Page 5 - Insurance News

Bima Sugam to launch with 2-3 products and e-KYC module by year-end

The ambitious insurance platform will feature an e-KYC module followed by two or three insurance products available for purchase, starting with health insurance and then life insurance

GST 2.0: Pent-up demand behind spike in insurance sales on day one

The insurance industry has passed on the full reduction in GST to customers without changing product prices for now

Insurers to pass on GST cut, expect slight demand rise in policies

Insurers will implement GST-free rates from Monday and pass on the full benefit to policyholders, though withdrawal of input tax credit may impact margins over time

Non-life insurers report single digit growth in premiums in FY26 so far

General insurance premiums as well as those for standalone health insurers reported single-digit growth in the April-August period of FY26

Irdai Chairman Ajay Seth launches Bima Sugam India Federation website

The website was launched in the presence of industry CEOs, senior IRDAI officials, and the Bima Sugam leadership team at the IRDAI headquarters in Hyderabad

Hospitals vs insurers: Policyholders bear the brunt of rising medical costs

The simmering conflict came to a head last month when Niva Bupa suspended cashless services at Max Hospitals on August 16, citing unresolved reimbursement issues

Launch campaigns on GST reforms' benefits, DFS secy tells insurers

DFS Secretary M Nagaraju urged insurers to launch outreach campaigns to publicise GST exemption on life and health policies and ensure benefits reach policyholders

Insurance policy renewals see delay ahead of GST reforms' implementation

Fresh issuances stay steady as customers weigh renewal options before GST reform

Insurance executives knock on FinMin door for input tax credit fix

The insurance chiefs in a letter submitted to the finance ministry officials on Friday sought for implementation of the new GST rates on a prospective basis, while allowing for ITC on renewal premiums

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 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

More senior citizens opt to port health insurance policies: Experts

Innovation, digital ease driving the shift, say insurers

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

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.

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

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

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