 "AHPI withdraws advisory to halt cashless services for Bajaj Allianz clients")
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
 "Top four life insurance companies covered 14 mn fewer lives in FY25")
Insurance body asks AHPI to withdraw advisory on Bajaj Allianz, Care Health
The General Insurance Council has asked AHPI to revoke its advisory stopping cashless treatment for Bajaj Allianz and Care Health policyholders, citing risks to patients and families
The $4.8 bn surge in India's insurance broking amid sector transformation
Despite being one of the fastest growing insurance markets in the world, India only has 735 licensed brokers, significantly lower than developed markets. Of these, the top 36 drive close to 85%
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
 "GST rate rationalisation likely to drive growth in life and health policies")
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
 "15K hospitals to suspend cashless services for Bajaj Allianz policyholders")
GST on life, health insurance may be scrapped as Centre pushes exemption
The Centre has proposed exempting life and health insurance premiums from the current 18% GST; the GoM will submit its report to the GST Council, which will take the final decision
 "GST on life, health insurance may be scrapped as Centre pushes exemption")
Participating life insurance plans: Suitable for steady, long-term goals
Be mindful of limited returns, low liquidity, and higher premiums than non-par plans
 "Participating life insurance plans: Suitable for steady, long-term goals")
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
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
